HomeMy WebLinkAbout10/19/82Proceedings of
Board of Commissioners
No.
City of Paducah October 19, 1982
At a Called Meeting of the Board of Commissioners held in the Commission Chamber,
City Hall, Paducah, Kentucky, at 2:00 P.M. on October 19, 1982, Mayor Penrod presided and
call of the Roll, the following answered to their names: Commissioners Coleman, Ford, Viteriji
and Mayor Penrod (4). Commissioner'Flynn was absent (1)
Commissioner Coleman offered motion, seconded by Commissioner Viterisi, that the ex
ecuted copies of the Notice of Called Meeting to be held at 2:00 P.M. on October 19, 1982, be
received and filed. Adopted on call of the Roll, Yeas, Commissioners Coleman, Ford, Viterisi
and Mayor Penrod (4).
Commissioner Ford offered motion, seconded by Commissioner Viterisi, that an execut
copy of a Resolution enacted by the Commissioners of Water Works on October 18, 1982, re-
questing the City of Paducah to issue $16,430,000 of Water Works Revenue Bonds, Series 1982,
for the purpose of redeeming the outstanding $15,860,000 of City of Paducah Water Works Reven
Bond Anticipation Notes, Series 1982, dated January 25, 1982, on January 25, 1983, in advance
of their maturity, be received and filed. Adopted on call of the Roll, Yeas, Commissioners
Coleman, Ford, Viterisi and Mayor Penrod (4).
Commissioner Viterisi offered motion, seconded by Commissioner Ford, that the Boardl
of Commissioners adopt a Resolution as follows:
"RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, PROVIDING FOR THE
ADVERTISEMENT AND PUBLIC SALE OF SIXTEEN MILLION, FOUR HUNDRED THIRTY THOUSAND DOLLARS
($16,430,000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE BONDS, SERIES 1982, DAT
NOVEMBER 1, 1982, AND PROVIDING FOR THE ORDINANCE AUTHORIZING SAID BONDS TO BE GIVEN SECOND
READING AND CONSIDERED FOR ENACTMENT ON THE SAME DATE AS THE DATE ON WHICH BIDS ARE RECEIVED
FOR THE PURCHASE OF SAID BONDS". Adopted on call of the Roll, Yeas, Commissioners Coleman,
Ford, Viterisi and Mayor Penrod (4).
Commissioner Coleman offered motion, seconded by Commissioner Viterisi, that the
Board of Commissioners introduce the following ordinance: (Mayor execute a Security Agreement
and Financing Statement with P. J. Marnell & Associates, d/b/a Paducah Dry, Inc. This ordi-
nance was read in full). Adopted on call of the Roll, Yeas, Commissioners Coleman, Ford,
Viterisi and Mayor Penrod C4).
Commissioner Ford offered motion, seconded by Commissioner Viterisi, that the Board
of Commissioners introduce the following ordinance: (Authorize Mayor to execute an agreement
with Growth, Inc. This ordinance was read in full). Adopted on call of the Roll, Yeas,
Commissioners Coleman, Ford, Viterisi and Mayor Penrod (4).
Commissioner Viterisi offered motion, seconded by Commissioner Ford, that the Board
of Commissioners introduce the following ordinance: (.Approve request for Program Amendment
the Paducah Dry CDBG Project. This ordinance was read in full). Adopted on call of the Roll;
Yeas, Commissioners Coleman, Ford, Viterisi and Mayor Penrod (4).
105
Receivefile $ e notices of
Called Meeting
Receive & file executed copy
of Resolution of Water Works
Resolution of Board of Commissioners
D - adv. & public sale of $16,430,000
Water Works Revenue Bonds
Mayor execute Security Agreement
.& Financing Statement with P. J.
Marnell, d/b/a Paducah Dry, Inc.
Mayor execute agreement with
Growth, Inc.
Amend Paducah Dry CDBG Project
No. 106
Proceedings of
Board of Commissioners
Approve issuance & sale of
$16,430,000 Water Works Revenue
Bonds, Series 1982
WORK SESSION
City of Paducah
October 19, 1982
Mayor Penrod offered motion, seconded by Commissioner Coleman, that the Board of
Commissioners introduce an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY,
SUPPLEMENTING THE BOND AND NOTE ORDINANCE ENACTED BY THE CITY ON JANUARY 12, 1982, AUTHORIZING
AND PROVIDING FOR THE ISSUANCE AND SALE OF SIXTEEN MILLION FOUR HUNDRED THIRTY THOUSAND DOLLARS
($16,430,000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE BONDS, SERIES 1982, DATED
NOVEMBER 1, 1982, UNDER THE PROVISIONS OF SECTIONS 58.010 THROUGH 58.140 OF THE KENTUCKY
REVISED STATUTES, FOR THE PURPOSE -OF EFFECTING THE REDEMPTION ON JANUARY 25, 19830 OF THE
OUTSTANDING $15,860,000 OF CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION NOTES, DATED
JANUARY 25, 1982; ISSUED FOR THE PURPOSE OF PROVIDING INTERIM FINANCING OF THE COST (NOT
OTHERWISE PROVIDED) OF THE CONSTRUCTION OF EXTENSIONS, ADDITIONS, AND IMPROVEMENTS TO THE
EXISTING MUNICIPAL WATER WORKS SYSTEM; PROVIDING FOR SAID BONDS TO RANK ON A PARITY WITH THE
OUTSTANDING $1,280,000 OF CITY OF PADUCAH WATER WORKS REFUNDING REVENUE BONDS, SERIES OF 1978;
SETTING FORTH THE TERMS AND CONDITIONS UPON WHICH SAID $16,430,000 OF BONDS (SERIES 1982) ARE
TO BE AND MAY BE ISSUED AND OUTSTANDING; PROVIDING FOR THE COLLECTION, SEGREGATION, AND DIS-
TRIBUTION OF THE REVENUES OF SAID WATER WORKS SYSTEM; AND PROVIDING FOR AN ADVERTISED PUBLIC
COMPETITIVE SALE OF SAID SERIES 1982 BONDS).
Said ordinance is summarized as follows: Said Ordinance authorized these $16,430,000
of Bonds (the "Current Bonds") for the purpose of redeeming on January 25, 1983, prior to their
maturity, $15,860,000 of Bond Anticipation Notes previously issued by the City as interim
financing toward the cost (not otherwise provided) of the construction of said project in
anticipation of the issuance of the Current Bonds; designated the payee bank of the Bonds;
created an Escrow Account, for the deposit and investment of the proceeds of the Bonds until
January 25, 1983, for the purpose of effecting the redemption of said Notes on that date;
reaffirmed the creation of a Sinking Fund (and a Sinking Fund Reserve) for the benefit'of
certain Prior Bonds (of 1978) and these Current Bonds, an Operation and Maintenance Fund, and a
Depreciation Fund, all created in the -Ordinance authorizing the Prior Bonds; established the
security for the Current Bonds, ranking on a parity with the Prior Bonds, the method of payment
of the principal and interest of the Current Bonds, and -the conditions and restrictions for the
issuance of bonds ranking on a parity with the Current bonds; provided certain covenants of the
City for the further protection of the holders of the Current Bonds; and prescribed terms and
conditions upon which bids -were to be received for'the purchase of the Current Bonds.
Upon motion the Board adjourned for a Work.Session.
ADOPTED:
City Clerk Mayor