HomeMy WebLinkAbout82-12-2336469
ORDINANCE NO. 82-12-2336
AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, APPROVING AND AUTHOR-
IZING THE EXECUTION OF AN ESCROW AGREEMENT WITH CITIZENS BANK & TRUST COMPANY,
PADUCAH, KENTUCKY, PROVIDING FOR THE ESCROW OF FUNDS SUFFICIENT, WHEN INVESTED
AS PROVIDED IN SAID AGREEMENT, TO DEFEASE THE OUTSTANDING CITY OF PADUCAH
PARKING FACILITIES REFUNDING AND IMPROVEMENT REVENUE BONDS, DATED NOVEMBER 1,
1971.
WHEREAS, the City of Paducah, Kentucky, owns certain existing
on -street and off-street parking facilities (the "Project") in the City, and
in that connection has heretofore issued $320,000 of City of Paducah 4.10%,
4.30%, 4-1-A, 4-3%4%, 5%, and 5.30% Parking Facilities Refunding and Improve-
ment Revenue Bonds, dated November 1, 1971 (the "Bonds"), secured by a pledge
of the revenues of said Project, and
WHEREAS, $155,000 of said Bonds have now matured and have been paid
in full, leaving a balance of $165,000 of Bonds maturing on November 1, in
each of the respective years, 1983 through 1989, inclusive, and
WHEREAS, there has been presented to this Board of Commissioners a
form of Escrow Agreement between the City and Citizens Bank & Trust Co.,
Paducah, Kentucky, providing for the deposit into escrow of an amount, derived
from sums currently on deposit in certain Funds created in the Ordinance of
the City authorizing the Bonds enacted by the City on October 12, 1971, which
amount shall be sufficient, when invested as set out in said Agreement, to pay
the principal of and interest on the Bonds as same fall due until final
maturity thereof on November 1, 1989, thereby defeasing said Bonds and re-
leasing the revenue pledge securing same, and
WHEREAS, it is deemed desirable and in the best interest of the City
that such Escrow Agreement be executed and that such defeasement and release
be accomplished,
FOLLOWS:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS
SECTION 1. That the Escrow Agreement referred to in the preamble
hereto, as presented to this Board of Commissioners, is hereby approved, and
the Mayor and the City Clerk are hereby authorized and directed to execute
such Agreement on behalf of the City, a copy of which Agreement is attached
hereto and made a part hereof as if copied in full herein.
SECTION 2. That -the City Clerk is authorized to publish an appro-
priate Notice, in the form submitted to Board of Commissioners and hereby
approved, a copy of which is attached hereto, informing the holders of any of
said Bonds that such Escrow Agreement has been executed, that such deposit and
investments have been effected, that the Bonds are now secured by a pledge of
such deposits and investments, and that accordingly the lien against and
pledge:of the revenues of the parking Project has been released.
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SECTION 3. That the Mayor and all other City officials are hereby
authorized to take all further action and execute all additional documents
deemed by them to be necessary and appropriate to accomplish such defeasement.
SECTION 4. That if any -clause, provision, paragraph, or section of
this Ordinance be ruled void or unenforceable by any court of competent
jurisdiction, the remainder thereof is intended to be enacted and shall be in
full force and effect notwithstanding.
SECTION 5. ALL FORMER PROVISIONS IN CONFLICT REPEALED;
EFFECTIVE DATE OF ORDINANCE.
That all City ordinances, orders, resolutions, motions, or parts
thereof, insofar as same may be in conflict herewith, are repealed, and this
Ordinance shall take effect from and after its enactment, approval, and
publication as provided by law.
Given first reading on November 23, 1982
Given second reading and enacted on December 14, 1982
Published by The Paducah Sun December 20, 1982.
(Seal of City)
ATTEST:
Louise McKinney
City Clerk
CITY OF PADUCAH, KENTUCKY
JOHN K. PENROD
Mayor
CERTIFICATE OF CITY CLERK
I, LOUISE McKINNEY, hereby certify that I am the duly qualified and
acting City Clerk of the City of Paducah, Kentucky, that the foregoing Ordi-
nance is a true copy of an Ordinance given its first reading by the Board of
Commissioners of said City at a meeting held on November 23, 1982, and given
second reading and enacted at a meeting of said Board of Commissioners held on
December 14, 1982, that said Ordinance has been ordered to be published as
required by law, and that said Ordinance appears as a matter of public record
in the City Ordinance Book.
I further certify that said meetings were duly held in accordance
with all applicable requirements of Kentucky law, including KRS 61.810,
61.815, 61.820 and 61.825, that a quorum was present at each of said meetings,
that said Ordinance has not been modified, amended, revoked, or repealed, and
that same is now in full force and -effect.
IN WITNESS WHEREOF, I have hereto set my_hand as City Clerk and the
official Seal of the City on this 14 of December, 1982..
(Seal of City)
Louise McKinney
City Clerk