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Home My WebLink About12/29/81No, 500 Proceedings of Board of Commissioners City of Paducah December 29, 1981 At a Called Meeting of the Board of Commissioners held in the Commission pamber, City Hall, Paducah, Kentucky, at 7: 00 P.M. on December 29, 1981, 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 Coleman offered motion, seconded by Commissioner Flynn, that the Executed Notice of Called Meeting to be held at 7: 00 P.M. on Tuesday, December 29, 1981, be received and filed. Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford, Viterisi and Mayor Penrod (5) . Mayor Penrod made the following appointments: WHEREAS, the term of George Sullivan as a member of the Forest Hills Public Project Corporation expired on November 22, 1981, I move that George Sullivan be selected and elected as a director of Forest Hills Public Project Corporation for a further term of five years so that said Board of Directors and the expiration of their terms shall be as follows: George Wiley, whose term expires November 22, 1982 L. B. Woolfenden, whose termexpires November 22, 1983 Brad Arterburn, whose term expires November 22, 1984 Robert Harriford, whose term expires November 22, 1985 George Sullivan, whose term expires November 22, 1986. Mayor Penrod made the following appointment: WHEREAS, due to the recent death of Mrs. Mildred Senter, , a member of the Paducah -McCracken County Senior Citizens, Inc . , I hereby appoint Bill Clemons to fill her unexpired term so that said Board shall consist of the following members: Bill Clemons, whose term expires July 1, 1982 Herman L. Boyd, whose term expires July 1, 1982 Mrs. Gladys Sullivan, whose term expires July 1, 1983 Rex Nicholson, whose term expires July 1, 1983 Mrs. Henrietta Lowe, whose term expires July 1, 1984 Charles Downey, whose term expires July 1, 1984. Commissioner Flynn offered motion, seconded by Commissioner Coleman, that upon recommendation of the City Manager, the Board of Commissioners of the City of Paducah orders that the personnel changes on 'the attached list be approved: MAINTENANCE DEPARTMENT 1. Terminate 'Preva Moore, CETA participant Office Clerk, retroactive to December 1, 1981. REFUSE DEPARTMENT 1. Terminate the following temporary Laborers, retroactive to Dec- ember 11, 1981: Edmundo Aviles Harrison George James Jones File notice of Called Meeting George Sullivan reappointed to Forest Hills Public Project Corp Bill Clemons appointed to Paducah - McCracken County Senior Citizens, Ir Terminate Tr eva Moore CETA , from Maintenance Dept. REFUSE: Terminate temporary laborers No. 501 Proceedings of $narcl of (7nmmiasinners December 29, 1981 City of Paducah . Refuse Dept. Continued ----- Employ: Harrison George, James Jones, George Dobson, Eugene Riley as temporary laborers Olen Story promoted to truck driver Keith Ford, collector, to Civil Service STREET DEPT. William Koss, collector in Refuse to Street Depairman Be VEHICLE MAINTENANCE: Glen Largent^ to Civil Service FINANCE: Paula Green to Civil Service ,/ Employ Maggie Parks as temporary clerk temporary clerks: V/ Pauline Slankard & Janet Metzger Pay Bradshaw & Weil - Ins. additional from audited return Accept bid of Manning Equipment - 1982 Mobile Street Sweeper for Street Dept. 2. Hire the following temporary laborers, retroactive to December 21, 1981, at- a salary of $3.41- per hour: r Harrison George James Jones George Dobson Eugene Riley 3. Promote Olen Story, collector, to Truck Driver, at a salary of $6.14 per hour, effective January 4, 1981. 4. Place Keith Ford, r,efuse collector, under Civil Service, retroactive to December 21, 1981. STREET DEPARTMENT 1. Promote William Koss, collector in Refuse to Street Repairman in the Street Department, at a salary of -$6.29 per hour, effective Jan- uary 4, 1982. VEHICLE MAINTENANCE DEPARTMENT 1. Place Glen Largent, Class "A" Mechanic, under Civil Service, retro- active to December 21, 1981. FINANCE DEPARTMENT 1. Place Paula Green, Account Clerk, under Civil Service, retroactive to December 28, 1981. 2. Hire Maggie Parks, temporary clerk, retroactive to December 22, 1981, at a salary of $.491.00 per month. 3. Hire the following. persons as temporary clerks,, effective January 4, 1982, at a salary of $491.00 per month: Pauline Slankard Janet Metzger. Commissioner Flynn offered motion, seconded by Commissioner Coleman, that the Board of Commissioners adopt the following ordinance: (Pay Bradshaw & Weil. This ordi- nance was read in full) . Adopted -on call of the Roll, Yeas, Commissioners Coleman, .Flynn, Ford, Viterisi- and Mayor Penrod (5) . Commissioner Ford offered motion, seconded by Commissioner Viterisi-, that the Board of Commissioners introduce -an ordinance entitled, "AN ORDINANCE ACCEPTING THE BID OF MANNING EQUIPMENT, - INC.,- IN THE AMOUNT ' OF $52, 762.Oa FOR SALE TO THE CITY OF ONE NEW 1982 MOBILE STREET SWEEPER FOR USE BY THE STREET DEPARTMENT, AND AUTHORIZING THE MAYOR TO EXECUTE A CONTRACT FOR SUCH PURCHASE". This ordi- nance is summarized as follows: Authorizes the -purchase of a 1982 Mobile Street Sweeper from Manning Equipment, Inc . , for use by the Street Department, for the sum of $52.,-762.00. Adopted on calla of -the Roll, Yeas, - Commissioners Coleman, Flynn, Ford, Viterisi and Mayor Penrod: (5) . Commissioner Coleman offered motion, seconded by Commissioner Flynn, as follows: BOND AND NOTE ORDINANCE Bond & Note Ordinance - Water Worksv "AN, ORDINANCE OF THE CITY - OF PADUCAH., KENTUCKY, AUTHORIZING AND PROVIDING FOR THE ISSUANCE AND SALE OF FOURTEEN MILLION FIVE HUNDRED THIRTY THOUSAND DOLLARS ($14,530,000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE BONDS, SERIES 1982, DATED DECEMBER 15, 1982, UNDER THE PRO- VISIONS OF SECTIONS 58.010 THROUGH 58.140 OF THE KENTUCKY REVISED STATUTES, FOR THE PURPOSE OF DEFRAYING THE COST OF THE CONSTRUCTION OF EXTENSIONS., Proceedings of Board of Commissioners No. City of Paducah December 29, 19R I 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 $14, 530, 000 OF BONDS (SERIES 1982) ARE TO BE AND MAY BE ISSUED AND OUTSTANDING: PRO- VIDING FOR THE COLLECTION, SEGREGATION, AND DISTRIBUTION OF THE REVENUES OF SAID WATER WORKS SYSTEM: AND PROVIDING FOR AN ADVERTISED PUBLIC COMPETITIVE SALE OF SAID SERIES 1982 BONDS; AND PROVIDING FOR THE IMMEDIATE ADVERTISING, PUBLIC, SALE, AND ISSUANCE OF FIFTEEN MILLION_ EIGHT HUNDRED SIXTY THOUSAND DOLLARS ($15, 860, 000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION NOTES, SERIES 1982, DATED JANUARY 25, 1982, TO PROVIDE INTERIM FINANCING". - This ordinance is summarized as follows: A. Authorizes (1) the issuance of $14,530,000 of City of Paducah Water Works Revenue Bonds, Series 1982, dated December 15, 1982 (the "Current Bonds" or the "Bonds"),, pursuant to Sections 58.010 through 58.150 of the Kentucky Revised Statutes, for the purpose of financing (or refunding Notes issued for interim financing) the cost (not otherwise provided) of the construction of extensions, additions, and. -improve-. ments (the "Construction Project" or the "Project") to the existing water works system (the "System") of said City, the proceeds of which Bonds will be supplemented by -an EDA grant in the amount of -approximately $1,000,000, plus - the sum of $500,000 pro- vided directly by the City., to provide the total cost of the Project; and (2) the issuance and immediate sale of $15,860,000 of City of Paducah Water Works Revenue Bond Anticipation Notes, Series 1982, dated January 25, 1982 (the "Notes"),., to provide interim financing toward the- cost of the Project, pending the issuance of the Current Bonds; B Provides that (1) the Current Bonds shall be secured, by and payable from the revenues of the System., on a parity with the outstanding City of Paducah Water Works Refunding Revenue Bonds, Series of 1978, dated April 1, . 1978 -(the "Prior Bonds") , : authorized by the Bond Ordinance enacted on April 5, 1978, -.(the "Prior Bond Ordi- nance"); (2) the Current Bonds shall bear interest from December 15, -1982, at a coupon rate or rates to be fixed at the public sale, payable semi-annually on January 1 and July 1, shall mature on July 1 in each of the -respective years, 1984 through 2007, in ascending- amounts, ranging from $90,000 in 1984 to -$1,580,000 in 2007, and $1,160,000 on July 1, 2008, and shall be subject to redemption prior to maturity on any interest payment date falling on or after January 1; 1991, upon the payment of face amount plus accrued interest plus a redemption premium of 3% if redeemed on or prior to January 1, 1998; 2% if redeemed thereafter and on or prior to January 1, 2003; and 1% if redeemed thereafter and prior to final maturity; 502 No. 503 Proceedings of Board of ^ Commissioners City of Paducah December 29. 1981 (3) the Notes are secured by and payable from a pledge of (a) all interest income which may be realized from the investment of the proceeds of the Notes pending disbursement of such proceeds, (b) to any extent which may be necessary, a lien on the first proceeds of the Current Bonds and/or Renewal Notes, (c) to any extent which may be necessary, the revenues of the System, such pledge of revenues being subordinate to the pledge of revenues securing the Prior Bonds, and (d) if and to any extent which may be necessary, the Debt Service Reserve for Notes created in the Bond and Note Ordinance; (4) the Notes shall bear interest from January 25, 1982, at a single coupon rate to be fixed at the public sale, payable semi-annually on January 25 and July 25, shall mature on July 25, 1984, and shall be subject to prior redemption on January 25, 1983, and on any date thereafter (not necessarily an interest payment date) , upon payment of face amount plus accrued interest plus a redemption premium of 1/2%; C. Reaffirms the creation and maintenance of (1) the Sinking Fund and the Sinking Fund Reserve (for the benefit of the Prior Bonds, the Current Bonds, and any future parity bonds), (2) the Depreciation Fund, ' and (3) the Operation and Maintenance Fund, all created in the Prior Bond Ordinance, and which will be continued pursuant to this Ordinance in connection with the operation of the System, and (4) certain covenants of the Prior Bond Ordinance as to (a) maintenance of water rates adequate to maintain, repair, and operate the System and to pay principal and interest require- ments on all outstanding Prior Bonds and Current Bonds; and (b) supervision of the System being vested in the Commissioners of Water Works of the City; D. Establishes and creates (1) a Construction Account, for the deposit of the proceeds of the Current Bonds (or the Notes); (2) a Current Bond Payment Account; (3) a Note and `Coupon Redemption Fund; and (4) a Debt Service Reserve for Notes; E. Designates (1) G. Reynolds Watkins Consulting Engineers, Inc . , 3389 Tates Creek Road, Lexington, Kentucky 40502, as the Engineers for the Project; (2) J.J.B. Hilliard, W. L. Lyons, Inc . , 545 South Third Street, Louisville, Kentucky 40202, as the City's Fiscal Agent in connection with the issuance -of the Bonds and the Notes; (3) The Paducah Bank & Frust Co., Paducah, Kentucky, as the Payee Bank of the Notes; and (4) The Peoples First National Bank & Trust Co . , Paducah, Kentucky, as the Depository of the Construction Account; F. Prescribes (1) the form of the Current Bonds and appurtenant coupons; (2) the form of the Notes and appurtenant coupons; and (3) the method of withdrawal of funds from the Construction Account for payment of the costs of the Construction Proj ect; G. Permits (1) the revision of the date, amount, and other terms of the Current Bonds, consistent with market conditions, (2) the defeasance of the Current No. Proceedings of Board of Commissioners City of Paducah Bonds or the Notes, and (3) the issuance of parity bonds to complete the Project or to finance future extensions, additions, and/or improvements to the System upon appropriate certification of coverage of net income of at least 1.30 times the maximum annual debt service requirements on all of the outstanding Prior Bond and Current Bonds; H. Covenants that the City will take no action or permit any action or con- dition that will cause the Current Bonds or the Notes to become arbitrage bonds; and I. Declares the intention of the City to sell the Current Bonds prior to the maturity of the Notes". 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 a Municipal Order/Resolution entitled, RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, PROVIDING FOR THE ADVERTISEMENT AND PUBLIC SALE OF FIFTEEN MILLION, EIGHT HUNDRED SIXTY THOUSAND DOLLARS ($15,860, 000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION NOTES., SERIES 1982, DATED JANUARY 25, 1982, AND PROVIDING FOR THE ORDINANCE AUTHORIZING SAID NOTES TO BE GIVEN SECOND READING AND ENACTMENT ON THE SAME DATE AS THE DATE ON WHICH BIDS ARE RECEIVED FOR THE PURCHASE OF SAID NOTES", be adopted. Adopted on call of the Roll, Yeas, Commissioners Coleman, Flynn, Ford, Viterisi and Mayor Penrod (5) . ADOPTED: Upon motion the meeting adjourned. City Clerk /✓ As--, � 4 - U'� Mayor 504 December 29, 1981 Resolution - provide for sale of bonds for Water Works