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MUNICIPAL ORDER NO. 245
A MUNICIPAL ORDER CLARIFYING PROVISIONS OF THE ORDINANCE AUTHORIZING CITY OF PADUCAH
WATER WORKS REVENUE REFUNDING BONDS, SERIES 1985, DATED APRIL 1, 1985
WHEREAS, an ordinance was enacted on March 21, 1985, authorizing the City of Paducah
Water Works Revenue Refunding Bonds, Series 1985, dated April 1, 1985; and
WHEREAS, a representative of the Municipal Bond Insurance Association ("MBIA") has
contacted Bond Counsel, Rubin & Hays, with a request.that certain provisions of such ordinance
be clarified to make certain'the meaning is in accordance with the interpretation,that MBIA has
placed on such provisions; and
WHEREAS, Rubin & Hays have advised representatives of the City that the adoption of a
Municipal Order confirming that the interpretation of MBIA is the proper one will not
materially change the provisions of such ordinance,
NOW, THEREFORE, THIS MUNICIPAL ORDER IS HEREBY ADOPTED AS FOLLOWS:
1. Section 20 of such ordinance shall be interpreted on the same basis as if there
had been contained therein two sentences reading as follows:
"In the case of any drawing on the Current Debt Service Reserve, there
shall be a drawing first on cash and there shall be no drawing on the
Reserve Account Insurance Policy until all cash in the CUrrent Debt Service
Reserve is exhausted. If there is a drawing on the Reserve Account
Insurance Policy, pursuant to the foregoing provisions, such amount shall
be repaid with respect to such Policy from the first available revenues,
after any required payments are made into the Interest Account and/or the.
Principal Account to pay debt service, before cash withdrawals from the
Current Debt Service Reserve are replenished."
2. Section 25 of such ordinance shall be interpreted as if there had been included
following the second group of subparagraphs in such Section lettered (a) through (c) a
subparagraph reading as follows:
"(d) In the event of the creation of the Consolidated System the Debt - --
Service Reserve shall be maintained at a level equal to not less than the
Maximum Annual Debt Service for all the Current Bonds, as well as all
Parity Bonds, regardless of whether they are issued in connection with the
creation of the Consolidated System, or are issued for new water or sewer
facilities."
Adopted on March 28, 1985.
SEAL OF CITY:
ATTEST:
City Clerk
Mayor
CERTIFICATE OF CITY CLERK
I, Lenita Smith, the City Clerk of the City of Paducah, Kentucky, certify that the
foregoing is a true copy of a Municipal Order adopted by the Board of Commissioners at a
meeting held on March 28, 1985.
IN TESTIMONY WHEREOF, Witness my signature as City Clerk and the official Seal of
said City this 28th day of March, 1985.
City Clerk