HomeMy WebLinkAboutOrdinances Book 17, Page 308, No Resolution Number308/
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, RELATING TO THE PROSPECTIVE DELIVERY IN LOUISVILLE, KENTUCKY,
OF THE CITY'S $412,000 "CITY OF PADUCAH, PADUCAH JUNIOR COLLEGE (NOW
KNOWN AS UNIVERSITY OF KENTUCKY, PADUCAH COMMUNITY COLLEGE) CONSOLIDATED
EDUCATIONAL BUILDINGS REVENUE BONDS, SERIES B," DATED AS OF AUGUST 1, 1970;
AND AUTHORIZING LILLIAN M. FLEISCHER OR C. W. GRAFTON, MEMBERS OF THE FIRM
OF GRAFTON, FERGUSON, FLEISCHER & HARPER, BOND COUNSEL, LOUISVILLE, KENTUCKY,
TO ENDORSE FOR DEPOSIT THE CHECK TENDERED BY THE PURCHASER OF SAID BONDS
UPON THE OCCASION OF DELIVERY AND PAYMENT.
WHEREAS, according to proceedings which are a matter of
public record, a bond -authorizing Ordinance finally adopted by this
Board of Commissioners on August 18, 1970, the City of Paducah adver-
tised at public sale its "City of Paducah, Paducah Junior College
(now known as University of Kentucky, Paducah Community College)
Consolidated Educational Buildings Revenue Bonds, Series B and
Series C," dated as of August 1, 1970, and the $412,000 Series B
Bonds were awarded to the U. S. Department of Health, Education and
Welfare (HEW); and
WHEREAS, HEW requires that arrangements for the delivery of
the Series B Bonds be made at a Federal Reserve Bank office, whereas
the purchasers of the Series C Bonds wish to take delivery in the City
of Paducah, Kentucky, and arrangements have been made for simultaneous
delivery of the Bonds on September 24, 1970, the Series B Bonds to be
delivered at the Louisville, Kentucky Branch Office of the Federal
Reserve Bank of St. Louis; and
WHEREAS, the City Treasurer is unable to be present at both
deliveries, and for the convenience of the City and of all parties
concerned, it has been arranged that the City will be represented upon
such occasion by the law firm of Grafton, Ferguson, Fleischer & Harper
in Louisville, Kentucky, in connection with the delivery of the
Series B Bonds; and
WHEREAS, when said Series B Bonds are delivered in Louisville,
Kentucky, the purchaser will tender in payment therefor a U. S. Treasury
check payable to the order of the City of Paducah, Kentucky, for the
account of Paducah Junior College in the amount of the purchase price
($412,000.00) with accrued interest to delivery ($1,819.68), all as
duly contemplated and authorized by the City's proceedings relating
to the award of said Bonds; and
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WHEREAS, it is desirable that upon the occasion of the
delivery of said Bonds to the purchaser 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 the Citizens Fidelity Bank & Trust Company, Louisville,
Kentucky, for transfer on its books to its corresponding bank, The
Citizens Bank and Trust Company of Paducah, Paducah, Kentucky, for
credit to certain special accounts; and
WHEREAS, in order to permit the immediate use of the Series B
Bond proceeds to the reduction of the loans for the construction
of the Library -Classroom building and appurtenances for which said Bonds
are issued, as required in the Loan Agreement with the purchaser of
the Series B Bonds, it appears to be necessary or desirable to vest in
Lillian M. Fleischer or C. W. Grafton, individually and not jointly, as
members of the Louisville law firm of Grafton, Ferguson, Fleischer &
Harper, full authority to receive the check of the purchaser, 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 Series B Bonds are
delivered to the purchaser thereof in Louisville, Kentucky, on or about
September 24, 1970, and when a check is tendered by the purchaser in
payment of the net amount then due by it to the City of Paducah,
Kentucky, for the account of Paducah Junior College, authority is
hereby specifically given to Lillian M. Fleischer or C. W. Grafton,
individually and not jointly, members of the law firm of Grafton,
Ferguson, Fleischer & Harper, Louisville, Kentucky, to endorse such
check on behalf of the City of Paducah, Kentucky, solely for deposit to
The Citizens Bank and Trust Company of Paducah, Paducah, Kentucky, for
deposit to the City of Paducah, Kentucky, for the account of Paducah
Junior College.
SECTION 2. That the endorsement of the purchaser's 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.
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SECTION 3. The Citizens Fidelity Bank & Trust Company and
the purchaser of said Bonds are hereby authorized to accept and rely
upon this Resolution as constituting proper authority in said Lillian M.
Fleischer or C. W. Grafton, individually and not jointly, to make such
endorsement for and on behalf of the City of Paducah, Kentucky; and
upon such occasion the said Lillian M. Fleischer or C. W. Grafton
is authorized to deliver one or more certified copies of this Resolution
as evidence of her/his 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 Called Meeting duly held on September 18, 1970.
(SEAL)
ATTEST:
City Clerk
Mayor