HomeMy WebLinkAbout78-12-16601065
ORDINANCE NO. 78-12-1660
AN ORDINANCE AUTHORIZING AND DIRECTING THE CITY MANAGER AND
CITY TREASURER TO TRANSFER FROM THE CITY OF PADUCAH PUBLIC WORKS
CUMULATIVE RESERVE
FUND ACCOUNT IN
CITIZENS
BANK AND TRUST
COMPANY TO
THE TOWNLIFT NOTES
PAYABLE ACCOUNT
THE SUM
OF ONE HUNDRED
SIXTY THREE
THOUSAND NINETY ONE DOLLARS AND SEVENTY TWO CENTS ($163,091.72) FOR
THE PURPOSE OF RETIRING THE TOWNLIFT ASSESSMENT BONDS ANTICIPATION
RENEWAL NOTES AT PEOPLES FIRST NATIONAL BANK AND TRUST COMPANY
WHEREAS, the City of Paducah, has heretofore taken steps to finanace
a public -improvement project known as the Townlift Project with the anticipation that
there would be the issuance of assessment bonds therefor, to the extend that assessments
are not paid by property owners within the time required, and
WHEREAS, from time to time it became necessary to make payments with
reference to the construction work involved in such Project prior to the time the final
assessments were to be made and prior to the time any assessment bonds could be
issued, and
WHEREAS, in an effort to provide interim financing for the construction
of the aforesaid Project the Board of Commissioners did authorize the borrowing of
certain funds through the issuance of Assessment Bonds Anticipation Notes with Peoples
First National Bank and Trust Company, and
WHEREAS, the Townlift Project is now substantially completed and the City
has realized $39,900.00 in assessment payments from property owners, and the balance
required to pay the aforesaid indebtedness at Peoples First National Bank and Trust
Company is the sum of $163,091.72, and
WHEREAS, it is the opinion of the Board of Commissioners of the City of
Paducah, Kentucky, that it would be wise to avoid the necessary cost and expense
that would be incurred in the issuance of assessment bonds.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Manager and City Treasurer be, and they are
hereby, authorized and directed to transfer from the City of Paducah Public Works
Cumulative Reserve Fund Account in Citizens Bank and Trust Company to the Townlift
Notes Payable Account the sum of $163,091.72 to be used for the purpose of retiring
the Townlift Assessment Bonds Anticipation Notes at Peoples First National Bank and
Trust Company.
1066
SECTION 2. That the Paducah Public Works Cumulative Reserve Fund
Account shall be fully reimbursed by the General Fund Account by not later than
September 30, 1979.
SECTION 3. This ordinance shall be introduced and remain on file for
for one week for public inspection in the completed form in which it shall be put upon
its final passage, and if adopted shall be in full force and effect ten (10) days there-
after.
l
Mayor
Introduced by the Board of Commissioner December 12, 1978
Passed by the Board of Commissioners December 28, 1978
Recorded by Louise McKinney, City Clerk, December 28, 1978.