HomeMy WebLinkAbout2023-09-8791ORDINANCE NO. 2023-09-8791
AN ORDINANCE AMENDING ORDINANCE NO. 2023-06-8777, ENTITLED,
"AN ORDINANCE ADOPTING THE CITY OF PADUCAH, KENTUCKY,
ANNUAL OPERATING BUDGET FOR THE FISCAL YEAR JULY 1, 2023,
THROUGH JUNE 30, 2024, BY ESTIMATING REVENUES AND
RESOURCES AND APPROPRIATING FUNDS FOR THE OPERATION OF
CITY GOVERNMENT"
WHEREAS, on April 8, 2013, the City authorized an Interlocal Cooperation
Agreement ("ILA") between the City and the County for the purpose of acquiring, constructing
and installing a building for sublease to Teletech Services at 2301 McCracken Boulevard ("the
Project Improvements"); and
WHEREAS, the Project was financed through the cash payment of $1,350,000
from the City ("City's Contribution"), the cash payment of $1,350,000 from the County
("County's Contribution"), and the cash payment of $300,000 from the Greater Paducah
Economic Development Council, Inc. ("GPEDC Contribution"); and
WHEREAS, the City approved Ordinance No. 2013-09-8074 authorizing the
issuance of City of Paducah, Kentucky Taxable General Obligation Bonds, Series 2013B
("2013B Bonds") in the approximate aggregate principal amount of $2,485,000 (subject to a
permitted adjustment increasing or decreasing the principal amount of by up to $245,000) for the
purpose of financing economic development projects including the City's Contribution related to
the Project Improvements; and
WHEREAS, the City approved Municipal Order No. 2778 authorizing the sale of
the property to Newgen Ventures, LLC, and authorizing the city's portion of the sale proceeds to
be used to redeem, pay and discharge the Kentucky taxable general obligation bonds, series
2013B.
WHEREAS, sale proceeds will cover all but $86,460 of the repayment amount of
General Obligation Bonds Series 2013B; and
WHEREAS, the City Commission now wishes to amend the FY2024 budget to
reflect the increase from the sale and to transfer the appropriate amounts to the appropriate
related GO Bond 2013B account for the bond payoff.
KENTUCKY:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,
SECTION 1. That the annual budget for the fiscal year beginning July 1, 2023,
and ending June 30, 2024, as adopted by Ordinance No. 2023-06-8777, be amended by the
following re -appropriation:
® Increase Sale of Assets Account by $870,745
® Increase Principal — 2013 Series by $955,000
® Increase Interest — 2013 Series by $2,205
SECTION 2. That the Mayor and City Clerk are hereby authorized to execute all
documents necessary to carry out the debt retirement.
SECTION 3. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
ATT ST:
Lindsay Paris , ity Clerk
Introduced by the Board of Commissioners, September 5, 2023
Adopted by the Board of Commissioners, September 26, 2023
Recorded Lindsay Parish, City Clerk, September 26, 2023
Published by The Paducah Sun, September 29, 2023
\ord\finance\budget amend FY2024 — GO Bond 2013B Payoff