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HomeMy WebLinkAbout2004-4-6795109 ORDINANCE NO. 2004-4-6795 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY APPROVING A LEASE AMONG THE CITY OF PADUCAH, KENTUCKY, THE COUNTY OF MCCRACKEN, KENTUCKY AND THE PADUCAH MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY WITH RESPECT TO A PUBLIC PROJECT, AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED TO SUCH LEASE. WHEREAS, the City of Paducah, Kentucky (the "City") has previously determined, and hereby further determines, that is a public purpose to reduce unemployment in the City, to increase the City's tax base, to foster economic development within the City and to promote the development of a skilled workforce, all to the benefit of the citizens and residents of the City; and WHEREAS, the City has further determined that it is necessary and desirable to accomplish such public purposes that the City proceed at this time with the acquisition, construction and installation of an approximately 100,000 square foot facility (the "Project"), which Project is to be jointly owned by the City and the County of McCracken, Kentucky (the "County") and is to be financed in part on an interim basis through the issuance of the City's General Obligation Bond Anticipation Notes, Series 2004 (the "Notes"); and WHEREAS, the Notes are to be retired with the proceeds of the City's General Obligation Bonds, Series 2004 (the 'Bonds") to be subsequently issued, which Bonds are to be secured in part through a general obligation note or other obligation of the County of McCracken, Kentucky (the "County") in a principal amount equal to fifty percent (50%) of the principal amount of Bonds to be issued by the City; and WHEREAS, the Notes and Bonds are to be further secured by all amounts received from leasing the Project to the Paducah McCracken County Industrial Development Authority (the "Authority") for a term equal to the term of the Bonds; and WHEREAS, in order to provide for the issuance of the Notes and Bonds and to secure same as aforesaid, it is necessary and desirable that the City now authorize a lease agreement among the City, the County and the Authority with respect to the Project. NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: Section 1. Recitals and Authorization. The City hereby approves the Contract, Lease & Option among the City, the County and the Authority (the "Lease") in substantially the form attached hereto as Exhibit A and made part hereof. It is hereby found and determined that the Project identified in the Lease is public property to be used for public purposes. It is further determined that it is necessary and desirable and in the best interests of the City to enter into the Lease for the purposes therein specified, and the execution and delivery of the Lease is hereby authorized and approved. The Mayor and Clerk of the City are hereby authorized to execute the Lease, together with such other agreements, instruments or certifications which may be necessary to accomplish the transaction contemplated by the Lease with such changes in the Lease not inconsistent with this Ordinance and not substantially adverse to the City as may be approved by the officials executing the same on behalf of the City. The approval of such changes by said officials, and that such are not substantially adverse to the City, shall be conclusively evidenced by the execution of such Lease by such officials. Section 2. Severability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. Section 3. Compliance With Open Meetings Laws. This City Commission hereby finds and determines that all formal actions relative to the adoption of this Ordinance were taken in an open meeting of this City Commission, and that all deliberations of this City Commission and of its committees, if any, which resulted in formal action, were in meetings open to the public, in full compliance with applicable legal requirements. 110 Section 4. Conflicts. All ordinances, resolutions, orders or parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this Ordinance shall prevail and be given effect. Section 5. Effective Date. This Ordinance shall take effect from and after its passage, as provided by law. INTRODUCED, SECONDED AND ADOPTED, at a duly convened meeting of the City Commission of the City of Paducah, Kentucky, held on April 13, 2004, after first reading held on April 5, 2004, signed by the Mayor of the Lessee, attested by the City Clerk, filed and indexed as provided by law. LOW ATTEST: By City Clerk 27710\1 /ord/infiniti-lease (cop-co-ida) Published by The Paducah Sun, April 21, 2004 2