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HomeMy WebLinkAboutPaducah Water Works Revenue Bonds (2)187 RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, PROVIDING FOR THE ADVERTISEMENT AND PUBLIC SALE OF SIXTEEN MILLION, FOUR HUNDRED THIRTY THOUSAND DOLLARS ($16,430,000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE. BONDS, SERIES 1982, DATED NOVEMBER 1, 1982, AND PROVIDING FOR THE ORDINANCE AUTHORIZING SAID BONDS TO BE GIVEN SECOND READING AND ENACTMENT ON THE SAME DATE AS THE DATE ON WHICH BIDS ARE RECEIVED FOR THE PURCHASE OF SAID BONDS. WHEREAS, on the date. on which-this Resolution was presented to the Board of Commissioners of the City of Paducah, Kentucky,, the Board of Commissioners gave first reading and consideration to an Ordinance (the "Supplemental Bond Ordinance") relating to the issuance and sale of $16,430,000 of-`City of Paducah Water Works Revenue Bonds, Series 1982, dated November 1, 1982,. for the purpose of calling for redemption on January 25, 1983, prior to maturity, the outstanding $15,860,000 of City of Paducah Water Works Revenue Bond Anticipation Notes, Series 1982, dated January 25, 1982, issued to provide interim. financing toward the..costs~(not otherwise provided) of the construction of extensions, additions, and improvements (the "Construction Project'' or the "Projectf') to. the existing water works system (the "Systems') of~the City, in anticipation of .the.. issuance of the, Bonds,-all pursuant to and as ,permitted by . _. .;,, Sections 58.010 through 58.140, inclusive, of the .Kentucky Revised Statutes, and WHEREAS',, the. Board, of-Commissioners desires to~pass and enact said Supplemental Bond Ordinance upon its second reading, and WHEREAS, the Board of Commissioners further desires to advertise publicly for the receipt of bids for ahe purchase of the Bonds, such bids to be received until and opened on the date and hour of the same meeting as~the meeting at which the Supple- mental Bond Ordinance is given such second. reading and enactment; NOW, THEREFORE, BE IT RESOLVED BY THE. BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, AS FOLLOWS: SECTION 1. That. at a special, called meeting to be held: at 10:30 A.M., C.D.T., on October 2T,.:1982, at the City Hall in I?,aducah,+Kentucky, the-Board of,Gommissioners will give second reading to and-will enact the Supplemental Bond Ordinance. SECTION 2. That bids for the purchase of said Bonds shall be received at said meeting, and it is contemplated.that said Bonds shall be sold at public sale at that same meeting, after..-public advertisement as xequired~by-law informing prospective bidders that such bidders may obtain from the City a copy of the Official Terms and Conditions of Sale of Bonds, setting out the following specific terms and conditions: A. Bids must be made on forms, which, together with an Official Statement, may be obtained at xhe Affice.of the City Clerk~or from the Fiscal Agent, J. J. B. Hilliard, W. L. Lyons, Inc., 545 . South Third. Street, Louisville;,-Kentucky.. 40202.,, Bids must be enclosed in sealed envelopes marked "Proposal for City of Paducah Water Works. Revenue Bands.,.. Series. 19.$2" and: bids- must be received by the City Clerk prior to the date and hour stated above. _. . B. Bids will be considered only for the entire $16,430,000 of Bonds, at a minimum price of $16,101,400 (98% of par), plus accrued interest from the date of the Bonds (November 1,°1982) to the date of delivery. C. Each proposal shall be accompanied by a good faith check in the amount of $164,300, which shall be represented by a certified check or bank cashierss check in that amount, payable to the 188 order of the City of Paducah, Kentucky. (If the amount of said check is to be credited against the purchase price on the date of delivery., said check must be in ,Federal funds). D. Bidders must state a single., interest .coupon rat.e.or rates in a multiple of l/8, 1/10, or 1/20 of 1%, and there is no stated maximum interest rate. -. E. No more than 17 different interest rates may be specified, provided repetition of a rate shall not be considered to be a different rate._ , F. There shall be no maximum differential between the highest and _ .. " lowest interest coupon rates stipulated in any bid. " ~ G: All Bonds of the same maturity shall bear the same and a single interest coupon rate from the date thereof to maturity, and interest becoming dine on any interest payment date inay not be represented by,more than one coupon on any Bond... H. Coupon rates must be on an ascending scale, in that the coupon rate for Bonds of any maturity may not be less than the coupon rate stipulated for any preceding maturity. I. The right to reject bids for any reason. deemed advisable by the.. Board of Commissioners, and the right to waive any possible informalities or irregularities in any bid which, in the judg-. merit of 'the Board of Commissioners, Frith the advice of the Fiscal Agent, shall be minor ox immaterial, shall be expres-sly ...... " ~ "- reserved;-` J. CUSIP identification numbers will be printed on said Bonds, if requested by the purchaser, at the expense of the purchaser. 'The'purchaser~of said Bonds will in any event pay the CUSIP ' Service Bureau charge for the, assignment. of CUSIP numbers.. , >. Neither tlie~failure to print a CUSIP number on ariy Bond-`nor any _ error with respect thereto shall constitute,.caus.e for a..failure- ' or refizsal~by the purchaser thereof to accept delivery of and pay for the Bonds in accordance with the terms„of.the-,purchase agreement. K. ~-The purchaser must accept delvery'of the`Bonds and make payment for same, in Federal funds, at-the accepted purchase price,.when tendered=for 'delivery, at~a bank in Louisville, Kentucky, at no cost to the purchaser other than any charge made-by such Bank for the cost ,of the closing, or elsewhere at the purchaser's expense.. It is anticipated that the Bonds will .be tendered for delivery on or about November 16, 1982. L. Upon wrongful refusal of said purchaser to take delivery of and pay for the Bonds when tendered for delivery, the amount of the good faith. check shall be forfeited by such purchaser, and such amount shall be deemed liquidated damages. for such default, provided', however,. if said 'Bonds are not ready for delivery and payment within forty-five L45) days £rom the__date-of sale herein . """provided for, sad purchaser-shall be relieved of any liability to accept the Bonds hereunder, whereupon,. at. the written_xequest of such purchaser, his good faith check will~be returned, without interest. M. At the time of delivery of the Bonds, the purchaser may, at his " ~option,'either pay the-full purchas'e'price in Federal funds, and have his good faith check returned, or, if the_goo.d.faith.-check is"in Federal funds, deduct the good faith check from the purchase price and pay the net balance of such purchase.price., SECTION 3. That the Aiayor and the City Clerk be and they .are hereby instructed and directed to cause publication to be made, as xequired by law,. one time not less than 7 and not more_thari 21 days prior to the specified date for.th.e.xeceipt of bids, in (a) THE PADUCAH SUN`which is the newspaper published in the City of Paducah,. in r~IcCracken County, Kentucky, having the largest circulation of any newspaper published in the City of Paducah, Kentucky, for publications required to be made by the City, (b) THE COURIER-JOURNAL,'a having the largest circulation of any newspaper published in the City of Louisville, Kentucky, and of general circulation throughout Kentucky, and ~c) THE BOND BUXER, a periodical of general circulation among bend issue pur- chasers published n~New'York, New York, of a "Notice~of Bond Sale', in the form 189 attached hereto and hereby approved, calling for the receipt of bids for the purchase of $16,430,000 of City of Paducah Water Works Revenue Bonds, Series 1982, dated November 1, 1982, such bids to be received until October 27, 1982, at 10:30 A.Ni., C.D.T., at the office of the City Clerk at the City Hall in Paducah, Kentucky, that such bids will be opened and studied by the Clerk, with the assistance of the Fiscal Agent, and will be acted upon by the Board of Commissioners at that time, that the Board of Commissioners hereby approves the '`Official Terms and Conditions of Sale of Bonds" in the form attached hereto, to be distributed to any interested bidders in connection with the sale of said Bonds; and that only those bids be considered for the purchase of said Bonds that are submitted on a uniform "Bid Form'' supplied by the City Clerk, a copy of which Bid Form is attached to this Resolution and is hereby approved. SECTION 4. That the Board of Commissioners shall, in a Resolution accepting the successful bid, determine the exact rate(s) of interest which said Bonds shall bear, and the interest rate(s~ on said Bonds shall be automatically fixed at the rate(s) set out in the successful hid accepted. in said Resolution., without the necessity of any further.. action by the Board. of Commissioners fixing said rate(s).. The proceeds of the sale of said Bonds shall be expended as provided in the Supplemental Bond Ordinance. -, SECTION<.5., That all motions, ordinances., resolutions, and parts thereof in conflict herewith,, are hereby repealed to the extent of such conflict, and this Resolution shall be effective immediately. Adopted on October 19, 1982. JOHN K. PENROD Mayor ATTEST: Louise McKinney City Clerk CERTIFICATE I, LOUISE McKTNNEY, 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 a Resolution adopted by the Board of Commissioners of said City at a meeting duly held on October 19, 1982, that said Resolution together with the (1) Notice of Bond Sale, (2) Official Terms and Conditions of Sale of Bonds, and (3) Bid Form approved therein} appears as a matter of public record in the official records of the City, and that said meeting was duly 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 Resolution has not been modified, amended, revoked, or repealed, and that same is now in full force and effect. IN TESTIMONY WHEREOF, witness my signature and the Seal of said City on this October 19, 1982. Louise McKinney City Clerk (Seal of City)