HomeMy WebLinkAboutSupplemental Assistance Agreement with KY Infrastructure Authority98
RESOLUTION NO. 708
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY, APPROVING AND AUTHORIZING A FIRST
SUPPLEMENTAL ASSISTANCE AGREEMENT BETWEEN THE CITY OF PADUCAH,
~`~ KENTUCKY, AND THE KENTUCKY INFRASTRUCTURE AUTHORITY
V ! WHEREAS, the Board of Commissioners ("governing
'•~~,~.
authority") of the City of Paducah, Kentucky, (Governmental
Agency") previously determined that it was in the public
interest to acquire and construct certain sewage treatment
facilities and improvements to the Governmental Agency's Sewer
System (the "Project"); and
WHEREAS, the Governmental Agency made an application
to the Kentucky Infrastructure Authority (the "Authority") for
the purpose of providing monies to permanently finance the costs
of the Project; and
WHEREAS, in order to obtain such monies, the
Authority sold its revenue bonds (the "1989 B Bonds") and used
a portion of the proceeds thereof to permanently finance the
loan to the Governmental Agency evidenced by the Assistance
Agreement dated as of August 1, 1988, between the Governmental
Agency and the Authority; and
~° WHEREAS, the conditions of the municipal bond market
~--'' are more favorable than at the time the Authority sold the 1989
Bonds to finance such loan, and as a result thereof the
Authority proposes to refinance such loan at a lower interest
cost to the Governmental Agency; and
WHEREAS, in connection with the refinancing of the
loan it is necessary and desirable that the Governmental Agency
enter into a First Supplemental Assistance Agreement with the
Authority to revise the repayment schedule contained in the
Assistance Agreement to reflect the lower costs of the
financing.
NOW, THEREFORE, BE IT RESOLVED by the governing
authority of the City of Paducah, Kentucky, as follows:
SECTION 1. That the governing authority hereby
approves and authorizes the First Supplemental Assistance
Agreement between the Governmental Agency and the Authority
substantially in the form on file with the Governmental Agency
~~ for the purpose of amending the repayment schedule with respect
to the loan for the Project.
SECTION 2. That any officer of the Governmental
Agency be and hereby is authorized, directed and empowered to
execute necessary documents or agreements, and to otherwise act
on behalf of the Governmental Agency to effect such
refinancing.
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SECTION 3. That this resolution shall take effect at
the earliest time provided by law.
May r
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AT EST:
City Cler
Adopted by the Board of Commissioners May 16, 1995
Recorded by Lenita Smith, City Clerk, May 16, 1995
CERTIFICATE
I, the undersigned, hereby certify that I am the
duly qualified and acting City Clerk of the City of Paducah,
Kentucky; that the foregoing is a full, true and correct copy
of an ordinance adopted by the governing authority of said City
at a meeting held on May 16, 1995; that said official action
appears as a matter of public record in the official records or
journal of the governing authority; that said meeting was held
in accordance with all applicable requirements of Kentucky law,
including KRS 61.810, 61.815, 61.820 and 61.825; that a quorum
was present at said meeting; that said official action has not
been modified, amended, revoked or repealed and is now in full
force and effect.
IN TESTIMONY WHEREOF, witness my signature this 17th
day of May, 1995.
Cit Clerk
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