HomeMy WebLinkAboutCity of Paducah Improvement Corp Dissolution RESOLUTION
A RESOLUTION AUTHORIZING AND DIRECTING THE DISSOLUTION OF THE
CITY OF PADUCAH PUBLIC IMPROVEMENT CORPORATION
WHEREAS, the City of Paducah Public Improvement Corporation, Inc. was formed
as a holding company for the purpose of securing funding for public projects; and
WHEREAS, it is no longer necessary to secure funding through the City of Paducah
Public Improvement Corporation; and
WHEREAS, the City of Paducah Public Improvement Corporation no longer serves a
necessary purpose; and
WHEREAS, there are certain administrative costs associated with the continuing
existence of the City of Paducah Public Improvement Corporation; and
WHEREAS, the City of Paducah Public Improvement Corporation has no known
assets; and
WHEREAS, it is deemed desirable and advantageous to dissolve the City of Paducah
Public Improvement Corporation;
WHEREAS, it is believed that the City of Paducah Public Improvement Corporation
has no current assets;
WHEREAS, in the event that any assets belonging to the City of Paducah Public
Improvement Corporation are later discovered, they should be transferred to the Board of
Commissioners of the City of Paducah.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
Section 1. That it is deemed desirable and advantageous to the City of Paducah,
Kentucky that the City of Paducah Public Improvement Corporation be dissolved.
Section 2. That, in the event any assets of the City of Paducah Public Improvement
Corporation are later discovered, such assets are hereby transferred and assigned to the City
of Paducah, Kentucky.
Section 3. That the Articles of Dissolution of the City of Paducah Public
Improvement Corporation, Inc., attached hereto and incorporated herein as if recited
verbatim as Exhibit "A" be and are hereby adopted:
Section 4. This resolution shall be in full force and effect from and .fter its adoption.
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Mayor
ATTEST:
J 137-0 (�r4
Tammara S. Brock, Secretary
Adopted by the Board of Commissioners, August 11, 2009
Recorded by Tammara S. Brock, City Clerk, August 11, 2009
\resoln\Dissolution of City of Paducah Improvement Corp (00113809)
ARTICLES OF DISSOLUTION
OF
CITY OF PADUCAH PUBLIC IMPROVEMENT CORPORATION, INC.
Comes the undersigned Mayor of the City of Paducah as President of CITY OF
PADUCAH PUBLIC IMPROVEMENT CORPORATION, INC. and submits the following Articles
of Dissolution, pursuant to KRS 273.313.
ARTICLE ONE
The name of the corporation is CITY OF PADUCAH PUBLIC IMPROVEMENT
CORPORATION, INC.
ARTICLE TWO
Pursuant to the provisions of KRS 273.300, the dissolution of the corporation was
recommended by a majority of the Board of Directors to the members. The dissolution of the
corporation was authorized and adopted by a vote of at least two thirds (2/3) of the members of the
corporation present at such meeting or represented by proxy on the 1 day of August, 2009.
ARTICLE THREE
All debts, obligations, and liabilities of the Corporation have been paid or discharged.
ARTICLE FOUR
No plan of distribution has been adopted.
ARTICLE FIVE
All the remaining property and assets of the Corporation have been transferred,
conveyed or distributed in accordance with the provisions of KRS 273.161 to 273.390.
ARTICLE SIX
There are no suits pending against the Corporation in any court.
William F. Paxton 111, President
ATTEST:
Tammara S. Brock, Secretary
STATE OF KENTUCKY
COUNTY OF McCRACKEN
The foregoing Articles of Dissolution were subscribed, sworn to, and acknowledged
before me on this day of 2009, by William F. Paxton III, President of City
of Paducah Public Improvement Corporation, Inc., a Kentucky corporation, on behalf of said
corporation.
My commission expires
Notary Public, State at Large
This instrument prepared by:
DENTON KEULER, LLP
P. O. Box 929
Paducah, Kentucky 42002 -0929