HomeMy WebLinkAboutMO # 05876
MUNICIPAL ORDER NO. 58
a
A MUNICIPAL ORDER OF THE BOARD OF COMMISSIONERS OF PADUCAH, KENTUCKY,
ADOPTING AN OFFICIAL PROCEDURE FOR REVIEW OF PROJECTS PROPOSED. FOR INDUSTRIAL REVENUE
BOND FINANCING .
WHEREAS, during the 1980 Regular Session, the Kentucky General Assembly
enacted House Bill No. 462 (amendments..and..additions to KRS Chapter.103) which
created new types of projects.for which industrial revenue bonds _could be issued by
cities; and
WHEREAS, this legislation established an. Industrial Revenue Bond. -Oversight
Committee charged with the.responsibility of -reviewing proposed industrial bond
financing for certain of these -,new types of projects and provided that cities could
not issue industrial bonds for proposed projects of these types without approval of
the Oversight Committee; and
WHEREAS, the Oversight Committee_promulgated procedural.rules for its
review of these Inducement Resolutions, including requirements which must be followed
by cities in reviewing proposed projects prior to.their submission to the Oversight
Committee; and
_WHEREAS, Jhe Board of Commissi-oners of, the City of Paducah, Kentucky, .has
determined that it is in the best interests of the City to appoint Growth, Inc. as
its agent in screening applications for industrial. revenue bonds to be issued by the.
City of Paducah pursuant to KRS Chapter.103.
SECTION 1. That all applications to the City for industrial -revenue bond.
financing for projects for which such financing is authorized by KRS 103.200
subsections (2), (4), (8), (9) and (16) and off-street parking facilities, cable
television and mass communication facilities as authorized by KRS 103.200 (3) shall
be submitted to Growth, Inc., reviewed by the City and if approved, recommended to
the Industrial Revenue Bond Oversight Committee according to the procedure
hereinafter set out.
SECTION 2. Applications to Growth, Inc. shall be made in writing on
application forms prescribed by said organization for review. Such application forms
in eight (8) copies shall be submitted to Growth, Inc., along with $350 in local
application fee at least two weeks prior to Growth, Inc. Executive Committee meeting
held on the first Monday of each month.
The applicant shall have a representative in attendance during the
application review at the Executive Committee -Meeting.
SECTION 3. Upon receiving an application Growth, Inc. shall:
(a)" Notify the Chamber of Commerce prior'to Growth., Inc. Executive
Committee Meeting;'
(b) Prepare a written statement to the"City of Paducah briefly describing
the Inducement Resolution, giving the location of the project, any special terms it
deems appropriate in issuing the industrial revenue bonds, benefits that the project
will provide the community and indicating why Growth, Inc. believes the project`
should be approved by the City of Paducah;
(c) Place advertisement in newspaper which qualifies under KRS Chapter 424
for legal publication at least "seven (7) days prior to -the second City Commission
Meeting where the Inducement Resolution will receive second reading
In making its recommendation to the Board of Commissioners, Growth, Inc.
shall consider:
(a) The economic need for the project in the area;
(b) Whether the project places an unjustified competitive disadvantage on
existing businesses;
(c) If normal commercial financing is unavailable for the project or if
available, at what rate it must be secured and at what terms and conditions;
(d) If the project is in accordance with KRS 103.200 to 103.285;
(e) The project's economic soundness.
If Growth, Inc. approves the Inducement Resolution, the project developer
must:
(a) Submit six (6) copies of the completed application to the City Clerk's
office within sixty (60) days of'Growth;'Inc:'s approval;
(b) Have a representative in attendance at both City Commission Meetings
at which their Inducement Resolution is considered.
If no applications are filed with the City Clerk within the stated time,
the project developer shall reapply to Growth, Inc.
SECTION 4. During any Board of Commissioners Meeting at which an
Inducement Resolution is considered, a reasonable opportunity shall be given for the
public to provide comments concerning the bond issue.
0
77
78
SECTION 5 --.-,-For * any project designated in Section 1 -of this Order that
received passage by the Board of Commissioners of7-the City:of-Paducah; Growth, Inc. -
will•
(a) Prepare written -statement -by the City'of Paducah to the -Oversight
Committee outlining the benefits that the project will provide the community and
indicating why the City of Paducah believes the project should be approved by the
Oversight Committee.;
. (b) ,Provide the following -documents to the project developer -for inclusion,
in application -to the Over -sight Committee:.....
(1) Proof of newspaper publication concerning City Commission
-Meeting.at which the Inducement Resolution received: approval;
(2) Agendas -of the-City,.Commission`Meetings;-
(3) Review comments of Growth, Inc.;
(5) -Notification Letter to Chamber of Commerce;
(6) Review comments of City Commission.
(c) Advertise date of Oversight Committm. Meeting at least thirty (30)
days prior to.the Committee_Meeting;'
(d) Place second advertisement between fifteen (15) and twenty-one (21)
days before the Oversight Committee'Meeting_date;
(d) Provide Oversight -Committee with affidavit from newspaper indicating
dates of publication and copy -of -advertisement at least -fifteen (15) days prior to
meeting date;
(e)- Bill project developer for: --all advertisements;
(f) Provide any information requested by Oversight Committee at least
fifteen (15) days prior to Committee Meeting.
SECTION 6. For any project designated -in Section l:of this'Order-that.
receives passage by the Board of Commissioners of -the City of Paducah, the project
developer will:
(a) -Submit four -(4) copies of the completed application along with
required local government documents and the required Oversight Committee fee to the
Industrial Revenue Bond Oversight Committee; Frankfort,, Kentucky;
(b) Have a representative in attendance at the Oversight Committee Meeting
prepared to present the proposed project in the time allotted.
SECTION 7. If the bond sale is made, the City of Paducah will charge a
service fee of one-half of one percent (? of 1%) ($5,000 per million) at the time of
79
0