Loading...
HomeMy WebLinkAboutOrdinances Book 17, Page 308, No Resolution Number308/ A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, RELATING TO THE PROSPECTIVE DELIVERY IN LOUISVILLE, KENTUCKY, OF THE CITY'S $412,000 "CITY OF PADUCAH, PADUCAH JUNIOR COLLEGE (NOW KNOWN AS UNIVERSITY OF KENTUCKY, PADUCAH COMMUNITY COLLEGE) CONSOLIDATED EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES B," DATED AS OF AUGUST 1, 1970; AND AUTHORIZING LILLIAN M. FLEISCHER OR C. W. GRAFTON, MEMBERS OF THE FIRM OF GRAFTON, FERGUSON, FLEISCHER & HARPER, BOND COUNSEL, LOUISVILLE, KENTUCKY, TO ENDORSE FOR DEPOSIT THE CHECK TENDERED BY THE PURCHASER OF SAID BONDS UPON THE OCCASION OF DELIVERY AND PAYMENT. WHEREAS, according to proceedings which are a matter of public record, a bond -authorizing Ordinance finally adopted by this Board of Commissioners on August 18, 1970, the City of Paducah adver- tised at public sale its "City of Paducah, Paducah Junior College (now known as University of Kentucky, Paducah Community College) Consolidated Educational Buildings Revenue Bonds, Series B and Series C," dated as of August 1, 1970, and the $412,000 Series B Bonds were awarded to the U. S. Department of Health, Education and Welfare (HEW); and WHEREAS, HEW requires that arrangements for the delivery of the Series B Bonds be made at a Federal Reserve Bank office, whereas the purchasers of the Series C Bonds wish to take delivery in the City of Paducah, Kentucky, and arrangements have been made for simultaneous delivery of the Bonds on September 24, 1970, the Series B Bonds to be delivered at the Louisville, Kentucky Branch Office of the Federal Reserve Bank of St. Louis; and WHEREAS, the City Treasurer is unable to be present at both deliveries, and for the convenience of the City and of all parties concerned, it has been arranged that the City will be represented upon such occasion by the law firm of Grafton, Ferguson, Fleischer & Harper in Louisville, Kentucky, in connection with the delivery of the Series B Bonds; and WHEREAS, when said Series B Bonds are delivered in Louisville, Kentucky, the purchaser will tender in payment therefor a U. S. Treasury check payable to the order of the City of Paducah, Kentucky, for the account of Paducah Junior College in the amount of the purchase price ($412,000.00) with accrued interest to delivery ($1,819.68), all as duly contemplated and authorized by the City's proceedings relating to the award of said Bonds; and 309 WHEREAS, it is desirable that upon the occasion of the delivery of said Bonds to the purchaser thereof, and receipt by the City of such check for the net purchase price, that such check be officially endorsed on behalf of the City of Paducah, Kentucky, for deposit with the Citizens Fidelity Bank & Trust Company, Louisville, Kentucky, for transfer on its books to its corresponding bank, The Citizens Bank and Trust Company of Paducah, Paducah, Kentucky, for credit to certain special accounts; and WHEREAS, in order to permit the immediate use of the Series B Bond proceeds to the reduction of the loans for the construction of the Library -Classroom building and appurtenances for which said Bonds are issued, as required in the Loan Agreement with the purchaser of the Series B Bonds, it appears to be necessary or desirable to vest in Lillian M. Fleischer or C. W. Grafton, individually and not jointly, as members of the Louisville law firm of Grafton, Ferguson, Fleischer & Harper, full authority to receive the check of the purchaser, and to sign on behalf of the City an official endorsement thereof, but solely for deposit as above recited, NOW THEREFORE, IT IS HEREBY RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: SECTION 1. That when the above -identified Series B Bonds are delivered to the purchaser thereof in Louisville, Kentucky, on or about September 24, 1970, and when a check is tendered by the purchaser in payment of the net amount then due by it to the City of Paducah, Kentucky, for the account of Paducah Junior College, authority is hereby specifically given to Lillian M. Fleischer or C. W. Grafton, individually and not jointly, members of the law firm of Grafton, Ferguson, Fleischer & Harper, Louisville, Kentucky, to endorse such check on behalf of the City of Paducah, Kentucky, solely for deposit to The Citizens Bank and Trust Company of Paducah, Paducah, Kentucky, for deposit to the City of Paducah, Kentucky, for the account of Paducah Junior College. SECTION 2. That the endorsement of the purchaser's check on behalf of the City of Paducah, Kentucky, solely for deposit in such manner, shall constitute an official endorsement of said check for and on behalf of the City of Paducah, Kentucky. 310 SECTION 3. The Citizens Fidelity Bank & Trust Company and the purchaser of said Bonds are hereby authorized to accept and rely upon this Resolution as constituting proper authority in said Lillian M. Fleischer or C. W. Grafton, individually and not jointly, to make such endorsement for and on behalf of the City of Paducah, Kentucky; and upon such occasion the said Lillian M. Fleischer or C. W. Grafton is authorized to deliver one or more certified copies of this Resolution as evidence of her/his authority in such respect. SECTION 4. This Resolution shall be in full force and effect from and after its adoption. ADOPTED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, at a Called Meeting duly held on September 18, 1970. (SEAL) ATTEST: City Clerk Mayor