HomeMy WebLinkAboutOrdinances Book 16, Page 143, No Resolution Number143
A RESOLUTION ACCEPTING THE PROPOSAL OF STEIN BROS. & BOYCE, INC.
TO ACT AS FISCAL AGENTS FOR THE ISSUANCE AND SALE OF BONDS FOR THE
ACQUISITION OF FOREST HILLS PROPERTIES FROM THE UNITED STATES GOVERNMENT
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That the proposal of Stein Bros. & Boyce, Inc. to
act as Fiscal Agents of the City of Paducah, Kentucky, for the issuance
and sale of bonds for the acquisition of Forest Hills properties
from the United States Government, be accepted, such proposal being
in words and figures as follows:
"May 9, 1967
Honorable Mayor and City Commissioners
Attn: Mr. B. Cowles Mallory, City Manager
Paducah, Kentucky 42001
Re: Voted Bonds for Acquisition
of Forest Hills
Gentlemen:
With regard to the question of issuing voted bonds for the purpose
of acquiring the Forest Hills properties from the Government, we
would be glad to continue our efforts and cooperate.with the City
on this project as their fiscal agents on the following basis:
We will engage at our own expense recognized Municipal Bond Coun-
sel satisfactory to the City, who will assist in furnishing the
necessary instruments for presenting this question to the voters,
such as, resolutions, notices, ordinances, etc. in proper form and
sequence for consideration and adoption by the City Commission.
We will submit recommended bond maturity schedules, call provisi-
ons, bond denominations, terms of Bond sale, and all other details
for prior approval of the City and assist in compiling any date on
assessments or other information needed for informing the electorate
on the question. The form of the question will be carefully prepared
and submitted for City approval prior to draft of ballot instruments.
Upon the approval of the question by the required number of eligi-
ble voters, we will proceed to cause the Bond Counsel to prepare
the necessary pleadings, exhibits, and other documents required
for the filing of proper legal action to validate the results of
the election. In this connection the City will provide, at its
own expense, the services of local counsel to file the suit and
also to represent the class defendants.
Following this action we will proceed with steps necessary to ad-
vertise and sell the amount of bonds approved by the electorate
for purchase of the property. We will prepare and cause to be
printed a prospectus containing full economic and historical facts
supporting the excellent credit standing of Paducah and cause this
publication to be widely distributed to bond dealers generally in-
terested in bidding on Municipal Bonds. We will guide and supervise
in conducting the public sale and furnish printed bond forns and
closing papers, including approving opinion of Bond Counsel, upon
delivery of the bonds to successful bidders. The Notice of Sale
will provide the right for the City to reject any or all bids.
If the electorate fails to approve the question, the City will bear
only the actual expense of publishing the Ordinance and other not-
ices required to include the question in the election, and you will
owe us nothing for our services and expenses. In the event of an
approving vote, we will assume these and all of the other directly
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related costs, including fees of the Municipal Bond Counsel, publi-
cation of the Bond Ordinance, notices, printed bond forms, prospec-
tus, etc., except the City will provide, as previously mentioned,
local counsel needed to file and defend the judgment suit. For our
services and expenses, including the fees of Bond Counsel, we will
be compensated on a basis of .90 of one percent of the principal
amount of bonds actually sold and delivered.
If this meets your approval, please indicate by proper resolution.
flfid out facilities and experience will be promptly available at the
call of the City.
Respectfully submitted,
STEIN BROS. & BOYCE, INC.
By: Harold L. Sullivan.
HS:HP Harold L. Sullivan, v. Pres. "
SECTION 2. This Resolution shall be in full force and effect
from and after its adoption.
Mayor
Passed by the Board of Commissioners May 16, 1967
Recorded by Sarah Thurman, City Clerk, May 16, 1967