HomeMy WebLinkAbout02/01/83No. 144
Proceedingsof Board of Commissioners February 1, 1983
City of Paducah
File notice called meeting
Water Works Bond & Note Ord.
$16,430,000
At a Called Meeting of the Board of Commissioners held in the Commission Chamber,
City Hall, Paducah, Kentucky, at 5:30 P.M. on February 1, 1983, Mayor Penrod presided and upon
call of the Roll, the following answered to their names: Commissioners Coleman, Flynn, Ford
Viterisi and Mayor Penrod (5).
Commissioner Flynn offered motion, seconded by Commissioner Coleman, that the ex-
ecuted copies of the Notice of Called Meeting to be held at 5:30 P. M. on February 1, 1983, be
received and filed. Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford,
Viterisi and Mayor Penrod (5).
Commissioner Viterisi offered motion, seconded by Commissioner Ford, that the Board
of Commissioners introduce the following 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 1983, DATED MARCH 1, 1983, UNDER THE PROVISIONS OF SECTIONS 58.010 THROUGH 58.140
OF THE KENTUCKY REVISED STATUTES, FOR THE PURPOSE OF EFFECTING THE IMMEDIATE REDEMPTION 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 1983) 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 1983 BONDS." This ordinance is summarized as follows: Said
ordinance authorized these $16,430,000 of Bonds (the "Current Bonds") for the purpose of
redeeming as soon as possible, prior to their maturity, upon 30 days' published notice,
$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 the Project referred to in said
title, 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 the date of redemption of the Notes, 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 Main-
tenance 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.
Adopted upon call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford, Viterisi and Mayor
Penrod (5) .
Proceedings of
Board of Commissioners
No.
City of Paducah February 1. 1983
Commissioner Coleman offered motion, seconded by Commissioner Flynn, that the meetin
be adjourned. Adopted upon call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford,
Viterisi and Mayor Penrod (5).
ADOPTED:��Z.--g'/ q
City Clerk
Mayor
145