HomeMy WebLinkAbout06/03/91N[
ROLL CALL
At a Called Meeting of the Board of Commissioners
held in the Commission Chambers at City Hall at 7:00 p.m.,
Monday, June 3, 1991, Mayor Montgomery presided, and upon
call of the roll by the City Clerk, the following answered
to their names: Commissioners Coleman, Grumley, Taylor and
Mayor Montgomery (4). Commissioner Hornsby was absent (1).
NOTICES OF CALLED MEETING
Commissioner Coleman offered motion, seconded by
Commissioner Taylor, that the executed copies of the Notice
of Called Meeting to be held at 7:00 p.m., Monday, June 3,
1991, be received and filed. Adopted on call of the roll,
yeas, Commissioners Coleman, Grumley, Taylor and Mayor
Montgomery (4).
RESOLUTION
MULTI -CITY LEASE REVENUE BONDS SERIES 1991-C
Commissioner Grumley offered motion, seconded by
Commissioner Coleman, that a Resolution.entitled, "A RESOLU-
TION OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING PRE-
LIMINARY STEPS FOR THE ISSUANCE OF CITY OF DANVILLE,
KENTUCKY, MULTI -CITY LEASE REVENUE BONDS (CITY OF PADUCAH
MULTIPLE LEASE REVENUE PROJECTS), SERIES 1991-C IN AN
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY
$5,100,000; AUTHORIZING THE PREPARATION OF A REMARKETING
CIRCULAR FOR THE REMARKETING OF SUCH BONDS; AND TAKING OTHER
RELATED ACTION", be adopted. Adopted on call of the roll,
yeas, Commissioners Coleman, Grumley and Mayor Montgomery
(3). Commissioner Taylor voted nay (1).
ORDINANCE - INTRODUCTION
CITY TO PARTICIPATE IN KENTUCKY MUNICIPAL LEAGUE
LEASE FINANCING PROGRAM
Commissioner Taylor offered motion, seconded by
Commissioner Coleman, that the Board of Commissioners adopt
an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH,
r
KENTUCKY, AUTHORIZING [i] THE PARTICIPATION OF THE CITY IN
THE KENTUCKY MUNICIPAL LEAGUE POOLED LEASE FINANCING
PROGRAM, [ii] THE FINANCING BY THE CITY THROUGH THE PROGRAM
OF CERTAIN PROJECTS AND [iii] THE EXECUTION AND DELIVERY OF
A LEASE PURCHASE AGREEMENT BETWEEN THE KENTUCKY MUNICIPAL
FINANCE CORPORATION, AS LESSOR, AND THE CITY, AS LESSEE,
UNDER WHICH THE CITY, HAVING CONVEYED ITS INTEREST IN
CERTAIN PROPERTY TO THE CORPORATION, WILL LEASE FROM THE
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CORPORATION THE PROPERTY THEREIN DESCRIBED, AND TAKING OTHER
RELATED ACTION". This ordinance is summarized as follows:
Authorizing the participation of the City of Paducah in the
Kentucky Municipal League Pooled Lease Financing Program and
the financing by the City through the Program of certain
projects, authorizing the execution and delivery of a Lease
Purchase Agreement between the Kentucky Municipal Finance
Corporation as Lessor and the City of Paducah as Lessee,
under which the City, having conveyed its interest in
certain property to the Corporation, will lease from the
Corporation the property therein described, authorizing and
directing the Mayor and the City Clerk and other appropriate
officers of the City to proceed with the Corporation in
structuring the City's participation in the Program, and
authorizing the Mayor and City Clerk to execute, acknowledge
and deliver on behalf of the Lessee any and all documents,
and to do and cause to be done, any and all other acts
necessary or proper for implementing and effectuating the
actions and transactions authorized by this Ordinance,
provided that neither the Lessee nor any of its elected
officials, officers, employees or agents shall incur any
general liability thereby.
The Board held a discussion on the above project.
.Upon motion the meeting adjourned.
Adopted: June 11, 1991
City Clerk May