HomeMy WebLinkAboutMO # 662,✓MICIPAL ORDER NO. 662
ORDER OF THE CITY COMMISSION OF THE CITY OF
PADUCAH, KENTUCKY, ACCEPTING THE SUCCESSFUL BID
FOR THE PURCHASE OF THE CITY OF PADUCAH,
KENTUCKY SEWER SYSTEM REFUNDING REVENUE
BONDS, SERIES 1993, DATED SEPTEMBER 1, 1993.
WHEREAS, notice of sale of $1,735,000 (subject to adjustment of up to $175,000)
principal amount of City of Paducah, Kentucky Sewer System Refunding Revenue Bonds, Series
1993, dated September 1, 1993, (the "Series 1993 Bonds") has heretofore been advertised in strict
compliance with all legal requirements, and
WHEREAS, all bids received for the purchase of said Series 1993 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, and
WHEREAS, such bid is so favorable that the City may suffer a financial loss if it fails
to adopt this Order shortly after the receipt of said bid, even though notice of the special meeting
called for the purpose of adopting this Order may have been given less than twenty-four (24)
hours prior to said meeting time and date. -
NOW, THEREFORE, THE CITY COMMISSION OF THE CITY OF PADUCAH,
KENTUCKY, DOES HEREBY ORDER AS FOLLOWS:
Section 1. That the bid of Hilliard Lyons, Louisville, Kentucky (the "Successful
Purchaser") for the purchase of said Series 1993 Bonds be accepted and confirmed, said bid being
at a price of $1,708,975 for said $1,735,000 principal amount (which amount being subject to
adjustment) of Series 1993 Bonds, plus accrued interest from September 1, 1993, to the date of
delivery of the Series 1993 Bonds, such interest to be payable semiannually 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 4.3309% 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 1993 Bonds; and the principal
amounts and maturities and the interest rates on said Series 1993 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 1993 Bonds shall be delivered by the City Treasurer and/or
other proper City officials to said Successful Purchaser as soon as said Series 1993 Bonds are
printed and ready for delivery in accordance with the Bond Ordinance authorizing said Series
1993 Bonds, and all of the proceeds of said Series 1993 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 1993 Bonds if for any reason the City is ur,,ghl-
Utv lilt,,, appLovine lcga! ori -ion of the firm of Rubin Hays fit, ruiey, lvianlclpai 6vllu
Attorneys, Louisville, Kentucky, as to said Series 1993 Bonds, or if said Series 1993 Bonds
should be subject to ad valorem or income taxation by the Commonwealth of Kentucky, or if the
receipt of interest on said Series 1993 Bonds should be subject to inclusion in gross income for
Federal income tax purposes prior to or on the delivery date of said Series 1993 Bonds, and the
Successful Purchaser shall not be required to take delivery of said Series 1993 Bonds without the
final approving opinion of said Attorneys accompanying said Series 1993 Bonds, or if said Series
1993 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.
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Attest:
City Clerk
Adopted on September 15, 1993.
CITY OF PADUCAH, KENTUCKY
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 September 15, 1993, 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
T` September 15, 1993.
City Clerk
(Seal of City)
u
EXHIBIT A
Maturity Date
Principal
Interest
January 1,
Maturity
Rate
1994
50,000
2.50%
1995
185,000
3.10%
1996
190,000
3.40%
1997
205,000
3.60%
1998
210,000
3.85%
1999
110,000
4.00%
2000
115,000
4.10%
2001
120,000
4.20%
2002
125,000
4.25%
2003
135,000
4.25%
2004
140,000
4.25%
2005
150,000
4.25%
604C