HomeMy WebLinkAboutOrdinances Book 7, Page 1031, No Ordinance Numbera
Ordinance No. _—
API ORDIIL'.IICE IROVIDI:NC FOR AN '!J,,CTIOII BY THE" U.UIF L1D ELECTORS
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OR '/OT -2S OF 'Ltlls C ITY OF 1-.'-DUCAH, KE'IfTUCKY, TO F H3LD OI? 1'H': REGULAR
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ELECTIOU DAY, NOV.1'1,3_IR 6TH, 1923, III 7i'?.., CITY OF PADUCAH, KENTUCKY, TO
TTD, CIIT OF PADUCAH SFF LL ISSUE IzIlD, SELL
2301ID6 OF SAID CITY TO TII3 3ZT311T OF CITE HUNDR:?D THOUSAID (ti?100 , 000.00 )
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DOL: QHS, FOR TEE FUR rOSE OF PURC:L-.S IRG LANDS FOR PARK PROFF:RTY A* 7D "OH, Ti -E_
Ii.TROV:31.2`11I2 OF 11 -IRIS ITO-3 O'7N:;D =iI'.D TO B_' ACQUIRED, .',1Z TO 1ROVIDE FOR. TF -E
D TO C^'i: .. SI_I1'G FL'DOPAYENTOlOI,' 3 T7 T,
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1-;Y1`_`!%:' OF SAL) L'O1DS AT LA`i'URITY.
'ITEREAS, The Board of Park Commissioners has requested, in iirit-
ina, that the Board of Commissioners t.dopt an ordinance for the purpose of �
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submitting-,• to the electors of the City of Paducah, Kentucky, the ouestion j
whether or not the City she 11 issue bonds in the sum of One Hundred Thou- .I
sand (kIQO,000.00) Dollars,' for the phr}Lose of purchasing land for park
property and for the IZs»ose of in roving_• any property acquired or now
I' owned ; and ,
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i:R?ER11AS, it is essential, in order to raise the necessary funds
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for the purposes, above indicated, that the question be submitted to the
( qualified voters of the City- of Palucah; Id0'T, TY:2REFORE-
J BE IT O'D > IL D BY TT -r_-' 130:$7 OI' C 012"ISS IOIIERS OF `I'u'3 C IT OF
P.'.DUCAH, IL�IdTUCLY:
SF.CTIOh 1.
That there is hereby called an election in the City of Paducah,
Kentucky, to be held on the 6th day of i;ovember, 1923, bet•::een the same
hourse and by the same election officers conducting the "Regular Election
for estate, Cotu;ty and City officers, for the year 1923, for the purrose
of submitting• to the qualified electors of the City of Paducah, Kentucky,
the question of the issuance of One Hundred Thousand (0P100,000.00) Dollars
in bonds of the City of Paducah for the purpose of purchasing lams for
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park property and for the improvement of parks now owned and to be ac=
quired.
SEC T IOIT 2. e
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That said bonds shall be issued serially, one-fourth thereof to
be,paid at the end of five years, one -forth thereof at the end of ten
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years, one -forth thereof at the end of fifteen years, and' one-fourth
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thereof at the end of twenty years.
SEC TION 3.
That said bonds shill dra,,v internst at the rate of five per
centum (5j'0) per annum, interest payable semi-annually at the City Deposi-
tory in the City of Paducah, Kentucky.
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31,3C TIOA; 4.
Ordinance No.
That the City of Paducah, Kentucky, shall levy a tar, upon all ofl
the assessable property in the City of laducah, Kentucky, each year dur:inir
the life of said bonds, for Park purposes, sufficient to raise the stun of
not exceeding Five Thousand (;5,000.00) Dollars each year, for the first j
Dive years, for interest, and of rot exceeding Thirty -Seven Hundred Fifty
(9"3750.00) Dollars each year, for the. second five years, :for interest,
arAi of not exceed:ina Twenty-five Hundred (;2500.00) Dollars each year,
for the third five years, for interest, and of not exceeding ' welve Hun-
dred Fifty (9"1250.00) Dollars each year, for the fourth five ,years, for
interest:
SECTION 5.
That the Cit;,, of Paducah, Kentucky, shall levy a tax upon all
of the assessable property in said City of Paducah, Kentucky, for park
purposes, for each and every year durinF, the life. of said bor_ds, suffi-
cient to raise the sum of not exceeding One Hundred Thousand (•;,100,000.00
Dollars, to create a sinking fund for the payment of the said bonds at tl
respective dates of their maturity.
SECTION 6.
That the said bonds, ..,hen so issued, shall be in the name of the
City of Faducah, and shall be in denominations of One Thousand (-$1,000.00)
Dollars each; and, for the payment of which, nt the maturity thereof, the
City pledges its ^•ood faith and credit.
SECTION 7.
That said bonds shall not be issued, however, unless a twe-
thirds majority of the qualified electors of said City, voting on said
„ouestior at said election, shall vote in favor of incurring such indebt-
edness and the issuance and sale of the said bonds, and the result of
said election shall be certified, as required by law.
SECTION S.
A certif ied copy of this ordin^rce shall be filed with the
County Court Clerk of McCracken County, Kentucky, not less than thirty
:days before November 6th, 1923, and a copy of this ordinance shall be
published in the official newspaper of the City of Faducah, Kentucky, for
at least tao weeks just preceding the General. election to be held on
'November 6th, 1923.
SSC TTO1' 9.
The Clerk shall have printed upon the ballots to be delivered to
the qualified electors in each precinct in the City of Paducah, at the
election to be held on November 6th, 1923, the following question:
"ARE YOU 'IN F!.VOR 01' THZ' CITY OF PADUCIIH,
ii:;ll'iUCL1, ISSUIl;i -1`D S:iLLIlIG 01, , HUNDRED
THOU3,111D (0100,000.00)DO11:RS OF TONOS OF
No. - / 6'j',3
Ordinance No.. ----
7111CITY O'P F!,DUCAY FOR OF PUR-
CFY,SIITG LPIT-1)3 FOR I 'RI, H.'OT RYY 'd,') FOR THE
IJ,TROVI`I':"NT OF 11,R -,.,S NO -3 O-WIYD AM) TO BE
A 0 (,',TJ IR FM ? "
SECTIOPT 10.
This Ordinance shall take effect ten d --,,s after its adoption.
ra�lor-.
RECORDED 25TH, 1923.
PUBL I �51 ZD 1923.