Paducah commissioners approve bond arbitrage payment, Hotel Metropolitan stewardship and multiple ordinances

The Paducah Board of Commissioners on March 4 approved a series of routine and substantive items, including a $946,515.49 payment to the U.S. Department of the Treasury to satisfy a yield‑restriction (arbitrage) liability linked to a 2020 general obligation bond, authorized a co‑stewardship agreement for the Hotel Metropolitan and Purple Room with the Uptown Heritage Foundation, and adopted four ordinances covering a street closure, a residential development incentive, medical cannabis business licensing and the abolition of 911 landline fees.

The votes were unanimous (aye votes from Commissioner Henderson, Commissioner Smith, Commissioner Thomas, Commissioner Wilson and Mayor George Bray) for each item called and put to roll call.

The municipal order authorizing payment of $946,515.49 to the Internal Revenue Service implements calculations prepared for the city that showed earnings on bond proceeds exceeded the allowable arbitrage yield; finance staff and outside consultants explained the payment at the meeting and said the city had set aside earnings to cover the liability.

The commission also approved a three‑year co‑stewardship agreement between the city…