Loading...
HomeMy WebLinkAboutPaducah Water Works Revenue Bonds (1)108 RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, ~~ `0 y PROVIDING FOR THE ADVER'~ISEMENT AND PUBLIC SALE OF FIFTEEN MILLION, EIGHT HUNDRED SIXTY THOUSAND DOLLARS ($15,860,000) PRINCIPAL AMOUNT OF CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION NOTES, SERIES 1982, DATED JANUARY 25, 1982, AND PROVIDING FOR THE ORDINANCE AUTHORIZING SAID NOTES TO BE GIVEN SECOND READING AND ENACTMENT ON THE SAME DATE AS THE DATE ON WHICH BIDS ARE RECEIVED FOR THE PURCHASE OF SAID NOTES. 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"Bond and Note Ordinancet1) relating to the (a} issuance and sale of $14,530,000 of City of Paducah Water Works Revenue Bonds, Series 1982, dated December 15, 1982, to defray the costs (not otherwise provided) of the construction of extensions, additions, and improvements (the "Construction Project" or the "Project1°) to the existing water works system (the "System") of the City, and (b) the immediate issuance and sale of $15,860,000 of City of Paducah Water Works Revenue Bond Anticipation Notes, Series 1982, dated January 25, 1982, to provide interim financing toward the costs of the Project, in anticipation of the issuance of the Bonds, all pursuant to and as permitted by Sections 58.010 through 58.140, inclusive, and Section 56.513 of the Kentucky Revised Statutes, and LNHEREAS, the Board of Commissioners desires to pass and enact said Bond and Note Ordinance upon its second reading, and WHEREAS, the Board of Commissioners further desires to advertise publicly for the receipt of bids for the purchase of the Notes, such bids to be received until and opened on the date ~.nd hour of the same meeting as the meeting at which the Bond and Note Ordinance is given such second reading and enactment, NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That at a. regular meeting to be held at 10:30 A.M., C.S.T., on January 12, 1982, at the City Hall in Paducah,. Kentucky, the Board of Commissioners will give second reading to and will enact the Bond and Note Ordinance.. SECTION 2. That said Notes shall be sold at public sale at that same meeting, after public advertisement as required by law informing prospective bidders that such bidders may obtain from the City a copy of the Official Terms and Conditions of Sale of Notes, setting out the following specific terms and conditions: 109 A. Bids must be made on forms, which, together with an Official Statement, may be obtained at the office 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 n's.:ealed envelopes marked '"Proposal for City of Paducah Water Works Revenue Bond Anticipation Notes," and bids " must b:e'reeeived'by the City Clerk prior to the date and hour set out in said Official Terms and Conditions of Sale of Bonds and in the pizblstied `Noti'ce df Bond Sale. B. Bids'"wll be considered only "for 'the entire $15,860,000 of ~~ Notes, at a minimum price of $15,542,_800 (98a of par), plus accrued interest from the date of the Notes (January 25, 1982) to the date of delivery. C. Each proposal shall be accompanied by a good faith check in the . amount of $31 ,20-0, which shall` be represented by a certified check or bank cashier's check in that amount, payable to th_e 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 b"e-in Federal funds). ~D: Bidders-must state a single interest-coupon rate in a multiple of 1/8, 1/10, or 1/20 of 1%, and there is no stated maximum _ interest'' rate. " - ~" - E. Bids will be compared by "ascertaining the dollar amounts of interest from January 25, 1982, to July 25, 1984, at the rate specified in each bid, using 39,650 total Note years, when adding the amount of the discount, if any; the best bid being the bid-which results in"the lowest net interest co"st. F. 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 judgment of the Board of Commissioners, with the advice of the " Fiscal Agent, shall be minor or immaterial, shall be expressly reserved. G. The purchaser must accept delivery of the Notes and make payment for same, in Federal funds, at the accepted purchase price, when tendered for delivery, at First National Bank of Louisville, Louisville, Kentucky, at no cost to the purchaser other than any charge made by such Bank for the cost of the closing. It is anticipated that the Notes will be tendered for delivery on or about February 2, 1982. H. Upon wrongful refusal of said purchaser to take delivery of and pay for the Notes 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 Notes are not ready for delivery and payment within thirty (30) days from the date of sale herein provided for, said purchaser shall be relieved of any liability to accept the Notes hereunder, whereupon, at the written request of such purchaser, his good faith check will be returned,. without interest. I. At the time of delivery of the Notes, the purchaser may, at his option, either pay the .full purchase price in Federal funds., and have his good faith check returned, or, if the good faith check is in Federal funds, deduct the good faith check from the purchase price and pay the net balance of such purchase price. In the event. that there is no bid or that all bids are rejected, the City may readvertise the sale pursuant to this"Resolution. 110 s _ __ SECTION 3. .That the Mayor-'and the City Clerk be and. they-are hereby instructed and directed to cause publication to be-made, a~ required by law, one time not less--than 7 and not-mare-than 21 days prior to the specified date for the receipt of bids, in (a) the PADUCAH SUN, which is. the newspaper published in the City of Paducah, in McCracken-County, Kentucky, having the largest circulation in said City and County and meeting the requirements of KRS 4.24:110-320 for publ~ications required to be made by the City, (b) THE COURIER-JOURNAL, a newspaper published in the City of Louisville, Kentucky,-.:and of general circulation. throughout.. Kentucky, and (c) THE BOND BUYER, a periodicai~ of-general circulation among bond issue purchasers published in New York, New York, of a "Notice of Note Sale'',-in theJform attached hereto and hereby app-roved-,- calling fo-r the receipt of bids for the purchase of $15,860,000 of City of Paducah Water Works Revenue Bond Anticipation Notes, Series 1982, dated January 25, 19.8.2,-such bids to be received until January 12,-1982, at 10:30 A.M., C.S.T:..; at ,.the office of the City Clerk at'the.-City I-Iail" in Paducah, Kentucky, that such bids will-be opened--and studied by~the Clerk, with th.e 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 Notes" in the form attached hereto, to be distributed to any interested bidders in connection with the sale of said Notes; and that only those bids be considered for. the. purchase of said Notes that are submitted on a uniform "Bid Form" supplied. by the City Clerk, a copy of which Bid Forms:attached to this Resolution and is hereby:_approved. SECTION 4. That the Board of Commissioners shall, in a Resolution accepting the successful b.id, determine the exact rate of interest which said Notes shall bear, and the interest rate on said Notes :shall be automatically fixed at the rate set out in~the, successful-bid accepted in said Resolution; without the necessity of any further action by the Board o:f Commissioners fixing said rate.- The proceeds of the sale of said Notes shall be expended as provided in the Bond-and Note Ordinance. - -.. SECTION 5. In the .event that there is no. bid or that all bids~are rejected, or that-bids. are received for less than. all of the Notes, the Board of Commissioners may either re-advertise the sale pursuant to this-Ordinance or negotiate the sale of the Notes pursuant to KRS 56.513, and the Fiscal Agent shall be authorized to negotiate the sale of part or all of the Notes based substantially on 111 the terms set out above,. subject to approval of._any such sale by the Board of Commissioners. SECTION 6.. That all motions., ordinances, resolutions, anal parts thereof in conflict herewith, are hereby repealed to the extent of such conflict, and this Resolution shall be effective immediately. Adopted on December 29, 1981. ATTEST: ' City Clerk Mayor CERTIFICATE I, LOUISE McKINNEY., 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 December 29, 1981, that said Resolution (together with the (1) Notice of Note Sale, (2) Official Terms ,.and Conditions of Sale of Notes,. 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 GVHEREOF, witness my signature and the Seal of said City on this December 29, 1981. .% City Clerk (Seal of City) a