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HomeMy WebLinkAboutMO # 324552 MUNICIPAL ORDER NO. 324 A MUNICIPAL ORDER OF THE CITY OF PADUCAH, KENTUCKY, APPROVING ON A PRELIMINARY BASIS A POOLED FINANCING PROGRAM, AUTHORIZING THE APPOINTMENT OF BOND COUNSEL, FINANCIAL ADVISOR, AND PURCHASER'S COUNSEL; AND TAKING OTHER RELATED ACTION RECITALS A. Under the Interlocal Cooperation Act (the "Act"), Sections 65.210 to 65.300, inclusive, of the Kentucky Revised Statutes ("KRS"), any power or powers, privileges or authority exercised or capable of exercise by a public agency (including a city) may be exercised jointly with another public agency under an agreement (an "interlocal cooperation agreement") with another for joint or cooperative action and such public agencies may acquire, construct, maintain, add to and improve the necessary property, real and personal, which is required in order to accomplish the public purposes set forth in such interlocal cooperation agreement. In order to provide funds to accomplish the purposes of such interlocal cooperation agreement, any one of the public agencies (the "Issuer"), acting pursuant to such interlocal cooperation agreement, may issue, on behalf of all public agencies which are parties to such interlocal cooperation agreement, negotiable revenue bonds pursuant to an ordinance of the Issuer's legislative body; provided such bonds shall be payable solely from the revenue derived from the joint or cooperative action and shall not constitute an indebtedness of the Common- wealth of Kentucky (the "Commonwealth") or any of the participating public agencies. B. The Act further authorizes the public agencies to create a "separate legal or administrative entity" (the "Corporation"), which entity may, on behalf of the participating public agencies, have certain powers delegated to it as provided in the interlocal cooperation agreement. C. Under KRS 58.010 -et seq., a governmental agency (including a city) of the Common- wealth, acting separately or jointly with any one or more of such agency, is authorized to acquire, construct, maintain, add to and improve any "public project" (as defined in KRS 58.010), and for the purpose of defraying the cost thereof, is authorized to borrow money and issue negotiable revenue bonds, which bonds shall be payable solely from the revenues derived from the "public project" (as defined in KRS 58.010) and shall not constitute an indebtedness of the Commonwealth of any of the cities, and to rent or lease such "public project" (as - defined in KRS 58.010) or any portion thereof to, or contract concerning the "public project" (as defined in KRS 58.010) with, any persons, partnerships, associations or corporations either public or private, profit or nonprofit. D. The City of Paducah (the "City"), together with certain cities of the Common- wealth (the "Cities"), have determined that it would be in the best interest and welfare of their respective residents and to their mutual advantage in performing their public and govern- mental functions and have proposed to join together under an interlocal cooperation agreement to establish a pooled financing program (the "Program") to provide financing or refinancing for the acquisition, construction, maintenance and improvement of various public facilities and other property intended for use by such Cities, which Program will be financed through the proposed issuance by the City of Danville ("Danville"), as Issuer, on behalf of the Cities, of revenue bonds pursuant to the Act (the "Bonds"). NOW, THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY AS FOLLOWS: SECTION -1. Preliminary Approval of Pooled Financing Program and Issuance of Bonds. The City of Paducah, Kentucky, hereby approves on a preliminary basis the participation by the City in the Program in the estimated.amount of $ and the issuance by Danville of the Bonds on behalf of the Cities. The City intends to participate in the Program to finance or refinance the property described in Schedule A to this Municipal Order. SECTION 2. Authorization of Bond Counsel, Financial Advisors, and Purchaser's Counsel. In connection with the proposed issuance and sale of the Bonds, the City of Paducah hereby authorizes and approves of the selection and designation of The First Boston Corporation, Inc., New York, New York, as Financial Advisor; Wyatt, Tarrant & Combs, Louisville, Kentucky, as Bond Counsel; and Brown & Wood, New York, New York, as counsel to the purchaser of the Bonds. SECTION 3. Authorization of bid by Financial Advisor. The City of Paducah hereby authorizes The First Boston Corporation, Inc. to enter its bid for the Bonds on the same terms and subject to the same conditions as all other bidders for the Bonds. SECTION 4. Formation -of Corporation. The City of Paducah hereby authorizes Danville to form the Corporation, to be named Kentucky Municipal Finance Corporation, as a nonstock, nonprofit Kentucky corporation to act as the instrumentality and agent of Danville in connection with the proposed Program. SECTION 5. Miscellaneous. The provisions of this Municipal Order are severable, and if any section, paragraph, clause or provision hereof shall for any reason be declared invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect the validity or the remainder of this Municipal Order. All resolutions, orders or parts thereof in conflict with the provisions of this Municipal Order are, to the extent of such conflict, hereby repealed and the provisions of this Municipal Order shall prevail and be given effect. SECTION 6. Effective Date. This Municipal Order shall be in full force and effect upon its passage and approval. Joe Viterisi Mayor Introduced and adopted by the Board of Commissioners July 11, 1986 Recorded by Lenita Smith, City Clerk, July 11, 1986 SEAL: ATTEST: Lenita Smith City Clerk a 553 SS4 CERTIFICATION I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of the City of Paducah, Kentucky, and as such City Clerk I further certify that the e foregoing is a true, correct and complete copy of a Municipal Order duly adopted by the City Council of said City at a duly convened meeting held on the 11th day of July, 1986, on the same occasion signed by the Mayor as evidence of his approval, and now in full force and effect, all as appears from the official records of said City in my possession and under my control. WITNESS my hand and Seal of said City as of the 11th day of July, 1986. SEAL: Lenita Smith City Clerk