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HomeMy WebLinkAboutOrdinances Book 16, Page 127, No Resolution Number127 A RESOLUTION ACCEPTING THE PROPOSAL OF STEIN BROS. & BOYCE TO ACT AS FISCAL AGENTS OF THE CITY OF PADUCAH, KENTUCKY IN CONNECTION WITH THE ISSUANCE OF CITY OF PADUCAH PARKING FACILITIES REVENUE BONDS BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the proposal of Stein Bros. & Boyce to act as Fiscal Agents of the City of Paducah, Kentucky in connection with the issuance of City of Paducah Parking Facilities Revenue Bonds, be accepted, such proposal being in words and figures as follows: "March 23, 1967 "Mr. Cowles Mallory, City Manager City Hall Paducah, Kentucky 42001 Re: City of Paducah Parking Facilities Revanue Bonds Dear Mr. Mallory: In accordance with our conversation of today, the estimated cost of $125,000 to acquire site and provide parking facili- ties by the City, could be financed by the issuance of con- ventional Revenue Bonds under Chapter 58 of the Kentucky Statutes. This would not entail a mortgage on the land or a creation of a parking authority, or separate Board, to administer the project. The bonds would be retired only from rental of parking space, or meter revenues. However, it would be necessary for all on street as well as off street parking revenues of the City to be pledged in order to assure satisfactory interest rate and sale of the bonds at public sale. As I discussed with you, we would expect to include in the bond indenture a provision for issuing additional parity bonsa for possible future additions of parking facilities provided reasonable coverage of debt service can be assured by actual and/or competent engineering estimates. The bonds would, of course, be callable under the usual conditions to :allow refunding or accelerated retirement. We propose to serve the City, as we have done in the past, in providing the necessary guidance and instruments to create and sell such bonds at competitive public sale in compliance with all legal requirements. We would pay the fees of bond counsel retained at our own expense, including the final approving legal opinion of such counsel, and all other expense directly related to issuance of the bonds in - No cluding publication of ordinances, notice of sale, bond form, etc. We would also assemble, have printed and dis- tributed to interested bidders, the information and bid forms generally desired by bond buyers all in the same manner and efficiency with which we have served the City in the past. For our services, and to cover our expenses in this endeavor, we would be compensated on a basis of three percent (3%) of the principal amount of bonds sold. Such fees to be payable only out of the proceeds of the bonds. Out of the bond pro- ceeds, the City would also be reimbursed for any funds advanced for the project prior to actual sale of bonds. 128 The City would reserve the right to reject any or all bids for the bonds. It is understood that we would not be pre- vented from bidding for the bonds at public sale. If for any reason satisfactory bids were not received and efforts were resumed to accomplish a similar purpose, we would be allowed to continue our efforts and be compensated accordingly as set forth above. Such evidence of title or site description as might be required by bond counsel would be provided without cost by the City. If this meets the satisfaction of the Commissioners, we request that a motion bf approval be passed to establish our relationship and our facilities will be available to serve you as needed. Respectfully submitted, STEIN BORS. & BOYCE, INC. By Harold L Sullivan Harold L. Sullivan, V. Pres." SECTION 2. That this Resolution shall be in full force and effect from and after its adoption. Mayor Passed by the Board of Commissioners May 9, 1967 Recorded by Sarah Thurman, City Clerk, May 9, 1967.