HomeMy WebLinkAbout88-8-4108405
x/08
ORDINANCE NO. 88 -8 -4103 --
AN ORDINANCE AUTHORIZING.,THE MAYOR. TO EXECUTE A
LOAN AGREEMENT WITH KENTUCKY INFRASTRUCTURE AUTHORITY
WHEREAS, the City of Paducah entered into a Sewer
%9 Service Agreement on December 12, 1986, with -Sanitation
District No. 2 of McCracken County, Kentucky; and
WHEREAS, under the terms of said Agreement the
City agreed to expand its sewage treatment facilities; and
WHEREAS, the District agreed to reimburse the City
all costs of selling revenue bonds for the District's
portion of costs for expanding the sewage treatment plant;
and
WHEREAS, Kentucky Infrastructure Authority
provides loans for approved programs, including sewage
treatment plant upgrading; and
WHEREAS, the Board of Commissioners of the City of
Paducah desires to enter into a Loan Agreement.with.Kentucky
U Infrastructure Authority in the estimated amount of
$2,108,.000.00.
BE IT ORDAINED BY THE CITY .OF PADUCAH, KENTUCKY:
SECTION 1. The City of Paducah approves the Loan
Agreement attached hereto and incorporated herein as if set
out in full.
SECTION 2. The Mayor is authorized to execute the
Loan Agreement and any other documents necessary to carry.
out the intent of this ordinance.
SECTION 3. In order to meet the deadlines imposed
by the Kentucky Infrastructure Authority, an emergency is
hereby declared to exist and this ordinance shall become
effective with one reading.
GERRY B. MONTGOMERY
Mayor
Introduced and adopted by the Board of Commissioners
August 23, 1988
Recorded by Lenita Smith, City Clerk, August 23, 1988
Published by The Paducah Sun August 29, 1988.
sewers.lo