Husk corn. Dice onion and mince garlic. Cut jalapeños in half lengthwise, discard seeds and mince. Cut bell peppers in half lengthwise, discards seeds and dice. Chiffonade basil leaves.
For the corn stock, cut kernels off corn ears and reserves cobs. In large pot, combine cobs, bay leaf, peppercorns, 1 pinch salt and 16 cups water. Bring to a boil, then reduce heat to medium and simmer for 30 minutes.
Place stockpot over medium-low heat and add oil. Add onion, jalapeño and red peppers. Stir vegetables until onions are translucent and peppers are soft but not brown, 5 to 10 minutes. Add garlic and stir 1 and 1/2 minutes more, until garlic is golden but not brown. Increase heat to medium, and add butter and corn kernels. Add a tablespoon salt, pepper to taste and stir for about 4 minutes. Adds more salt and pepper to taste. Add 6 cups corn stock. Stir broth. Cover pot and lower heat to simmer for 10 minutes.
Using an immersion blender, purée soup to desired consistency, perhaps leaving some kernels partly broken or whole. Add more salt and pepper to taste and, if desired, smoked paprika. Ladle soup into bowls and garnish with basil.