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Ordinance 18-2020 summaryORDINANCE 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: ILtY1L PUBLICLY READ AND PASSED SECOND TIME: J[.lfle 1 10, acac APPROVE ATTEST: Wendell A. Mayor NAAA4svYretiribu 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. I 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 j T- 2Dap was published in the Kentucky New Era on:04'zi• nao As Certified By KiVi 1Y1-6/141Yj H. Douglas Willen Ordinance 18-2020 summary Page 2 of 2 Prepared by Bond Attorney