HomeMy WebLinkAbout02/23/83No. 1S6
Proceedings of Board o f Commissioners City of Paducah February 2 3, 1983
File notices Called Meeting
J
Sell $15,400,000 Water Works
Revenue Bonds, Series 1984
At a Called Meeting of the Board of Coamissioners held in the Ccrmnission
, City Hall, Paducah, Kentucky, on February 23, 1983, Mayor Penrod presided and
call of the Roll, the following answered to their names: Commissioners Flynn, Ford,
Viterisi and Mayor Penrod (4). Commissioner Coleman was absent.
Commissioner Ford offered motion, seconded by Commissioner Viterisi, that the
executed copies of the Notice of Called Meeting to be held at 11:00 a.m. on Wednesday,
February 23, 1983, be received and filed.
Flynn, Ford, Viterisi and Mayor Penrod (4).
Adopted on call of the Roll, Commissioners
Commissioner Viterisi offered motion, seconded by Commissioner Ford, that the
Board of Commissioners adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH,
KENTUCKY, SUPPLEMENTING THE BOND AND NOTE ORDINANCE ENACTED BY THE CITY ON JANUARY 121,
11982, AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF FIFTEEN MILLION FOUR HUNDRED
DOLLARS ($15,400,000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE
ONDS, SERIES 1984, DATED MARCH 1, 1984, UNDER THE PROVISIONS OF SECTIONS 58.010 THROUGH
8.140 OF THE KENTUCKY REVISED STATUTES, FOR THE PURPOSE OF RETIRING AT MATURITY THE
TANDING $15,860,000 OF CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION NOTES,
ATED JANUARY 25, 1982 (OR RETIRING OR REFUNDING RENEWAL NOTES), ISSUED FOR THE PURPOSE OF
ROVIDING INTERIM FINANCING OF THE COST (NOT OTHERWISE PROVIDED) OF THE CONSTRUCTION OF
XTENSIONS, ADDITIONS AND IMPROVEMENTS TO THE EXISTING MUNICIPAL WATER WORKS SYSTEM;
ROVIDING FOR SAID BONDS TO RANK ON A PARITY WITH THE OUTSTANDING CITY OF PADUCAH WATER
REFUNDING REVENUE BONDS, SERIES OF 1978; SETTING FORTH THE TERMS AND CONDITIONS UPON
ICH SAID $15,400,000 OF BONDS (SERIES 1984) ARE TO BE AND MAY BE ISSUED AND OUTSTANDING;
ROVIDING FOR THE COLLECTION, SEGREGATION, AND DISTRIBUTION OF THE REVENUES OF SAID WATER
SYSTEM; AND PROVIDING FOR AN ADVERTISED PUBLIC COMPETITIVE SALE OF SAID SERIES 1984
ONDS; AND AUTHORIZING THE ALTERNATE IMMEDIATE ISSUANCE AND SALE OF $16,200,000 OF CITY OF
ADUCAH WATER WORKS REVENUE BOND ANTICIPATION RENEWAL NOTES, SERIES 1983, DATED MARCH 1,
983; WITH PROVISION -FOR POSSIBLE CHANGE OF DATES AND AMOUNT OF SAID BONDS AND/OR NOTES.".
his ordinance is summarized as follows: Said ordinance authorized the issuance of
$15,400,000 of bonds (the "Current Bonds") for the purpose of retiring at maturity
$15,860,000 of Bond Anticipation Notes (the 111982 Notes") previously issued by the City or
for the purpose of retiring or refunding Renewal Notes, hereinafter defined), or,
alternatively, the immediate issuance of $16,200,000' of Bond Anticipation Renewal Notes
(the "Renewal Notes") for the purpose of redeeming as soon a possible, prior to their
maturity, the 1982 Notes, which 1982 Notes were issued to provide 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
Bonds until the date of maturity of the Notes (or redemption of the Renewal Notes);
eaffirmed the creation of a Sinking Fund (and a Sinking Fund Reserve) for the benefit of
ertain Prior Bonds (of 1978) and these Current Reserve) for the benefit of certain Prior
onds (of 1978) and these Current Bonds, an Operation and Maintenance Fund, and a -
epreciation Fund, all created in the Ordinance authorizing the Prior Bonds; established
he security for the Current Bonds, ranking on a parity with the Prior Bonds, the method
f payment of the principal and interest of the Current Bonds, and the conditions and
Proceedings of
Board of Commissioners
No.
City of Paducah
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; prescribed terms and conditions upon which bids were to be received for the
purchase of the Current Bonds; reaffirmed the creation of a Note and Coupon Redemption
Fund and a Debt Service Reserve for Notes, created in the Ordinance authorizing the 1982
Notes, established the security for the Renewal Notes, the method of payment of the
principal and interest of the Renewal Notes; provided certain covenants of the City for
the further protection of the holders of the Renewal Notes, including the covenant that
the first proceeds of the Current Bonds would be applied to the redemption or retirement
of the Renewal Notes (or of future renewal notes); and prescribed terms and conditions
upon which bids were to be received for the purchase of the Renewal Notes.
Adopted on call of the Roll, Yeas, Commissioners Flynn, Ford, Viterisi and Mayor
Penrod (4) .
Upon motion the meeting adjourned.
ADOPTED:
' � 6
Acting Cit Cler
Mayor
February 23, 1983
157