HomeMy WebLinkAbout03/21/85No.
390
Proceedings of
Board of Commissioners
Water Bond Ordinance - Adopt
$12,020,000
City of Paducah March 21, 1985
At a Called Meeting of the Board of Commissioners held in the Commission Chambers, City
Hall, at 10:30 a.m. on March 21, 1985, Mayor Viterisi presided and upon call of the roll, the
following answered to their names: Commissioners Cole, Grumley and Mayor Viterisi (3). Commissioners
Coleman and Ford were absent (2).
Commissioner Cole offered motion, seconded by Commissioner Grumley, that the executed copies
of the Notice of Called Meeting to be held at 10:30 a.m., Thursday, March 21, 1985, be received and
filed. Adopted on call of the roll, yeas, Commissioners Cole, Grumley and Mayor Viterisi (3).
Commissioner Coleman offered motion, seconded by Commissioner Cole, that the Board of
Commissioners adopt an ordinance entitled, "AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, AUTHORIZING
AND PROVIDING FOR THE ISSUANCE OF $12,0209000 PRINCIPAL AMOUNT (WHICH MAY BE INCREASED OR REDUCED BY
UP TO $5009000 TO AS MUCH AS $1295209000 OR TO AS LITTLE AS $1195209000) OF CITY OF PADUCAH WATER
WORKS REVENUE REFUNDING BONDS, SERIES 1985, DATED APRIL 1, 19859 FOR THE PURPOSE OF (1) REFUNDING
THROUGH ESCROW FOR RETIREMENT EITHER AT MATURITY AND/OR WITH PARTIAL REDEMPTION IN ADVANCE OF
MATURITY, THE OUTSTANDING CITY OF PADUCAH WATER WORKS REVENUE BOND ANTICIPATION RENEWAL NOTES, SERIES
1983, DATED MARCH 1, 19839 AND CITY OF PADUCAH WATER WORKS REFUNDING REVENUE BONDS, SERIES OF 19789,
DATED APRIL 1, 1978; PROVIDING FOR THE INVESTMENT OF A SUFFICIENT PORTION OF THE PROCEEDS OF SAID
BONDS OF 1985 TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID NOTES AND BONDS AS
SAME MATURE AND/OR AS SAME ARE REDEEMED IN ACCORDANCE WITH THE TERMS THEREOF; SETTING FORTH THE TERMS
AND CONDITIONS ON WHICH SAID BONDS OF 1985 AND ADDITIONAL BONDS RANKING ON A PARITY THEREWITH ARE TO
BE AND MAY BE ISSUED AND OUTSTANDING; PROVIDING FOR THE CREATION OF CERTAIN FUNDS AND THE TRANSFERS OF
AMOUNTS FROM CERTAIN EXISTING FUNDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
SAID BONDS OF 1985; PROVIDING FOR THE RIGHTS OF THE OWNERS OF SAID BONDS OF 1985 AND THE ENFORCEMENT
THEREOF; AND PROVIDING FOR AN ADVERTISED, PUBLIC, COMPETITIVE SALE OF SAID BONDS OF 1985". This
ordinance is summarized as follows: Authorizes the issuance of $12,020,000 principal amount (subject
to adjustment) of Bonds identified in the above -title (the "Current Bonds") for the purposes of (1)
refunding (defeasing) the outstanding City of Paducah Water Works REfunding Revenue Bonds, Series of
1978, dated April 1, 1978, and (2) retiring $16,200,000 of City of Paducah Water Works Revenue Bond
Anticipation Renewal Notes, Series 1983, dated March 1; 1983. The Ordinance authorizing the Bonds
provides for the creation of an insured Debt Service Reserve Account, without the necessity of
maintaining any funds on deposit in such Debt Service Reserve Account. The Ordinance provides for the
creation of an Escrow Fund into which the proceeds of the Current Bonds will be deposited for the
purpose of providing for the payment of the outstanding prior Bonds and Notes as same mature and/or as
same may be called for redemption prior to maturity, provides for the f low of funds for the security
of the Current Bonds, including the Sinking Fund, the Depreciation Fund, and the Operation and
Maintenance Fund, provides certain covenants of the City for the protection of the owners of the
Current Bonds, and prescribes the terms and conditions upon which the bids will be received for the
purchase of the Current Bonds. Adopted on call of the roll, yeas, Commissioners Cole, Grumley and
Mayor Viterisi (3).
Upon motion the meeting adjourned.
Adopted: ,3- . 6-- Y,5 -
City Clerk Mayor