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ORDINANCE NO. 86-7-2891
AN ORDINANCE APPROVING A MORTGAGE OF LEASE BY GREEN CONSTRUCTION COMPANY OF INDIANA,
INC., TO CITIZENS NATIONAL BANK OF EVANSVILLE, INDIANA
WHEREAS, on August 1, 1980, the City of Paducah entered into a lease with MRJ&B
Corporation, which lease affects the property upon which the Executive Inn Hotel is located;
and
WHEREAS, the City of Paducah entered into a lease dated August 1, 1980, with the
Paducah -McCracken County Convention Center Corporation, which lease affects the property upon
which the Julian M. Carroll Convention Center is located; and
WHEREAS, the Paducah -McCracken Convention Center Corporation, with the written
consent of the City of Paducah, assigned its leasehold interest to MRJ&B Corporation on August
1, 1980; and
WHEREAS, MRJ&B Corporation, with written consent of the City of Paducah, has assigned
both of the aforesaid leases to Green Construction Company of Indiana, Inc.; and
WHEREAS, Green Construction Company of Indiana, Inc. has entered into a mortgage and
collateral assignment of lease with American Fletcher National Bank of Indianapolis, Indiana,
which mortgage was approved by the City of Paducah by Ordinance No. 86-5-2835, duly adopted by
the Board of Commissioners on May 13, 1986; and
WHEREAS, Green Construction Company of Indiana, Inc. intends to pay and have released
the mortgage and collateral assignment of lease with American Fletcher National Bank of
Indianapolis, Indiana, and further intends to mortgage its leasehold interest to Citizens
National Bank of Evansville, Indiana, in the original principal amount of Thirteen Million
($13,000,000.00) Dollars; and
WHEREAS, it is the intention of the City of Paducah to approve the mortgage by Green
Construction Company of Indiana, Inc. of its leasehold interest.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the City of Paducah approves and consents to the mortgage by Green
Construction Company of Indiana, Inc. in favor of Citizens National Bank of Evansville,
Indiana.
SECTION 2. The City of Paducah approves the granting of a mortgage for the securing
of indebtedness by Green Construction Company of Indiana, Inc. to Citizens National Bank of
Evansville, Indiana, and the granting of a mortgage lien on the leasehold interest of Green
Construction Company of Indiana, Inc.
SECTION 3. This ordinance shall be read on two separate days and will become
effective upon publication of title and a certified summary thereof.
JOE VITERISI
Mayor
Introduced by the Board of Commissioners July 8, 1986
Adopted by the Board of Commissioners July 22, 1986
Recorded by Lenita Smith, City Clerk, July 22, 1986.
Published by The Paducah Sun July 28, 1986.