HomeMy Public PortalAboutOrdinance 18-2020ORDINANCE 18-2020
AN ORDINANCE OF THE CITY OF HOPKINSVILLE, KENTUCKY APPROVING
A LEASE IN THE APPROXIMATE PRINCIPAL AMOUNT OF $3,400,000 FOR
THE FINANCING OF A SOLID WASTE FACILITY; PROVIDING FOR THE
PAYMENT AND SECURITY OF THE LEASE; CREATING A SINKING FUND;
AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED
TO SUCH LEASE
SUMMARY
It is hereby certified that the foregoing ordinance provides for approval of a lease with
Kentucky Bond Corporation for financing certain public improvements and provides a general
obligation pledge to assess sufficient taxes to comply with the obligations to pay lease payments.
As required by KRS 83A.060, the following Section 2 of the ordinance is set forth in its entirety:
The full text of the section relating to the pledge to levy and assess a tax to pay the lease obligation
is:
Section 2. General Obligation Pledge. Pursuant to the Constitution of the Commonwealth
and Chapter 66 of the Kentucky Revised Statutes, as amended (the "General Obligation Statutes"),
the obligation of the City created by the Lease shall be a full general obligation of the City and, for
the prompt payment of the Lease Payments, the full faith, credit and revenue of the City are hereby
pledged. During the period the Lease is outstanding, there shall be and there hereby is levied on all
the taxable property in the City, in addition to all other taxes, without limitation as to rate, a direct tax
annually in an amount sufficient to pay the Lease Payments on the Lease when and as due, it being
hereby found and determined that current tax rates are within all applicable limitations. Said tax shall
be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and
collected by the same officers in the same manner and at the same time that taxes for general
purposes for each of said years are certified, extended and collected. Said tax shall be placed before
and in preference to all other items and for the full amount thereof; provided, however, that in each
year to the extent that the other taxes of the City are available for the payment of the Lease Payments
and are appropriated for such purpose, the amount of such direct tax upon all of the taxable property
in the City shall be reduced by the amount of such other taxes so available and appropriated.
There is hereby established, or it is acknowledged that there has heretofore been
established, with the City a sinking fund (the "Sinking Fund"). The funds derived from said tax levy
hereby required or other available taxes shall be placed in the Sinking Fund and, together with
interest collected on the same, are irrevocably pledged for the payment of all bonds or obligations
issued under the General Obligation Statutes and all Tax Supported Leases, as defined in General
Obligation Statutes, including the Lease herein authorized, when and as the same fall due. Amounts
shall be transferred from the Sinking Fund to the Lessor at the times and in the amounts required by
the Lease.
The full text of this Ordinance and of the form of the documents in connection with the issuance of
the Bonds are on file in the office of the undersigned City Clerk of the City of Hopkinsville at 715
South Virginia Street, Hopkinsville, Kentucky, where it is available for public inspection between
the hours of 8:00 a.m. to 4:30 p.m., Monday through Friday.
Ordinance 18-2020 summary
Page 1 of 2
Prepared by Bond Attorney
ORDINANCE 18-2020 SUMMARY
LANDFILL EXPANSION BOND
PUBLICLY READ AND PASSED FIRST TIME: T(Ayle— at + aQQ�
PUBLICLY READ AND PASSED SECOND TIME: Uuyx I lD, acao
APPROVE
Wendell A.
Mayor
am�qATTEST: M-:t�
Christine M. Fletcher, MMC
City Clerk
I, H. Douglas Willen, hereby certify I am an Attorney licensed to practice law in the
Commonwealth of Kentucky, my office is located at 317 West Ninth Street, Hopkinsville,
Kentucky 42240. 1 further certify the foregoing summary of Ordinance 18-2020, of the City of
Hopkinsville, Kentucky, was prepared in accordance with the requirements of KRS
83A.060(9), and is a true and accurate summary of the contents of said ordinance.
Ordinance I T-RQQQ
was published in the Kentucky New Era
on:OLO - aLA - ci0310
As Certified By Kvt "fite
H. D u las Willen
Ordinance 18-2020 summary
Page 2 of 2
Prepared by Bond Attorney
ORDINANCE 18-2020
AN ORDINANCE OF THE CITY OF HOPKINSVILLE, KENTUCKY APPROVING
A LEASE IN THE APPROXIMATE PRINCIPAL AMOUNT OF $3,400,000 FOR
THE FINANCING OF A SOLID WASTE FACILITY; PROVIDING FOR THE
PAYMENT AND SECURITY OF THE LEASE; CREATING A SINKING FUND;
AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS RELATED
TO SUCH LEASE
WHEREAS, the City of Hopkinsville, Kentucky (the "City") has the power, pursuant to
Section 65.940 et seq. of the Kentucky Revised Statutes to enter into lease agreements with or
without the option to purchase in order to provide for the use of the property for public purposes;
WHEREAS, the City Council of the City (the "City Council") has determined and hereby
determines the necessity of financing the costs of a solid waste facility (the "Project"), all as further
described in the Lease hereinafter described; and
WHEREAS, the City Council has determined and hereby determines that it is in the best
interests of the City that the City and the Kentucky Bond Corporation (the "Lessor") enter into a
Lease Agreement in an approximate amount of $3,400,000 (the "Lease") for the leasing by the City
from the Lessor of the Project;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
HOPKINSVILLE, KENTUCKY, AS FOLLOWS:
Section 1. Recitals and Authorization. The City hereby approves the Lease Agreement
(the "Lease"), in substantially the form presented to this City Council. The recitals to this Ordinance
are incorporated herein as if set forth in this Section in their entirety and are hereby found and
determined to be true and correct. It is further found and determined that the Project identified in
the Lease is public property to be used for public purposes, that it is necessary and desirable and
in the best interests of the City to enter into the Lease for the purposes therein specified, and the
execution and delivery of the Lease and all representations, certifications and other matters
contained in the closing memorandum with respect to the Lease, or as may be required by the
Lessor prior to delivery of the Lease, are hereby approved, ratified and confirmed. The Mayor and
Ordinance 18-2020
Prepared by Bond Attorney
Page 1 of 4
City Clerk of the City are hereby authorized to execute the Lease, together with such other
agreements or certifications which may be necessary to accomplish the transaction contemplated
by the Lease.
Section 2. General Obligation Pledge. Pursuant to the Constitution of the
Commonwealth and Chapter 66 of the Kentucky Revised Statutes, as amended (the "General
Obligation Statutes"), the obligation of the City created by the Lease shall be a full general
obligation of the City and, for the prompt payment of the Lease Payments, the full faith, credit and
revenue of the City are hereby pledged. During the period the Lease is outstanding, there shall
be and there hereby is levied on all the taxable property in the City, in addition to all other taxes,
without limitation as to rate, a direct tax annually in an amount sufficient to pay the Lease
Payments on the Lease when and as due, it being hereby found and determined that current tax
rates are within all applicable limitations. Said tax shall be and is hereby ordered computed,
certified, levied and extended upon the tax duplicate and collected by the same officers in the
same manner and at the same time that taxes for general purposes for each of said years are
certified, extended and collected. Said tax shall be placed before and in preference to all other
items and for the full amount thereof; provided, however, that in each year to the extent that the
other taxes of the City are available for the payment of the Lease Payments and are appropriated
for such purpose, the amount of such direct tax upon all of the taxable property in the City shall
be reduced by the amount of such other taxes so available and appropriated.
It is acknowledged that there has heretofore been established, a sinking fund (the "Sinking
Fund") with the City in accordance with the requirements of the Act, which is hereby ordered to
be continued and maintained as long as the Lease shall remain outstanding. The funds derived
from said tax levy hereby required or other available taxes shall be placed in the Sinking Fund
and, together with interest collected on the same, are irrevocably pledged for the payment of all
obligations issued under the General Obligation Statutes and all Tax Supported Leases, as
defined in the General Obligation Statutes, including the Lease herein authorized, when and as
Ordinance 18-2020
Prepared by Bond Attorney
Page 2 of 4
the same fall due. Amounts shall be transferred from the Sinking Fund to the Lessor at the times
and in the amounts required by the Lease.
Section 3. Severabilitv. If any Section, paragraph or provision of this Ordinance shall be
held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such Section,
paragraph or provision shall not affect any of the remaining provisions of this Ordinance.
Section 4. Open Meetings Law. This City Council hereby finds and determines that all
formal actions relative to the adoption of this Ordinance were taken in an open meeting of this City
Council, and that all deliberations of this City Council and of its committees, if any, which resulted
in formal action, were in meetings open to the public, in full compliance with applicable legal
requirements.
Section 5. Conflicts. All ordinances, resolutions, orders or parts thereof in conflict with
the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the
provisions of this Ordinance shall prevail and be given effect.
Section 6. Effective Date. This Ordinance shall take effect from and after its passage and
publication of a summary thereof, as provided by law.
Section 7. Reimbursement. This Ordinance shall serve as a statement of intention by the
City to reimburse itself for costs of the Project from proceeds of the Obligations pursuant to Treas.
Reg. § 1.150-2 in an aggregate principal amount not to exceed $3,400,000.
ORDINANCE 18-2020
LANDFILL EXPANSIONTBOND r-��
PUBLICLY READ AND PASSED FIRST TIME: -a-
Mt a �1 p
PUBLICLY READ AND PASSED SECOND TIME: V
APPROVED:
ATTEST:
Wendell A. Lynch
Mayor
Christine M. Fletcher, MMC
City Clerk
Writ 1 lo, apao
Ordinance 18-2020
Prepared by Bond Attorney
Page 3 of 4
CERTIFICATION
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the City of Hopkinsville, Kentucky and as such City Clerk, I further certify that the foregoing is a
true, correct and complete copy of an Ordinance as appears to me in the official records of the
City of Hopkinsville, Kentucky, duly adopted by said City Council at a duly convened meeting held
on the date set forth therein, signed by the Mayor, duly filed, recorded and indexed in my office
and now in force and effect, and that all action taken in connection with such Ordinance was in
compliance with the requirements of Kentucky law, all as appears from the official records of said
City Council in my possession and under my control. II -- 1
IN WITNESS WHEREOF, I have hereunto set my hand this 110 dU ay of an
2020.
Ordinance -- UO
was published in the Kentucky New Era
As Certified By _gat/ ^ Q
Q1wu
a--c)„,t)
Christine M. Fletcher, MMC
City Clerk
1
Ordinance 18-2020
Prepared by Bond Attorney
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