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Home My WebLink About2004-11-6893278 ORDINANCE NO. 2004-11-6893 ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING THE EXECUTION A FINANCING AGREEMENT WITH THE PADUCAH-McCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY; AUTHORIZING THE EXECUTION OF ANY OTHER INSTRUMENTS NECESSARY TO CARRY OUT A PLAN OF REFINANCING CERTAIN OBLIGATIONS OF THE AUTHORITY AND THE COST OF FINANCING THE RENOVATION OF THE AUTHORITY'S ECONOMIC DEVELOPMENT FACILITY. WHEREAS, the City of Paducah, Kentucky (the "City"), in conjunction with the County of McCracken, Kentucky (the "County") desires to assist the Paducah -McCracken County Industrial Development Authority (the "IDA"), an instrumentality and agency of the City and the County, in refinancing certain outstanding debt obligations of the IDA and the Greater Paducah Economic Development Corporation ("GPEDC") [the "Refunding Program"] and in financing the renovation of the IDA's economic development facility (the "Facility") located in the Paducah Age Park (hereinafter the Refunding Program and the renovation of the Facility shall be collectively referred to as the "Project"), and WHEREAS, the IDA has been duly organized under the laws of the Commonwealth of Kentucky by the City and the County, in order to enable the IDA to assist the City and the County in promoting economic development, and WHEREAS, it is contemplated that the IDA will issue, sell and deliver its Paducah - McCracken County Industrial Development Authority Mortgage Revenue Notes, Series 2004, dated the date of their delivery in an amount not to exceed $700,000 (the "Notes"), for the purpose of financing the cost, not otherwise provided, of the Project, and WHEREAS, it is necessary that the City and the County execute a Financing Agreement as to the Project, in which the City and the County will jointly pay the debt service on the Notes through appropriations to the IDA, WHEREAS, under said plan of financing, the City and the County will be entitled to obtain a reconveyance of said property, with all improvements thereon, after all of the Notes have been retired, NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: 1. That the IDA, which has been heretofore authorized as an agency of the City and the County, pursuant to Chapter 58 of the Kentucky Revised Statutes, shall be and is authorized to proceed as an agency of the City and the County, and to authorize the issuance, sale and delivery of the Notes in a principal amount not to exceed $700,000, secured by a mortgage lien and revenue pledge against the Facility, for the purpose of financing the cost of the Project. 2. That the proposed form of Financing Agreement (the "Agreement") among the City, the County and the IDA, is hereby approved, and the Mayor and the City Clerk are authorized to execute the Agreement on behalf of the City and to deliver same to the Secretary of the IDA. 3. That this City Commission hereby officially records its intention to renew the Agreement, and to provide for the payment of the appropriations specified in the Agreement until all of the Notes have been retired, it being understood that this statement of intention is not and cannot (under Section 157 of the Kentucky Constitution) be legally binding on the City or on this City Commission. 4. That the proposed form of First Amendment to Contract for Services (the "Amended Service Contract") between the City and Purchase Partnership for Progress, is hereby approved, and the Mayor and the City Clerk are authorized to execute the Amended Service Contract on behalf of the City. \ord\bond-IDA .,,-�=z,�rm�e�m�u4al:v��.aez:�¢L�L�ua�wunliule:ndu6uiln�hv�a�l8..a n,.er�, � _ 1,6u�Vn.wWud�ui„�9i�sv.mu�a�a6e�kW�w,Jn,.vm�uu�JYY�in�kl.�,ow�w�c�d-�: �...W.�;d�.�Nou�mvw,�m�.mwm+neo.anlmm�emua.�mw,.m�.amu�.��.mm.msui�iw�nm ,�e�n._ 279 5. That the sale of said Notes by solicitation pursuant to Chapter 58 of the Kentucky Revised Statues is hereby authorized and approved in accordance with a Resolution duly adopted by the members and Board of Directors of the IDA. 6. That this City Commission hereby specifically approves the execution by the officers of the IDA of a Mortgage Deed of Trust (the "Mortgage") from the IDA to The Paducah Bank and Trust Company, Paducah, Kentucky, authorizing and securing said proposed Notes, substantially in the form examined and considered by this City Commission, and further approves the execution of any supplemental or amended mortgages in connection therewith as may be deemed appropriate in order to carry out the plan of financing contemplated herein. 7. That the Mayor and the City Clerk and the appropriate officers of said IDA (constituting an agency and instrumentality of the City) are hereby authorized, requested and directed to execute any and all other and further instruments and to take all other appropriate legal action as;'may be deemed reasonably necessary or desirable in carrying out the plan of financing represented by the instruments referred to above, with a view toward compliance with all applicable Kentucky Statutes and court decisions and with a view toward assuring that the receipt of interest on said Notes will be excluded from gross income for Federal income tax purposes and exempt from all Federal income taxes and that the principal of said Notes will be exempt from all Kentucky ad valorem taxes. 8. That the City hereby certifies that it does not reasonably anticipate issuing "qualified tax-exempt obligations" during the calendar year in which the Notes are being issued in excess of $10,000,000, and, that the IDA, by the adoption of its Resolution, certifies that it does not reasonably anticipate issuing "qualified tax-exempt obligations" during the calendar year in which the Notes are being issued in excess of $10,000,000, and, therefore, the City does hereby designate the Notes as "qualified tax-exempt obligations" pursuant to the provisions of Section 265(b)(3) of the Internal Revenue Code of 1986. 9. That all Ordinances, Orders, Resolutions, motions or parts thereof in conflict herewith are hereby repealed, and this Ordinance shall take effect and be in force immediately after its passage, approval and publication. Introduced at a duly convened meeting held on November 9, 2004, given first reading and ordered by the Mayor to be held over in the office of the City Clerk, subject to public inspection, pending consideration by the City Commission at a subsequent meeting. Given Second Reading and Enacted by the City Commission of the City of Paducah, Kentucky, at a duly convened meeting held on November 23, 2004, signed by the Mayor indicating her approval, attested under seal by the City Clerk, ordered to be recorded and published by Summary and to be in effect. Attest: City Clerk Published by The Paducah Sun, November 29, 2004 CITY OF PADUCAH. KENTUCKY Mayor CERTIFICATE OF CITY CLERK I, Tammara S. Brock, the duly qualified and acting City Clerk of the City of Paducah, Kentucky, do hereby certify that the foregoing is a true, complete, and correct copy of an Ordinance which received its first reading by the City Commission of said City on November 9, 2004, that said Ordinance was then placed on file in my office for public inspection in its completed form until November 23, 2004, on which date it was given its second reading and final passage and adopted by said City Commission, executed by the Mayor and attested by the City Clerk, and that said Ordinance has been duly recorded in the official records of the City, as shown by the official records of said City in my custody and under my control. WITNESS my hand and seal of said City, this 23rd day of November, 2004. (Seal of City) \ord\bond-IDA i RI