HomeMy WebLinkAboutSchool Bldg Revenue Bonds (3)A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, RECEIVING AND APPROVING THE TENDERED "JOINT REPORT
OF THE CITY `CLERK AND FISCAL AGENT REPORTING TABULATION OF THE PURCHASE
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 ~PER;MANENT RECORD RELATING TO THE PUBLIC SALE OF $1, 790 , 000
"CITY OF PADUCAH SCHOOL BUILDING REVENUE BONDS , SERIES OF JUNE 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 ~ R,ESOLVE , AS FOLLOWS: : _ -
SECTION 1. It is hereby ackndw~led~ed that the City Clerk and fihe -Fiscal
Agent have tendered to the -Board of Commissioners their written "Joint Report of the
City Clerk and Fiscal Agent Reporting Tabulation of the Purchase Bids Received and
the Recommendations of the Fiscal Agent With .Regard. Thereto" , relating- to the public
sale of $1,790,000 "City of. Paducah School Building Revenue Bonds, Series of
June 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 thebest-interest of `the "City; and; accordingly, the City hereby
accepts the bid ~of J.. J .- B . Hilliard , W . L . Lyons , Inc . and Associates
offering to- purchase the entire $1:, 790, 000 of : "C-ity of -Paducah • School Building. Revenue
Bonds, -Series :of :June 1„ 1979", at the; offered price. of $1; 758,6.75:00 (plus ~acerued
interest :at the stipulated- interest: coupon rates :from. June 1, . X1979 , . to- the date.. of i
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delivery -and- payment),, and- stipulating that: -interest coupon rates, :be made appli-
cable to said bonds. as shown in the following' schedule: - - - -
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YEAR PRINCIPAL AMOUNT RATE OF INTEREST
1980 30,OD0 ~ 5.40%
1981 35,000 5.400
1982 35,000 5:50$
1983 40,000 5.500
1984 40,0.00
--_
5.50$
1985 40,000 5.550
'19"86 - 45,000 ~ 5.60 0-
1987 50,000 5.65$
19.88 50,000 5.700
1989 55,000 5.750
-1990'" 55;000_ 5.80%
1991 60,000 5.850
"° 1992 65,000 ~ 5.90 0
1993 70,000 6.00%
1994 75,000 ~ 6.100
1995 80,000 6.20%
1996 85,U00 6.250
1997 90,000 6.300
1998 95,000 6.400 ~ •-
1999 100,000 6.400
2000 105,000 6.500
2001 110,000 6.50%
2002 120,000 = 6.600
2003 125,000 6.60%
2004 135,OOU 6.600
SECTION 3. The Mayor is authorized to endorse on a copy of the accepted
bid the fact bf 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 cheek of the purchaser iii the sum of $35, 800
submitted with the accepted bid shall be delivered fo 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
June 1, 1979, °Constructiori 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 ScYiool Building Revenue Bond-and Interest
Redemption Fund -Series of June 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
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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.
SECTION 6. This Resolution shall be in full force and effect from and
after its adoption and signature as provided by law , no publication being required .
ADOPTED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, at a properly convened meeting held on the 8th day of May, 1979.
APPROVED:
(SEAL)
_, _ _ • . - Mayor .. ~ _
ATTEST: City of Paducah, Kentucky
1; ~ the undersigned , City Clerk Hof 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 8th clay of May, 1979, on thesame 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 andordered to be r-ecorded~.
~WITNES~S~~rny signature and. the' seal of said" City, this' 8th day of May, 1979.
_ . - ~~ _~
(SEAN) ~ .
City Clerk
City of Paducah-, Kentucky