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RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
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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:
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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.
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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
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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.
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City Clerk
(Seal of City)
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