HomeMy WebLinkAboutMO # 772MUNICIPAL ORDER NO. 772
ORDER OF THE CITY COMMISSION OF THE CITY OF
PADUCAH, KENTUCKY, ACCEPTING THE SUCCESSFUL
BID FOR THE PURCHASE OF THE CITY OF PADUCAH,
KENTUCKY WATER WORKS REVENUE REFUNDING
BONDS, SERIES 1997, DATED DECEMBER 1, 1997.
WHEREAS, notice of sale of $6,745,000 principal amount of City of Paducah, Kentucky
Water Works Revenue Refunding Bonds, Series 1997, dated December 1, 1997, (the "Series 1997
Bonds") has heretofore been advertised in strict compliance with all legal requirements, and
�— WHEREAS, all bids received for the purchase of said Series 1997 Bonds from the City have
been duly considered and are as attached to this Order,
WHEREAS, the matter of which bid is the most advantageous and with the most favorable
net interest cost to the City of Paducah, has been sufficiently considered.
NOW, THEREFORE, THE CITY COMMISSION OF THE CITY OF PADUCAH,
KENTUCKY, DOES HEREBY ORDER AS FOLLOWS:
Section 1. That the bid of J.J.B. Hilliard, W.L. Lyons, Inc., Louisville, Kentucky (the
"Successful Purchaser") for the purchase of said Series 1997 Bonds be accepted and confirmed, said
bid being at a price of $6,643,856.20 for said $6,745,000 principal amount (which amount being
subject to adjustment) of Series 1997 Bonds, plus accrued interest from December 1, 1997, to the
date of delivery of the Series 1997 Bonds, such interest to be payable semi-annually at the annual
maturities and rates set forth in Exhibit A attached hereto. The bid is at an average net interest cost
to the City of 4.5928% per annum; and said bid is hereby determined to be the best bid and with the
most favorable net interest cost to the City for said Series 1997 Bonds; and the principal amounts
and maturities and the interest rates on said Series 1997 Bonds are hereby fixed at the amounts and
rates set out in Exhibit A attached hereto.
Section 2. That all other bids are hereby rejected, and the City Clerk is ordered to accept the
good faith deposit of the Successful Purchaser in accordance with the published Notice of Bond Sale
and the Official Terms and Conditions of Sale of Bonds.
Section 3. That said Series 1997 Bonds shall be delivered by the City Treasurer and/or other
proper City officials to said Successful Purchaser as soon as said Series 1997 Bonds are printed and
ready for delivery in accordance with the Bond Ordinance authorizing said Series 1997 Bonds, and
all of the proceeds of said Series 1997 Bonds shall be used only as provided in said Bond Ordinance.
Section 4. That said bid is accepted subject to the condition that such acceptance subjects
the City to no obligation to deliver the Series 1997 Bonds 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 1997 Bonds, or if said Series 1997 Bonds should be subject
to ad valorem or income taxation by the Commonwealth of Kentucky, or if the receipt of interest on
said Series 1997 Bonds should be subject to inclusion in gross income for Federal income tax
purposes prior to or on the delivery date of said Series 1997 Bonds, and the Successful Purchaser
shall not be required to take delivery of said Series 1997 Bonds without the final approving opinion
of said Attorneys accompanying said Series 1997 Bonds, or if said Series 1997 Bonds or the interest
thereon should become subject to such ad valorem or income taxation prior to such delivery date.
Section 5. That all Ordinances, Orders and Resolutions, or parts thereof, in conflict herewith,
be and the same are hereby amended or repealed to the extent of such conflict, and this Order shall
be effective immediately upon its adoption.
Adopted on December 9, 1997.
CITY OF PADUCAH, KENTUCKY
NO
00
261
H2
Attest:
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lmcz�—
City Clerk
CERTIFICATE OF CITY CLERK
I, Lenita S. Smith, 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 an Order adopted
by the City Commission of said City at a meeting duly held on December 9, 1997, that said meeting
was duly held in accordance with all applicable requirements of Kentucky law, including KRS -�
61.810 through 61.825, that a quorum was present at said meeting, that said Order has not been
modified, amended, revoked or repealed, and that same is now in full force and effect and appears
as a matter of public record in the official records of said City.
IN TESTIMONY WHEREOF, witness my signature and the Seal of said City on this
December 9, 1997.
(Seal of the City)
City derk