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MUNICIPAL ORDER NO. 276
A MUNICIPAL ORDER OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
PROVIDING FOR THE ADVERTISEMENT AND PUBLIC SALE OF CITY OF PADUCAH SEWER SYSTEM REVENUE
BONDS, SERIES OF 1985, DATED NOVEMBER 1, 1985, IN THE FACE AMOUNT OF $1,200,000, AND
PROVIDING FOR ORDINANCE AUTHORIZING THE BONDS, BEING CONSIDERED AND POSSIBLYBEINGGIVEN
SECOND READING AND PASSAGE ON THE SAME DATE AS THE DATE ON WHICH BIDS ARE RECEIVED FOR THE
PURCHASE OF SAID BONDS
WHEREAS, on this date the Board of Commissioners gave first reading and
consideration to an Ordinance (the "Bond Ordinance") relating to the authorization of
$1,200,000 of City of Paducah Sewer System Revenue Bonds, Series of 1985, dated November 1,
1985, in accordance with Section 94.160 as it existed in 1965 when the Bonds of 1965 were
issued, and Sections 96.350 to 96.510, inclusive, of the Kentucky Revised Statutes, and under
the provisions of the 1965 Bond Ordinance, for the purpose of defraying the cost of
extensions, additions and improvements to the municipal sewer system; and
the Board of Commissioners desires to consider and possibly pass and adopt
said Bond Ordinance upon its second reading immed*ately before bids for such Bonds are
opened; and
the Board of Commissioners further desires to advertise publicly for the
receipt of bids for the purchase of the Bonds, such bids to be received until and opened on
the date and hour of the same meeting as the meeting at which the Bond Ordinance is given
such second reading and passage.
NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF,PADUCAH, KENTUCKY, DOES
HEREBY ENTER A MUNICIPAL ORDER AS FOLLOWS:
That at the regular meeting to be held at 7:30 p.m., local time, on
October 8, 1985, at the City Hall, Paducah, Kentucky, the Board of Commissioners will
consider and possibly give second reading to and will pass and adopt the Bond Ordinance.
That said Bonds may be sold at public sale at that same meeting, after
public advertisement substantially in accordance with the provisions of the Notice of Bond
the Official Terms and Conditions of Sale of Bonds, and the Bid Form hereinafter
referred to, and such further provisions, if any, as are customary in connection with the
holding of a sale of bonds similar to such Bonds herein referred to.
That the Mayor and/or the City Clerk be and they are hereby instructed
and directed to cause publication to be made, one time not less than 7 and not more than 21
days prior to the specified date for the receipt of bids, in (a) THE PADUCAH SUN, which is
the newspaper published in the City of Paducah, Kentucky, having the largest circulation in
said City and meeting the requirements of KRS 424.110-120 for publications required to be
made by the City, (b) THE COURIER -JOURNAL, a newspaper published in the City of Louisville,
Kentucky, and of general circulation throughout Kentucky, and (c) THE BOND BUYER, a
periodical of general circulation among bond issue purchasers published in New York, New
York, of a "Notice of Bonds Sale", calling for the receipt of bids for the purchase of such
Bonds, that the Board of Commissioners hereby approves the 'Official Terms and Conditions of
Sale of Bonds", to be distributed to any interested bidders in connection with the sale of
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said Bonds; and that only those bids be considered for the purchase of said Bonds that are
submitted on a uniform "Bid Form". The Notice of Bonds Sale, Official Terms and Conditions of
Sale -of Bonds and Bid Form referred to above were presented to the meeting at which this
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Municipal Order is adopted and are hereby approved.
SECTION 4. That the Board of Commissioners shall,. -in a Municipal Order accepting the
successful bid, determine the exact rate of interest which said Bonds shall bear, and the
interest rate on said Bonds shall be automatically fixed at the rate set out in the successful
bid accepted in said Municipal Order, without the necessity of any further action by the Board
of Commissioners fixing said rate. The proceeds of the sale of said Bonds shall be expended as
provided in the Bond Ordinance.
SECTION 5. That the Board of Commissioners hereby approves the Summary of Bond
Ordinance substantially in -the form attached hereto.
SECTION 6. That all motions, ordinances, orders, resolutions, and parts thereof in
conflict herewith, are hereby repealed to the extent of such conflict, and this Municipal ORder
shall be effective immediately. .
Adopted on October 8, 1985.
ATTEST:
LENITA SMITH
City Clerk
U
JOE VITERISI
Mayor