HomeMy WebLinkAboutOrdinances Book 14, Page 441, No Ordinance NumberAN ORDINANCE APPROVING, RATIFYING AND CONFIRMING A
RESOLUTION OF THE ELECTRIC PLANT BOARD OF THE CITY OF PADUCAH,
KENTUCKY, WITH RESPECT TO THE ACQUISITION OF A MUNICIPAL ELECTRIC
PLANT AND ISSUANCE OF ELECTRIC PLANT BOARD REVENUE BONDS IN
CONNECTION THEREWITH
WHEREAS, the City of Paducah, Kentucky, did heretofore
pursuant to ordinance duly and finally adopted on January 30, 1945
by the Board of Commissioners as its legislative body declare
the desire and intention of the City to accept and operate under
the provisions of KRS Section 96.550 et seq., and further authorized
the Mayor of said City to appoint a Board, subject to the approval
of appointments by the Board of Commissioners as the governing
body of said City, and responsive thereto there has heretofore
been duly and lawfully created an Electric Plant Board of said
City which has been duly organized and pursuant to said ordinance
as amended March 7, 1959, is now functioning on behalf of said City
with respect to the acquisition of a municipal electric plant; and
WHEREAS, pursuant to ordinance duly and finally adopted
on August 23, 1960, by said Board of Commissioners it was declared
desirable that said City purchase and operate a municipal electric
plant and at an election duly called and held in and for said City
on November 8, 1960, a majority of all the qualified voters of
said City voting at said election on the question voted in favor
of said City purchasing from Kentucky Utilities Company an electric
plant at the price of $5,861,638 (subject to lawful adjustment
for changes in said electric plant after October 1, 1959) and the
issuance of revenue bonds to the amount of $7,050,000 to pay the
purchase price and the costs and expenses incident to such purchase
and to placing said electric plant in municipal operation; and
WHEREAS, pursuant to resolution duly adopted by said
Electric Plant Board on March 8, 1961, provision has been made for
the issuance and sale of Electric Plant Board Revenue Bonds to the
amount of $7,050,000 for the purpose of acquiring such municipal
electric plant and placing same in municipal operation, a certified
copy of which resolution has been submitted to this Board of
Commissioners and duly examined and considered;
NOR WHEREFORE, BE IT AND IT IS HEREBY ORDAINED BY THE BOARD
OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
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SECTION 1. That the City of Paducah, Kentucky, acting
by and through its Board of Commissioners as its legislative and
governing body, hereby consents to, authorizes, approves, ratifies
and confirms the acquisition of a municipal electric plant by said
City and the issuance of Electric Plant Board Revenue Bonds to the
amount of $7,050,000, -and hereby adopts, consents to, authorizes and
approves, ratifies and confirms, all of the provisions with respect
to such acquisition and said bonds, as referred to and set forth
in the resolution adopted by the Electric Plant Board of said City
on March 8, 1961, as referred to in the preamble hereof.
SECTION 2. That all ordinances, resolutions or orders,
in so far as same may be in conflict herewith, are to the extent
of such conflict hereby repealed.
SECTION 3. This ordinance shall be introduced at a regular
meeting of the Board of Commissioners of the City of Paducah, Kentucky,
and before its adoption remain on file at least one (1) week for
public inspection in the completed form in which it shall be put
upon its final passage, and if adopted shall be in full force and
effect at the expiration of ten (10) days after its adoption.
l /
ayor
Introduced by the Board of Commissioners March 14, 1961
Passed by the Board of Commissioners March 28, 1961
Recorded by Sarah Thurman, City Clerk, March 28, 1961.