HomeMy WebLinkAboutMO # 1173129
MUNICIPAL ORDER NO. 1173
RESOLUTION OF THE CITY OF PADUCAH, KENTUCKY,
RATIFYING THE ACCEPTANCE OF THE SUCCESSFUL
BID FOR THE PURCHASE OF THE CITY OF PADUCAH,
KENTUCKY TAXABLE GENERAL OBLIGATION BONDS
(POLICE AND FIREFIGHTERS PENSION PLAN), SERIES
2005, DATED NOVEMBER 1, 2005.
WHEREAS, a publicly advertised solicitation of bids for purchase of City of Paducah,
Kentucky Taxable General Obligation Bonds (Police and Firefighters Pension Plan), Series
2005, dated November 1, 2005, has heretofore been undertaken in strict compliance with all
legal requirements, and
WHEREAS, all bids received for the purchase of said Series 2005 Bonds from the City
have been duly considered and are attached to this Resolution, and
WHEREAS, the matter of which bid is the most advantageous and with the most
favorable net interest cost to the City of Paducah, Kentucky (the "City"), has been sufficiently
considered and accepted by the Mayor in accordance with the parameters of the City of Paducah
City Commission, and
WHEREAS, the City of Paducah City Commission desires to ratify the action of the
Mayor in accepting the best bid,
NOW, THEREFORE, THE CITY COMMISSION - OF THE CITY OF PADUCAH,
KENTUCKY, DOES HEREBY RESOLVE AS FOLLOWS:
1. That the acceptance by the Mayor of the bid of J.P. Morgan Securities, Inc., for
the purchase of said $6,160,000 principal amount of City of Paducah, Kentucky Taxable General
Obligation Bonds (Police and Firefighters Pension Plan), Series 2005, dated November 1, 2005,
is hereby ratified, accepted and confirmed, said bid being at a price of $6,127,413.60 for said
Series 2005 Bonds, plus accrued interest at the rates set forth in Exhibit A attached hereto from
November 1, 2005 to the date of delivery of Series 2005 Bonds and that all other bids are hereby
rejected. The principal amount, adjusted bid price and maturities of the Series 2005 Bonds shall
be as set forth in Exhibit A attached hereto.
2. That said Series 2005 Bonds shall be delivered by the Mayor and/or other City
officials to said purchaser(s) as soon as the Series 2005 Bonds are printed and ready for delivery
in accordance with the Ordinance authorizing said Series 2005 Bonds, and all of the proceeds of
the Series 2005 Bonds shall be used only as provided in said Ordinance.
3. That said bid is accepted subject to the condition that such acceptance subjects the
City to no liability if for any reason the City is unable to obtain the final approving legal opinion
of the firm of Rubin & Hays, Municipal Bond Attorneys, Louisville, Kentucky, as to said Series
2005 Bonds and the purchaser(s) shall not be required to take delivery of said Series 2005 Bonds
without the final approving opinion of said Attorneys accompanying said Series 2005 Bonds.
4. That the Mayor and the City Clerk be and they are hereby authorized and
instructed to execute any and all other instruments and to take any and all other action which
they deemed to be necessary or desirable in carrying out the plan of financing set out in the
foregoing instruments, including, without limitation the compliance with all applicable Kentucky
statutes and court decisions and with a view toward assuring the receipt of interest on such
Bonds will be exempt from all Kentucky income taxation and such bonds will be exempt from
all Kentucky ad valorem taxation.
5. That all Resolutions, or parts thereof, in conflict herewith, be and the same are
hereby amended or canceled to the extent of such conflict, and this Resolution shall be effective
immediately upon its adoption.
130
Introduced, Read, Enacted and Adopted on November 8, 2005.
CI
LIM
Attest:
By � ,lfAwck
i
City Clerk
CERTIFICATE OF CITY CLERK
I, Tammara S. Brock, hereby certify that I am the duly qualified and acting City
Clerk of the City of Paducah, Kentucky, that the foregoing Resolution is a true copy of a
Resolution introduced, read, enacted and adopted at a properly convened meeting of said City on
November 8, 2005, signed by the Mayor and attested under seal by me as City Clerk, as shown
by the official records in my custody and under my control, and that said Resolution appears as a
matter of public record in the official records of said City.
I further certify that said meetings were duly held in accordance with all applicable
requirements of Kentucky law, including KRS 61.810, 61.815, 61.820 and 61.823, that a quorum
was present at each of said meetings, that said Resolution has not been modified, amended,
revoked or repealed, and that same is now in full force and effect.
IN WITNESS WHEREOF, I have hereto set my hand as City Clerk and the official seal
of the City this November 8, 2005.
(Seal of City)
City Clerk
Maturity
November 1
2025
EXHIBIT A
Principal
Amount
$6,100,000
The total principal amount of Bonds to be issued is $6,100,000.
The adjusted bid price of the Bonds is $6,067,731.00
Mandatory Redemption
Interest Rate
5.35%
The Bonds due on November 1, 2025 shall be subject to mandatory sinking fund
redemption prior to maturity (said Bonds to be selected in such manner as the Paying Agent may
determine) at a redemption price of 100% of the principal amount thereof to be redeemed, plus
interest to be accrued to the redemption date on November 1, and in the years in the principal
amounts as follows:
November 1
Principal Amount
2006
$175,000
2007
185,000
2008
195,000
2009
205,000
2010
215,000
2011
230,000
2012
240,000
2013
255,000
2014
270,000
2015
285,000
2016
300,000
2017
315,000
2018
330,000
2019
350,000
2020
370,000
2021
390,000
2022
410,000
2023
435,000
2024
460,000
2025
485,000 (Final Maturity)
mo\bond sale-PFPF
131