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HomeMy WebLinkAbout86-6-2851ORDINANCE NO. 86-6-2851 AN ORDINANCE OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH RELATING TO THE AMENDMENT AND SUPPLEMENTATION OF CERTAIN PROVISIONS OF THE CITY OF PADUCAH, KENTUCKY, INDUSTRIAL BUILDING REVENUE BOND (L.S. DUBOIS SON & COMPANY PROJECT), IN THE PRINCIPAL AMOUNT OF $2,000,000 AND THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH WHEREAS, the Board of Commissioners of the City of Paducah, Kentucky, is hereby authorized and empowered by the Industrial Buildings for Cities and Counties Act of the Kentucky Revised Statutes, as amended (hereinafter referred to as the "Act") to issue bonds to defray the costs of industrial building projects as defined in the Act; and WHEREAS, pursuant to the Act, the City of Paducah adopted an ordinance on September 24, 1985, as Ordinance No. 85-9-2736 (the 'Original Ordinance"), which authorized the issuance of its Industrial Building Revenue Bond (L.S. DuBois Son & Company Project) in the principal amount of $2,000,000 (the "Bond"), for the benefit of L.S. DuBois Son & Company, a Kentucky corporation (the "Borrower"); and WHEREAS, the Bond was sold, issued and delivered to Citizens Bank and Trust Company, Paducah, Kentucky, as purchaser (the."Purchaser") pursuant to the terms of the Loan, Mortgage and Security Agreement, dated as of October 1, 1985 (the "Loan Agreement"), which Loan Agreement provided for the terms of the Bond and the amendment thereof; and WHEREAS, the shareholders of the Borrower intend to sell their stock in the Borrower to Alco Health Services Corporation, a Delaware corporation, for good and valuable consideration; the Trustee and the Purchaser have agreed and consented to said sale; and WHEREAS, the Borrower, the Purchaser and the Trustee of the Bond (the "Trustee") have determined it to be in their respective best interests to request the City of Paducah adopt an amendment to the Loan Agreement by and between the City of Paducah and the Borrower dated as of October 1, 1985, permitting the sale of the stock by the shareholders, and the Board of Commissioners has determined it to be in its best interest to adopt the amendment to said document. BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. AUTHORIZATION OF AMENDED DOCUMENT The Board of Commissioners hereby authorizes and approves the amendment of the Loan Agreement, all as set forth in the following: (a) Second Amendment to the Loan, Mortgage and Security Agreement and dated as of June 1, 1986, between the City and the Borrower and assigned to the Trustee (Exhibit A). SECTION 2. EXECUTION AND DELIVERY OF DOCUMENT The Mayor is hereby authorized and directed to execute, acknowledge, and deliver the document approved in Paragraph 1 hereof (the "Document") for and on behalf of the City, and the Clerk of the Board of Commissioners is hereby authorized and directed to attest same and to affix thereto the official seal of the City of Paducah. Said document is hereby ordered to be filed in the office of the Clerk of the Board of Commissioners, and labeled Exhibit A as identified is Paragraph 1. SECTION 3. MAYOR AND OTHER OFFICIALS OF THE CITY TO TAKE ANY OTHER NECESSARY ACTION 573 a 574 Pursuant to the Constitution and laws of the Commonwealth of Kentucky, the Mayor, Clerk of the Board of Commissioners, Corporation Counsel, and all other appropriate officials of the City are hereby authorized and directed to take any and all further action and to execute and deliver all other documents as may be necessary to effect the execution and delivery of the Document. SECTION 4. SEVERABILITY CLAUSE If subsequent to the execution hereof, any section, paragraph, clause, or provision of this ordinance shall be ruled by any court of competent jurisdiction to be invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the remaining provisions hereof. SECTION 5. CAPTIONS OF CLAUSES The captions of this ordinance are for convenience only and are not to be construed as part of this ordinance nor as defining or limiting in any way the scope of the provisions hereof. SECTION 6. EFFECTIVE DATE OF ORDINANCE This ordinance shall take effect from and after its adoption, approval, and publication of Notice of Passage hereof (including the title of this ordinance), which publication is hereby approved and ordered to be made by the Clerk of the Board of Commissioners pursuant to KRS 67.077 and KRS 103.210. JOE VITERISI Mayor Introduced by the Board of Commissioners May 29, 1986 Adopted by the Board of Commissioners June 10, 1986 Recorded by Lenita Smith, City Clerk, June 10, 1986 Published by'The Paducah Sun June 16, 1986. ATTEST: Lenita Smith City Clerk (SEAL OF CITY): I, Lenita Smith, hereby certify that I am the duly qualified and acting Clerk of the Board of Commissioners of the City of Paducah, Kentucky, that the foregoing is a true copy of an ordinance duly adopted by the Board of Commissioners of said City, signed by the Mayor of said City, and attested under seal by me as Clerk of the Board of Commissioners, at a properly convened term and session of said Board held on June 10, 1986, as shown by the official records in my custody and under my control, that Notice of Passage of said ordinance has been ordered to be published as required by law (KRS 67.077 and KRS 103.210), that said ordinance appears as a matter of public record in City Ordinance Book No. 22, that attached hereto are true copies of the documents approved therein, and that copies of such documents have also been duly filed and recorded in the official records of the Board of Commissioners of the City. IN WITNESS WHEREOF, I have hereto set my hand as Clerk of the Board of Commissioners and Seal of the City, this 10th day of June, 1986. (SEAL OF CITY): Lenita Smith City Clerk