HomeMy WebLinkAboutOrdinances Book 13, Page 431, No Resolution Number•
A RESOLUTION PROVIDING FOR THE SALE AND AWARD OF $1,280,000
GENERAL OBLIGATION SEWER BONDS, AND APPROVING AND AUTHORIZING
THE AGREEMENT OF SUCH SALE AND AWARD
14HEREAS notice of sale of $1,280,000 General Obligation Sewer
Bonds of the City of Paducah, Kentucky, has heretofore been given
in strict compliance with the orders of this Board of Commissioners,
thus enabling everyone interested in said bonds to present a pro-
posal in connection therewith; and
WHEREAS all bids have been received and duly considered, the
substance of the best bid being as follows: Price of $1009.50 per
9"1,000 principal amount plus accrued interest and bearing an average
interest rate of 2.98932%.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF P ADUCAH, KENTUCKY:
SECTION 1. That upon being advised in the premises, it is
hereby determined that the bid of Equitable Securities Corporation
and J. J. B. Hilliard & Son & Associates for the purchase of $1,280,000
General Obligation Sewer Bonds, as advertised and as prescribed by the
ordinance heretofore finally adopted on March 30, 1955, upon terms
of fi1009.50 for each $1,000 of the principal amount of the bonds,
for bonds numbered 1 to 160 inclusive, bearing interest at the coupon
rate of Four (4%) percent,and bonds numbered 161 to 480 inclusive, at
the coupon rate of Two & three-fourths (2-3/4%) Percent, and bonds
numbered 481 to 992 inclusive, at the coupon rate of Three (3%)
Percent, and bonds numbered 993 to 1280 inclusive, at the coupon
rate of Three & one-eighth (3-1/$%) Percent, is the highest and best
bid received, and that said bonds be and are hereby awarded to
Equitable Securities Corporation and J. J. B. Hilliard & Son &
Associates as being the best terms for the interests of said city.
The coupon interest rates for the respective bonds aforesaid is
hereby fixed.
SECTION 2. That the form of proposal for the purchase of said
bonds by Equitable Securities Corporation and J.J. B. Hilliard & Son
& Associates be and the same is hereby approved, and the Mayor and
City Clerk are hereby authorized to accept said proposal for and on
behalf of the City of Paducah, Kentucky, and to affix the corporate
seal of said city.
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432
SECTS That all resolutions or parts thereof in so far as same may
be in conflict herewith be and the same are, hereby repealed.
SECTION 4.. That this Resolution shall be in full force and effect from
and after its adoption.
7ayor
Passed by the Board of Commissioners October 25, 1955
Recorded by Sarah Thurman, City Clerk, October 25, 1955.