HomeMy WebLinkAboutOrdinance Book 18, Page 577, No Resolution Number577 i -
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE
OF $1,340,000 OF CITY OF PADUCAH SEWER SYSTEM REVENUE BONDS, SERIES
OF 1974, DATED APRIL 1, 1974.
WHEREAS, notice of sale of $1,340,000 of City of Paducah Sewer System
Revenue Bonds, Series of 1974, dated April 1, 1974, has been advertised in strict
compliance with the law, and
WHEREAS, all bids received for said Bonds have been considered and
are as follows:
1. 2. 3. 4.
TOTAL AMOUNTS BID
FOR SAID $1,340,000
OF BONDS PLUS NET
INTEREST ACCRUEDINTEREST INTEREST
BIDDERS RATES FRON APRIL 1, 1974 COST
J.J.B.Hilliard 6% 1976-1984 $1,319,900.00 6.2952
W.L.Lyons,Inc. 5.80% 1985-1987
& Associates 5.90% 1988
Louisville, Ky. 6.00% 1989-1990
6.10% 1991
6.20% 1992
6.25% 1993
6.30% 1994
6.40% 1995-1997
6.25% 1998
UMIC, Inc 7% 1976-1982 $1,319,900.00 6.747516
Memphis, Tenn. 6.50% 1983-1986
6.10% 1987
6.20% 1988
6.30% 1989
6.40% 1990
6.50% 1991
6.60% 1992
6.70% 1993
6.80% 1994-1998
Equitable 6.50% 1976-1980 $1,319,900.00 6.3658
Securities, Inc. 5.60% 1981-1985
& Associates 5.70% 1986
Nashville, Tenn. 5.80% 1987
5.90% 1988
6.00% 1989
6.10% 1990-1991
6.20% 1992
6.30% 1993
6.40% 1994
6.50% 1995-1998
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 J. J. B. Hilliard - W. L. Lyons, Inc.
and AssociateB, Louisville, Kentucky,
578
for the purchase of said $1,340,000 of City of Paducah Sewer System Revenue Bonds,
Series of 1974, dated April 1, 1974, be accepted and confirmed, said bid being at
a total price of $ 1,319,900.00 for said $1,340,000 principal amount of
bonds, plus accrued interest from April 1, 1974, to the date of delivery of the
Bonds, such Bonds to bear interest, payable semi-annually, at the following annual
interest rates:
MATURITIES INTEREST RATE PER ANNUM
1976
through
1984, inclusive
6.005
1985
through
1987, inclusive
5.80%
1988
5.90%
1989
through
1990, inclusive
6.00%
1991
6.100
1992
6.20"
1993
6.25%
1994
6.30%
1995
through
1997, inclusive
6.40°;
1998
6.25
said bid being a bid at an average net interest cost rate to the City of 6.2952%
per annum, said bid being hereby determined to be the most advantageous and with
the most favorable net interest cost to the City for said bonds; and the interest
rates) on said bonds is (are) hereby fixed at the rates) set out in said success-
ful 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 $1,340,000 of Bonds, numbered 1 to 268, 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 subjects the City to no
liability if for any reason it is unable to obtain the final approving legal opinion
of the firm of Rubin a Trautwein, Municipal Bond Attorneys, Louisville, Kentucky,
579
as to said Bonds, or if said Bonds or the interest thereon should be subject to
income taxation by the Federal Government or to ad valorem or income 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.
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 adoption and approval.
Adopted and approved on May 7, 1974.
CITY OF PADUCAH, KENTUCKY
By
Mayor
ATTEST:
i
City Clerk
Passed by the Board of Commissioners May 7, 1974
Recorded by Sarah Thurman, City Clerk, May 7, 1974.