HomeMy WebLinkAboutOrdinances Book 15, Page 154, No Ordinance NumberORDINANCE AUTHORIZING THE ISSUANCE OF SCHOOL BUILDING REVENUE BONDS,
SERIES 1963, FOR THE PURPOSE OF PAYING THE COST OF CONSTRUCTING A NEW
SCHOOL BUILDING IN PADUCAH, KENTUCKY, AND AUTHORIZING THE EXECUTION OF A
LEASE OF SAID SCHOOL BUILDING AND APPURTENANT PROPERTIES TO THE BOARD OF
EDUCATION OF THE CITY OF PADUCAH, KENTUCKY, SO AS TO PRODUCE REVENUES TO
PAY SAID BONDS
WHEREAS the City of Paducah, Kentucky, acting by and through
its Board of Commissioners, has heretofore agreed to provide funds,
as hereinafter provided, to construct a new school building as an
addition to the existing Franklin School in said City on a site
heretofore conveyed to said City and hereinafter more particularly
described, and the plans and specifications for said school build-
ing have been heretofore prepared and filed in the office of the
City Clerk and have been approved by the Board of Education of the
City of Paducah, Kentucky, and by the State Superintendent of Public
Instruction, and contracts for the construction of said school build-
ing have heretofore been duly awarded and the Board of Education
has agreed to use and occupy the school building to be constructed
as aforesaid pursuant to the terms of the Contract of Lease and
Rent, as hereinafter provided, and in order to pay the cost of con-
structing said school building it will be necessary that the City
of Paducah borrow money and issue bonds to the aggregate amount
of One Hundred Twenty -Five Thousand Dollars ($125,000), as herein-
after provided, all pursuant to and an authorized and permitted
by Sections 162.150 to 162.2$0, inclusive, of the Kentucky Revised
Statutes;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That for the purpose recited in the preamble
hereto there shall be and there are hereby authorized and ordered
to be issued the negotiable School Building Revenue Bonds, Series
1963, of the City of Paducah, Kentucky, in the aggregate principal
amount of $125,000, to be dated November 1, 1963, of the denomina-
tion of $1,000 each, numbered 1 to 125, inclusive, bearing interest
payable semi-annually on May 1 and November 1 of each year. Said
bonds shall bear interest at such coupon rate or rates not exceed-
ing the statutory maximum rate of six per cent per annum, as may
be determined and fixed at the time of receipt and consideration of
proposals for the purchase thereof, as hereinafter provided. Said
bonds shall mature serially and in numerical order on November 1
of the respective years, as follows:
155
Year
Amount
Year
Amount
1964
$8,000
1971
$10,000
1965
8,000
1972
10,000
1966
8,000
1973
11,000
1967
9,000
1974
11,000
1968
9,000
1975
11,000
1969
9,000
1976
12,000
1970
9,000
provided, however, said bonds numbered 43 to 125, inclusive, shall
be optional for redemption by said City prior to maturity on any
interest payment date on or after May 1, 1969, in whose or from
time to time in part in the inverse order of their maturities (less
than all of a single maturity to be selected by lot), upon terms
of par and accrued interest plus a redemption premium of three per
cent (3%) of the principal amount thereof if called for redemption
on or prior to November 1, 1973; and two per cent (2%) of the prin-
cipal amount thereof if called for redemption thereafter and prior
to maturity, and it is hereby agreed that notice of any such redemp-
tion identifying the bonds to be redeemed will be given by publica-
tion at least once not less than thirty days prior to the redemp-
tion date in a newspaper of general circulation throughout Kentucky,
and any bonds thus called for redemption and for the retirement of
which funds are duly provided will cease to bear interest on the
redemption date.
Both principal of and interest on said bonds shall be
payable in lawful money of the United States of America at the prin-
cipal office of the Citizens Bank & Trust Co., in the City of Paducah,
Kentucky. Each of said bonds shall be executed on behalf of said
City with the signature of its Mayor, attested by its City Clerk,
and with the corporate seal of said City affixed, and each of the
coupons evidencing -interest shall be executed by the facsimile sig-
nature of such Mayor and City Clerk, and said officials, by the
execution -of said bonds, shall adopt as and for their own proper
signatures their respective facsimile signatures on each of said
coupons. All of said bonds, together with interest thereon, shall
be secured by and be payable solely out of the "1963 School Build-
ing Revenue Bond Fund", hereinafter created, and the revenues from
the use and occupation of the school building and appurtenant prop-
erties pledged to said fund.
SECTION 2. That said bonds and coupons shall be in sub-
stantially the following form:
(Form of Bond)
UNITED STATES OF AMERICA
COMMONWEALTH OF KENTUCKY
COUNTY OF MCCRACKEN
CITY OF PADUCAH
156
SCHOOL BUILDING REVENUE BOND
SERIES 1963
Number $1,000
KNOW ALL MEN BY THESE PRESENTS that the City of Paducah,
in the County of McCracken and Commonwealth of Kentucky, for value
received, hereby promises to pay to bearer, as hereinafter provided,
the sum of One Thousand Dollars ($1,000) on the first day of Novem-
ber, 19_, and in like manner to pay interest on said sum from
the date hereof at the rate of per cent
( �) per annum, payable semiannually on the first days of
May and November in each year until paid, all such interest as may
accrue on and prior to maturity hereof to be paid only upon presenta-
tion and surrender of the.annexed interest coupons as the same
severally mature, both principal and interest being payable in law-
ful money of the United States of America at the principal office
of the Citizens Bank & Trust Co., in the City of Paducah, Kentucky.
This bond is one of an authorized series of bonds numbered
1 to 125, inclusive, issued by said City pursuant to ordinance duly
adopted and approved by its Board of Commissioners for the purpose
of thereby evidencing the cost of constructing a new school build-
ing as an addition to the existing Franklin School in said City.
under and in full compliance with the Constitution and Statutes of
the Commonwealth of Kentucky, including among others Sections 162.150
to 162.280, inclusive, of the Kentucky Revised Statutes.
Said bonds numbered from 43 to 125,,. inclusive, shall be
optional for redemption by said City prior to maturity on any in-
terest payment date.on or after May 1, 1969, in whole or from time
to time in part in the inverse order of their maturities (less than
all of a single maturity to be selected by lot) upon terms of par
and accrued interest plus a redemption premium of three per cent
0%) of the principal amount thereof if called for.redemption on
or prior to November 1, 1973; and two per cent (2%) of the princi-
pal amount thereof if called for redemption thereafter and prior
to maturity, and it is hereby agreed that notice of any such redemp-
tion identifying the bonds to be redeemed will be given by publica-
tion at least once not less than thirty days prior to the redemp-
tion date in a newspaper of general circulation throughout Kentucky,
and any bonds thus called for redemption and for the retirement of
which funds are duly provided will cease to bear interest on the
redemption date.
W,IOL
This bond and the series of which it forms a part are
payable only from and secured by the gross income and revenues to
be derived from leasing said school building and appurtenant prop-
erties, a sufficient portion of which to pay the principal of and
interest on said bonds as and when the same become due and payable
shall be set aside as a special account pledged for that purpose
and identified as the "1963 School Building Revenue Bond Fund."
This bond and the series of which it forms a part do not constitute
an indebtedness of said City within the meaning of any constitutional
provisions or limitations. Said City covenants that it will fix and
charge such rates and account for income and revenues from said school
building and appurtenant properties sufficient to pay promptly the
principal of and interest on this bond and the series of which it
forms a part.
A statutory mortgage lien which is hereby recognized as
valid and binding on said school building and appurtenant proper-
ties is created and granted in favor of the holder or holders of
this bond and the series of which it forms a part and in favor of
the holder or holders of coupons attached to said bonds, and said
school building and any appurtenances or additions thereto shall
remain subject to said statutory mortgage lien until the payment
in full of the principal of and interest on this bond and the series
of which it forms a part; provided, that the right is reserved to
withdraw free and clear of said statutory mortgage lien any unimproved
portion of the site of said school building and appurtenant prop-
erties for the use as a site for other and additional school build-
ing projects, but no such withdrawal or withdrawals shall be made
so as to interfere with the continued use and occupancy of the bal-
ance of said site, including such easements and rights of way for
ingress, egress and the rendering of services thereto as may be
necessary for the proper use and mainyenance of the same.
This bond is exempt from taxation in the Commonwealth
of Kentucky.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all
acts, conditions and things required to exist, happen and be performed
precedent to and in the issuance of this bond have existed, have
happened and have been performed in due time, form and manner as
required by law; and that the amount of this bond, together with
all other obligations of said City, does not exceed any limit pre-
scribed by the Constitution or Statutes of the Commonwealth of Ken-
tucky, and that a sufficient amount of the income and revenues of
said school building and appurtenant properties has been pledged
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to and will be set aside in the said special fund by said City for
the prompt payment of the principal of and interest on said bonds.
IN WITNESS WHEREOF said City of Paducah, acting by and
through its Board of Commissioners, has caused this bond to be signed
by its Mayor, attested by its City Clerk and sealed with its cor-
porate seal and the coupons hereto attached to be executed with
the facsimile signatures of said Mayor and City Clerk,which offi-
cials by the execution of this bond do adopt as and for their own
proper signatures their respective facsimile signatures appearing
on said coupons, and this bond to be dated the first day of Novem-
ber, 1963.
Attest:
City Clerk
Number
(Form of Coupon)
On the first day of 19 , the City
of Paducah, Kentucky, will pay to bearer
Dollars ($; ) out of its "1963 School Build-
ing Revenue Bond Fund" at the Citizens Bank & Trust Co. in the City
of Paducah, Kentucky, as provided in and for interest then due on
its School Building Revenue Bond, Series 1963, dated November 1,
1963. No.
Mayor
Attest:
City Clerk .
SECTION 3. That Henry 0. Whitlow, Attorney, is hereby authorized
to examine the record title to the site of said school building and to
render an opinion thereon for the purpose of confirming that mercha-
ntable title thereto is vested in the City of Paducah free and clear of
all liens and encumbrances, and when said City has issued bonds hereunder,
the said school building shall be constructed as expeditiously as may be
on the site generally described as follows:
SITE OF NEW SCHOOL BUILDING AS AN
ADDITION TO EXISTING FRANKLIN SCHOOL
Beginning at a point on the west side of Fifth
Street 115 feet 6 inches north of the northwest
intersection of Fifth and Elizabeth Streets;
thence along the west line of Fifth Street 614
feet; thence at right angles and in a westerly
direction 1$1 feet 6 inches; thence at right
angles and in a southerly direction a distance
of 614 feet; thence at right angles and in an
easterly direction a distance of 181 feet 6 inches
to the point of beginning.
0
and thereupon said school building and appurtenant properties shall,
for the purpose of this ordinance, be leased, rented, used and oc-
cupied as a revenue producing undertaking. The income and revenues
from such leasing, rental, use and occupancy, including specifically
the gross income and revenues from the Contract of Lease and Rent
with the Board of Education of the City of Paducah, Kentucky, shall
be set aside and held apart from all other funds of said City and
shall be apportioned as follows:
1. There shall be and there is hereby created an
account to be known as the "1963 School Building Revenue
Bond Fund" (hereinafter referred to as the "Sinking Fund")
into which there shall be paid and set aside all or such
portion of the income and revenues from said school build-
ing and appurtenant properties as will be sufficient to
pay the interest on and principal of the bonds hereby au-
thorized as the same are scheduled to become due. All
sums received as accrued interest in the issuance of the
bonds hereby authorized, together with a sufficient por-
tion of the proceeds equal in the aggregate to the amount
of interest to accrue on said bonds to and including May
1, 1964, will represent interest during construction of
the school building, and same shall be paid into said
Sinking Fund. It is hereby covenanted and agreed by said
City that, exclusive of said items of accrued interest
and interest during construction aforesaid, after May
1, 1964, so long as any of said bonds remain outstanding
and unpaid, the amount to be annually set aside from the
gross income and revenues as aforesaid and converted in-
to said Sinking Fund during the fiscal years ending Novem-
ber 1.. of the years 1964 to 1976, inclusive, for the pur-
pose of paying the interest on and principal of the bonds
hereby authorized shall not be less than as set forth
in the following schedule:
For the fiscal year ending November 1, 1964
($10,1$7.50 from income and revenues, bal-
ance from bond proceeds) $12,375
For the fiscal year ending November 1, 1965 12,095
For the fiscal year ending November 1, 1966 11,815
For the fiscal year ending November 1, 1967 12,535
For the fiscal year ending November 1, 1968 12,220
For the fiscal year ending November 1, 1969 11,925
For the fiscal year ending November 1, 1970 11,590
For the fiscal year ending November 1, 1971 12,275
For the fiscal year ending November 1, 1972 11,925
For the fiscal year ending November 1, 1973 12,575
For the fiscal year ending November 1, 1974 12,190
For the fiscal year ending November 1, 1975 11,805
For the fiscal year ending November 1, 1976 12,420
159
ME
The first payment of $10,1$7.50 from said income and rev-
enues shall be made on or before October 15, 1964, and
thereafter each annual payment shall be made in equal
semiannual installments on or before April 15 and Octo-
ber 15 of the respective fiscal vears. The minimum
annual payments set. forth in the foregoing schedule con-
template the issuance of the bonds hereby authorized bear-
ing interest at the rate.of.three and one-half per cent
(3-1/20) per annum, and'_ih>-the event the interest rate
or rates applicable to said bonds shall be established
otherwise than at three and one-half per cent (3-1/2%)
per annum for all bonds, said minimum annual payment from
income and revenues for the fiscal year ending November
1, 1964, shall be automatically increased or decreased
by the difference between the actual six months interest
requirements on said bonds as compared with interest com-
puted thereon for such six month period at the rate of
three and one -hall' per cent.(3-1/2%) per annum, and each
of said minimum annual payments for the fiscal years end-
ing November 1 of the years 1965 to 1976, inclusive, shall
be automatically increased or decreased by the difference
between the actual annual interest requirements on said
bonds from time to time outstanding as compared with in-
terest computed thereon at the rate of three and one-half
per cent (3-1/2%) per annum.
The amount by which any such payment into said Sink-
ing Fund in any fiscal year might exceed the aggregate
amount of interest on and principal of the bonds hereby
authorized shall be held therein as a reserve for subse-
quent interest and principal requirements, and only the
amount in said Sinking Fund in excess of the amount of in-
terest and principal to become due within one year may be
used to retire bonds in advance of maturity unless all of
the bonds then outstanding are to be redeemed.
Provided, however, that no further payments
need be made into said Sinking Fund whenever and so long
as such amount of the bonds hereby authorized shall have
been retired that the amount then held in such fund (in-
cluding the reserve for contingencies) is equal to the
entire amount required to accomplish retirement of all
of the bonds then remaining outstanding and pay all in-
terest to accrue thereon.
161
If in any year the City shall for any reason fail
to pay into said Sinking Fund the full amount above stip-
ulated, then an amount equivalent to such deficiency shall
be set apart and paid into said fund from the first avail-
able gross income and revenues of said school building
and appurtenant properties for the following year or years,
and same shall be in addition to the amount otherwise
herein provided to be so set apart and paid during such
succeeding year or years.
All moneys held in said Sinking Fund, as aforesaid,
shall be deposited in a bank or banks, and all such depos-
its which cuase the aggregate deposits by said City in
any one bank to be in excess of $10,000 shall be contin-
uously secured by a valid pledge of direct obligations of
the United States Government having an equivalent market
value or shall be invested in direct obligations of the
United States Government retireable at the option of the
holder or maturing prior to the date when such obligations
will need to be sold for meeting annual interest and prin-
cipal payments.
Said fund as next hereinbefore provided and the pro-
ceeds of rental payments by the Board of Education shall
be used solely and only and are hereby pledged for the
purpose of paying interest on and principal of the bonds
herein authorized to be issued as the same become due.
2. Out of the balance of the revenue and income
remaining after the aforesaid payments into the Sinking
Fund there shall be set aside into a maintenance fund
whatever amount may be necessary for the proper mainte-
nance of said school bui.'..ding and appurtenant properties
to the extent the cost of such maintenance is not other-
wise provided, including the cost to insure continuously
said school building and appurtenant properties against
.loss or damage by fire, wind, storm or other calamity
in an amount at least equal to the fair cash value thereof,
as represented by the cost less reasonable depreciation,
the maximum depreciation allowable hereunder being hereby
fixed and determined as a sum equal to the amount of bonds
which have been retired.
Such insurance shall be for the use and benefit of
the holder or holders of any bond or bonds, it being the
intention of the City to provide that insurance shall
162
be carried which shall be at all times equal to at least
the full insurable value.
SECTION 4. Said City hereby covenants and agrees with
the holder or holders of the bonds herein authorized to be issued,
or any of them, that it will faithfully and punctually perform all
duties with reference to said school building and appurtenant prop-
erties required by the Constitution and laws of the Commonwealth
of Kentucky, including the fixing of reasonable and sufficient rent-
als for services rendered thereby, and will segregate said revenues
and income and make application of the respective funds created by
this ordinance. The City further irrevocably covenants, binds and
obligates itself to perform all duties imposed upon it by the Con-
stitution and Statutes of Kentucky in relation to maintaining said
1 school building and appurtenant properties and taking all steps
necessary to produce annually for the Board of Education of the
City of Paducah, Kentucky, a sum sufficient to pay the rental charges
for services rendered to the Board of Education on account of the
use of said school building and appurtenant properties. It is the
declared intention of the City to lease said school building and
appurtenant properties to said Board of Education for an extended
period of years, as provided in a certain resolution adopted by
the Board of Education of the City ofrPaducah, Kentucky, on the
31st day of October, 1963, which resolution and the proposed
Contract of Lease and Rent contained therein has been heretofore
submitted to this Board of Commissioners and is hereby ac-
cepted and made a part hereof; and the Mayor is hereby authorized
to execute and acknowledge said lease for and on behalf of said
City, and the City Clerk is hereby authorized to attest same and
affix the corporate seal of said City thereto. The City further
binds and obligates itself not to sell, mortgage or in any manner
dispose of said school building and appurtenant properties, includ-
ing any and all extensions and additions that may be made thereto,
except for the statutory mortgage provided for in Section 5 hereof,
until all the bonds issued hereunder shall have been paid in full,
both as to principal and interest, provided, that the right is here-
by reserved by said City to withdraw any unimproved portion of the
site of said school building and appurtenant properties and include
such portion or portions so withdrawn in other and additional school
building projects, all as contemplated and provided in such Contract
of Lease and Rent hereinbefore identified. The City further cove-
nants and agrees with the holder of said bonds to maintain said
L
163
school building and appurtenant properties in good condition and to
charge and collect such rents for services rendered thereby so that
the gross income and revenues will be sufficient at all times to pro-
vide for the payment of the interest on and the principal of the
bonds herein authorized as and when they mature and to pay the main-
tenance cost thereof, including the cost of insurance, as hereinabove
provided.
SECTION 5. That for the further protection of the holders
of the bonds herein authorized to be issued and the coupons thereto
attached a statutory mortgage lien upon said school building and
all properties connected therewith and extensions thereof and belong-
ing thereto is granted and created by KRS 162.200, which said stat-
utory lien is hereby recognized and declared to be valid and bind-
ing upon the delivery of any bonds authorized to be issued under
the provisions of this ordinance; provided, that the right is re-
served to withdraw free and clear of said statutory mortgage lien
any unimproved portion of the site of said school building and ap-
purtenant properties for use as the site for other and additional
school building projects.
Any holder of said bonds or any of the coupons, either
at law or in equity, by suit,action, mandamus or other proceedings,
may enforce and compel the performance of all duties required by
the Constitution and Statutes of the'Commonwealth of Kentucky, in-
cluding the charging and collection of sufficient rents, the segrega-
tion of revenues and income and the application thereof, and may
by such action compel the performance of all duties imposed in the
operation of an adequate school system as provided by law, but only
in so far as the failure to perform such duties would or could affect
the interests of any holder or holders of any bond or bonds or cou-
pon or coupons herein authorized.
If there is any default in the payment of the principal
of or interest on any of said bonds, then upon the filing of suit
by any holder of said bonds or of any of the coupons any court hav-
ing jurisdiction of the action may appoint a receiver to administer
said project on behalf of the City and/or the Board of Education of
the City of Paducah, Kentucky, with power to charge and collect rents
sufficient to provide for the payment of any bonds or obligations
outstanding hereunder, and for the payment of the maintenance ex-
penses, and to apply the income and revenues in conformity with
this ordinance and the provisions of said laws of Kentucky aforesaid.
164
SECTION 6. The bonds authorized to be issued hereunder
and from time to time outstanding shall not be entitled to prior-
ity one over the other in the application of the revenues of said
school building and appurtenant properties or with respect to the
statutory mortgage lien securing their payment regardless of the
time or times of their issuance, it being the intention that there
shall be no priority among the bonds authorized to be issued under
the provisions of this ordinance regardless of the fact that they
may be actually issued and delivered at different times.
SECTION 7. While any of the bonds herein authorized are
outstanding, the City shall not issue any additional bonds or in-
cur any other obligations payable from the revenues of said school
building and appurtenant properties unless the lien and security of
such bonds or other obligations is made junior and subordinate in.
all respects to the lien and security of bonds herein authorized;
provided, that when any portion of the site of said school building
and appurtenant properties is withdrawn for use as the site for other
and additional school building projects, as the right so to do is
hereinbefore reserved, then such portion or portions so withdrawn
may be subjected to pledges of the income and revenues from such
other and additional school building projects independent of and
without regard to the security and application for the payment of
the bonds herein authorized.
SECTION 8, So long as any of said bonds are outstanding,
the City shall keep proper books of records and accounts (separate
from all other records and accounts) in which complete. and correct
entries shall be made of all transactions relating to said school
building and appurtenant properties. The City will furnish on writ-
ten request of any holder of said bonds, within thirty days after
the close of each six months' fiscal period, complete operating
and income statements in reasonable detail covering such six months'
period and, within sixty days after the close of each fiscal year,
complete financial statements of said project in reasonable detail
t
covering such fiscal year.
SECTION g. If any section, paragraph, clause or provi-
sion of this ordinance shall be held invalid, the invalidity of such
section, paragraph, clause or provision shall not affect any of the
remaining provisions.
SECTION 10. That upon the adoption of this ordinance the
City Clerk is hereby authorized and directed to cause notice of the
sale of said bonds to be published at least once in the Sun Democrat,
a legal newspaper published in the City of Paducah, Kentucky, and
091
in the Louisville Courier -Journal, a legal newspaper published in
the City of Louisville, Kentucky, and having a general circulation
throughout Kentucky so as to afford state-wide notice and in The
Daily Bond Buyer, a financial ,journal published in the City of New
York, New York, and having a general circulation among bond buyers,
and each of said newspapers and said financial journal are hereby
found and declared to be qualified to publish such notice for said
City of Paducah within the meaning and provisions of KRS Chapter
424. Each of such publications shall appear not less than seven
days nor more than twenty-one days prior to the scheduled date of
sale. Such notice shall be in the customary form or forms and shall
recite that bids will be received and acted upon by the Board of
Commissioners at the time of one of its scheduled meetings. The
bonds hereby authorized shall be executed as herein provided and
be thereupon deposited with the City Clerk for sale and delivery
to the purchaser. Out of the proceeds thus received all accrued
interest plus the sum representing interest during construction
shall be paid into the Sinking Fund as hereinbefore provided, and
the balance of the proceeds shall be set apart in a special construc-
tion fund to be used and expended to pay the cost of constructing
said school building and other pertinent expenses incident thereto,
provided, however, that if prior to the time whenthe bonds have
been delivered to the purchaser thereof and the proceeds are avail-
able the City of Paducah shall have found it necessary to obtain
advances from the Board of Education of the City of Paducah, Ken-
tucky, for various items of construction cost of said school build-
ing and necessary appurtenances thereto, such as sums for prelim-
inary surveys, architect's fees and amounts due to contractors,
the aggregate of all such advancements may be reimbursed to said
Board of Education upon presentation by said Board to the City Treas-
urer of statements with regard thereto in such reasonable detail and
authenticated in such manner as the City Treasurer may reasonably
require. Pending expenditure the money in said construction fund
shall be deposited in a bank or banks and, to the extent any such
deposits cause the aggregate deposits of the City in any one bank
to be in excess of $10,000, shall be collaterally secured by a pledge
of direct obligations of the United States Government having an
equivalent market value; provided, if the Board of Commissioners
shall determine at any time that the amount of bond proceeds avail-
able for construction costs is in excess of the amount necessary
to meet the authorized expenditures therefrom during the ensuing
165
166
three months, it may invest and reinvest such excess in interest
bearing direct obligations of the United States Government having
a maturity date or being subject to redemption at the option of
the holder within twelve months following the date of such invest-
ment therein. All such investments, as well as the income there-
from, shall be carried to the credit of the fund available for such
construction costs, and sale of such investments shall be made if
and to the extent necessary to meet such costs.
All checks, drafts or orders for the disbursement of said
construction fund for labor, materials, work or services in connec-
tion with the construction of said school building and necessary
appurtenances thereto shall be drawn and signed by the City Treas-
urer, countersigned by an authorized representative of the Board
of Education and accompanied in detachable form by a voucher signed
by the architect or engineer having supervision of the construction
work in substantially the following form:
"Authorization for Payment
It is hereby certified that
is due the sum of
which represents an amount duly earned by and
payable to said party, its successors or assigns
for labor, materials, work or services furnished
under an existing contract with the City of Paducah,
Kentucky, relating to the construction of a cer-
tain school building and appurtenances thereto
financed by the issuance of City of Paducah School
Building Revenue Bonds, Series 1963, dated Novem-
ber 1, 1963, or for other work or services in
connection therewith. It is further certified
that all of said labor, materials, work and/or
services were furnished within the boundaries of
the property described in the ordinance of the
Board of Commissioners of the City authorizing
said bonds, which property is encumbered by said
bond issue, or were furnished in connection with
the improvements, fixtures or appurtenances lo-
cated within the boundaries of said property.
Dated
, 19
Architect or Engineer."
SECTION 11. All ordinances, resolutions and orders, or
parts thereof, in conflict with the provisions of this ordinance
are, to the extent of such conflict, hereby repealed.
SECTION 12. This ordinance shall go into effect follow-
ing its adoption, approval and publication, as provided by law.
Introduced November 1, 1963.
Adopted and approved November 12, 1963.9
AT ST: e . ,:L�'"51 C- (_,
C. Winston Gholson, Mayor Pro Tem
& Commissioner
City Clerk
(/John Hornsby, Commissi, ner
Re orded Novi er 12, 1963
'
City Clerk
167
COMMONWEALTH OF KENTUCKY )
) SS
COUNTY OF MCCRACKEN )
I, Sarah Thurman, do hereby certify that I am the
duly qualified and acting City Clerk of the City of Paducah,
Kentucky, and that the foregoing constitutes a true, correct and
complete transcript of the official record of proceedings of the
Board of Commissioners of said City as had under the dates indicated
with respect to the authorization and issuance of School Building
Revenue Bonds, Series 1963, of said City to be dated November 1,
1963.
WITNESS my official signature and the corporate seal of
said City this 12 day of November, 1963.
(SEAL)
City Clerk