HomeMy WebLinkAbout07/11/86No. 540
Proceedings of Board of Commissioners City of Paducah July 11, 1986
At a Called Meeting of the Board of Commissioners held in the Commission Chambers, City
Hall, at 1:30 p.m. on July 11, 1986, 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 Cole offered motion, seconded by Commissioner Coleman, that the executed copies
of the Notice of Called Meeting to be held at 1:30 p.m., Friday, July 11, 1986, be received and filed.
Adopted on call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and Mayor Viterisi (5).
KML Pooled Financing M. Order Commissioner Grumley offered motion, seconded by Commissioner Ford, that a Municipal Order
entitled, "A MUNICIPAL ORDER OF THE MAYOR AND COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
APPROVING ON A PRELIMINARY BASIS A POOLED FINANCING PROGRAM, AUTHORIZING THE APPOINTMENT OF BOND
COUNSEL, FINANCIAL ADVISOR, AND PURCHASER'S COUNSEL; AND TAKING OTHER RELATED ACTION", be adopted.
Adopted on call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and Mayor Viterisi (5).
KML Commissioner Ford offered motion, seconded by Commissioner Grumley, that a Municipal Order
V Approve/Pooled Financing Agreement entitled, "A MUNICIPAL ORDER AUTHORIZING THE MAYOR TO SIGN AN INTERLOCAL COOPERATION AGREEMENT (KML
POOLED LEASE PROGRAM)" be adopted. 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
KML Commissioners introduce an ordinance entitled, "AN ORDINANCE OF THE MAYOR AND COMMISSIONERS OF THE
Approve/Pooled Financing Agreement CITY OF PADUCAH APPROVING A POOLED LEASE PROGRAM (THE 'PROGRAM'); AUTHORIZING THE EXECUTION OF THE
-Ordinance
INTERLOCAL COOPERATION AGREEMENT UNDER WHICH THE PROGRAM WILL BE ORGANIZED AND REVENUE BONDS (THE
'BONDS') FOR THE FINANCING THEREOF WILL BE ISSUED; AUTHORIZING THE EXECUTION OF A LEASE UNDER WHICH
THE CITY WILL LEASE THE CITY'S PROJECT UNDER THE PROGRAM FOR RENTAL PAYMENTS SUFFICIENT TO PAY THE
CITY'S PRO RATA SHARE OF DEBT SERVICE ON THE BONDS". This ordinance is summarized as follows:
Authorizing the execution of the Interlocal Cooperation Agreement and lease for the City to
participate in a Pooled Lease Program in compliance with Sections 65.210 to 65.300 of the Kentucky
Statutes. Adopted on call of the roll, yeas, Commissioners Cole, Coleman, Ford, Grumley and Mayor
Viterisi (5).
Workshop 11 The Board then held a workshop.
Adopted: -
Upon motion the meeting adjourned.
City Clerk Mayor