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ORDINANCE NO. 93-6-4949
AN ORDINANCE AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A DEED TO THE BOARD OF EDUCATION OF THE PADUCAH
INDEPENDENT SCHOOL DISTRICT 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
BOND 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 ("Board") in connection with two
issues of School building Revenue Bonds, dated June 1, 1979 and
October 1, 1979 ("Prior Bonds") previously issued by the City
on behalf of the Board to finance school building improvements;
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 L -J
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.
NOW, THEREFORE, BE IT AND IT IS HEREBY ORDAINED BY
THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY AS
FOLLOWS:
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 reconveyance shall be made in accordance with
the provisions of KRS 162.120 through 162.290 and the
respective bond ordinances 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
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+s duties and obligations with regard to said
the City of the Prior Bonds.
properties in favor
of the owners resolutions, or
SECTION 3. That all ordinances, Baled
orders in conflict with the provisions hereof shall be rep
this Ordinance shall take effect and be in force
and
immediately.
This ordinance shall be read on two
SECTION 4• effective upon summary
separate days and will become
publication pursuant to KRS Chapter 424.
the Board of Commissioners June 1, 1993
Introduced by 1993
Adopted by the Board of Commissioners June 8 15,
Recorded by Lenita Smith, City Clerk, June 8 15, 1993
Published by The Paducah Sun, June 19, 1993.
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