HomeMy WebLinkAboutOrdinances Book 7, Page 219, No Resolution NumberNo.1 /Y_
Ordinance No
A RESOLUTION DIRECTING AND AUTHORIZIIIG THE Ll,:MR OF THE
CITY OF PADUCAH TO EXECUTE NOTES OF THE CITY OF PADUC<E FOR THE SUI.: OF
ONE HUNDRED THOUSAND (N100,000.00) DOLLARS, A11D PLEDGIIIG ANTICIPATED
REVENUE OF THE CITY OF PADUCAH FOR THE SECOND HALF OF 1916 TO PAY
WHERE.S, the City of Paducah anticipates that it will
need to borrow the sum of One Hundred Thousand (,J00,000.00) Dollars to
pay the current expenses of said City for the second half of 1916, and
""HERE,
_S, the revenue of said City will not be available
within sufficient time to meet said obligations -
BE IT RESOLVED BY THE BOARD OF 00101ISSIONERS OF THE
CITY Or PADUC2sH, RE71TUCKY:
Section 1. That the I;Iayor-is hereby directed and authorized to
execute revenue notes for and in behalf of the City of Paducah, dated
July 18, 1916, due and payable six (6) months from date, in the aggre-
gate sum of One Hundred Thousand (100,000.00) Dollars, with interest
thereon at the rate of six (6j) per centum per annum from maturity until
paid, and to secure the payment of which, when so executed by the 1.ayor,
the Cit- of Paducah hereby pledges a sufficient portion of the anticipated
current revenue of the Cite of Paducah for the second half of 1916 to
pay said notes, together with any interest and costs attached thereto.
Section 2. This Resolution shall take effect from and after its
passage.
(Passed by the Board of Commissioners July 17, 1916.
approved by Ernest Lackey, I,ayor, July 17, 1916.
Recorded by H. Z. Hazelip, Clerk to the Board, July 17, 1916.)
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