HomeMy WebLinkAboutOrdinances Book 15, Page 750, No Resolution Number750 %
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`.A RESOLUT104 LISTING THE PURCHASE BIDS RECEIVED FOR $2,850,000
"CITY OF PADUCAH WATER WORKS IMPROVEMENT AND REFUNDING REVENUE BONDS,
SERIES 1965", ACCEPTING THE BEST BID; ESTABLISHING THE INTEREST COUPON
RATES WHICH SHALL BE APPLICABLE THERETO; AND DESIGNATING AN ALTERNATE
PLACE OF PAYMENT OF PRINCIPAL AND INTEREST
THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
DOES HEREBY RESOLVE, AS FOLLOWS:
SECTION 1. It is hereby determined and declared that pursuant
to solicitation by public advertisement as required by KRS Chapter 424,
sealed bids were received in the office of the City Clerk prior to
7:30 P.M., CDST, on Aeptember 1L, 1965, for the purchase of $2,850,000
"City of Paducah Water Works Improvement and Refunding Revenue Bonds,
Series 1965," dated July 1, 1965, as authorized by an Ordinance
adopted on August 17, 1965, the same being identified as follows:
SECTION 2. It is hereby determined and declared that the
best of such bids was and is the bid of Halsey - Stuart & Company &
Associates, offering $2,850,48L..50 (together with accrued interest to
delivery) upon condition that said bonds be caused to bear interest,
as follows:
All bonds maturing on July 1 in the years
1966 to 1969 inclusive 5%
All bonds maturing on July 1 in the year
1970
All bonds maturing on July 1 in the years
1971 to 197L, inclusive 34%
PRICE OFFERED
INTEREST
NAME OF BIDDER
(Exclusive of Accrued
Interest)
COUPON RATE
OR RATES
Cherokee Securities Co
$2,$50,000.00
5
%
1966-1968
and Associates
L
%
1969=1970
3.40
%
1971
3.25
%
1972-1973
3.30
%
1974
3.L0
%
1975-1977
3.50
%
1978-1980
F. S. Smithers & Co.
2,850,000.00
5
%
1966-1969
Li
%
1970
3.20
%
1971-1972
3.25
%
1973
3.30
%
1974-1975
3.LO
%
1976-1971
3.50
%
1979-1980
Stein Bros & Boyce, Inc.
2,850,000.00
14
%
1966-1970
and Associated
3.30
%
1971
3.20
%
1972
3.25
%
1973-1974
3.30
%
1975
3.40
%
1976-1977
3.50
%
1978-1980
Halsey -Stuart & Co. Inc.
2,850,484.50
5
%
1966-1969
and Associates
L.
%
1970
3
%
1971-1974
3.30
%
1975-1978
3.40
%
1979-1980
SECTION 2. It is hereby determined and declared that the
best of such bids was and is the bid of Halsey - Stuart & Company &
Associates, offering $2,850,48L..50 (together with accrued interest to
delivery) upon condition that said bonds be caused to bear interest,
as follows:
All bonds maturing on July 1 in the years
1966 to 1969 inclusive 5%
All bonds maturing on July 1 in the year
1970
All bonds maturing on July 1 in the years
1971 to 197L, inclusive 34%
751
All bonds maturing on July 1 in the years
1975 to 1978, inclusive 3.30%
All bonds maturing on July 1 in the years
1979 to 1980, inclusive 3.40%
Said bid is herebv found to be in accordance with the terms
and conditions of the offering and satisfactory as to price and coupon
rates, and is accepted in the name and on behalf of the City of Paducah,
Kentucky; and said bid, together with this Resolution of acceptance
shall constitute a firm contract for the purchase and sale of said bonds.
SECTION 3. Said bonds shall bear interest at the respective
coupon rates set forth in Section 2 hereof.
SECTION L. Pursuant to the "Notice of Sale of Bonds," the
"Statement of Terms and Conditions of Bond Sale." and Section 8 of the
aforesaid Ordinance authorizing the issuance of said bonds, the principal
office of National Bank of Commerce in the City of Memphis, State of
Tennessee, is hereby designated as an alternate place of payment of principals
of and interest on said bonds; and the printer may be instructed to insert
the same in the blanks provided for that purpose in the "Form of Bond"
and in the "Ford of Coupon,"'as set forth in Section 7 of said ordinance.
SECTION 1. The good faith check attached to the accepted bid i
shall .be held by the City Treasurer, and disposition thereof shall be
made as set forth in the "Statement of Terms and Conditions of Bond Sale."
.. SECTION 6. This Resolution shall be in full force and effect
upon adoption.
ADOPTED at a meeting of the Board of Commissioners held on
the 14th day of September, 1965. f
SEAL
ATTEST: J�^
City Clerk
_`LO72-L!P_. 'lam �c%GQ-.L�-ccs
Mayor
City of'Paducah, Kentucky