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A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF
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PADUCAH , KENTUCKY , RECEIVING AND APPROVING THE TENDERED "JOINT REPORT
TABULATION OF THE PURCHASE
OF THE CITY CLERK AND FISCAL AGENT REPORTING _ _
BIDS RECEIVED AND THE RECOMMENDATIONS OF THE FISCAL AGENT WITH REGARD
THERETO" , AND ORDERING THAT THE SAME BE FILED IN THE OFFICE OF THE CITY
CLERK AS A PERMANENT RECORD RELATING TO THE PUBLIC SALE OF $2,585,000
"CITY OF PADUCAH SCHOOL BUILDING REVENUE BONDS , SERIES OF FEBRUARY 1, 1979";
CONCURRING IN THE RECOMMENDATION OF THE FISCAL AGENT THAT THE BEST BID
BE ACCEPTED; ACCEPTING THE BEST BID; AWARDING THE BONDS TO THE PURCHASE
BIDDER; AND ESTABLISHING THE INTEREST COUPON RATES TO BE MADE APPLICABLE
THERETO.
THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
DOES HEREBY RESOLVE, A5 FOLLOWS:
SECTION 1. It is hereby acknowledged that, the City Clerk and the
Fiscal Agent have tendered to the Board of Commissioners their written "Joint Re-
port of the City Clerk and Fiscal Agent Reporting Tabulation of the Purchase Bids
Received and the Recommendations of the Fiscal Agent with Regard Thereto" , re-
lating to the public sale of $2 , 585 , 000 "City of Paducah School Building Revenue
Bonds, Series of February 1, 1979". Said Joint Report is accepted, is hereby approved,
and shall be filed in the office of the City Clerk where it shall be preserved as a
permanent record of the City , without copying the same in the minutes of this
meeting . .
SECTION 2. The Board of Commissioners hereby approves the Fiscal
Agent's tabulation of purchase bids received and its finding, and recommendation
that the best bid conforms to the terms and conditions of the public offering and is
advantageous in the best interest of the City; and , accordingly , the City hereby
accepts the bid of J .J .B . Hilliard, W . L . Lyons , Inc . & Associates offering to
purchase the entire $2,585,000 of "City of Paducah School Building Revenue Bonds,
Series of February 1, 1979", at the offered price of $2,546,225.00 (plus accrued
interest at the stipulated interest coupon. rates from February 1, 1979, to the date
of delivery and payment) , and stipulating that interest coupon rates be made appli-
cable to said bonds as shown in the following schedule:
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YEAR PRINCIPAL AMOUNT RATE OF INTEREST
1980 80,000 5.300
-1981 85,000 5.30%
1982 90,000 5.350
1983._ . ._ _. , , 100 , 000 _ 5.35 a
1984 105,000 5.400
1985 ~ 110,000 5.40$
1986 115,000 5.45%
1987 125;-0"OU 5.45 0
1988 135,000 5.500
1989 140,000 5.500
1990 150,000 5.500
1991 160,000 5.600
1992 "- ~ 170,000 5.600
1993 "180,000 5.70%
1994 190,000 5.80%
1995 205,000 5.900
1996 215,000 6.OOo
1997 230,000 6.00%
SECTION 3. The Mayor is authorized to endorse on a copy of the accepted
bid the fact of acceptance thereof and the City Clerk is authorized to attest the same
and affix the City's seal thereto; whereupon the Mayor is authorized to deliver such
endorsed copy to the purchaser together with a copy of this Resolution as evidence
of the sale and purchase of the bonds .
SECTION 4. The good faith check of the purchaser in the sum of
$51, 700 submitted with the accepted bid shall be delivered to the City Treasurer who
shall hold the same, uncashed, until the occasion of delivery of the bonds and
payment therefor; at which time the purchaser may at its option either obtain the
return of said good faith check upon payment of the full purchase price with accrued
interest to delivery, or take credit for the amount thereof (without interest thereon) ,
in which event the City Treasurer shall be authorized to deposit said check and
credit the proceeds thereof to the "City of Paducah School Building Revenue Bonds,
Series of February 1, 1979, 'Construction Fund" , except to the extent of the amount
representing accrued interest from the date of the bonds to the date of delivery,
which amount shall be deposited in the "City of Paducah School Building Revenue
Bond and Interest Redemption Fund -Series of February 1, 1979", created and
established in and by the bond authorizing proceedings , as therein provided . The
checks accompanying all other bids shall be returned to the bidders .
SECTION 5. The "Official Statement" prepared by the Fiscal Agent, copies
of which have been tendered and examined by the Board of Commissioners, is found to
be acceptable and is hereby approved . The Mayor is authorized to sign one or more
copies thereof and one copy , signed by the Mayor , shall be preserved by the City
Clerk, together with Affidavits showing proper publication of the "Notice of Sale of
Bonds" as constituting permanent records of the City in connection with the sale of
said bonds.
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SECTION 6. This Resolution shall be in full force and effect from and
after its adoption" and signature as provided by Taw , no publication being -.required .
ADOPTEII BY THE BOARD OF COMMISSIONERS OF THE CITY;`OF' PADUCAH,
KENTUCKY, at'~a properly convened meeting held on the 27th day of March, 1979.
APPROVED: ~'
,-
Mayor Protein
(SEAL) ~ ~City of Paducah, Kentucky
ATTEST: '
City Clerk
CERTIFICATION
I, the undersigned, City Clerk of the City of Paducah, Kentucky, do hereby
certify that the foregoing is a true and complete copy of a Resolution adopted by the
Board of Commissioners of said City at a properly convened meeting, held on the
27th day of March, 1979, on the same occasion signed in open session by the
Mayor as evidence of his approval, attested under seal by me as City Clerk,
declared by the Mayor to be in full force and effect and ordered to be recorded .
WITNESS my signature and the seal of said City, this 28th day of March,