HomeMy WebLinkAbout2003-3-6629ORDINANCE NO. 2003 - 3 - % P g
AN ORDINANCE AUTHORIZING CITY OF PADUCAH TO EXECUTE A
LOAN GUARANTY INSTRUMENT WITH UNION PLANTERS BANK FOR THE
BENEFIT OF THE GREATER PADUCAH ECONOMIC DEVELOPMENT
COMMITTEE (GPEDC) AND DECLARING AN EMERGENCY TO EMST
WHEREAS, the Kentucky Economic Development Finance Authority
("Authority") has agreed to extend a loan previously provided to the Greater Paducah
{^ Economic Development Committee (`GPEDC') for five (5) years at a rate reduced from
eight to three per cent; and
WHEREAS, as a condition of the new terms, the Authority is required
the GPEDC to make an immediate payment of $443,751.28; and
WHEREAS, Union Planters Bank agreed to loan GPEDC this amount,
subject to a guaranty by the City of Paducah and McCracken County; and
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
Section 1. The Mayor of the City of Paducah, Kentucky is hereby
authorized and directed to execute a Loan Guaranty Instrument with Union Planters
Bank in the maximum amount of $443,751.28.
Section 2. The County of McCracken must agree to be equally obligated
with the City of Paducah.
Section 3. The Mayor of Paducah's previous execution of the aforesaid
Loan Guaranty Instrument is hereby ratified and approved.
Section 4. As a condition of the new terms, the Authority required that
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the payment of $443,751.28 be made immediately. Therefore, an emergency is hereby
declared to exist and this ordinance shall become effective imn*diately upon one
reading and publication.
Mayor
ATTEST:
Tammara S. Brock, City Clerk
Introduced and Adopted by the Board of Commissioners March 25, 2003
Recorded by Tammara S. Brock, CVi
rl� March 25, 2003
Published by The Paducah Sun 14 J- 0 03
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