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HomeMy WebLinkAbout98-6-5876i s �nB iyJL 548 ORDINANCE NO. 98-6-S-8 ZG AN ORDINANCE AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A DEED TO THE BOARD OF EDUCATION OF THE PADUCAH INDEPENDENT SCHOOL DISTRICT, PADUCAH, KENTUCKY, AND THE PADUCAH INDEPENDENT SCHOOL DISTRICT FINANCE CORPORATION RECONVEYING CERTAIN PROPERTIES FROM THE CITY THROUGH THE �) BOARD TO THE CORPORATION ORIGINALLY CONVEYED TO THE CITY IN CONNECTION WITH SCHOOL BUILDING REVENUE BONDS ISSUES WHEREAS, pursuant to the provisions of KRS 162.120 through 162.290, the City of Paducah, Kentucky, ("City") acted as the issuing agency for the Board of Education of the Paducah Independent school District, Paducah, Kentucky, ("Board") in connection with School Building Revenue Bonds, Series of 1979, dated February 1, 1979, and Series of 1979, dated June 1, 1979, (collectively the "Prior Bonds") previously issued by the City on behalf of the Board to finance school building improvements, and said Prior Bonds have been paid or provisions have been made for their payment; and WHEREAS, pursuant to the provisions of KRS 162.385, the Board has formed the Paducah Independent School District Finance Corporation ("Corporation") which is to act as an issuing agency for the Board in connection with the issuance of School Building Refunding Revenue Bonds ("Refunding Bonds") in order to effect interest cost savings by refinancing the Prior Bonds; and WHEREAS, in order for the Refunding Bonds to be secured in accordance with the provisions of Kentucky law, it is necessary that the City reconvey to the Board those properties previously conveyed to the City from the Board in connection with the Prior Bonds in order to secure the Refunding Bonds. BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the Mayor and City Clerk shall be, and they are hereby authorized, to execute a deed reconveying to the Board and the Corporation those properties previously conveyed to the City in connection with the Prior Bonds; said reconveyance shall be subject to the rights, if any, of the owners of the Prior Bonds so long as any of same remain outstanding and unpaid. Said conveyance shall be made in accordance with the provisions of KRS 162.120 through 162.290, pursuant to which the Prior Bonds were authorized. SECTION 2. Upon the conveyance of the properties described in said deed from the City through the Board to the Corporation, all of the City's right, title and interest in and to the properties so conveyed shall cease, as shall all of the City's duties and obligations with regard to said properties in favor of the owners of the Prior Bonds. SECTION 3. All ordinances, resolutions or orders in conflict with the provisions hereof shall be repealed. 549 SECTION 4. This ordinance shall be read on two separate days and will become effective upon summary publication pursuant to KRS Chapter 424. 60- May ATTEST: Cit Clerk Introduced by the Board of Commissioners June 9, 1998 Adopted by the Board of Commissioners June 23, 1998 Recorded by Lenita Smith, City CArk, June 23, 1998 Published by The Paducah Sun Lz4,t 30, 19 9 �- ord/deed 0 �:D