HomeMy WebLinkAboutMO # 588" ~ 421
MUNICIPAL ORDER N0. 5~8
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 1991, DATED APRIL 1, 1991.
WHEREAS notice of sale of X10,755,000 principal amount
of City of Paducah, Kentucky Water Works Revenue Refunding Bonds,
Series 1991, dated April 1, 1991, (the "Series 1991 Bonds") has
heretofore been advertised in strict compliance with all legal
requirements, and
WHEREAS, all bids received for the purchase of said
Series 1991 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.
i
NOW, THEREFORE, THE CITY COMMISSION OF THE CITY 'OF
-„..,1 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 1991 Bonds be accep"~~~d and
confirmed, said bid being at a price of X10.,563,946.25 for said
X10,755,000 principal amount (which amount being subject to
adjustment) of Series 1991 Bonds, plus accrued interest from
April 1, 1991, to the date of delivery of the Series 1991 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 o~ 6.62569$
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 1991 Bonds; and the principal amounts and maturities
and the interest rates on said Series 1991 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
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422
the Successful Purchaser in accardance with the published Notice
of Bond Sale and the Official Terms and Conditions of Sale of
Bonds.
Section 3. That said Series 1991 ..Bonds shall be
delivered by the City Treas?,~.rer andlor other proper City
officials to said Successful Purchaser as goon as said
Series 1991 Bonds are printed and heady far deliverY• in
accordance with the Bond Ordinance authorizing said Series 1991
Bonds, and all of the proceeds of said Series 1991 Bonds shall be ~'"
used only as provided in said Bond Ordinance. 'V`,
Section 4. That said bid is accepted subject to the
condition that such acceptance subjects the City to no obligation
to deliver the Series 1991 Bonds if for any reason the City is
unable to obtain the final approving legal opinion of the firm of
Rubin Hays & Foley, Municipal Bond Attorneys, Louisville,
Kentucky, as to said Series 1991 Bonds, or if said Series 1991
Bonds should be subject to ad valorem or income taxation by the
Commonwealth of Kentucky, or if the receipt of interest on said
Series 1991 Bonds should be subject to inclusion in gross income
for Federal income tax purposes prior to or on the delivery date
of said Series 1991 Bonds, and the Successful Purchaser shall not
be required to take delivery of said Series 1991.Bonds without
the final approving opinion of said Attorneys accompanying said
Series 1991 Bonds, or if said Series 1991 Bonds or the interest
thereon should become subject to..such ad valorem or income
taxation prior to such delivery date.
Section 5. That X11 Ordinances, O'~~ers and
Resolutions, or parts thereof, in conflict h~~~~aith, be and .he
same are hereby amended or,:repealed~ to::the extent of such
conflict, and this Order shall be effective immediately upon its
adoption.
~~~_~~
Adopted on April 17, 1991.
CITY OF PADUCAH, KENTUCKY
GERRY B MONTGOMERY
Mayor
Attest:
City lerk
423
EXHIBIT A
Maturity Date :,..
Principal _ _.
= I~ttere'st
Ju'y 1, ~~+ ~ MatuYit'y ~ Rate
~.: v~ . ,
.::,, .1992` ~- ;120,0.00 .: .,M. ,4.75$ ..
1993 :, 125,000 " ~" '5.0.0
1994 " " ~ 135';000 5.25,
1995 140,000 5.50
1996 485,000 5.65
1997 510,000 5.80
19.98. 540; 000 ~ - ' S . 90
1999 570,-000 6.00
2000 ~ - 605, 0'00 _ ` - ~ 6.10
2001 645,000 6.20
2002 ~ 685,000 6.30
r
2003 - 725, 00:0 40
6 .
.,.
2.004.. ;.
775, 000
6'.50
20.05 825,000_. 6.60
2006 ~ 880:,000 6.70 -:
2007 " 940'; 000 ~ _`~ 6.70
'
2008 _ ... ; ,` 1; 000,'000 ~ ,
~;, 6:70
2<0~0 9 1, 0 7.0 , O, Q.O -6 .°7 0 .
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424
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 April 17, 1991, 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 April 17, 1991.
. __
ity Cler
(Seal of the City)
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