HomeMy WebLinkAboutOrdinances Book 15, Page 985, No Resolution Number985
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, ACCEPTING THE SUCCESSFUL BID ON $200,000.00 OF CITY
OF PADUCAH.SCHOOL BUILDING REVENUE BONDS DATED MAY 1, 1966
WHEREAS Notice of Sale of $200,000.00 of City of Paducah
School Building Revenue Bonds, dated May 1, 1966, has been advertised
in strict compliance with the law, and
WHEREAS sealed bids for the sale of said bonds have been received
by the Clerk of the City of Paducah, Kentucky, until the hour of 7:45 P.M.
Central Daylight Time on this the 14th day of June, 1966, and
WHEREAS said bids were then publicly opened in the Commission
Chamber of the City Hall in said City and were then read aloud, and
WHEREAS all bids received for said bonds have been considered
and are as follows:
1. 2. 3. 4.
Total Amounts bid
for said $200,000
of Bonds plus Net
Interest Accrued Interest Interest
Bidder Rates from May 1, 1966 Cost
First U.S.Corp 6% 1967-69 $200,070.87 $49,069.13
4% 1970-76
The Kentucky Co. & 4% 1967-71
Fox Reusch & Co 4 % 1972-76 200,000.00 50.720.00
Stifel Nichlaus 5% 1967-1970
4% 1971-76 200,000.00 48,870.00
Cherokee Securities 41% 1967-68
44% 1969-74 200,050.00 48,955.00
4% 1975-76
Almstedt Bros. 5% 1967-69
4.30% 1970-76 200,021.80 51,310.20
Magnus & Co. & 5-1/8% 1967-68
Pohl & Co. 5% 1969-71 200,000.00 50,263.75
4-1/8% 1972-73
4% 1974-76
E uitable 5% 1967-69 200,024.00 48,238.00
Securities 4.20% 1970
4p 1971-76
Stein Bros. & 4% 1967-71 200,078.00 47,900.00
Boyce 4.10% 1972-76
WHEREAS, the matter of which bid is the most advantageous, and
with the most favorable net interest cost to the City, has been sufficiently
considered.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the bid of Stein Bros & Boyce, Inc. for the purchase of
said $200,000 of City of Paducah School Building Revenue Bonds, dated May 1,
1966, be accepted and confirmed, said bid being a total price of $200,078.00
for said $200,000 principal amount of bonds, plus accrued interest from May 1,
1966, to the date of delivery of the Bonds, such Bonds to bear interest, semi-
986
annually, at the following annual rates:
MATURITIES INTEREST RATE PER ANNUM
1967 to 1971, inclusive 4.00%
1972 to 1976, inclusive 4.10%
said bid being a bid at an average net interest cost to the City of 4.0697%
per annum, said bid being hereby determined to be the most advantageous and with
the most favorable net interest cost to the City for said bonds; and the
interest rate(s) on said bonds is (are) hereby fixed at the rate(s) set out
in said successful bid.- .
SECTION 2. That all other bids are hereby rejected, and the City
Clerk is ordered to hold the good faith check of the successful purchaser(s)
in accordance with the published Notice of Bond Sale and to return the
other checks to the respective unsuccessful bidders immediately.
SECTION 9. That said $200,000 of bonds, numbered 1 to 200,
inclusive, shall be delivered by the City Treasurer and/or other proper
City officials to said purchasers) as soon as said Bonds are printed and
ready for deliveryin accordance with the ordinance authorizing said bonds,
and that all of the proceeds of the sale of said bonds shall be used.
only as provided in said ordinance.
SECTION 4. 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 the firm of Rubin & Trautwein, Municipal Bond Attorneys,
.Louisville, Kentucky, as to said bonds, or if said bonds or the interest
thereon should be subject to income taxation by the Federal Government
or to ad valorem or income taxation by the Commonwealth of Kentucky on
or before the delivery date of said bonds, and the purchaser(s) 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 thereon shall become subject to such taxation on or before
.said delivery date.
SECTION 5. That all ordinance and resolutions, or parts thereof,
inconflict herewith, be. and _the same are hereby amended or repealed to
the extent of such conflict, and this Resolution shall be in force
immediately upon its adoption and approval.
Mayor
Passed.by the Board of Commissioners June 14, 1966
Recorded by Sarah Thurman, City Clerk, June 14, 1966.