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Home My WebLink About87-3-2982, r n ,,"'1411 ,,. J[— ..- -L I," I I.. 1 I, I Mh I, w I. LdAL.ilL— 'j—IJA "-LLLt!^'.iLIktJJIII{7:IbA..L61IIlUilL� — , __ 30 ORDINANCE NO. 87-3-2982 AN ORDINANCE OF THE CITY OF PADUCAH APPROVING A POOLED LEASE FINANCING PROGRAM (THE "PROGRAM") AUTHORIZING (i) THE EXECUTION OF AN AMENDED AND RESTATED INTERLOCAL COOPERATION AGREEMENT UNDER WHICH THE V PROGRAM WILL BE ORGANIZED AND REVENUE BONDS FOR THE FINANCING THEREOF WILL BE ISSUED;. AND .(ii) THE ISSUANCE BY THE CITY OF DANVILLE, KEN- TUCKY, OF "KENTUCKY MULTI -CITY LEASE REVENUE BONDS (KENTUCKY MUNICIPAL LEAGUE POOLED LEASE FINANCING PROGRAM) SERIES 1987A AND SERIES 1987B" TO FINANCE A CERTAIN PROJECT OR PROJECTS OF THE CITY DESCRIBED HEREIN; AND APPROVING (iii) A FORM OF LEASE BETWEEN THE KENTUCKY MUNICIPAL FINANCE CORPORATION, AS LESSOR, AND THE CITY, AS LESSEE, FOR USE IN CONNECTION WITH A POOLED LEASE FINANCING PROGRAM, AND TAKING OTHER RELATED ACTION RECITALS A. Under the Interlocal Cooperation Act (the "Act"), Sections 65.210 to 65.300, inclusive, of the Kentucky Revised Statutes ("KRS"), any power or powers, privileges or authority exercised or capable of exercise by a public agency (including a city) may be exercised jointly with another public agency under an agreement (an "interlocal cooperation agreement") with one another for joint or cooperative action and such public agencies may acquire, construct, maintain, add to and improve the necessary property, real and personal, which is required in order to accomplish the public purposes set forth ll� in such interlocal cooperation agreement. In order to provide funds to l accomplish the purposes of such interlocal cooperation agreement, any one of the public agencies (the "Issuer"), acting pursuant to such interlocal cooperation agreement, may issue, on behalf of all public agencies which are parties to such interlocal cooperation agreement, negotiable revenue bonds pursuant to an ordinance of the Issuer's legislative body; provided such bonds shall be payable solely from the revenue derived from the joint or cooperative action and shall not constitute an indebtedness of the Commonwealth of Kentucky (the "Commonwealth") or any of the participating public agencies. B. The Act further authorizes the public agencies to create a "separate legal or administrative entity" (the "Corporation"), which entity may, on behalf of the participating public agencies, have certain powers delegated to it as provided in the interlocal agreement. C. Under KRS 58.010 et seq., a governmental agency (including a city) of the Commonwealth, acting separately or jointly with any one or more of such agencies, is authorized to acquire, J> construct, maintain, add to and improve any "public project" (as defined in KRS 58.010), and for the purpose of defraying the cost thereof, to borrow money and issue negotiable revenue bonds, which bonds shall be payable solely from the revenues derived from the "public project" (as defined in KRS 58.010) and shall not constitute an indebtedness of the Commonwealth or any of the cities, and to rent or 31 lease such "public project" (as defined in KRS 58.010) or any portion thereof to, or contract concerning the "public project" (as defined in KRS 58.010) with, any.persons, partnerships, associations or corporations either public or private, profit or nonprofit. D. Certain cities of the Commonwealth (the "Cities"), including the City of Paducah, Kentucky, (the "City"), have determined that it would be in the best interest and welfare of their respective residents and to their mutual advantage in performing their public and governmental functions to join together under the provisions of an interlocal cooperation agreement to establish a pooled lease financing program (the "Program") to provide financing or refinancing for the acquisition, construction, maintenance and improvement of various public facilities and other property intended for use by such Cities (the "Projects")and the accomplishment thereby of the public purposes of the Cities through (a) the issuance by Danville, as Issuer, on behalf of the Cities, of revenue bonds pursuant to the Act, KRS 58.010 et seq., KRS 82.082, and all other applicable law (the "Bonds"); (b) the delivery of the proceeds from the -sale of the Bonds -:to a trustee (the "Trustee") under a trust indenture pursuant to which the Bonds will be issued; -(c) the disbursement by the -Trustee to the -Corporation of such proceeds in order to finance or refinance the.Projects for the Cities; and (d) the lease of each respective -.Project by -the Corporation to the City for which such Project is -be ng;financed(-under.leases which J1 in the aggregate provide.for total -rental -payments sufficient to pay - Jthe principal of, premium, if any, and,;interest on the Bonds, as the: same become due and payable, and all::other costs -and -expenses of the Program. NOW, -THEREFORE; BE IT ORDAINED --BY THE CITY -OF PADUCAH,- KENTUCKY, AS FOLLOWS: SECTION 1. Authorization of Amended and -Restated Interlocal Cooperation Agreement. For the purposes set forth in the preamble hereto, the.Program and the financing --thereof, by the issuance and sale of the Bonds, is hereby approved and the -Mayor and City Clerk of the City are hereby authorized and directed to execute, acknowledge and deliver, on behalf and in the name of.the City, -...an Amended -and Restated Interlocal Cooperation Agreement among the City and the other cities of the Commonwealth who become signatories thereof; substantially.in.the form attached hereto as Exhibit A. SECTION 2. Authorization -of Lease.. The_f.orm of Lease (the "Lease") substantially in the form at:tached..hereto.as Exhibit B,with such necessary and appropria:te-variations,_omissions. and insertions as the Mayor of the City in his sole. discretion may .determine;`.is:hereby approved and authorized for use in connection with the financing or refinancing of the Project or Projects described in Exhibit C attached hereto. The Mayor and the City Clerk are hereby authorized and directed to execute, acknowledge, and deliver on behalf of the City one or more of such Leases, pursuant to which the Corporation will lease the Project or Projects described in Exhibit C attached hereto, to the n�ana ®®®® _ _ ®eo��a�mee®mesa��mme�a�mmerr�an�ma�nm��ma�rs�m�senm�n�amem�ees�m�mn�e mn�mmm��ms�emmramn+®e�m�� 32 City in consideration of rentals payable to the Corporation sufficient to pay, as the same become due, the principal of, premium, if any, and interest on the Bonds the proceeds of which are to be used to finance or refinance such Project or Projects. SECTION 3. Additional Actions and Transactions. In connection with the lease of the Project from the Corporation, the actions and transactions described in Exhibit D attached hereto are hereby approved and authorized. The Mayor and City Clerk are hereby authorized and directed to execute, acknowledge and deliver on behalf of the City all necessary or appropriate documents, agreements or instruments necessary or appropriate to accomplish the actions and transactions described in Exhibit D. SECTION 4. Further Acts and Deeds. The Mayor, the City Clerk and other appropriate officers of the City are hereby authorized and directed to execute, acknowledge and deliver on behalf of the City any and all contracts, agreements, instruments, certificates, affidavits and other documents and to do and cause to be done any and all other acts and things necessary or.proper for implementing and effectuating the actions and transactions authorized by this ordinance, the Lease, the Restated Agreement; provided, that neither the -City nor any of its elected officials, officers, employees or agents shall incur any general lability_thereby.- SECTION 5 Miscellaneous: The --provisions of this Ordinance are severable, and if any section, paragraph, clause or provision hereof shall for any reason be declared invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect the validity of the remainder of this Ordinance. All resolutions, orders or parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this Ordinance shall prevail and be given effect. SECTION 6. Effective Date. This Ordinance shall be in full force and effect from and after its enactment and publications as provided by law. INTRODUCED, SECONDED, AND GIVEN FIRST READING, at a duly convened meeting of the Board of Commissioners of the City of Paducah, Kentucky, held on the 20th day of March, 1987. GIVEN SECOND READING, AND ENACTED at a duly convened meeting of the Board of Commissioners of the City of Paducah, Kentucky, held on the 23rd day of March, 1987, on the same occasion signed in open session by the Mayor of the City, attested under the seal of the City" Clerk, and ordered to be published in the certified summary form, filed J and indexed as provided by law. JOE VITERISI Mayor 33 ATTEST: Lenita Smith City Clerk SEAL: CERTIFICATION I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the City of Paducah, Kentucky, and as such City Clerk I further certify that the foregoing is a true, correct and complete copy of,a Resolution duly adopted by the Board of Commissioners of said City at a duly convened meeting held on the 23rd day of March, 1987, on the same occasion signed by the Mayor as evidence of his approval, and now in full force and effect, all as appears from the official records of said City in my possession and under my control. WITNESS my hand and Seal of said City as of the 23rd day of March, 1987. SEAL: Lenita Smith City Clerk Published by The Paducah Sun