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RESOLUTION
RESOLUTION 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.
WHEREAS, the Reidland Water and Sewer District (the "District") previously
determined that it was in the public interest to acquire and construct certain improvements to the
District's Water and Sewer System (the "Project") and
~`"" WHEREAS, the District 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
"1993E Bonds") and used a portion of the proceeds thereof to permanently finance the loan to
the District evidenced by the Assistance Agreement dated as of October 1, 1991 between the
District and the Authority; and
WHEREAS, since the date of the Project, the City of Paducah, Kentucky (the
"Governmental Agency") has assumed the obligations of the District with respect to said
Assistance Agreement; and
WHEREAS, the conditions of the municipal bond market are more favorable than at the
time the Authority sold the 1993E Bonds to finance such loan, and as a result thereof the
Authority proposes to issue refunding bonds which will refinance such loan; 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; and
`"/" NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY AS FOLLOWS:
SECTION 1. That the Board of Commissioners of the Governmental Agency (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 Mayor and City Clerk of the Governmental Agency be and hereby are
authorized, directed and empowered to execute necessary documents or agreements, and to
otherwise act on behalf of the Governmental Agency to effect such refinancing.
SECTION 3. That this resolution shall take effect upon
ADOPTED on December 17, 2002.
By:
,,- Attest:
Title: City Clerk
as provided by law.
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556
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 a Resolution
adopted by the Governing Authority of said City at a meeting duly held on December 1Z,
2002; 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 ~ day of December , 2002.
City Clerk