HomeMy WebLinkAboutOrdinances Book 16, Page 74, No Resolution Number74J
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, RELATING TO THE P40SPECTIVE DELIVERY IN NEW YORK, N. Y. , OF THE
CITY'S $2,500,000 "VOTED SEWER BONDS," DATED AS OF MAY 1, 1966; AND AUTHORIZING
MRS. SARAH THURMAN, THE CITY CLERK, TO ENDORSE FOR DEPOSIT THE CHECK TENDERED BY THE
PURCHASERS OF SAID BONDS UPON THE OCCASION OF DELIVERY AND PAYMENT
WHEREAS, according_ to proceedings which are a matter of public
record, by authority of the voters duly given at an election held on
November 2, 1965, and a bond -authorizing Ordinance finally adopted by
this Board of Commissioners on April 26, 1966, (all of whicb proceedings
have been declared valid by final Judgment of McCracken Circuit Court
according to KRS 66.210 and 66.220), the City of Paducah advertised at
public sale its $2,500,000 "City of Paducah Voted Sewer Bonds," dated
as of May 1, 1966, and upon comparison of competitive purchase bids
duly awarded the same to a syndicate of municipal bond dealers managed
by Halsey, Stuart & Co., Inc.; and
WHEREAS arrangements for the delivery of said bonds to the
purchasers thereof in the City of New York, State of New York, on
March 16, 1967, have been made; and for the convenience of the City
and of all parties concerned, it has been arranged that the Citv.will
he represented upon such occasion by Mrs. Sarah Thurman, the City Clerk,
with the advice and subject to confirmation by the Louisville, Kentucky,
law firm of Grafton, Ferguson, Fleischer &. Harper; and
WHEREAS when.said bonds are delivered in New York, N.Y.,
on or about March 16, 1967, it has been agreed that the purchasers will
tender -in payment therefor a check payable to the,order of the City of
Paducah, Kentucky, (whether the same be a certified check, or a cashier's,
treasurer's or other official check drawn upon or issued by an incor-
porated bank), in the amount of the purchase price, with accrued interest
to delivery (but subject, nevertheless, to a credit in the sum of
$50,000.00 representing the good faith deposit which was made by the
purchasers with the City at the time of.sale), all as duly contemplated
and authorized by the City's proceedings relating to the award of said
bonds; and
WHEREAS, it is,desirahle that upon the occasion of the delivery
of said bonds to the purchasers thereof, and receipt by the City of such
check for the net purchase price, that such check be officially endorsed
on behalf of the City of Paducah, Kentucky, for deposit with Chemical
Bank New York Trust Company, New York, N.Y., for -transfer on its books
to its corresponding bank, The Peoples First National Bank & Trust
Company, Paducah, Kentucky, for credit to certain special accounts; and
WHEREAS, in order to avoid unnecessary expense it has been
agreed to be desirable that the City be represented upon the occasion
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of delivery and payment in New York solely by the City Clerk, and it
appears to be necessary or desirable to vest in the City Clerk full
authority to receive the check of the purchasers, and to sign on behalf
of the City an official endorsement thereof, but solely for deposit as
above recited,
NOW THEREFORE, IT IS HEREBY RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That when the above -identified bonds are delivered
to the purchasers thereof in New York, N. Y., on or about March 16, 1967,
and when a check is tendered by the purchasers in payment of the net
amount then due by them to the City of Paducah, Kentucky, authority is
hereby specifically given to Sarah Thurman, City Clerk, of the City of
Paducah, Kentucky, to endorse such check on behalf of the City of Paducah,
Kentucky, solely for deposit with Chemical Bank New York Trust Company,
New York, N.Y., for transfer and credit to The Peoples First National
Bank & Trust Company, Paducah, Kentucky, as aforesaid.
SECTION 2. That the endorsement of the purchasers' check on
behalf of the City of Paducah, Kentucky, solely for deposit in such
manner, shall constitute an official endorsement of said check for and
on behalf of the City of Paducah, Kentucky.
SECTION 3. Chemical Bank New York Trust Company and the pur-
chasers of said bonds are hereby authorized to accept and rely upon this
Resolution as constituting proper authority in Sarah Thurman, the City
Clerk, to make such endorsement for and on behalf of the City of Paducah,
Kentucky; and upon such occasion the City Clerk, said Sarah Thurman, is
authorized to deliver to either or both of said parties one or more certi-
fied copies of this Resolution as evidence of her authority in such respect.
SECTION 4. This Resolution shall be in full force and effect from
and after its adoption.
ADOPTED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, at a regular meeting duly held on March 14, 1967.
( SEAL)
Mayor
City C er