HomeMy WebLinkAboutMO # 278MUNICIPAL ORDER NO. 278
A MUNICIPAL ORDER OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF $1,200,000 PRINCIPAL AMOUNT OF CITY OF
PADUCAH SEWER SYSTEM REVENUE BONDS, SERIES OF 1985, DATED NOVEMBER 1, 1985
WHEREAS, notice of sale of $1,200,000 principal amount of City of Paducah Sewer
System Revenue Bonds, Series of 1985, dated November 1, 1985, has been advertised in strict
compliance with all legal requirements; and
WHEREAS, all bids received for the purchase of said Bonds have been considered and
are are follows:
Bidders
Prudential-Bache
Sec.
Cincinnati, OH
Dupree & Co.,
Inc. & Asso.
Seasongood &
Mayer
Amount
Bid
$1,176,000.00
$1,176,000.00
$1,176,000.00
Net
Interest Interest
Rate(s) Cost
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
6.75%
7.25%
7.50%
7.75%
8.00%
8.25%
8.50%
8.75%
9.00%
9.10%
9.20%
9.30%
9.375%
9.40%
9.50%
9.50%
9.60%
9.60%
9.60%
7.00%
7.25%
7.50%
7.75%
8.00%
8.20%
8.40%
8.60%
8.80%
9.00%
9.20%
9.40%
9.50%
9.60%
9.70%
9.75%
9.75%
9.75%
9.75%
6.00%
6.50%
7.-00%
7.35%
7.70%
8.00%
8;.20%
8.40%
8.60%
8.80%
9.00%
9.10%
9.20%
9.30%
9.40%
9.45%
9.50%
9.50%
9.50%
$1,584,021.04
$1,605,444.58
$1,561,349.99
481
482
J.J.B. Hilliard,
W.L. Lyons and
Associates
$1,176,000.00 1987 6.25%
1988 6.75%
1989 7.25%
s 1990 7.50%
1991 7.75%
1992 8.00%
1993 8.20%
1994 8.40%
1995 8.60%
1996 8.80%
1997 9.00%
1998 9.10%
1999 9.125%
2000 9.20%
2001 9.25%
2002 9.30%
2003 9.30%
2004 9.50%
2005 9.50%
$1,550,391.00
WHEREAS, the matter of which bid is the most advantageous, and with the most
favorable net interest cost to the City, has been sufficiently considered.
FOLLOWS:
BE IT ORDERED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PAD.UCAH, KENTUCKY, AS
SECTION 1. That the Bid of J.J.B. Hilliard, W.L. Lyons, and Associates for the
purchase of said $1,200,000 principal amount of City of Paducah Sewer System Revenue Bonds,
Series of 1985, dated November 1, 1985, be accepted and confirmed, said bid being at a total
price of $1,176,000.00 for said principal amount of Bonds, plus accrued interest from November
1, 1985, to the date of delivery of the Bonds, such Bonds to bear interest payable semi-
annually at
the following annual rates:
MATURITIES
INTEREST
MATURITIES
JANUARY 1,
RATES
JANUARY 1,
1987
6.25%
1997
1988
6.75%
1998
1989
7.25%
1999
1990
7.50%
2000
1991
7.75%
2001
1992
8.00%
2002
1993
8.20%
2003
1994
8.40%
2004
1995
8.60%
2005
1996
8.80%
INTEREST
RATES
9.00%
9.10%
9.125%
9.20%
9.25%
9.30%
9.30%
9.50%
9.50%
said bid being a bid at an average net interest cost to the City of $1,550,391.00 per annum and
said bid being hereby determined to be the most advantageous and with the most favorable net
interest cost to the City for said Bonds. The interest rates on such Bonds are hereby fixed at
the rates set forth in such bid.
SECTION 2. That all other bids are hereby rejected.
SECTION 3. That said Bonds shall be delivered by the City Treasurer and/or other
proper City officials to said purchaser as soon as said Bonds are printed and ready for
delivery in accordance with the Ordinance authorizing the Bonds (the "Bond Ordinance"), an all
of the proceeds of the 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 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 Bonds, or�if said Bonds should be subject to ad valorem
taxation by the Commonwealth of Kentucky, or if the receipt of interest on said Bonds should be
subject to income taxation by the Federal Government or by the Commonwealth of Kentucky prior
to or on the delivery date of said Bonds; and the purchasers shall not be required to take
delivery of said Bonds without the final approving opinions of said Attorneys accompanying
said Bonds or if said Bonds or the interest thereon shall become subject to taxation on or
before said delivery date.
SECTION 5. That all motions, ordinances 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 Resolution shall be in force immediately upon its adoption and approval as
required by law.
ATTEST:
Adopted and approved on October 22, 1985.
City Clerk
CITY OF PADUCAH, KENTUCKY
CERTIFICATE
JOE VITERISI
Mayor
I, LENITA SMITH, hereby certify that I am the duly qualified and acting City Clerk
of Paducah, Kentucky, that the foregoing is a full, true and correct copy of a Municipal
Order adopted by the Board of Commissioners of said City at a meeting duly held on October
22, 1985, and that said Municipal Order has been duly recorded in the records of the City.
IN TESTIMONY WHEREOF, witness my signature on this October o: �, 1985.
a
City Clerk
Seal of City:
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483