HomeMy WebLinkAbout12/22/82No. 130
Proceedings of Board of Commissioners City of Paducah December 22, 1982
At a Called Meeting of the Board of Commissioners held in the Commission Chamber,
City Hall, Paducah, Kentucky, at 4:30 P.M. on December 22, 1982, Mayor Penrod presided and upon
call of the Roll, the following answered to their names: Commissioners Coleman, Flynn, Ford
(arrived at 6:37 p.m.) Viterisi and Mayor Penrod (5).
Commissioner Coleman offered motion, seconded by Commissioner Flynn, that the ex-
ecuted copies of the Notice of Called Meeting to be held at 4:30 P. M. on December 22, 1982, be
File notices of Called Meeting- received and filed. Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford,
j Viterisi and Mayor Penrod (5).
Commissioner Viterisi offered motion, seconded by Commissioner Ford, that the Board
of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE FIXING THE LEVIES AND
Set Tax Rate - 1982-83 RATES OF TAXATION ON ALL PROPERTY IN THE CITY OF PADUCAH, KENTUCKY, SUBJECT TO TAXATION FOR
MUNICIPAL PURPOSES AND FOR SCHOOL PURPOSES FOR THE PERIOD FROM JULY 1, 1982 THROUGH JUNE 30,
1983, WITH THE PURPOSES OF SAID TAXES THEREUNDER DEFINED". Setting the 1982 tax rate as
follows:
PURPOSE
General Fund of the City
Real Property
Personal Property
Other Municipal Purposes:
Public Library
Real Estate
Personal Property
Appointive Employees' Pension Fund
Real Estate
Personal Property
Voted Bonds:
Sinking Fund for Retirement
Real Property
Personal Property
Interest
Real Property
Personal Property
SCHOOL PURPOSES:
Paducah Community College
Real Estate
Personal Property
Total Tax Rate per $100 - real property
Total Tax Rate per $100 - personal property
Special Levies for General Fund:
Stocks of Banks and Trust Companies
follows:
RATE PER $100.00
$0.444
$0.444
$0.044
$0.044
$0.015
$0.015
$0.006
$0.006
$0.008
$0.008
$0.032
$0.032
$0.549
$0.549
$0.190
These taxes shall be a Cumulative Tax on personal property only, and summarized as
Proceedings of
PURPOSE
Board of Commissioners
No.
City of Paducah
RATE PER $100.00
General Fund of the City $0.046
Other Municipal Purposes:
Public Library $0.003
SCHOOL PURPOSES:
Paducah Community College $0.002
Total Cumulative Tax Rate per $100.00 on personal property $0.051
The City of Paducah shall collect the following taxes for the Board of Education:
Public Schools - Operating Fund
Real Property $0.346
Personal Property $0.414
Public Schools - Special Building Fund
Real Property $0.118
Personal Property $0.142.
Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford, Viterisi and Mayor
Penrod (5) .
December 22, 1982
Commissioner Ford offered motion, seconded by Commissioner Viterisi, that the Board
of Commissioners introduce and adopt an ordinance entitled, "AN ORDINANCE AMENDING ORDINANCE
NO. 82-1-2191 AUTHORIZING THE CITY MANAGER AND CITY TREASURER TO ESTABLISH A LINE OF CREDIT
WITH LOCAL BANKS FOR SUMS NOT EXCEEDING AN AGGREGATE AMOUNT OF TWO MILLION DOLLARS
($21000,000.00) FOR THE USE AND BENEFIT OF THE CITY OF PADUCAH, KENTUCKY, AND TO EXECUTE A NO
OR NOTES FROM TIME TO TIME FOR SAID LINE OF CREDIT, AND TO PLEDGE THE REVENUES OF THE CITY AS
SECURITY THEREFOR". This ordinance is summarized as follows: Changing the line of credit wi
local banks, from $1,500,000.00 to $2,000,000.00, for the use and benefit of the City of
Paducah, with a zero balance on June 30 of each and every year, and any one loan not to exceed'
ninety (90) days. Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford,
Viterisi and Mayor Penrod (5).
Commissioner Flynn offered motion, seconded by Commissioner Coleman, that the Board
of Commissioners adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY,
AUTHORIZING THE ISSUANCE OF FIVE HUNDRED THOUSAND DOLLARS PRINCIPAL AMOUNT OF 'CITY OF PADUCAH
INDUSTRIAL BUILDING REVENUE BONDS, SERIES 1982 (SOUTHERN ILLINOIS STEEL PRODUCTS CORPORATION
PROJECT)'; AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT BETWEEN THE CITY AND
SOUTHERN ILLINOIS STEEL PRODUCTS CORPORATION, AN ILLINOIS CORPORATION; AUTHORIZING THE EX-
ECUTION AND DELIVERY OF AN INDENTURE OF TRUST SECURING SAID BONDS; AUTHORIZING THE NEGOTIATION
OF THE SALE OF SAID BONDS AND THE EXECUTION OF A BOND PURCHASE AGREEMENT; AND TAKING OTHER
RELATED ACTION".
SUMMARY OF ORDINANCE
The Ordinance authorizes $500,000 principal amount of industrial building revenue
bonds (the "Bonds") to be issued by the City of Paducah, Kentucky (the "City"), for the purposE
of acquiring, constructing, installing and equipping an industrial building facility for
Southern Illinois Steel Products Corporation, an Illinois corporation, which will be used in
connection with the manufacturing of steel and related products.
131
Amend line of credit to $2,000,000
Issue So. Ill. Steel Products
Corp. bonds - final adoption
No. 132
Proceedings of Board of Commissioners City of Paducah December 22, 1932
The Bonds are payable solely and only by loan payments of Southern Illinois Steel
Products Corporation to The Peoples First National Bank & Trust Company of Paducah, Paducah,
Kentucky, as Trustee on behalf of the City. The Ordinance authorizes an Indenture of Trust
between the City and The Peoples First National Bank & Trust Company of Paducah, Paducah, Ken-
tucky. The Ordinance authorizes appropriate officers of the City to take all necessary steps
to deliver and issue the Bonds. The Bonds will not be payable from any City funds or assets.
Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford, Viterisi and Mayor
Penrod (5) .
Upon motion the meeting adjourned.
ADOPTED:.�!. ' •
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City Clerk Mayor