HomeMy WebLinkAboutOrdinances Book 17, Page 802, No Resolution Number802
V
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF $320,000
OF CITY OF PADUCAH PARKING FACILITIES REFUNDING AND IMPROVEMENT
REVENUE BONDS, DATED NOVEMBER 1, 1971.
WHEREAS, notice of sale of $320,000 of City of Paducah Parking
Facilities Refunding and Improvement Revenue Bonds, dated November 1,
1971, has been advertised in strict compliance with the law, and
WHEREAS, all bids received for said Bonds have been considered and
are as follows:
sufficiently considered;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the bid of Almstedt Brothers, Equitable Securities,
Morton & Co. Inc. for the purchase of said $320,000 of City of Paducah Parking
Facilities Refunding and Improvement Revenue Bonds, dated November 1, 1971, be
accepted, said bid being at a total price of $313,600.00 for said $320,000
Principal amount of bonds, plus accrued interest from November 1, 1971, to the
date of delivery of the Bonds, such Bonds to bear interest, payable semi-
annually, at the following annual interest rates:
Total Amounts Bid
for said $320,000
of Bonds plus
Net
Bidders
Interest
Accrued Interest
Interest
Rates
from November 1 1971
Cost
Almstedt Brothers
4.10
1972-77
$313,600.00
5.17321
Equitable Securities
4.30
1978
Morton & Co. Inc.
4.50
1979-80
4.75
1981-82
5.00
1983-85
5.30
1986-89
Hilliard Lyons Co.
3.90
1972-75
$313,600.00
5,28779
4.25
1976-78
4.60
1979-80
4.90
1981-82
5.20
1983-84
5.30
1985-86
5.40
1987-89
Stein Bros. & Boyce
4.00
1972-74
$313,600.00
5.8176
4.50
1975-77
5.00
1978-80
5.50
1981-83
5.75
1984-85
5.90
1986
6.00
1987-89
WHEREAS, the matter of
which bid
is the most advantageous,
and
with the most favorable
net interest
cost to the City, has been
sufficiently considered;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the bid of Almstedt Brothers, Equitable Securities,
Morton & Co. Inc. for the purchase of said $320,000 of City of Paducah Parking
Facilities Refunding and Improvement Revenue Bonds, dated November 1, 1971, be
accepted, said bid being at a total price of $313,600.00 for said $320,000
Principal amount of bonds, plus accrued interest from November 1, 1971, to the
date of delivery of the Bonds, such Bonds to bear interest, payable semi-
annually, at the following annual interest rates:
803
MATURITIES
1972 through 1977, inclusive
1978 through 19.:, inclusive
1979 through 1980, inclusive
1981 through 1982, inclusive
1983 through 1985, inclusive
1986 through 1989, inclusive
INTEREST RATE PER ANNUM
4.10%
4.30%
4.50%
4.75%
5.00%
5.30%
said bid being a bid at an average net interest cost to the City of
5.173213,.' per annum, said bid being hereby determined to be the most advan-
tageous and with the most favorable net interest cost to the City for said
bonds; and the interest rates on said bonds are hereby fixed at the rates
set out in said successful bid.
SECTION 2. That all other bids are hereby rejected, and the City
Clerk is ordered to hold the good faith check of the successful purchaser(s)
in accordance with the published Notice of Bond Sale and to return the other
checks to the respective unsuccessful bidders immediately.
SECTION 3. That said $320,000 of bonds, numbered 1 to 64 inclusive,
shall be delivered by the City Treasurer and/or other proper City
officials to said purchaser(s) as soon as said Bonds are printed and
ready for delivery in accordance with the Ordinance authorizing said
bonds, and that all of the proceeds of the sale of said bonds shall
be used only as provided in said ordinance.
SECTION 4. That the acceptance of said bid is subject to the
condition that such acceptance subjects the City to no liability if for
any reason the City is unable to obtain the final approving legal opinion
of the firm of Rubin & Trautwein, Municipal Bond Attorneys, Louisville,
Kentucky, as to said Bonds, or if the receipt of interest on said Bonds
should be subject to State or Federal income taxation or to ad valorem
taxation by the Commonwealth of Kentucky on or before the delivery date
of said bonds, and the purchaser(s) shall not be required to take
delivery of said Bonds without the final approving opinion of said
Attorneys accompanying said bonds, or if said bonds or the interest
thereon shall become subject to such taxation on or before said delivery
date.
804
SECTION 5. That all ordinances and resolutions, or parts thereof, in
conflict herewith, be and the same are hereby amended or repealed to the
extent of such conflict, and this Resolution shall be in force immediately
upon its passage.
CITY /OF PADUCAH, KENTUCKY
By
Mayor
ATTEST:
City Clerk
Passed by the Board of Commissioners October 26, 1971
Recorded by Sarah Thurman, City Clerk, October 26, 1971.