Loading...
HomeMy WebLinkAbout93-12-5056361 ORDINANCE NO. 93-12-�O " (RESOLUTION/MUNICIPAL ORDER) A RESOLUTION/MUNICIPAL ORDER APPROVING A LEASE WITH KENTUCKY MUNICIPAL FINANCE CORPORATION FOR THE FINANCING OF FIREFIGHTING EQUIPMENT TO BE OWNED BY THE CITY OF PADUCAH, KENTUCKY; AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS y, RELATED TO SUCH LEASE; AND MAKING CERTAIN DESIGNATIONS REGARDING THE LEASE WHEREAS, the City of Paducah, Kentucky (the "City") has heretofore determined to acquire and install five pumpers and two aerials for use in firefighting by the City (the "Project") and has followed the procedures required by law for the acquisition and installation of the Project; and WHEREAS, the City has determined it is necessary and desirable that the City finance the Project through a lease agreement with option to purchase (the "Lease") with Kentucky Municipal Finance Corporation (the "Lessor"). NOW THEREFORE, BE IT RESOLVED/ORDERED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. Recitals and Authorization. The City, as lessee, hereby approves the Lease with Kentucky Municipal Finance Corporation (the "Lessor"), in substantially the form mp presented to this governing body, with such changes therein not inconsistent with the Resolution and not materially adverse to the City as may be approved by the officers executing the same on behalf of the City. It is hereby found and determined that the firefighting equipment being financed with the Lease is public property to be used for public purposes. It is further determined that it is necessary and desirable and in the best interests of the City to enter into the Lease for the purposes therein specified, and the execution and delivery of the Lease and all representations, certifications and other matters contained in the Closing Memorandum with respect to the Lease, or as may be required by Peck, Shaffer & Williams, Bond Counsel for the City, prior to delivery of the Lease, is hereby approved, ratified and confirmed. Any officer of the City is hereby authorized to execute the Lease, together with such other agreements or certifications which may be necessary to accomplish the transactions contemplated by the Lease. SECTION 2. Designation of the Lease as Qualified Tax -Exempt Obligation. Pursuant to Section 265(b)(3)(B)(ii) of the Internal Revenue Code of 1986 (the "Code"), the City hereby specifically designates the Lease as a "qualified tax-exempt obligation" for purposes of Section 265(b)(3) of the Code. In compliance with Section 265(b)(3)(D) of the Code, the City hereby represents that the City will not designate more than $10,000,000 of "qualified tax-exempt obligations" issued by the 362 City in the calendar year during which the Lease is executed and delivered as such "qualified tax-exempt obligations". SECTION 3. Issuance Limitation. In compliance with the requirements of Section 265(b)(3)(C) of the Code, the City hereby represents that the City (including all "subordinate entities" of the City within the meaning of Section 265(b)(3)(E) of the Code reasonably anticipates that it will not issue in the calendar year during which the Lease is executed and delivered, "qualified tax-exempt obligations" in an amount greater than $10,000,000. SECTION 4. Expectation Regarding the Lease. The City, by the adoption of this Resolution, certifies that it does not reasonably anticipate that less than 95% of the proceeds of the Lease will be used for "local government activities" of the City or that the aggregate face amount of all tax-exempt bonds issued by the City during the calendar year in which the Lease is entered into will exceed $5,000,000. SECTION 5. Effective Date. This Resolution/Municipal Order shall take effect from and after its passage, as provided by law. Mayo ATTEST: Ci y Clerk Introduced by the Board of Commissioners December 7, 1993 Adopted by the Board of Commissioners December 14, 1993 Recorded by Lenita Smith, City Clerk, December 14, 1993 Published by The Paducah Sun ord/klc CERTIFICATE I, the undersigned City Clerk of the City of Paducah, Kentucky, certify that the foregoing is a true copy of a resolution/municipal order (Ordinance) duly adopted by the City Commission at a meeting of the City Commission held on the 14th day of December, 1993, and that said resolution/municipal order (Ordinance) has not been modified, amended, superseded or repealed as of this date and remains in full force and effect. I further certify that in the event the meeting 0 referred to above was a special called meeting, notice of the time and place of said special meeting was delivered personally or by mail, at least twenty-four hours prior to the time of such meeting, to each local newspaper or general circulation, each news service and each local radio or television station which had on file at the time of the giving of such notice or such time, with the City a written request to be notified of special meetings and that all actions taken in connection with the resolution set forth in said excerpt of minutes were in compliance with the requirements of KRS 61.810, 61.815, 61.820 and 61.825, and that said resolution is now in full force and effect, all as appears from the official records of the City in my custody and under my control. WITNESS my hand as City Clerk of the City of Paducah, Kentucky, this 20th day of December, 1993. --C7 City erk �I 363