HomeMy WebLinkAboutMO # 084114
v
MUNICIPAL ORDER NO. 84
A RESOLUTION ACCEPTING THE SUCCESSFUL BID FOR THE PURCHASE OF $1.5,860.000
PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE .BOND..ANTICIPATION.NOTES,
SERIES 1982, DATED JANUARY 25, 1982. - - -
WHEREAS, notice o.f ,sale. of„$15,860,000, of City of Paducah Water Works
Revenue Bond Anticipation Notes, Series 1982, dated January -2,5,'1982. -has been
advertised in compliance with all legal requirements,. and -
WHEREAS, -all -bids
received for s.ai.d.Notes have,_been..considered and are as
follows:
1.
2.
3.
4.
Interest
Total Amounts Bid For
Net: Interest`
Bidder
Rate
Said $15,860.00 of Notes
Cost
J.J.B. Hilliard
Lyons, Inc. &
Associates
11.40%
$15,574,520
$4,805,580
WHEREAS,
the matter of which bid71s' the—mo'st advantageous,
and with the
most favorable net interest cost to'the City,' -has been sufficiently considered,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the bid of J.J.B. Hilliard Lyons, Inc. & Associates for
the purchase of $15,860,000 of City of Paducah Water Works Revenue Bond Anticipation
Notes, Series 1982, dated January 25, 1982 (the "Notes"), be accepted and confirmed,
said bid being at a total price of $15,574,520 for said $15,860,000 principal amount
of Notes, such Notes to bear interest payable semi-annually, at the rate of Eleven
point Forty (11.40%) percent per annum, said bid being hereby determined to be the
most advantageous and with the most favorable net interest cost to the City for said
Notes; and the interest rate on said Notes is hereby fixed at the rate set out in
said successful bid.
SECTION 2. That the other bids are hereby rejected, and the City Clerk is
ordered to hold the good faith check of the successful purchaser(s) in accordance
with the Official Terms and Conditions of Sale of NOtes and to return the other
checks to the respective unsuccessful bidders immediately.
SECTION 3. That said $15,860,000 of Notes, numbered 1 to 3,172, inclusive,
shall be delivered by the City Treasurer and/or other proper City officials to said
purchaser(s) at First National Bank of Louisville, Louisville, Kentucky, on February
2, 1982, in accordance with the Ordinance authorizing said Notes, and all of the
proceeds of the sale of said Notes shall be used only as -provided in said Ordinance.
SECTION 4. That the acceptance of such bid subjects the City to no
liability if for any reason it is unable to obtain the final approving legal opinion
of the firm of Rubin 4 Hays, Municipal Bond Attorneys, Louisville, Kentucky, as to
said Notes, or if said Notes should be subject to ad valorem taxation by the
Commonwealth of Kentucky prior to or on the delivery date of said Notes; and the
purchaser(s) shall not be required to take delivery of said Notes without the final
approving opinions of said Attorneys accompanying said Notes or if said Notes 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 therewith, 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.
Adopted on January 12, 1982.
ATTEST:
City Clerk
r
Mayor
U
CERTIFICATE
I, LOUISE McKINNEY, hereby certify that I am the duly qualified and acting City Clerk
of the City of Paducah, Kentucky, that the foregoing is a full, true and correct copy of a
Resolution adopted by the Board of Commissioners of said City at a meeting duly held on January
12, 1982, that the Resolution appears as a matter of public record in the official records of the
City, that said meeting was duly held in 'accordance with all applicable requirements of Kentucky
law, including KRS 61.810, 61.815, 61.820 and 61.825, that a quorum was present at said meeting,
that said Resolution had not been modified, amended, revoked or repealed and that same is now in
full force and effect.
IN TESTIMONY WHEREOF, witness my signature and the Seal of said City on
this January 12, 1982.
SEAL:
�L
CityClerk'
n
115