HomeMy WebLinkAbout91-9-4673Allo. 91-9-#&7-7.
ORDINANCE NO. 91-9-4673
ORDINANCE APPROVING CITY OF PADUCAH ACCEPTANCE OF $650, 000.00
FINANCING PROPOSAL BY CITIZENS BANK AND TRUST COMPANY OF
PADUCAH FOR THE PURCHASE OF SOLID WASTE EQUIPMENT
WHEREAS, the City of Paducah has solicited and
received financing proposal for borrowing the principal sum of
$650,000.00 to purchase certain solid waste equipment as approved
by the City's current budget; and
WHEREAS, the financing proposal submitted by Citizens
Bank and Trust Company of Paducah, Kentucky, has been recommended
by the Director of Finance as the lowest and best bid; and
WHEREAS, the Director of Finance for the City of
Paducah, Kentucky, has verified that the borrower has sufficient
revenues, including surplus, to be collected during this fiscal
year and anticipated revenues and surplus for future years to
permit this borrowing to be conducted without violation of § 147
of the Constitution of the Commonwealth of Kentucky.
NOW, THEREFORE, be it ordained by the Board of
Commissioners of the City of Paducah, as follows:
1. The financing proposal of Citizens Bank and Trust
Company of Paducah, Kentucky, containing the following basic
terms, is hereby approved:
Term, 6.5 years; Payments, quarterly;
Collateral, unsecured; Interest Rate, 5.95%
variable (adjusted quarterly and in no event
to exceed 7.7%); Total Principal and Interest
if not prepaid, $780,529.00
2. The Director of Finance is hereby authorized to
negotiate such other terms and conditions in connection with the
aforesaid borrowing as are customary and commercially reasonable
for such transactions.
3. The Mayor and City Clerk are hereby authorized to
execute any and all necessary documents for finalizing the
aforesaid financing proposal.
4. This ordinance shall be read on two separate
occasions and will become effective upon publication of the title
and a certified summary thereof.
GERRY B. MONTGOMERY, MAYOR
Introduced by the Board of Commissioners on the 27th day of
Au�� st , 1991.
Adopted by the Board of Commissioners on the 10th day of
September , 1991.
Recorded by Lenita Smith, City Clerk on the 10th day of
September , 1991.
Published by the Paducah Sun on the 16th day of September ,
1991.
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