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HomeMy WebLinkAboutAmending School Bldg Revenue Bonds62 A RESOLUTION OF THE BOARD OF COMMISSIONERS -0F THE CITY OF PADUCAH,- IKENTUCKY, AMENDING-~.AS .TO-; CERTAIN PARTICULARS,. AS REQUESTED -. BY THE BOARD--OF-EDUCATION OF PADUGAH,.~A- CERTAIN- IDENTIFIED RESOLUTION JANUARY -9, -1-979-; SETTING~~F.ORTH--CERTAIN -TEXT AND DETAILS CONCERNING THE WHICH WAS ADOPTED BY THE BOARD OF COMMISSIONERS- AT A MEETING. HELD ON CONTEMPLATED ISSUANCE BY THE CITY OF PADUCAH, ON BEHALF 4F SAID•, BOARD OF .EDUCATION, OF .PROPOSED "CITY- OF..PADUCAH SCHOOL BUILDIi~TG REVENUE BANDS , ;SER,IES- ;O,F, FEBRUARY 1.,•...1979'..' .- WHEREAS , the Board- of Education. of Paducah ,.. Kentucky, (herein some- times referred to as the "Board of Education") , has -heretofore requested that the City of Paducah, .Kentucky . (hereinafter ..referred to . as the- "city") , acting through the Board of .Commissioners. as the City's.-lawful goner--Wing body, take action-to authorize and issue certain- "City of Paducah School Building Revenue Bonds , Series of , .. .February- 1, .1979", to be dated _as of February. 1; 19-79,_ according to. authority of KRS 162.120 to 162:290,•..inclusive;_ and .in -response. to such request of- the Board of Education the City's Board;. of Commissioners , at a meeting -held on January ,,9 ,_ 1979, for- reasons and upon legal, -authority therein.. fully -explained-:and set forth, adopted certain .Resolution which is identified. by its .title or caption,. as follows: _..A :RESOLUTION O.F .THE BOARD OF-, COMMISS.ION.ERS. OF THE .CITY OF PADUCAH , KENTUCKY , ACKNOWLEDGING AS A MATTER OF OFFICIAL RECORD AN AGREEMENT OF THE -CITY: -OF -PADUCAH -.AND :THIS BOARD OF COMMISSIONERS TO COOPERATE WITH THE BOARD OF EDUCATION OF PADUCAH, KENTUCKY, IN THE ISSUANCE. OF "CIT_Y (~F PAD-UCAH SCHOOL BUILDING REVENUE BONDS , SERIES OF FEBRUARY 1, 1979" , IN AN AGGREGATE PRINCIPAL AMOUNT WHICH CANNOT.:BE ~ DETERMINED - UNTIL CONSTRUCTION BIDS HAVE BEEN PUBLICLY RECEIVED AND COM- PARED; IDENTIFYING AND DESCRIBING THE SITES TO BE CONVEYED BY THE BOARD OF EDUCATION TO THE CITY PURSUANT TO KRS 162.120 AND AGREEING TO ACCEPT ONE OR MORE DEEDS OF CONVEYANCE THEREOF WHEN TENDERED; AGREEING' TO EXECUTE WITH SAID BOARD OF EDUCATION A "CONTRACT OF LEASE AND RENT" CONFORMING TO THE REQUIREMENTS OF KRS 162.140 IN ORDER TO PRODUCE TO THE CITY RENTAL REVENUES FROM WHICH THE PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE PAID; DESCRIBING IN..GENERAL TERMS THE SCHOOL :BUILDING PROJECTS TO BE CONSTRUCTED AND RECONSTRUCTED UPON THE RESPECTNE SITES AND FINANCED THROUGH THE ISSUANCE 'OF SUCH BONDS; PRE- SCRIBING THE FORMS OF THE BONDS AND INTEREST COUPONS; NAMING THE BANK WHERE PRINCIPAL AND INTEREST WILL BE PAYABLE; PRO- VIDING FOR THE RECEIPT OF RENTALS PURSUANT TO THE "CONTRACT OF LEASE AND RENT" AND THE CUSTODY AND DISPOSITION THEREOF; PRE- SCRIBING THE COVENANTS TO BE MADE WITH THE HOLDERS OF THE BONDS AND COUPONS , AND ARBITRAGE COVENANTS TO COMPLY WITH REGULATIONS OF THE INTERNAL REVENUE SERVICE; PROVIDING FOR THE CUSTODY, SAFEKEEPING AND DISBURSEMENT OF THE PROCEEDS OF THE BONDS; AUTHORIZING ADVERTISEMENT OF THE BONDS , WHEN AUTHORIZED BY ORDINANCE, AT AN ADVERTISED PUBLIC COMPETITIVE SALE IN ACCORDANCE WITH THE REQUIREMENTS OF KRS CHAPTER 424; ALL TO THE END THAT THE SUBSTANCE AND DETAILS OF THIS RESOLUTION MAY BE INCORPORATED BY REFERENCE IN THE ORDINANCE , TO BE ADOPT- ED LATER, AUTHORIZING THE ISSUANCE OF SAID BONDS, IN ORDER TO 63 ENABLE THE CITY TO SELL AND DELIVER SUCH BONDS WITHIN THE VERY LIMITED PERIOD OF TIME WHICH WILL BE AVAILABLE; AND RECITING THE LEGAL AUTHORITY FOR PROCEEDING IN THE ANNOUNCED AND INTENDED MANNER and said Resolution was duly signed , became effective according to law , and has been recorded in full among the records in the office of the City Clerk; _and WHEREAS, said Resolution which was adopted on January 9, 1979, above identified by the quotation of its title or caption , recited , ,among other things , that advertisements for certain construction bids relating to the construction and recon- struction of certain school buildings had been published , but such "construction bids had not yet been received , opened and considered , with the result that it was not , at that time , possible to ascertain and determine the entire scope and extent of the school building construction and reconstruction projects which the Board of Education would request that the' City finance through the issuance of the contemplated "City of Paducah School Building Revenue Bonds, Series of February 1, 1979"; and upon subsequent receipt of competitive construction bids it has been caused_ to appear that the aggregate amount of the costs of constructing and reconstructing the school build- ings originally contemplated has turned out to be in excess of the amount the Board of Education considers that it can afford, at this time, by reason of its commitments to improve other school properties of the educational system of said Board of Education; and WHEREAS , upon due consideration; and as evidenced- by a~ Resolution adopted by the Board of Education at a meeting held on February 19 , 1979 (an authenticated copy of which has been delivered to the City) , said Board of~ Education has determined that it must leave out of its request for the issuance by the City of the: aforesaid "City of Paducah School Building Revenue Bonds, 'Series of February 1; 1979" , `ail con- sideration of the originally ,proposed school building construction and reconstruction program insofar as the same concerned buildings and improvements upon fhe site of Paducah Tilghman Senior High School; and has determined that the `Ar'chitects should be instructed to revise the plans and specifications previously approved for such school building construction and reconstruction program on the site of Paducah Tilghman Senior High School, to the end that the aggregate costs thereof be° reduced, and with the intention that theundertaking of such school building construction, and reconstruction program on "such site be deferred and made the subTect of a separate_ request to the City for the issuance of School Building Revenue Bonds at' a later date; and WHEREAS , by reason of the specific request made by the Board of Education and transmitted to the City, it is apparent that the aforesaid Resolution which was adopted by the Board of Commissioners on January 9, 1979, heretofore identified by the quotation of its title or caption, should be amended prior to adoption by the Board 64 of Commissioners of an Ordinance authorizing the issuance of said proposed "City of Paducah School Building Revenue Bonds, Series of February i, 1979", NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, DOES HEREBY RESOLVE, AS FOLLOWS: SECTION 1. Definitions . For convenience of reference , and in order to avoid unnecessary repetition of lengthy and repetitious matter , certain terms are here defined, and as used in this Resolution will be accorded the following meanings: "Original Resolution" means and refers to the Resolution which was - .. adopted. by -the.. Board of _-Co~.missioners on January 9 , 1979, • and •~ - which is identified by quotation of its title or caption in full in ;the preamble hereof-~. _ ._ "this- Amendatory .Resolution;'.' means--;.and- r-efer-s to this Resolution, which is expressly adopted for the purpose of amending the Original Resolution _ - _- "Resolution, as amended" means and--refers to the Or-ignal Resolution, - as amended by this Amendatory Resolution . SECTION 2. Purpose. It is the purpose of this Amendatory Resolution to amend the Original Resolution to conform to amendments requested by the Board of Education, and it is considered desirable to list the requested amendments, inasmuch as such list- ing will serve as a guide and will make more easily understandable the specific textual amendments necessary to effectuate the amendments requested by the Board of Education; and such listing is done, as follows: (1) Elimination of all references to the school building construction and- reconstruction program insofar as .the= same.- was related , in the Original Resolution, to the site of Paducah Tilghman Senior High School. (2) Appropriate minor changes , where necessary , to make clear that - _- . the school bui.idi~ng construction -and, reconstruction program to- be financed through the issuance of the proposed "City of Paducah School - , - Building: Revenue Bonds-, ,Series of .February 1, .1979," will refer to the school building construction and reconstruction program on the sites o€-Morgan. and; Clark Elementary -Schools (being, two (2) in - number) rather than to the originally proposed school building con- . struction~-;and, ,reconstruction ~-program .upon the. sites. -of PaducaY~ Til- ghman Senior High School and Morgan and Clark Elementary Schools (three (3) :in number) .- ~ . ~ .. - (3). =Elixrrinaton of provisions which were made yin- the Original Resolution for the capitalization of interest in an amount equal to interest..to, .be.come due. on said bonds until .August 1, -1979 . (4)_ A .change in the amount of the estimated interest rate permissibly- - to be used in establishing the estimated annual rentals from 6.2$ per .,annum to 6.25$ per annum:. - - (5) Substantial. changes in the .provisions relating to "Option Pricesrr as set forth in Section 9 of the Original Resolution, to eliminate any provision .for an option. price- on Paducah. Tilghman Senior High School site, and to adjust the option prices relating to the Clark and Morgan Elementary, School sites to a proper relationship to the amount of the bonds actually to be issued . 65 (6) A change in certain of the provisions of Section 17 of the Original Resolution to provide that checks drawn upon the "Con- struction Fund" shall be~ signed by °the~ Assistant Treasurer of the City of Paducah rather than by the Treasurer of the Board of ~~ Education..ofPaducah; retaining; however, the special provision that the Assistant Treasurer of the City, as "Construction Treasurer," - sha1L furnish ~ a: fidelity ~bond~ in the penal sum- of "$200 ,-000 , - cones ditioned upon faithful performance of the responsibilities incident to making di bizrsernents =from the Construetiori` Fund and the making of a true accounting therefor . SECTION 3. Amendments made to the Original Resolution for the reasons hereinabove stated and in order to carry out the intent and purpose of the amend- ments requested by the Board of Education as listed in Section 2 hereof . The Board of Commissioners hereby amends the Original Resolution in the following respects and particulars , and not otherwise: (A) Section 2. of the Original Resolution is amended by striking from paragraph (1) thereof the entire description of the Site of Paducah Tilghman Senior High School , comprising Tracts I to V , inclusive; but leaving therein the descriptions of the Sites of the Clark Elementary School and the Morgan Elementary School. (B) Section 2 of the Original Resolution is further amended in that from the ,~ -.. , first complete literary paragraph in paragraph (2) thereof the last part of said para- . :_ _. ,. _ graph is hereby deleted in the following text: "***; and said instrument shall also assign to each of the three -school` properties:~an estimated percentage of the total amount of the bond issue representing, as nearly as may be , the amount of bond proceeds to be expended on each site, and shall grant to~ the Board of Education options to purchase and reacquire title to any or all of said described tracts, .and the improvements thereon, upon pay- ing to the City an amount of money sufficient to enable the City to call , redeem and retire that specifiedpercentage of the bonds then outstanding, in order that the Board of Education may reacquire such title in the event ,of damage. or destruction to the improvements thereon, or in the event the Board of Education shall desire to initiate the' issuance of a new and separate issue of bonds for con- struction or reconstruction of further improvements thereon , all as- hereinafter provided; r- ~ - ,, . - - and by substituting in .place af. sad. :d~eleted passage -the following text which is solely for the purpose of making clear that only two school properties are involved , rather than three: "***; and said instrument shall also assign to each of the two s`chool` properties an -estimated-percentage' of the total amount of the bond issue representing, as nearly as may be, the amount of bond proceeds to ° be expended. on' each site ; and shall grant to the' -Board of Education options to purchase and reacquire title to either of said described tracts , .and the improverents thereon; upon paying =to the City an amount of money sufficient to enable the City to call , redeem ,. . and retire` that specified percentage of the bonds then outstanding, in order that the Board of Education may reacquire such title in the - event of damage or destruction to the irriprovements 'thereon, or in the event the Board of Education shall desire to initiate the issuance of anew and separate issue of bonds for construction or reconstruction of further improvements thereon , all as hereinafter provided" . 66 (C) Section 2 ~ of the Original Resolution is further amended by. deleting therefrom the entire text of .paragraph (3) of said Section 2, insofar as it is provided or contemplated that the fees or.'expenses of the Architects employed to prepare plans and specifications for the school building construction and recon- struction program upon the site ~ of Paducah Tilghman Senior High School shall be paid from the proceeds of the "City of Paducah School Building Revenue Bonds, Series of February 1, 1979"; but approval of the employment of the designated Architects by the Board of Education is not withdrawn , and the same provisions may be carried over and applied to a future bond issue, if requested by the Board of Education, which includes financing of the school building construction and reconstruction program upon the site of Paducah Tilghman Senior High School. (D) Section 3 of the Original Resolution is hereby amended by deleting therefrom reference to a request of the Board of Education that the "City of Paducah School Building Revenue Bonds, Series of February 1, 1979", be for the purpose of paying "all costs of three school building construction and reconstruction projects"; and by substituting in place thereof a similar reference to "two school building con- struction and reconstruction projects", being those upon the sites of Clark and Mor- gan Elementary Schools. (E) Section 7 of the Original Resolution is- hereby..amen.ded by striking out of the secondliteraryparagraph of ,the ".Form of. Bond". set. forth therein, the reference --to Paducah Tilghman Senior; High School , leaving therein the: references to Clark anal Morgan; Elementary :Schools.. (F) ..Section ; 8 of the Original. ;Resolution- .is hereby ameride~d: in that in paragraph 1 thereof , the third -sentence i `hereby- deleted in the following text: "There shall also be deposited in the Bond Fund such additional amount of the bond proceeds as (together with the accrued interest - deposited .therein) equals interest to become due on' sand bonds- on August 1, 1979"; it being intended, as requested by the Board of Education, that there be no provision for capitalized interest . {G) Section 8 of the Original -Resolution is further amended in that in paragraph 1 thereof, the reference to computation of-annual~ rentals upon the assump- tion that the ~nter~est rats- applicable to-: all, of the: bonds` vaill be established 'at 6.2 0 per annum, ~s hereby araended to .6: 25 o per :annum; while continuing the'proviso that the actual annual :rentals shall be automatically adjusted to reflect theactual interest rates determined. ;when~ahe~ bonds are sold s7 (H) °Section 8 of the `Original Resolution is further amended by striking therefrom the entire last paragraph of paragraph 1 thereof; and substituting in place thereof the following text: "The`~annual payments so`-required in each fiscal year shall be made in semiannual rrstaliments , ` .one on~ or before the 1st day of July , fn `a sum at least equal to the interest- coupons maturing on the ensuing August 1 in such year , and the balance on or before the next January 1 in such fiscal year , the first such rental payment to be made on or before July 1, 197.9. Said -Fund 'as next herein- --.. _ _. . before provided shall be -used solely ,and only and is hereby pledged for the purpose of paying interest on, redemption premiums - _ _. (if -any) , 'and. principals 'of the bonds which 'in the Ordinance will be --authorized and` permitted to - be issued ; as -the -same become due" (I) Section 9' of the Original Resolution is Hereby amended by striking therefrom the entire `text' of the third -literary paragraph thereof `and all subsequent passages relating `to option prices ; and by substituting in place thereof the following text: - ~ ` -; - "it las further, been agreed that in said 'Contract of Lease and Rent' it wtl -be provided that said Board of Education of Paducah, Kentucky ; shall have the right and option at any time on or after February 1, 1989, and from time to time, to prepay` rent and there- by purchase and acquire either of the said school buildings and appurtenances; together v~ith the portions of the site or sites physically occupied thereby, and adequate easements for ingress, .., egress; .and the -rendering -of necessary services thereto, and obtain a reconveyance thereof from said City free and clear of the statutory mortgage =lien which is 'provided by KRS " 162.200 as a part of the' security for the School: Building R:everiue Bonds -which said City is .about to issue up'ori° the following Condit"ions and- by paying to the City the following respective' -option prices in cash: - - "OPTION PRICES" ~ - "Cla:rk Elementary School Site: ~ A sum equal to the nearest multiple .- of $5 , 000.00 at.- or immediately above ` a `'sum computed by multiplying the principal amount- of> the maximum number of `Selool B-uiiding ' It.evenue Bonds issued by said City for the financing of the over-all construction program - affecting alfi •of '..the school-buildings herein described by 46%; such per- centage being an agreed 'e`stimate of the proportion -of the total expendi- ture which will be made from bond proceeds upon the properties herein described ~as 'the Clark `Elementary School Site. -.~ ; - - "' `'''Morgan Elementary ~ School 'Site: A sum , ` sirriilarly computed , and ` using as~ the percentage factor:` 54$;~ ~ " - _ r ' "REDUCTION O-F ~ OPTION =PRICES ~ AS `BONDS ° ARE RETIRED "In the event either'' of the. above-mentioned options shall be exercised by said Board of Education at a time when a portion of said School Building - Revenue 'Bonds' issued by the City have been paid by the City from the annual rentals received by it from said Board of Education, the appli- ` cable ~ option -prices shall be reduced by an amount; which shall be eom- puted by applying the respective percentage factors to the aggregate principal amount of all bonds so paid and retired . It is expressly understood and agreed, however,. that the exercising by said Board of -Education of either of its options to purchase `and acquire either of the school sites shall not reduce the' op"ton prices otherwise applicable to the remaining site'.. '' - " - "CREDIT FOR COLLECTED INSURANCE PROCEEDS- SIN' TIiE~ EVENT OF DAMAGE OR DESTRUCTION "The- parties recognize the possibility` that either of the school buildings herein referred to may be damaged or destroyed by fire or other natural hazards , resulting in the collection of- insurance proceeds which are inadequate to provide all of the costs. of repairing or reconstructing such 68 --;premises. so that the sane will be acceptable for use and occupancy by said Board of Education for school purposes , and it is agreed that this is one of the .controlling- reasons for" establishing option- rights in favor of said Board of Education . In the event of such circumstances , it is agreed that the option price applicable to the property in question shall first be com- puted and adjusted as hereinbefore set forth and shall then be credited _; with ;the -amount of the--insurance proceeds actually collected as a result of such damages or" destruction; and-:such coliecte`d insurance proceeds shall - -:immediately be :deposited by the City' in -its Bondi and Interest Redemption Fund: - - -;, . .._ . - "REDEMPTIOI~F -OF BONpS. WHEN OPTLON; IS >EXERCISED; ADUSTMENT -OF OPTIO-,~T PRIDE. FOR; REDEMPTION PREMIUM -,,~ ... - "-''In the•:reuent said Board" of Education shall, -from- time to time exercise either of ,its ,purchase options as ,herein set forth, it is agreed that the City shall apply the funds received from the Board of Education and/or insurance "- proceeds to--the redemption" of~ an equal' principal amount of "the City's said School Building Revenue Bonds then outstanding. Said Board of Education -- fully: ,understands--that -the City's - said School' Building Revenue- Bonds will be subject to redemption only by the payment of a premium over and above the principal amoun`t;_of such bonds; said premium being. 3% of the ,principal amount of each bond for a period including and immediately following February 1, 1989, and gradually diminishing for successive -periods there- after . Accordingly , and in order to enable the said City to redeem and retire bonds as herein provided, said $oard of Education agrees that in the event'it exercises either, of said -options,,- it.witl pay to the:.City, in addition -to :the -specified" option-;price : as. he~enabove set forth; a sum equal to the - - . , • premium- which :-the; City' will be'.,obiiged to pay: in .order °to redeem the --..-prescribed grotion ~csf its outstanding School Building Revenge Bonds, and also -,the. cost of publishing -the redemption :notice.: - ttADJUSTMENT 'OF- FU~'URE.:RENTALS_ IF` OPTION IS -EXERCISED - - ~ ~,'!It ~ is understood =and-•agreed fhat~ the annual rentals herein provided are for .the use ~ and ~oceupancy bye said Board of ~ Education° of all of the -school-buildings- constructed', reconstructed and financed through the issuance: of said- School Building; Revenue- Bonds;' and it ~is therefore agreed that if and when said Board of Education exercises either of its options to purchase and acquire "a~ property or properties as herein set forth, there should be an adjustment- as to the amount of rentals applicable - - to -future: years when said Board of Education will_ nof"be using and - -~-occupying the~prem~ses so ac:quired,' under the te`rxns -of the lease. In - - ths~.connecton, -the parties- agree;- as follows: - - -' - - ~• - -_ -" (a) There, shah be no reduction° in the rentals specified for in ;thee fiscal ,year in- which. ~ an .option. -is exercised . " (b) For all fiscal ~"years -after the fiscal: _year in: which either of such options may be exercised, the annual rentals payable by said Board of Education to the-:City; as herein set__forth; may be reduced by agreement of the parties:; but-not below such amount as may be necessary in order to provide to the City from such rental payments a ~ sum sufficient to pay" the (principal of 'and: interest ':on ~ its remaining outstanding School Building Revenue Bonds as and when the bonds - and interest coupons severally become--due" : ~ " (J)" ~ Section. 17 of the -Original- Resolution ~is hereby -amended by strik- ing therefrom: they entire- toxt of the .second sentence of the first- paragraph thereof reading. as-.follows: ~ - ~ • - '-'-Tk~ere= shall also- be ".deposited in the Band Fund, from bond proceeds.,;--an additional;.-sum. which ,(togetY~er with such accrued interest) shall be equal to all interest accruing on the: bonds bn" and prior to August 1, 1979, which is the period anticipated to be required for completion of the school buildings-= additions , construction and recon- struction projects; " it being :intended, as-requested ; by- the Board : of Education; !that..: there be no provision for the capitalization of interest -from, bond proceeds. 69 (K) Section 17 of the Original Resolution if further amended in that the third literary paragraph of subsection (b) hereof is hereby deleted in its entirety, and the following new paragraph is hereby substituted in place thereof; " "Inasmuch as the School Building Revenue Bonds, Series of February 1, 1979, herein referred to, will be authorized and issued by the City at the request of the Board of Education of Paducah, for the purpose of paying the costs- ofadding to , constructing and recon- structing school buildings to be leased, rented and occupied by said Board of Education. under the 'Contract of Lease and Rent' conforming to KRS 162.140 , it is directed that payments from the cash funds from- time- to dime- so deposited in sand Construction Fund shall be made to defray the costs of the school building projects referred to herein - - -~ by~ checks. drawn upon said'.fund by the .Assistant Treasurer of the City of Paducah, hereby designated as the 'Construction Treasurer', rather than by the City Treasixrer~ '(it having -been agreed that a~ designee of the Board of Education will be appointed Assistant City Treasurer ex- pressly for such purpose); provided, =however; said--Construction Treasurer shall furnish a fidelity bond in the penal sum of at least $200 , 000, con- ditioned. upon faithful performance.' ofahe responsibilities. incident to making disbursements from the Construction Fund and the making of a true accounting therefor , such bond to be separate and distinct from any and all bonds given for the administration of other moneys , and to have good corporate surety-; provided by a surety company qualified to do -business in Kentucky: Each disbursement check shall be supported and accompanied by a voucher signed by or on behalf of the Architects having charge of the supervision of the project for which such payment' is made , to the effect that the amount of said check has been earned by the payeee thereof under the terms of one of the construction con- tracts; provided , however , that with respect to the project appurtenances , and other items required otherwise than as an incident to the con- struction contracts which are under the supervision of the Architects, the supporting voucher may be signed by the Superintendent of Schools of said Board of Education or other person thereunto authorized by said Board of Education" . SECTION 4. In all other respects the Resolution (as amended) shall continue in full force and effect and may be incorporated by reference in a City Ordinance authorizing the issuance of the requested "City of Paducah School Building Revenue Bonds, Series of February 1, 1979", as originally intended. SECTION 5. This Amendatory Resolution, upon its adoption and approval, shall be recorded or filed in the office of the City Clerk as other Resolutions of the Board of Commissioners are recorded or filed , and shall constitute an official record of the City of Paducah with the intent that the text hereof, amending in specific respects the text of the Original Resolution, be incorporated by reference in abond-authorizing Ordinance to be adopted by the Board of Commissioners , particularly in order to expedite the authorization and issuance of School Building Revenue Bonds for the reasons and pursuant to the legal authority recited . ADOPTED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH , KENTUCKY , at a properly convened meeting held on the 27th day of February, 1979. APPROVED: /s/ William S . Murphy, Mayor City of Paducah , Kentucky (SEAL) 70