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ORDINANCE NO. 82-1-2191
AN ORDINANCE AUTHORIZING THE CITY MANAGER AND CITY TREASURER
TO ESTABLISH A LINE OF CREDIT WITH LOCAL BANKS FOR SUMS NOT EXCEEDING AN
AGGREGATE AMOUNT OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS
($1,500,000.00) FOR THE USE AND. BENEFIT OF THE CITY OF PADUCAH, KENTUCKY,
AND TO EXECUTE A NOTE OR. NOTES FROM TIME TO TIME FOR SAID LINE OF CREDIT,
AND TO PLEDGE THE REVENUES OF THE CITY AS: SECURITY THEREFOR
WHEREAS, the maintenance of an adequate cash flow will from time to time
necessitate the borrowing of varying sums of money, and
WHEREAS,
borrowed funds are
needed for short terms
of up to ninety (90)
days, provided
all outstanding debts
are repaid prior to the
end of each fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH,_ KENTUCKY:
SECTION 1. That the City Manager and City Treasurer are hereby
authorized to establish a line of credit with one or more local banks --up to a total
aggregate amount not. exceeding One MillionFive Hundred Thousand Dollars
($1,500,000.00) for the use and benefit of the City of Paducah, Kentucky, in maintain-
ing its necessary cash flow, with interest being negotiable. The line of credit shall
have a zero balance on June 30 of each and every year this authorization shall remain
in effect, and no individual loans taken pursuant to the line of credit shall exceed
a term of ninety (90) days.
SECTION 2. The City Manager and -City Treasurer are hereby authorized to
execute a note or notes for all loans executed pursuant to the line of credit, which
shall bear the signature of the City of Paducah by the City Manager and the City
Treasurer of the City. The City Manager and City Treasurer are hereby authorized
to pledge as security for such note or notes all revenues to be collected by the City
of Paducah from taxes for the fiscal year in which the loan is obtained.
SECTION 3. This ordinance repeals Ordinance No. 78-12-1661, adopted by
the Board of Commissioners on December 19, 1978 and Ordinance No. 78-12-1662,
adopted by the Board of Commissioners on December 28, 1978.
SECTION 4. In order to maintain an adequate cash flow for the City of
Paducah, an emergency is hereby decalred to exist and this ordinance shall be
in full force and effect upon its passage at one reading.
LILL )�_
Mayor
Introduced and passed by the Board of Commissioners January 6, 1982
Recorded by Louise McKinney, City Clerk, January 6, 1982
Published by The Paducah Sun
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