HomeMy WebLinkAboutSchool Bldg Revenue Bonds (5)374
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF
i
;,
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 PERMANENT RECORD RELATING TO
THE PUBLIC SALE OF $3,300,000 "CITY OF PADUCAH SCHOOL BUILDING REVENUE
BONDS, SERIES OF OCTOBER 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 ESTABLISH-
ING THE INTEREST COUPON RATES TO BE MADE APPLICABLE THERETO.
THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
DOES HEREBY RESOLVE, AS 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 Report of
the City Clerk and Fiscal Agent Reporting Tabulation of the Purchase Bids Re-
ceived and the Recommendations of the Fiscal Agent With Regard Thereto" , relating
to the public sale of $3,300,000 "City of Paducah School Building Revenue Bonds,
Series of October 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 meet-
ing .
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 Merrill Lynch White Weld Markets Group and Associates , offering
to purchase the entire $3, 300, 000 of "City of Paducah School Building Revenue Bonds,
Series of October 1, 1979", at the offered price of $3, 234, 000 (plus accrued interest
at the stipulated interest coupon rates from October 1, 1979, to the date of delivery
and payment) , and stipulating that interest coupon rates be made applicable to said
bonds as shown in the following schedule:
YEAR
PRINCIPAL AMOUNT
RATE OF INTEREST
1980 $70,000 5.900
1981 75,000 5.90a
1982 80,000 5.900
1983 85,000 5.90%
1984 90,000 5.900
1985 95,000 5.900
1986 100,000 5.90%
375
lgg7 110,000 5.900
lggg 115,000 5.900
lggg 125,000 5.90%
1990 130,000 5.95a
1991 140,000 6.OOa
1992 150,000 6.100
1993 160,000 6.15a
1994 170,000 6.20%
1995 180,000 6.300
1996 195,000 6.40%
1997 75,000 6.500
°1'998 ~ 80 , 000 - ~ 6.50 0
1999 85,000 6.50$
2-000 90,000 6.550
2001 95,000 6.700
2002 - 100;000' 6.70%
2003 110,000 6.75%
2004 130,000 6."75%
2005 240,000 6.750
2006 225,000 6.750
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 authorize.d~ 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 $66, 000
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 October 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 October 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. 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 25th day of September, 1979.
APPROVED:
(SEAL)
Mayor ;7
City of Paducah, Kentucky
376
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' 25th day of September, 1979, on the same occasion signed in open session
by the "1Vlayor 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 26th day of
September`, 1979.
J
City Clerk
City of Paducah,' Kentucky