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MUNICIPAL ORDER NO. 898
AN ORDER OF THE CITY COMMISSION OF THE CITY OF PADUCAH,
(KENTUCKY), RELATING TO THE AUTHORIZATION,
ADVERTISEMENT, SALE AND DELIVERY OF $9,290,000 CITY OF
PADUCAH, (KENTUCKY) GENERAL OBLIGATION BONDS, SERIES
OF 2001 (CONVENTION AND ARTS CENTER PROJECTS), DATED
JUNE 1, 2001 ; ACCEPTING THE BEST BID RECEIVED PRIOR TO
11:00 A.M., C.D.S.T., ON JUNE 12, 2001 FOR SAID BONDS.
WHEREAS, the $9,290,000 of City of Paducah, (Kentucky) General Obligation
Bonds, Series of 2001 (Convention and Arts Center Projects), dated June 1, 2001, have
been advertised for public sale in accordance with KRS Chapter 424, in the The Paducah
Sun, Paducah, Kentucky, and in The Courier -Journal, Louisville, Kentucky, and
WHEREAS, all bids received for such $9,290,000 of Bonds have been considered
by the City's Financial Advisor and the best bid recommended for acceptance (copies of
all bids received being attached to the Minutes of the Meeting at which this Order was
adopted), and
WHEREAS, the matter of which bid is the highest and best for such Bonds has
been sufficiently considered;
NOW, THEREFORE, THE CITY COMMISSION, DOES HEREBY
ORDER AS FOLLOWS:
Section 1. That the form of the Notice of Bond Sale and the form of the Official
Terms and Conditions of Bond Sale, as same may have been distributed to prospective
bidders, are hereby authorized, ratified, approved and confirmed.
Section 2. That the bid of Morgan Keegan & Associates, for the purchase of
$9,290,000.00 of said Bonds at a price of $9,104,210.65 for the sale of such $9,290,000
of City of Paducah (Kentucky) General Obligation Bonds, Series of 2001, dated June 1,
2001 (Convention and Arts Center Projects), be and is hereby accepted and confirmed,
and that such bid is hereby determined to be the highest and best to the City for such
Bonds.
Section 3. That all of such Bonds shall be delivered by the Mayor and City Clerk
to such purchaser upon payment of the purchase price for same and the proceeds of such
Bonds shall be used only as provided in the Ordinance authorizing such Bonds.
Section 4. That the acceptance of such hid subjects the City to no liability if for
any reason it is unable to obtain the final approving Legal Opinion of Henry M. Reed III,
Bond Counsel, Louisville, Kentucky, but the purchaser shall not be required to take up
such Bonds without the approving Legal Opinion of such attorney accompanying such
Bonds.
Section 5. That the Mayor and City Clerk are hereby authorized and instructed to
execute such closing documents as may be required by Bond Counsel to effect and
finalize the authorization, sale, issuance and delivery of the Bonds.
Section 6. That this Order shall become effective immediately upon its adoption.
Passed and approved this 12th day of June, 2001.
ATTEST:
4Citerk
Recorded by Lenita Smith, City Clerk, June 12, 2001