HomeMy WebLinkAboutMO # 183MUNICIPAL ORDER NO -183
A MUNICIPAL ORDER AUTHORIZING THE TRANSFER OF ECONOMIC DEVELOPMENT FUNDS
FROM ESCROW TO THE PADUCAH ECONOMIC DEVELOPMENT INCOME ACCOUNT
WHEREAS, the City of Paducah has received grant assistance for economic
devleopment activities under the Kentucky Community Development Block Grant Program,
and
WHEREAS, said grant funds were issued to C. C. Cohen, et al and Paducah Dry,
Inc., as loans to leverage specific economic development projects within the City of
Paducah, and
WHEREAS, it was agreed by C. C. Cohen, et al and Paducah Dry, Inc., that all
payments in amortization of said loans would be made to Paducah -McCracken County
Growth, Inc. for deposit in accounts held in escrow on behalf of the City of Paducah,
and
WHEREAS, all funds so escrowed were to be used by the City of Paducah for
the purposes of furthering economic development activity as defined specifically in
Paducah's Economic Development strategy; and
WHEREAS, the City of Paducah has determined that it is timely and in the
best interest of the City to exercise priority one of said development strategy.
NOW, THEREFORE, BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah shall exercise its authority under the
terms and conditions of the "Agreement", dated October 26, 1982, by and between the
City of Paducah and Paducah -McCracken County Growth, Inc., and draw upon the escrow
thereby established for the specific purposes of pursuing economic development
activities described in Paducah's Economic Development strategy, said strategy having
been authorized in Exhibit B ("Description of Recipient Activities" (1)(d)) of Grant
Agreement B -82 -DC -21-0001(014) and Exhibit B ("Description of Recipient Activities"
B(1)(b)) of Grant Agreemnt B -82 -DC -21-0001(008).
adoption.
SECTION 2. This Order shall be in full force and effect from and after its
JOE VITERISI
Mayor
Passed by the Board of Commissioners February 14, 1984
Recorded by Louise McKinney, City Clerk, February 14, 1984.
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