HomeMy WebLinkAbout2013-11-8100ORDINANCE NO. 2013-11-8100
AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE A
COMMERCIAL GUARANTY LOAN INSTRUMENT WITH REGIONS BANK FOR THE
BENEFIT OF THE GREATER PADUCAH ECONOMIC DEVELOPMENT COUNCIL
(GPEDC)
WHEREAS, in 2003, the Kentucky Economic Development Finance Authority
(Authority) agreed to re -issue a loan previously provided to the Greater Paducah Economic
Development council for five years at a rate reduced from eight to three per cent; and
WHEREAS, as a condition of the new terms, the Authority agreed to allow
GPEDC to make an immediate payment of $443,751.28; and
WHEREAS, that amount has been reduced to $341,437.97; and
WHEREAS, Regions Bank has agreed to loan GPEDC this amount, subject to a
guaranty by the City of Paducah and McCracken County; and
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor of the City of Paducah, Kentucky is hereby
authorized and directed to execute a Commercial Guaranty Loan Instrument with Regions Bank
in the maximum amount of $341,437.97.
SECTION 2. The County of McCracken must agree to be equally obligated with
the City of Paducah.
SECTION 3. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to K
ATTEST:
s
Tammara S. Sanderson, City Clerk
Introduced by the Board of Commissioners, November 19, 2013
Adopted by the Board of Commissioners, November 26, 2013
Recorded by Tammara S. Sanderson, City Clerk, November 26, 2013
Published by The Paducah Sun, December 2, 2013
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