HomeMy WebLinkAboutOrdinances Book 7, Page 45, No Resolution NumberNo.
Ordinance No.
A RESOLUTION AUTHORIZING AND DIRECTING THE I,iAYOR OF THE
CITY OF PADUCAH TO BORROVI A CERTAIN SUM OF MONEY FROI.i THE SI14KIlIG FUED
OF THE CITY OF PADUCAH:-
WHEREAS, The City of Paducah has deposited to its credit in
the City Depository of the City of Paducah, as a sinking fund for the
purpose of retiring the outstanding bonds of the Citi* of Paducah, a sum
of money aggregating forty-four thousand (9"44,000.) dollars, and
V,HEREAS, it has become necessary for the City of Paducah to
borrow a certain sum of money for the purpose of defraying its current
expenses, and
V;HEREf S, said City Depository is now paying only four (4 )
per cent interest upon said sinking fund, and if the said City borrows
the money required from the City Depository it will have to pay six (6%)
per cent, now, therefore - in order to save the difference between four
and six per cent interest upon such sum necessary to be borrowed,
BE IT RESOLVED BY THE BOARD OF COlILiISSIO11ERS OF THE
CITY OF P1-_DUC_�H, KENTUCKY: -
Sec. 1. That the ISayor is hereby authorized and directed to borrow
from Don P. Llarton, Commissioner of Public Finance, such sum or sums as
may be necessary to defray the City's current expenzes, not to exceed,
however, the sum of twenty-five thousand (9"25,000.) dollars, out of the
sinking fund now on deposit in the City Depository of the City of Padu-
cah, and to secure the payment of said money so borrowed there is hereby
pledged a like amount of City taxes, to be collected as of the first of
July 1915, and said sum shall be repaid out of such City taxes collected
as of the first of July 1915.
Sec. 2. For the.purpose of evidencinm this transaction the said
Mayor of the City of Paducah shall execute the note or notes of the City
of Paducah for such sum or sums so borrowed, payable upon demand to
the order of Don P. Marton, Commissioner of Public Finance and custodian
of the sinking fund of the City.of Paducah, bearing four (40) per cent
interest from date until paid, and the execution by the Liayor of the
City of Paducah of such note or notes, up to a total amount of Twenty-
five Thousand (;125,000.) dollars, and the deli-Tery thereof to the said
Don P. Marton, Commissioner of Public Finance, shall be authority of
said Don P . Darton to pay to the said Liayor of Paducah, for the use and
benefit of the said City of Paducah, such sum or sums of money as indica-
ted by the note or notes so executed.
Sec. 3. This Resolution shall take effect from and after its passage.
PASSED BY THE BOARD OF COL11ISSION ERS JANUARY 25, 191 _
Recorded January 26, 1915. `
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