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HomeMy WebLinkAboutSchool Bldg Revenue Bonds (2)/i~ A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF 7 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 $2,546,225.00 (plus accrued interest at the stipulated interest coupon. rates from February 1, 1979, to the date of delivery and payment) , and stipulating that interest coupon rates be made appli- cable to said bonds as shown in the following schedule: 111 YEAR PRINCIPAL AMOUNT RATE OF INTEREST 1980 80,000 5.300 -1981 85,000 5.30% 1982 90,000 5.350 1983._ . ._ _. , , 100 , 000 _ 5.35 a 1984 105,000 5.400 1985 ~ 110,000 5.40$ 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. 11~- 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,