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HomeMy WebLinkAboutOrdinances Book 17, Page 284, No Resolution NumberA RESOLUTION ACCEPTING THE BID OF PEOPLES FIRST NATIONAL BANK & TRUST COMPANY & CITIZENS BANK AND TRUST COMPANY, PADUCAH, KENTUCKY, FOR THE PURCHASE OF THE CITY'S $350,000 "PADUCAH JUNIOR COLLEGE (NOW KNOWN AS UNIVERSITY OF KENTUCKY, PADUCAH COMMUNITY COLLEGE) CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES C" BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. It is hereby determined and declared that the best bid received in the office of the City Clerk prior to 7:30 P.M., Central Daylight Time, on August 25, 1970, for the purchase of the City's $350,000 "Paducah Junior College (now known as University of Kentucky, Paducah Community College) Consolidated Educational Build- ings Revenue Bonds, Series C," authorized by the "Series B and Series C Ordinancd" adopted and approved on August 18, 1970, was and is the bid of Peoples First National Bank & Trust Co. & Citizens Bank & Trust Co. offering to purchase the entire Series C Bonds at a price of $346,500.00 (plus accrued interest to delivery) and upon condition that the bonds be caused to bear interest at the following respective coupon rates: All bonds maturing in the years 1971 to 1976, inclusive, 6% All bonds maturing in the years 1977 to 1981, inclusive 5z% All bonds maturing in the years 1982 to 1986, inclusive 6/ Said bid is found and declared to be in conformity with the terms and conditions of the public offering of said bonds, is deter- mined and declared to be acceptable as to both price and interest rates, and is hereby accepted in the name and on behalf of the City of Paducah, Kentucky. Said bid, together with this Resolution of acceptance, shall constitute a firm contract for the sale of said bonds by said City and the purchase thereof by the identified pur- chasers, subject to the provisions of the official "Statement of Terms and Conditions of Bond Sale." SECTION 2. The said Series C Bonds shall bear interest from their date until paid at the respective coupon rates set forth in Section 1 hereof, and the printer shall be instructed to prepare the bonds and interest coupons accordingly. When the bonds have 285 been printed and executed, the proper officers are authorized to deliver the same to the above-named purchasers upon payment of the purchase price, as set forth in Section 1 hereof. SECTION 3. The good faith check of said successful bidder is ordered to be held uncashed by the City Treasurer until such time as the bonds are delivered and paid for; upon which occasion the purchaser shall be permitted to elect whether the City shall cash its good faith check and credit the amount thereof upon the purchase price, or shall return the check and receive payment of the full purchase price. The checks submitted with all other bids shall immediately be returned to them by the City Clerk. SECTION 4. This Resolution shall be in full force and effect from and after its adoption. Mayor (SEAL) ATTE 7T _/ -' City Clerk Passed by the Board of Commissioners August 25, 1970 Recorded by Sarah Thurman, City Clerk, August 25, 1970.