HomeMy WebLinkAbout03/19/85No. 388
Proceedings of Board of Commissioners City of Paducah
'v
Adopt Water Works Resolution -
$12,020,000 Revenue Bonds
V
Water Bond Ordinance - Introduce
March 19, 1985
At a Called Meeting of the Board of Commissioners held in the Commission Chambers,
City Hall, at 1:30 p.m. on March 19, 1985, Mayor Viterisi presided and upon call of the roll, the
following answered to their names: Commissioners Cole, Coleman, Ford, Grumley and Mayor Viterisi (5).
Commissioner Grumley offered motion, seconded by Commissioner Coleman, that the executed
copies of the Notice of Called Meeting to be held at 1:30 p.m., Tuesday, March 19, 1985, be received
and filed. Adopted on call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and Mayor
Viterisi (5).
Commissioner Cole offered motion, seconded by Commissioner Grumley, that a Resolution
entitled, "RESOLUTION OF COMMISSIONERS OF WATER WORKS OF THE CITY OF PADUCAH, KENTUCKY, REQUESTING
SAID CITY ISSUE $12,020,000 OF WATER WORKS REVENUE BONDS, SERIES 1985, FOR THE PURPOSE OF REDEEMING
THE OUTSTANDING $1692009000 OF CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION NOTES, SERIES
1983; AND APPROVING CERTAIN DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS", be received and
filed. Adopted on call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and Mayor
Viterisi (5).
Commissioner Coleman offered motion, seconded by Commissioner Cole, that the Board of
Commissioners introduce an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY,
AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF $12,020,000 PRINCIPAL AMOUNT (WHICH MAY BE INCREASED -OR
REDUCED BY UP TO $5009000 TO AS MUCH AS $129520,000 OR TO AS LITTLE AS $1195209000) OF CITY OF PADUCAH
WATER WORKS REVENUE REFUNDING BONDS, SERIES 1985, DATED APRIL- 1, 19859 FOR THE PURPOSE OF (1)
REFUNDING THROUGH ESCROW FOR RETIREMENT EITHER AT MATURITY AND/OR WITH PARTIAL REDEMPTION IN ADVANCE
OF MATURITY, THE OUTSTANDING CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION RENEWAL NOTES,
SERIES 19839 DATED MARCH 1, 19839 AND CITY OF PADUCAH WATER WORKS REFUNDING REVENUE BONDS, SERIES OF
1978, DATED APRIL 1, 1978; PROVIDING FOR THE INVESTMENT OF .A SUFFICIENT PORTION OF THE PROCEEDS OF
SAID BONDS OF 1985 TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID NOTES AND BONDS
AS SAME MATURE AND/OR AS SAME ARE REDEEMED IN ACCORDANCE WITH THE TERMS THEREOF; SETTING FORTH THE
TERMS AND CONDITIONS ON WHICH SAID BONDS OF 1985 AND ADDITIONAL BONDS RANKING ON A PARITY THEREWITH
ARE TO BE AND MAY BE ISSUED AND OUTSTANDING; PROVIDING FOR THE CREATION OF CERTAIN FUNDS AND THE
TRANSFERS OF AMOUNTS FROM CERTAIN EXISTING FUNDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND
INTEREST ON SAID BONDS OF 1985; PROVIDING FOR THE RIGHTS OF THE OWNERS OF SAID BONDS OF 1985 AND THE
ENFORCEMENT THEREOF; AND PROVIDING FOR AN ADVERTISED, PUBLIC, COMPETITIVE SALE OF SAID BONDS OF 1985".
This ordinance is summarized as follows: Authorizes the. issuance of $12,020,000 principal amount
(subject to adjustment) of Bonds identified in the above -title (the "Current Bonds") for the purposes
of (1) refunding (defeasing) the outstanding City of Paducah Water Works REfunding Revenue Bonds,
Series of 1978, dated April 1, 1978, and (2) retiring $16,200,000 of City of Paducah Water Works
Revenue Bond Anticipation Renewal Notes, Series 1983, dated March 1, 1983. The Ordinance authorizing
the Bonds provides for the creation of an insured Debt Service Reserve Account, without the necessity
of maintaining any funds on deposit in such Debt Service Reserve Account. The Ordinance provides for
the creation of an Escrow Fund into which the proceeds of the Current Bonds will be deposited for the
purpose of providing for the payment of the outstanding prior Bonds and Notes as same mature and/or as
same may be called for redemption prior to maturity, provides for the flow of funds for the security
of the Current Bonds, including the Sinking Fund, the Depreciation Fund, and the Operation and
M
Proceedings of Board of Commissioners City of Paducah March 19, 1985
Maintenance Fund, provides certain covenants of the City for the protection of the owners of the Current
Bonds, and prescribes the terms and conditions upon which the bids will be received for the purchase of
the Current Bonds. Adopted on call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and
Mayor Viterisi (5).
Commissioner Cole offered motion, seconded by Commissioner Coleman, that the Board of
Commissioners go into Executive Session for the purpose of discussing personnel matters. Adopted on
call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and Mayor Viterisi (5).
Upon conclusion of the Executive Session the Board reconvened in the Commission Chambers
whereupon the Mayor announced there was no further business.
Adopted: 3-)-( -. y' -
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City Clerk Mayor
Executive Session
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