HomeMy WebLinkAboutOrdinances Book 15, Page 498, No Ordinance NumberORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, PROVIDING FOR THE ISSUANCE OF
SPECIAL OBLIGATION BONDS (SCHOOL BUILDING REVENUE BONDS) IN ACCORDANCE WITH
SECTIONS 1.62.120 THROUGH 162.290 AND SECTIONS 55.010 THROUGH 58.140 OF KENTUCKY
REVISED STATUTES, TO.PROVIDE FUNDS FOR SCHOOL BUILDING PURPOSES, PROVIDING AND
DETERMINING THE DUTY OF SAID CITY IN CONNECTION WITH THE OPERATION OF THE
SCHOOL PROPERTIES AND THE CREATION OF FUNDS SUFFICIENT TO PAY THE PRINCIPAL OF
AND INTEREST ON SAID REVENUE BONDS AS AND WHEN THEY MATURE AND THE CREATION OF
AN ADEQUATE MAINTENANCE AND INSURANCE FUND, AND AUTHORIZING THE EXECUTION OF A
LEASE OF SUCH FOREGOING PROPERTIES TO THE BOARD OF EDUCATION.
WHEREAS, it is advantageous and to the best interests of all concerned
that the City of Paducah (hereinafter referred to as the City) construct school
improvements as hereinafter are more particularly described And that such im-
provements be used and.occupied for school purposes by the Board of Education of l'
the Paducah Independent School District (hereinafter referred to as the Board),
pursuant to the Contract,.Lease and Option hereinafter provided, and
WHEREAS, the City, acting by and through its Board of Commissioners,
desires to provide funds as hereinafter set out to construct said improvements of
the lands hereinafter described, and the plans and specifications have been here,
tofore prepared and filed in the office of the City Clerk and have been approved
by the State Superintendent of Public Instruction, and contracts for said new im
provements have been or will shortly be awarded, secured by adequate performance
bonds, and
. WHEREAS, the Board has agreed to use and.occupy the school improvements
so to he constructed, pursuant to the terms of the Contract, Lease and Option
hereinafter provided, and said instrument has been examined and is now found and
declared.to he in conformity with statutory requirements, and in order to pay the
cost of, constructing said new school buildings and improvements it is necessary
that the City authorize $590,000 of City of Paducah (Kentucky) School Building
Revenue Bonds, dated April 1, 1965, all pursuant to and as permitted by sections
162.120 through 162..290 and sections 58,.010 through 58.14.0 of the Kentucky Re-
vised Statutes.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY, AS FOLLOWS:
1. The acceptance by the City of any deed or deeds, if necessary, in
order to vest title in the City of all of the properties hereinafter described
pursuant to the provisions of sections 162.120 through 162.290, is hereby author-
ized, without any further action by the Board of Commissioners. The form of
Contract, Lease and Option, a copy of which is attached hereto if and when same
is tendered by said Board, will be.accepted by the City, the form of same having
heen examined, considered and approved. The Mayor and CityClerk are hereby au-
thorized and empowered to execute same upon behalf of the City of Paducah, said
Contract, Lease and Option being tendered to the City by said Board.
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2. For the purpose recited in the preamble hereto there shall be and
there are hereby authorized and ordered to be issued and sold the negotiable
School Building Revenue Bonds of said City, in the afFrerate principal amount of
$590,000, dated April 1, 1965, numbered 1 through 590, and to consist of five hundred
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and ninety bonds of the denomination of $1,000 each. Said 41590,000 of bonds shall
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hear interest, payable on October 1, 1965, and semi-annually thereafter, at a
coupon rate or rates not exceeding 6% per annum, as may be fixed by a resolution
of the City as a result of the advertised sale of said bonds, and shall mature
serially and in numerical order on April 1 of the respective years as set out
below. Each bond shall have only one coupon representing interest due for each
semi-annual period.
The numbering of said bonds, maturities and principal and interest re-
quirements of said $590,000 of bonds, based on an assumed interest rate of 3 1
per annum on all of such $590,000 of bonds, are as follows:
Said bonds shall bear interest from April 1, 1965, payable on October 1,
1965, and semi-annually thereafter on the first day of April and the first day of
October of each year, both principal and interest being payable at the Citizens 4nk
and Trust Company, Paducah, Kentucky, subject to prior redemption, in whole or
in part, only in the inverse order of maturieies, less than all of the bonds of a
single maturity to be selected by lot, at the City's option, on any interest due
date falling on or after April 1, 1970, upon thirty days' notice published at least
once in a newspaper of general circulation throughout Kentucky, and upon payment If
the face amount plus accrued interest plus additional interest equal to 2% of the
face amount if the stated date for prior redemption is prior to maturity.
3. Said bonds shall be executed on behalf of the City of Paducah,
Kentucky, with the reproduced facsimile signature of the Mayor of the City and
attested by the manual signature of the City Clerk, and a reproduced facsimile of!
the corporate seal of such City shall be imprinted thereon, and the interest cou-i
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pons attached to said bonds shall be executed with the facsimile signatures of
said Mayor and City Clerk, which reproduced facsimile signatures are hereby adopt -
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ed, ratified and approved as their legal and binding signatures, if and when the I
City Clerk signs such bonds manually, and said bonds, together with the interest
thereon, shall be pavable only out of the "City of Paducah School Building Bond
and Interest Redemption Fund of 1965" hereinafter created and shall be a valid
claim of the holders thereof solely against said Fund and the income and revenues
of the School properties herein referred to.
Total
Numbering
Maturity, April 1
Principal
Interest
Requirements
1-45
1966
$ 45,000
$19,175.00
$64,175.00
L6-92
1967
1:7,000
17,712.50
64,712.50
93-1L.0
1968
4$,000
16,185.00
64,185.00
141-190
1969
50,000
14,625.00
64,625.00
191-21.2
1970
52,000
13,000.00
65,000.00
21.3-296
1971
5L,000
11,310.00
65,310.00
297=351
1972
55,000
9,555.50
64,555.50
352-1.08.
1973
57,000
7,767.50
61,767.50
1:09-L67
197L
59,000
5,915.00
64,915.00
468-527
1975
60,000
3,997.50
63,997.50
528-590
1976
63,000
2,047.50
65,047.50
Said bonds shall bear interest from April 1, 1965, payable on October 1,
1965, and semi-annually thereafter on the first day of April and the first day of
October of each year, both principal and interest being payable at the Citizens 4nk
and Trust Company, Paducah, Kentucky, subject to prior redemption, in whole or
in part, only in the inverse order of maturieies, less than all of the bonds of a
single maturity to be selected by lot, at the City's option, on any interest due
date falling on or after April 1, 1970, upon thirty days' notice published at least
once in a newspaper of general circulation throughout Kentucky, and upon payment If
the face amount plus accrued interest plus additional interest equal to 2% of the
face amount if the stated date for prior redemption is prior to maturity.
3. Said bonds shall be executed on behalf of the City of Paducah,
Kentucky, with the reproduced facsimile signature of the Mayor of the City and
attested by the manual signature of the City Clerk, and a reproduced facsimile of!
the corporate seal of such City shall be imprinted thereon, and the interest cou-i
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pons attached to said bonds shall be executed with the facsimile signatures of
said Mayor and City Clerk, which reproduced facsimile signatures are hereby adopt -
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ed, ratified and approved as their legal and binding signatures, if and when the I
City Clerk signs such bonds manually, and said bonds, together with the interest
thereon, shall be pavable only out of the "City of Paducah School Building Bond
and Interest Redemption Fund of 1965" hereinafter created and shall be a valid
claim of the holders thereof solely against said Fund and the income and revenues
of the School properties herein referred to.
1,. The aforesaid authorized issue of bonds in the amount of $590,000
and coupons shall be in substantially the following form:
UNITED STATES OF A14ERICA
COMMONWEALTH OF KENTUCKY
CITY OF PADUCAH SCHOOL BUILDING REVENUE BOND
DATED APRIL 1, 1965
No.
$1,000.00
500
The City of Paducah, Kentucky, for value received, hereby promises
to pay to the bearer the sum of One Thousand ($1,000) Dollars on the first day
of April., 19_, and to pay interest thereon at the rate of % per annum
from April 1, 1965, payable on October 1, 1965, and semi-annually thereafter
on April 1 and October l of each year, upon presentation and surrender of the
annexed interest coupons as the same severally mature, at Citizens Bank and Trust
'Company, Paducah, Kentucky.
The bonds of the series of which this bond is one are subject to prior
redemption only in the inverse order of their maturities, less than all of the
bonds of a single maturity to be selected by lot, in whole or in part, at the
City's option, on any interest due date falling on or after April 1, 1970, upon
notice of such redemption being given by publication at least once at least thirty
days prior to the date stated for redemption, in a newspaper of general circulation
throughout Kentucky, and upon payment of the face amount plus accrued interest, pli
additional interest equal to 3% of the face amount if the date stated for.prior re(
emption is prior to maturity.
This bond is part of an authorized issue of $590,000 of bonds authorized
to he issued by said City pursuant to an ordinance or ordinances of the Board of
Commissioners of said City to provide funds for the construction of school buildinE_
and appurtenances, pursuant to and in full compliance with the Constitution and
statutes of Kentucky, including_ sections 162.120 through 162.290 and sections 58.01
through 58.160 of the Kentucky Revised Statutes.
This bond is payable solely from and secured by a pledge of a fixed amount
of the gross income and revenues to be derived from the leasing of certain school
properties, which has been set aside as a special fund and pledged for that purpoa
and identified as City. of Paducah School Building Bond and Interest Redemption Fur
of 1965, and this bond does not constitute an indebtedness of the City of Paducah,
Kentucky*;: within the meaning of any constitutional provision or limitation.
The City of Paducah, Kentucky, covenants that it will fix and maintain
rentals and charges for the use of said properties, including all improvements the
on, adequate to maintain said City of Paducah School Building Bond and Interest
Redemption Fund of 1965 and sufficient to maintain a fund adequate to pay the cost
of maintenance and the insurance on such properties. So long as such properties
are leased by theBoard of Education of the Paducah Independent School District,
maintenance and insurance shall be as provided in the Contract, Lease and Option-:
dated as of April 1, 1965, between the City and such Board.
A statutory mortgage lien which is hereby recognized as valid and binding
on said school building properties is hereby created and granted in favor of the ho1lder
or holders of this bond and the issue of which it forms a part and in favor of the 1i
holder or holders of coupons attached to said bonds, and said school building prope�rtie
and any appurtenances thereto shall remain subject to said statutory mortgage lien !I
until the payment in full of the principal of and interest on this bond and the issue
of which it forms a part; provided, however, that said statutory mortgage lien is and
shall be restricted in its application to the school buildings and appurtenances tH ret
financed by this bond and the issue of which it forms a part and such easements are,
rights of way for ingress, egress and the rendering of services thereto as may be
necessary for the proper use and maintenance of the same, the right being hereby
expressly reserved to erect or construct upon the school sites described in the order
or ordinance authorizing the issuance of said bonds other independently finance school
building projects free and clear of said statutory mortgage lien, which other inde ;I,
pendehtly.school building projects may or may not have a party wall with and adjoin)
the school buildings and appurtenances which are subject to said statutory mortgage'I
lien, provided no part of the cost of said other independently .financed school building
projects is paid from the proceeds of the sale of this bond and the series of whichi
it .forms a part and provided the necessary easements .for ingress and egress shall 11
be deemed to exist and continue to exist for all school buildings, improvements and
additions financed by this or other bonds. However, part of such properties and thg
revenues from same are subject to the rights of the holders of City of Paducah Scho 1
Building Revenue Bonds dated April 1, 1954. The Board ofEducation of the Inde-
pendent School District has reserved the right at any time to obtain a release from
the aforesaid statutory mortgage lien and revenue pledge of any of the three sitesIi
by effecting the redemption of the proportionate part of the outstanding bonds of ;
said bond issue as was expended on the site being released. l
This bond and the coupon or coupons attached hereto shall pass by delivery.,
This bond is exempt from taxation in Kentucky.
501
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 do exist, have happened and have been performed in due time,
form and manner as required by law, and the amount of this bond, together with
all other oblifiations of said City, does not exceed any limit prescribed by the
Constitution of the statutes of Kentucky, and the City, so long as this bond and
the issue of which it forms a part remain outstanding, shall perform all duties
imposed upon it by the Constitution and statutes of Kentucky, including the tak-
ing of all steps necessary to produce annually a fund sufficient topay_
tal charges payable by the Board of Education of the Paducah Independentthe School
District, for the use of such property, and that such rental charges have been
pledged to and will be set aside into a special account in the treasury of said
City in an amount sufficient to pay the principal of and interest on this bond j
and the issue of which it is a part as and when the same become due.
IN WITNESS WHEREOF, said City of Paducah, Kentucky, has caused this
Nord to he executed on its behalf with the reproduced facsimile signature of its
Mayor and the reporduced facsimile of the corporate seal of said City to be im-
printed thereon, attested by the manual signature of its City Clerk, and the in -
ed by its Myor and City Clerk by
theirtreproduced coupons tfacsimile tached rsignatureto to bes, all tas of the.first day ofApril, 1965.
CITY OF PADUCAH., KENTUCKY,
By
ATTEST: A°ayor
City Clerk
(Form of Coupon)
Coupon No. $
Unless the bond to which this coupon appertains is redeemable and ac-
cordingly shall have been theretofore called for prior redemption, on the first
day of , 19 , the City of Paducah, Kentucky, willto the
bearer the w
The -sum shon hereon, out of theCity of Paducah School Building Bond
and Interest Redemption Fund of 1965, at Citizens Bank and Trust Company, Paducah,
Kentucky, being six months interest on its School Building Revenue Bond dated
April 1, 1965. No.
ATTEST:
City Clerk
CITY OF PADUCAH, KENTUCKY,
By
ilayor
5. The school properties securing the bonds herein authorized shall be
operated on a fiscal year basis commencing April 2 of each year and ending April 1
of the following year, and on that basis the.income and revenue of said properties
shall be set apart into a separate and special fund to be used for the retirement
of the aforesaid bonds and maintaining said properties.
There shall be and there is hereby created an account to be known as
"City of PaducahSchool Building Bond and Interest Redemption Fund of 1965" I
(hereinafter called the Bond Fund), to be deposited with the payee bank of said
bonds, into which there shall first be set aside from the proceeds of the sale
of the bonds the amount received from the purchaser representing accrued interest,)
Plus such an amount so that the total will be an amount equal to interest for at
least six months on said $590,000 of bonds, and there shall also he set aside into
said fund from the gross income and revenues of the properties not less than the
amounts set out in the table in Section 2 of this ordinance, not hereinbefore other-
wise provided for, if said $590,000 of bonds are sold to bear interest at the rate
of 3 lA% per annum, in ample time to pay the interest and principal as they fall
502
due, which amounts are hereby exclusively pledged to and shall be used only for the
purpose of paying the interest on and the principal of said bonds as and when they
mature.
In the event said bonds are sold to bear an interest rate or rates other
than the rate assumed, said figures shall be automatically adjusted accordingly.
In any event, there shall be set aside into said fund and there are
pledged such amounts as may from year to year be necessary to meet the principal a]
interest requirements of the outstanding bonds herein authorized.
The balance of the income and revenue remaining after the aforesaid
payments into theBond Fund have been made shall be set aside into a maintenance
fund and used for the maintenance of said school properties and to pay the cost
of insuring said properties against loss or damage by fire, windstorn or other
calamity, in an amount substantially equal to either at least the amount of the
bonds at any time outstanding or the maximum insurable value of the improvements,
whichever is lesser. Such insurance shall be for the use and benefit of the
holder or holders of any bond or bonds to the extent same are outstanding.
It is further agreed that in case the improvements on said premises are
totally destroyed by fire, windstorm or other hazard covered by insurance, the
City shall have the right to expend such proceeds to restore the properties; that
if such proceeds are not expended by the City for restoration of said properties
at the earliest practicable date, then all such insurance proceeds shall be used
for the purpose of redeeming• said outstanding bonds, not later than the first
date such bonds are subject to prior redemption, and said properties shall be and
become the properties of the Board upon all of such bonds and the interest thereon
being completely paid and retired, in which case the City shall convey said prop-
erties to the Board free and clear of all encumbrances. In the event of partial
destruction by fire, windstorm or other hazard covered by insurance, it is agreed
between the parties that the proceeds of such insurance shall be used solely and
only for the purpose of making the necessary replacements and repairs to the im-
provements, provided further that if following such partial or complete destructiot
any principal or interest payment is due and there are no other funds avail-
able for said payments, such insurance proceeds must be applied to the defaulted
payments.
6. The City hereby covenants and agrees with the holder or holders of
the bonds herein authorized that it will faithfully and punctually perform all
duties with reference to the school properties which are required by the Constitu-
tion and laws of Kentucky, including; the making and collection of reasonable and
sufficient rentals for said properties, and will segregate the revenues of said
properties and make application of the respective funds created by this ordinance.
The City further covenants to maintain said properties and to take all
steps necessary to produce annually for the Board a sum sufficient to pay the
rental charres for said properties as provided in a certain Contract, Lease and
503
Option dated as of April 1, 1965, a form of which has been submitted to the City.
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The City further binds and obligates itself not to sell, mortgage or in any man-
ner dispose of said properties except by the mortgage provided in Sections 4 and 1
7 hereof, until all of the bonds herein authorized shall have been paid in full,
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.both as to principal and interest, subject to the provisions of paragraph 14
hereof.
7. For the further protection of the holders of the bonds herein author-
ized to be issued and the coupons attached thereto, a statutory mortgage lien upon
said properties and all improvements thereon is granted and created by sections
162.120 through 162.290 of Kentucky Revised Statutes, which said statutory mortgag
lien is hereby recognized and declared to be valid and binding upon the City and
the properties herein -referred to and shall take -effect immediately, such statu-
tory mortgage lien being subiect to the terms and conditions set out in the form
of said bonds, which appears in Section l> of this ordinance.
Any bonder of said bonds or of any of the coupons, either at law or in
equity., by suit or other legal proceedings, may enforce and compel the performance
of all duties required by the Constitution and statutes of Kentucky, including
the charging and collection of sufficient rent, the segregation of income and
the application thereof, in so far as the failure to perform such duties affects
the interests of any holder of the bonds or coupons herein authorized.
If -there be 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 any of said
bonds or any of the coupons any court having ,jurisdiction of the action may
appoint a receiver to administer the properties, with power to charge and collect
rents sufficient to provide for the payment of interest and principal required by ++
said bonds and maintain the maintenance and insurance fund herein provided for. i
The reasonable legal fees and court costs, if any, incurred by any holder of such
bonds'or coupons in connection with the obtaining of the appointment of such re-
ceiver shall be paid from the revenues of such properties,
8. The bonds authorized to be issued hereunder shall not be entitled
to priority one over the other, regardless of the fact that they may be issued
and delivered at different times.
9. While any of the bonds herein authorized are outstanding, the.City '
shall not issue any additional bonds payable from the revenues of said properties
unless the lien to secure such additional bonds is made inferior and subordinate
in all repsects to the lien securing the bonds herein authorized.
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10. So long as any of the bonds are outstanding, the City shall keep
Proper books and records (separate from all other records and accounts) of all
ttansactions regarding said bonds.' It will furnish to the original purchaser of
said bonds and to the holder of any of said bonds, upon written request, not more
than thirty days after the close of each fiscal period, complete operating and
income statements, certified by the City auditors, and will grant to any holder
1
504
or holders of twenty-five per cent of the bonds then outstanding the right at
all reasonable times to inspect the properties and all records and accounts of
the City relating thereto.
11. Said $590,000 of bonds, numbered l through 590, shall be sold at
public sale immediately after advertising according to law, and the Mayor And
City Clerk are hereby authorized and directed to make such advertisement. Bid-
ders shall be required to bid at least par and accrued interest and must name
an interest rate or rates in multiples of 1/$ or 1/10 or 1/4 of 1%, not to exceed
the leFal maximum 6f 6% per annum.
The City Board of Commissioners shall, in the resolution accepting the
successful bid, determine the exact rate or rates of interest which said bonds sha
bear.
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12. Upon the sale and delivery of said bonds there shall first be paid
all expenses incident to the authorization, sale and delivery of the bonds, and t en
the amount received from the purchaser as representing an amount equal to interes•
on all of such bonds for at least six months from their date shall immediately be
deposited in the Bond Fund. The entire remaining proceeds shall thereafter be
devoted exclusively to the payment of the costs of, the school buildings and appur=
tenances upon the properties described herein and according to the plans and
specifications duly approved and filed as provided by KRS 162.160.
That pending expenditure of the proceeds then remaining, such funds shall
be deposited, until needed for construction purposes, in a special construction
account in Citizens Bank and Trust Company, Paducah, Kentucky, called the "City o
Paducah, Kentucky, School Construction Account of 1965". Said bank shall invest
for the benefit of said account such portion of said fund as is designated by the
Board of Education in United States Government obligations maturing at such time
or times as to make such funds available when needed for construction purposes,
and any of such funds in excess of $10,000 not so invested shall be earmarked andi
secured by a pledge of an equivalent amount of United States Government obligatioi}s
or bonds of the issue herein authorized, until expended. The money in that accouiz t
shall be expended by payments made to defray the costs of constructing the additions
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and improvements to the school herein referred to, such payments to be made upon
checks drawn upon said bank by the City Treasurer, countersigned by the Secretaryllof
said Board of Education and accompanied in detachable form by a voucher in duplicI�te
entitled "Authorization for Payment" signed by the architect or engineer having II
supervision of the construction and improvement of said school building, in sub-
stantially the following form: it
"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 certain school building im-
provements financed by the issuance of City of Paducah
505
School Building Revenue Bonds, dated April 1, 1965, or for 1
other work or services in connection therewith. It is further
certified that in our opinion all of said labor, materials,
work and/or services were furnished within'the boundaries
of the property described in the ordinance of the City Council
cumbered by said bond issue, or were furnished in -connection
with improvements located within the boundaries of said
property.
"Dated
Architect or -Engineer
The City Treasurer is here b. authorizers to execute such checks from time
to time in the necessary amounts upon the aforesaid voucher or "Authorization
payment" being executed by the architect or engineer and presented to the City
Treasurer, without any further meetings, authorizations, ordinances or resolutions,
but such checks reimbursing the Board for expenditures already made for this pro,*ect
in contemplation of these bonds being issued (as hereinbefore provided) and/or decks
for fixtures and equipment for said school building: need not be accompanied by the
voucher entitled "Authorization for Payment".
Such checks, so long as the authentication voucher "Authorization for
Payment), if required, shall remain attached thereto, shall be fully negotiable,
and a bank shall be authorized to honor and pay the same, provided it assumes the re-
sponsibility for the propriety of all endorsements, or all endorsements to it are
guaranteed by a bank. Upon the payment of each such check the authenticating
original voucher attached thereto shall be retained by said hank and surrendered to
the City Treasurer at the time of the final accounting between the Treasurer and
the bank (with the City Treasurer retaining the duplicate voucher). After the j
architect certifies that the construction has been completed and paid for, any
surplus remaining in the Construction Account may be transferred to the Bond Fundi.
13. If for any reason the funds obtained by the sale of said bonds 1
are not properly allocated or if there is any misapplication of the proceeds,
such improper allocation or misapplication shall not affect the validity of any
bonds issued in accordance with this ordinance.
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1L. The City covenants that the $590,000 of City of Paducah School Build -I
inr Revenue Bonds, dated April 1, 1965, are issued subject to the Board having tYje
following options:
First Option (Property I, Tilghman School
Addition)
The Board shall have the right on any interest due date to purchase
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from the City and to secure the release from the statutory mortgage securing said;
bonds dated April 1, 196`, all the property herein described and identified as
Property I for a price of $232,000, together with a sum equal to interest on
$232,000 principal amount of said bonds to the date upon which this option is
exercised, together with a further sum equal to the additional interest which
will become due upon prior redemption of $232,000 principal amount of said bonds
506
If the Board shall desire to exercise this option, it may do so only
by riving notice.of such election in writing to the City, at least sixty days
prior to the interest due date upon which it desires to exercise this option.
Thereupon, the city shall call .for payment $232,000 principal amount of said bonds,
such call to be strictly in accordance with the provisions of such bonds and
of the bond ordinance authorized to secure same.
Second Option(Property II, Tilghman Industrial
Arts Shop)
The Board shall have the -further right on anh interest due date to pur-
chase from the City and to secure the release from the mortgage securing said
bonds all of the property described and identified as Property II for a price of
$59,000, plus accrued interest and additional interest as peovided in the bond
ordinance. This option shall be exercised only at the time and in the manner
specified in connection with the first option above set forth.
Third Option (Property III, New Trade School)
The Board shall have the further right on any interest due date to pur-
chase from the City and to secure the release from the mortgage securing said
bonds of the property described and identified as Property III for a price of
$299,000 plus accrued interest and additional interest as provided in the bond
resolution. This option shall be exercised only at the time and in the manner
specified in connection with the first option above set forth.
As bonds of this issue mature and are paid in the regular course of
business, the principal amount of such bonds so retired shall be credited rat-
ably on each.of the three options above set forth, and thereafter the price at
which the Board may exercise each of such three options is thus reduced, i, e.,
for each $1,000 bond which matures and is paid in the regular course of business
$232,000/990,000 of the amount thereof shall be credited on the first option price
59,000/990,000 shall be credited on the second option price and 299,000/590,000
shall be credited on the third option price.
It is hereby certified and agreed that the proceeds of such $590,000 of
bonds shall be expended on the three properties hereinbefore referred to in approx'.
mately the same proportions as to the respective properties as the numerators in
each of the fractions hereinbefore'stated with reference to releasing the various
properties from the mortgage bear to $590,000.
15. The school properties mentioned herein as being subject to the sta-
tutory mortgage lien to secure the aforesaid issue of bonds are located in the
City of Paducah, McCracken County, Kentucky, and more particularly described as
follows:
PROPERTY I (Tilghman School Addition)
Lying and being in Paducah, McCracken County, Kentucky,
the beginning point of which is located by measuring
from the southwest corner of the intersection of Wash-
ington Street and South 23 Street; thence in a southerly
direction along the West line of South 23rd Street
685 feet 6 inches; thence in a Westerly direction
parallel with Washington. Street 346
feet 5 inches; from said beginning point in a Norther-
507
ly direction parallel with South 23rd Street 201
feet 5 inches; thence at right angles in a Westerly
direction parallel with Washington Street 61,. feet
10 inches; thence at right angles and in a south-
erly direction parallel with South 23rd Street 121
feet 1 inch; thence at right angles in a Westerly
direction parallel with Washington Street 47 feet
6 inches; thence at right angles in a Southerly
direction parallel with South 23rd Street 64 feet
10 inches; thence at right angles and in an Easterly
direction parallel with Washington Street 47 feet
6 inches; thence at right angles and in a Southerly
direction parallel with South 23rd Street 15 feet r
6 inches; thence at right angles and in an Easterly
direction parallel with Washington Street 64 feet
10 inches to.the point of beginning.
Being part of the same property conveyed to the City of
Paducah, Kentucky, by the Board of Education of Paducah Inde-
pendent School District by a deed dated the 20th day of Februar
1954, and recorded in Deed Book 346, at page 289, in the office
of the County Court Clerk of McCracken County, Kentucky
PROPERTY II (Tilghman Industrial Arts
Shop)
Being in the City of Paducah, McCracken County, Kentucky:
Bepinninp at a point, which point is located by measuring
from the southwest -corner of the intersection of Washington
Street and South 23rd Street, thence 643 .feet in a Southerly
direction along the West line of South 23rd Street; thence at
ripht angles in a Westerlv direction and parallel with the
South line of Washington Street 2L.7 feet; from said beginning
point in a Southerly direction parallel with South 23rd Street
a distance of 84 feet; thence at right angles in a Westerly
direction parallel with Washington Street 46 feet; thence at
right angles in a Northerly direction parallel with South 23rd
Street 84 feet; thence at right angles in an Easterly direction
parallel with Washington Street 46 feet to the point of beginnii
Beinp part of the same property conveyed to the City of
Paducah, Kentucky, by the Board of Education of Paducah Inde-
pendent School District by a deed dated the day of
1965, and of record in Deed Book
page in the office of tl
County Court Clerk of McCracken County, Kentucky.
PROPERTY III (New Trade School)
Beginning at the northwest corner of the intersection of Jackso
Street and 2Lth Street and being also the intersection of the
north line of Jackson Street and the West line of 24th Street,
thence northerly with the west line of 24th Street Three hundred
forty-six (31..6) feet and six (6) inches more or less to te
south line of Adams Street, thence westerly and with the hsouth
line of Adams Street Four hundred (400) feet more or less to
the east line of 25th Street, thence southerly with the east
line of 25th Street Three hundred Forty six (34.6) feet and six
(6) inches more or less to the north line of Jackson Street,
thence easterly with the north line of Jackson Street Four hundred
(400) feet more or less to the point of beginning.
The above described property includes Bloxk XII if Murrell's I
West End Addition to the City of Paducah, Kentucky, as recorded
in Plat Book "A" page 86, McCracken County Court Clerk's Office.
1
Being part of the same property conveved':to the City of
Paducah, Kentucky, by the Board of Education of Paducah Independent
School District by a deed dated the day of
1965, and of record in Deed Book, at page ,
in the office of the County Clerk of�licCracken County, Kentucky.
16. If any section, paragraph or clause of this ordinance shall I
be held invalid, the invalidity of such section, paragraph or clause shall
not affect the validityof any of the remaining
provisions of this
ordinance.
508
W. All ordinances, resolutions and parts thereof in conflict
herewith are hereby repealed, to the extent of such conflict.
18. This ordinance shall take effect from and after its adoption,
approval and publication as provided by law.
Adopted and approved on Z 1965.
Thomas W. Wilson, Mayor
(Seal of City)
Attest:
City Clerk