HomeMy WebLinkAbout78-12-1661ORDINANCE NO. 78-12-1661
AN ORDINANCE AMENDING SECTION 4 OF AN ORDINANCE ENTITLED,
"AN ORDINANCE AUTHORIZING THE CITY MANAGER AND CITY TREASURER TO
EXTABLISH A LINE OF CREDIT WITH LOCAL BANKS FOR SUMS NOT EXCEEDING AN
AGGREGATE AMOUNT OF ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS
($1,250,000.00) 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",
AND DECLARING AN EMERGENCY TO EXIST
WHEREAS, an Ordinance entitled, "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
TWO HUNDRED FIFTY THOUSAND DOLLARS ($1,250,000.00) 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", was introudced at the regular
Commission meeting of December 12, 1978, and
WHEREAS, the aforesaid ordinance failed to provide an emergency pro-
vision for the effective date of the Ordinance, and
WHEREAS, in the opinion of the Board of Commissioners of the City of
Paducah, Kentucky, an emergency does exist which justifies the elimination of the
ten (10) day lay -over period.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That Section 4 of an ordinance introduced at the meeting
of December 12, 1978 and entitled, "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 TWO HUNDRED
FIFTY THOUSAND DOLLARS ($1,250,000.00) 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", be amended to read as follows:
"SECTION 4.
An emergency is declared to exist and this ordinance shall
therefore be introduced and remain on file for public inspection for at least one week
in the completed form in which it shall be put upon its final passage, and if adopted
shall be in full force and effect immediately thereafter".
SECTION 2. All other terms and provisions of the ordinance entitled,
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"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 TWO HUNDRED FIFTY THOUSAND DOLLARS
($1,250,000.00) 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", are
hereby readopted and reordained.
SECTION 3. This ordinance shall be in full force and effect from and
after its adoption.
Mayor
Passed by the Board of Commissioners. December 19, 1978
Recorded by Louise McKinney, City" Clerk, December 19, 1978.