HomeMy WebLinkAboutOrdinances Book 12, Page 703, No Resolution NumberRESOLUTION FIXING THE COUPON INTEREST RATES AND PROVIDING FOR THE SALE
AND AWARD OF $500,000 WATERWORKS REVENUE BONDS, SERIES OF 1952, AND APPROVING
AND AUTHORIZING THE AGREEMENT OF SUCH SALE AND AWARD
WHEREAS notice of sale of $500,000 Waterworks Revenue Bonds, Series of
1952, of the City of Paducah, Kentucky, consisting of bonds numbered 1 to 500,
inclusive, as authorized by the ordinance finally adopted by he Board of Comm-
issioners of said city on April 1st, 1952, has heretofore been given in strict
compliance with be orders of this Board of Commissioners, thus enabling everyone
interested in said bonds to present a proposal in connection therewith; and
WHEREAS all bids have been received and duly considered, the substance
of the best bid being as follows: 100 for 2N% per annum on buds maturing 1954
through 1963 - 2L0 per annum on bonds maturing 1964 through 1970 - 2 3/4% on
bonds maturing 1971-1972;
NOW, THEREFORE, BE IT AND IT IS HEREBY RESOLVED AND ORDERED BY THE
BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION I. That upon being advised in the premises it is hereby
determined that the bid of Stein Bros & Boyce, Blyth & Company, J. J. B. Hilliard
& Sons and O'Neil Alden Company for the purchase of :500,000 Waterworks Revenue
Bonds, Series of 1952, bearing interest at the respective coupon interest rates
hereinafter indicated and being in all other respects as advertised, upon terms
of 100 plus accrued interest 240- 1954 through 1963, 2z% 1964 through 1970 -
2 3A% 1971 through 1972 is the highest and best bid received and that said bonds
be and the same are hereby awarded to said Stein Bros & Bpyce, J. J. B. Hilliard
& Sons, Blyth & Company, O'Neil Alden Company as being the best terms for the
interests of said city.
SECTION 2. That said Waterworks Revenue Bonds, Series of 1952, as
authorized by the ordinance heretofore finally adopted by the Board of Commission:
of the City of Paducah, Kentucky, on April 1st, 1952, consisting of bonds numbered
1 to 500, inclusive, shall bear interest at the respective coupon interest rates
as follows:
Bond numbers Maturities Interest Rates
ZInclusive
1 - 100 1954 - 1963 Inclusive 2%110' Per annum
101 - 170 1964 - 1970 Inclusive 20 per annum
171 - 500 1971 and 1972 Inclusive 2
3/4/ per annum
SECTION 3. That the form of agreement of sale of said bonds to Stein
Bros. & Bpyce, Blyth & Co. J. J. B. Hilliard and O'Neil Alden Company be and the
same is hereby approved, and the P•,ayor and City Clerk are hereby authorized to
execute said agreement for and on behalf of the City of Paducah, Kentucky, and
to affix the corporate seal of said city thereto.
8
703/
704
SECTION 4. That all resolutions and orders or parts thereof in so far as same
may be in conflict herewith, be and the same are hereby repealed, and that this
resolution become effective forthwith upon its passage and approval.
Passed and approved April g, 1952.
ATTEST•
City Clerk
Z'I 4/
Mayor
t.