HomeMy WebLinkAboutOrdinances Book 16, Page 686, Ordinance Number 68-8-96686jI,,-
ORDINANCE NO. 68-8-96
AN ORDINANCE APPROVING, RATIFYING AND CONFIRMING A RESOLUTION OF
THE ELECTRIC PLANT BOARD OF THE CITY OF PADUCAH, KENTUCKY, WITH RESPECT
TO THE ISSUANCE OF ELECTRIC PLANT BOARD REVENUE BONDS IN THE AMOUNT OF
$1,000,000 FOR THE PURPOSE OF FINANCING ADDITIONS AND IMPROVEMENTS TO
THE MUNICIPAL ELECTRIC PLANT, SUCH BONDS TO BE PAYABLE BOTH PRINCIPAL
AND INTEREST, SOLELY FROM THE NET REVENUES OF SAID ELECTRIC PLANT
WHEREAS, by lawful proceedings and actions heretofore taken,
the Electric Plant Board of the City of Paducah, Kentucky, acquired
the electric plant and facilities formerly owned by the Kentucky
Utilities Company, situated partly within and partly without the
corporate limits of the City of Paducah, and in order to finance such
acquisition the Electric Plant Board has heretofore sold, issued and
delivered its $7,050,000 "Electric Plant Board Revenue Bonds," dated
as of July 1, 1961, and its $2,400,000 "Electric Plant Board Revenue
Bonds, Series of 1962," dated as of January 1, 1962; and
WHEREAS, The Electric Plant Board has, by Resolution adopted
July 24, 1968, determined to issue its $1,000,000 revenue bonds to be
designated "City of Paducah Electric Plant Board Revenue Bonds, Series
of 1968," for the purpose of financing the construction of extensions,
additions, improvements, and betterments to said electric plant; and
WHEREAS, a certified copy of said Resolution of July 24, 1968,
has been submitted to this Board of Commissioners and duly examined and
considered;
NOW, THEREFORE, BE IT AND IT IS HEREBY ORDAINED BY THE BOARD
OF COMMISSIONERS OF THE CITY OF PADUCAH KENTUCKY AS FOLLOWS:
Section 1. That the City of Paducah, Kentucky, acting by and
through its Board of Commissioners as its legislative and governing body,
hereby consents to, authorizes, approves, ratifies and confirms the
issuance of Electric Plant Board Revenue Bonds, Series of 1968, in the
amount of 1,000,000 for the purposes set out in the preamble hereof,
and hereby adopts, consents to, authorizes, and approves, ratifies and
confirms, all of the provisions with respect to such bonds, as referred
to and set forth in the Resolution referred to in the preamble hereof,
adopted by the Electric Plant Board of said City on July 24, 1968, it
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being shown in said Resolution that such bonds will be payable as to
principal and interest solely from the net revenues of the electric
plant, and will not constitute an indebtedness of the City of Paducah,
Kentucky.
SECTION 2. That all ordinances, resolutions or orders, in so
far as the same may be in conflict herewith, are to the extent of such
conflict, hereby repealed, and that this Ordinance be effective immediately
upon its adoption, approval and publication as provided by law.
FIRST READING APPROVAL July 30, 1968
SECOND READING -AND FINAL ADOPTION 'August 7, 1968
SIGNED: August 7, 1968
(SEAL)
ATTEST:
i
City Clerk
CERTIFICATION
Mayor
City of Paducah, Kentucky
The undersigned, City Clerk of the City of Paducah, McCracken
County, Kentucky, hereby certifies that the foregoing is a true copy of
an Ordinance duly adopted by the Board of Commissioners of said cLty at
meetings held on July 30, 1968, and August 7, 1968, and thereupon signed
by the Mayor, attested under seal by me as City Clerk, and delivered for
publication as provided by law.
WITNESS my signature and the seal of said City, this 8th
day of August, 1968.
(SEAL)
Published in the Sun -Democrat, Paducah,
Kentucky, in its issue of
August 12, 1968.
City Clerk
City of Paducah, Kentucky