HomeMy WebLinkAboutOrdinances Book 13, Page 53, No Resolution Number53
RESOLUTION OF BOARD OF COMUSSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, ACCEPTING SUCCESSFUL BID ON $2,750,000 OF CITY OF PADUCAH
SCHOOL BUILDING REVENUE BONDS DATED APRIL 1, 1954
WHEREAS, notice of sale of $2,750,000 of City of Paducah
School Building Revenue Bonds dated April 1, 1954, has been given in
strict compliance with the law and
WHEREAS, all bids received for said Bonds have been considered
and are as follows:
Bidder
Allen & Co., New York
The Ohio Company, Columbus
The W. C. Thornburgh Co.
Cincinnati
Stein Bros. & Boyce
J. J. B. Hilliard & Son
Blythe & Company, Inc
Interest Rates
40 1955 to 1959, Inc
3-1/4% 1960 to 1967, Inc.
31% 1968 to 1976
Amount per
01,000 Principal
Amount of Bonds
x1,000
3-3/4% 1955 thru 1959, Inc
1-1/2;0 1960 thru 1965, Inc $1,000
3-3/4% 1966 thru 1976, Inc
3-1/2I 1955 to 1959, Inc
3-1/4J 1960 to 1961, Inc :x1,000
3% 1962 to 1963, Inc
3-1/4/ 1964 to 1966, Inc
3-1/2i 1967 to 1976, Inc
Plus accrued interest to date of delivery
WHEREAS, the matter of which bid is the highest and best to
the City and to the Board of Education o f the School District has been
sufficiently considered,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF CO11JSSIONERS
OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the bid of J. J. B. Hilliard & Son and Blythe & Company,
Inc. for the sale of said $2,750,000 of City of Paducah School Building
Revenue Bonds dated April 1, 1954, and numbered 1 through 2,750, be
accepted and confirmed, the said bid being at a price of $1,000.00, per
$1,000.00 principal amount of bonds, to bear interest of 3 bk% 1955 to 1959,
Inclusive; 34% 1960 to 1961, Inclusive; 3% 1962 to 1963s Inclusive; A% 1964
to 1966, Inclusive and 326 1967 to 1976, Inc. Plus accrued interest to date of
delivery per annum, said bid being hereby determined to be the highest and best
to the City for said bonds, and the interest rates on said bonds are fixed
at the rates set out in said successful bid.
SECTION 2. That all of said bonds shall be delivered by the City
Treasurer to said purchaser upon payment for same in accordance with this sale
plus accrued interest from April 1, 1954, to the date of delivery. That delivery
shall be made to said purchaser in the City of Louisville, Kentucky, in
accordance with the terms of the notice of bond sale/
54
SECTION 3. That the acceptance of said bid subjects the City to
no liability if for any reason it is unable to obtain the final approving
legal opinion of Messrs. Hays & Fahye, attorneys of Louisville, Kentucky,
or if said bonds or the interest thereon should be subject to ad valorem
or income taxation by the Federal Government or the Commonwealth of
Kentucky on the delivery date of said bonds, but the purchaser shall not
be required to take up said bonds without the final approving opinion of
said attorneys accompanying said bonds, or if said bonds or the interest
thereof shall become subject to taxation.
SECTION 4. This Resolution shall be in full force and effect
from and after its adoption.
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Mayor
ATTEST:
City Clerk
Passed by the Board of Commissioners March 23, 1954
Recorded by Sarah Thurman; City Clerk, March 23, 1954•