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Home My WebLink About82-11-2323454 ORDINANCE NO. 82-11-2323 AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO AN AGREEMENT WITH PADUCAH DRY, INC. WHEREAS, the City of Paducah has received a grant from the Common- wealth of Kentucky and as a condition of said grant, said money is to be loaned to Paducah Dry, Inc. for the purpose of maintaining low and moderate income employment within the City of Paducah, and WHEREAS, it is the intent of the City of Paducah to enter into a contract with Paducah Dry, Inc. to carry out the requirements of the grant from the Commonwealth of Kentucky. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the Mayor be authorized to enter into an Agreement with Paducah Dry, Inc., for the purpose of the City of Paducah loaning to Paducah Dry, Inc., the sum of $150,000.00. Said agreement sets forth the terms of repayment of the loan and the conditions upon which said sum is loaned to Paducah Dry, Inc. SECTION 2. A copy of said Agreement is attached hereto and incor- porated therein as if set out in full herein. SECTION 3. Due to the need of Paducah Dry, Inc., to have the grant funds released, an emergency is hereby declared to exist and this ordinance shall be in full force and effect upon its passage with one reading. JOHN K. PENROD Mayor Introduced- and passed by the,Board of Commissioners November .9, 1982 Recorded by Louise McKinney, City Clerk, November 9, 1982 Published by-The.Paducah-Sun November 16, .1982.