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MUNICIPAL ORDER/RESOLUTION NO. 1057
MUNICIPAL ORDER/RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF PADUCAH, KENTUCKY ACCEPTING THE SUCCESSFUL
PROPOSAL FOR THE PURCHASE OF CITY OF PADUCAH, KENTUCKY
GENERAL OBLIGATION BOND ANTICIPATION NOTES, SERIES 2004
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$3,000,000.
WHEREAS, the City of Paducah, Kentucky (the "City") has, by ordinance (the
"Authorizing Ordinance"), authorized the issuance of City of Paducah, Kentucky General
Obligation Bond Anticipation Notes, Series 2004, to be issued in one or more series in an aggregate
principal amount not to exceed $3,000,000 (the "General Obligation Notes") with a final maturity
of September 1, 2004; and
WHEREAS, the City has solicited proposals in accordance with the provisions of the
Authorizing Ordinance and §66.141 of the Kentucky Revised Statutes for the purchase of the
General Obligation Notes, and
WHEREAS, all proposals received for the purchase of the General Obligation Notes have .
been considered and are as follows:
Net
Bidder Trnterest Cost
U.S. Bank National Association
Banterra Bank
Union Planters Bank
1.93%
2.20%
2.64%
WHEREAS, the matter of which proposal is the most advantageous, and with the most
favorable net interest rate to the City, has been sufficiently considered,
NOW, THEREFORE, BE IT ORDERED AND RESOLVED BY THE CITY
COMMISSION OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the proposal of U.S. Bank National Association for the purchase of
principal amount of City of Paducah, Kentucky General Obligation Bond Anticipation Notes,
Series 2004 in an aggregate principal amount not to exceed $3,000,000 (the "General Obligation
Notes") at an aggregate purchase price equal to $3,000,000 be accepted; such proposal being hereby
I.J1 determined to be the most advantageous and with the most favorable net interest rate to the City for
the General Obligation Notes; and the interest rate on the General Obligation Notes shall be fixed at
the rate set out in the successful proposal.
SECTION 2. That all other proposals are rejected.
IRECTTON 1 That the General Obligation Notes of each series shall be dated their date of
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delivery or such other date as the Mayor, after consultation with the successful purchaser, shall
determine.
SECTION 4. That Union Planters Bank shall be the depository of the City of Paducah
2004 Construction Account (the "Construction Fund") established by the Authorizing Ordinance.
Amounts deposited to the Construction Fund shall be used and applied for the purposes set forth in
the Authorizing Ordinance. �(D
SFCITON S. That all actions taken by the elected and/or appointed officials of the City in
soliciting proposals for the purchase of the General Obligation Notes are ratified and confirmed,
abinitio.
SECTION 6. That U.S. Bank National Association, be designated as Paying Agent and
Registrar for the Notes under the Authorizing Ordinance.
SECTION 7. That all municipal orders, resolutions, or parts thereof, in conflict herewith,
be and the same are hereby amended or repealed to the extent of such conflict, and this Municipal
Order/Resolution shall be in force immediately upon its adoption and approval.
APPROVED on April 13, 2004.
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Attest:
j aw�a ��
Tammara S. Brock, City Clerk
TY O PAD KENTUC ,
It.
Mayor
Adopted by the Board of Commissioners April 13, 2004
Recorded by Tammara S. Brock, City Clerk, April 13, 2004
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CERTIFICATE OF CLERK
I, the undersigned, hereby certify that I am the duly qualified and acting City Clerk of the
City of Paducah, Kentucky; that the foregoing is a full, true and correct copy of a Municipal
Order/Resolution of the City of Paducah, Kentucky accepting the successful proposal for the
purchase of up to $3,000,000 principal amount of City of Paducah, Kentucky General Obligation
Bond Anticipation Notes, Series 2004, and that such Municipal Order/Resolution was adopted by
the City Commission of the City of Paducah, Kentucky at a regular meeting held on April 13, 2004.
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IN TESTIMONY WHEREOF, witness my signature on this day of April, 2004.
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City Clerk