HomeMy WebLinkAboutOrdinances Book 7, Page 515, No Ordinance NumberAN ORDIVrNCE ISSUING 33NDS FOR -HE PURPOSE OF CONSTRUCTING AND
REPAIRING SCHOOL PROPERTI1S .�CQULIED AIdD TO BE ACQUIRED, FOR THE SCHOOLS
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OF 'THE CITY OF PADUCAH, KEN 'UCKY, AND TO PROVIDE FOR THE PAY11SNT OF IN -
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T REST ON S,1ID BONDS, AND TO CR:':aTE A SINKING FUND FOR THE PiM.3ENT OF
S -LID 3ONDS AT MATURITY.
WHEREAS, on the 29th day of September, 1919, the Board of Com-
missioners passed, in due form, an ordinance submittine to the legal and
qualified voters of the City of Paducah, the question as to whether or
not bonds to the amount of 0250,000, for school purposes, to be appor-
tioned and used as follo^a: approximately 6150,000 for the purrose of
buying a site and constructing a high school building_ thereon for the
city of Paducah; approximately ?75,000 to improve the high school and
graded schools for colored pupils; approximately "'20,000 for the purrose
of improving the Franklin school building; and approximately5,000 to
be expendea on ward 'buildings, should be issued by the city of Paducah;
and,
l':IJEREriS, the returns from the election submittine s4id question
to the legal or qualified voters of the city of Paducah showed that more
than the necessary number of tv-O -thirds had voted in favor 01 the issual
Ordinance No.
of said bonds; and,
WHEREAS, the Board of Education of the City of Paducah, on the
2d day of December, 1919, in regular session, with a majority o£ the mem-
bers of said Board being; present, passed a Resolution as required by law
directing the issual of said bonds by ordinance to be adopted by
Board of Commissioners of the City of Paducah; now, therefore-
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BE IT ORDAINED BY THE BOARD Or COR1l'iiISSIONERS OF THE
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CITY OF PkDUC11H, KENTUCKY:
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SECTION 1. That the bonas of the City of Paducah be issued in the sum
of two hundrea and fifty thousand dollars 50250,000) for :>chool purposes, I
to be apportioned and used as follows: approximately $150,000 for the
purpose of buying a site and constructing a high school building thereon
for the City of Paducah; approximately ;175,000 to improve the high school ll
and graded schools for colored pupils; approximately X20,000 for the pur-
pose of improving the Franklin school building; and approximately $5,000
to be expended on ward buildings, same to be issued in the denomination
of five hundred dollars (N500) each, numbered from one to five hundred,
both inclusive, and shall be dated as of January 15, 1920 and shall bear
interest at "the rate of five per centum (5%) per annum, payable semi- II
annually on the 15th day of July ana the 15th day of January of each year
and that said bonds shall mature as follows:one-fourth of said bonds,
N62,500, shall be paid and taken up on or before January 15, 1925; the
second series of one-fourth of said bonds, X62,500, shall be paid and
taken up on or before January 15, 1930; the third series of one-fourth
of said bonds, �j62,500, shall be paid and taken up on or before January
15, 1935; and the fourth series of one-fourth of said bonds, ",x''62,500, l
shall .be paid and taken up on or before January 15, 1940, and same shall
be signed by the Mayor and the Commissioner of Public Finance of the City':
of Paducah, and the interest coupons shall bear the fac simile signatures
of said officers. Said bonds shall be substantially in the following
form, to-v.'it:
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SCHOOL I11PR0YE11MIT BONDS. SCHOOL IrPROMVENT BONDS.
No. _
UNITED STATES OF h24FRICA
STATE OF KENTUCKY, COUNTY OF licCRACKEN
City of Paducah.
5o_Scho21_Improvement Bonds.
IIIOW !,LL 11.0 BY THESE PRESENTS:
That the City of Paducah, in 1,1cCracken County, Kentucky,
acknowledges that it oyes ana is indebted to bearer, and for value
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Ordinance No.__ -
received hereby promises and -agrees to pay to the bearer, the sum of
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Five Hundred Dollars($500) in lawful money of the United States of
• America, upon the day of _ 19 with interest thereon
at the rate of 5% per annum, payable semi-annually, upon the lbth day of
July and on the loth day of January of each year until payment of the
principal sum hereof, upon the presentation and surrender of the proper
coupons therefor hereunto attached. Both the principal and interest
hereon are payable at the City National Bank in the city of Paducah,
Kentucky.
This bond is of a series of five hundred bonds of like denomina-
tion and tenor, numbered consecutively from one to five hundred, both
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inclusive, and is issued under the authority of the Kentucky Statutes and:,
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by virtue of an ordinance duly passed by the Board of Commissioners of
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the City of Paducah and duly approved upon the 29th day of September,
1919, entitled; "AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED
ELECTORS OR VOTERS OF THE CITY OF PADUCAH, IENTUCKY, TO BE HELD ON THE
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REGULAR ELECTION DAY NOVSUBER 4, 1919, IN THS CITY OF PADUCAH, XENTUCRY,
TO DETERMINE THE `UESTION T ETHEH THlE CITY OF PADUCAH SHALL ISSUE ADD
SELL BONDS OF SAID CITY ^10 THE EXTENT OF TWO HUNDRED -ED FIFTY THOUSAND
($250,000) DOLLARS, FOR THE PURPOSE OF CONSTRUCTING AND REPAIRING SCHOOL
PROPERTIES ACQUIRED ADD TO BE ACQUIRED, FOR THE SCHOOLS OF THE CITY OF
PADUCAH, KENTUCKY, ASID 'i0 PROVIDE FOR THE FaMAENT OF INTEREST ON SAID
BONDS AND TO CREATE n SINKING FUND FOR THE PAYLEUT OF SAID BONDS AT
MATURITY."
The question of the issuance of this series of bonds having
been duly submitted, as provided by ordinance, to the qualified electors
of the city of Paducah, at the regular election duly and legally held
upon the 4th day of November, 1919, at which election more than two-
thirds of the electors voted in favor of the issual of said bonds.
It is hereby certified and recited tr_at all acts, conditions
and things required by the constitution of the State of Kentucky, in
order to make this bond issue a legal, valid and binding obligation,
have been done and performed in regular and due form of lay:; that provi-
sion has been made for the collection of an annual tax sufficient to pay
the interest upon this bond and to create a sinking fund for the payment
of the principal thereof, one-fourth serially every five years until the
full amount has been paid within twenty -years from the date hereof; that
the full faith, credit and revenues, and all of the real and personal
property, including the sigking Fund, of the City of Paducah, are hereby
irrevocaoly pledged for the prompt payment of said bonds and the interest
as the same may mature, and that this 'bond, together t:ith all other in-
debtedness of the said City of Paducah, does not exceed any statutory or
constitutional limitation of indebtedness.
No.
Ordinance No.
IN WITNESS 7.1MEOF the City of Paducah, Kentucky has caused
this bond to be Signed by its Mayor and countersigned by its Commission-
er of Public Finance, and the coupons bear the lithographed signature of
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its mayor and commissioner of Public Finance, and the seal of said City
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is hereto affixed at Paducah, Kentucky on the day of 1920.;
Mayor, City of Paducah.
Countersi?ned. _
Commissioner—of—Public Finance.
C'0.0 P.0 N.
On the 15th day of July, 1920 the City of Paducah, McCracken
County, Kentucky will pay to bearer the sum of
Dollars at the City National Bank in the City of Paducah, 1IcCracken
County, Kentucky, being six months' interest due on the School Bond issue
dated 15th day of January 1920.
mayor, City of Paducah.
Commissioner of Public Finance.
SECTION 2. That the proceeds of the sale of said bonds shall be used
only for school purposes, to be apportioned and used as follors: approx-
imately ti'g50,000 for the purpose of buying a site and constructing a high,
school building thereon for the City of Paducah; approximately $75,000
to improve the high school and graded schools for colored pupils; approx-
imately $20,000 for the purpose of improving the Franklin school build-
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ing; and approximately X5,000 to be expended on ward buildings, in the
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City of Paducah.
SECTION 3: That there shall be levied upon all of the taxable and
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assessable property in the city of Paducah, annually, a tax sufficient
to raise the sum of not exceeding $12,500 each year for the first five
years, for interest; of not exceeding X9,375 each year for the second
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five years, for interest; of not exceeding jp6,250 each year for the third,
five years, for interest; and of not exceeding $3,125 for each of the
fourth five years for interest.
SECTION 4. That there shall be levied upon all of the taxable and
assessable property in the City of Paducah, Kentucky, for school purposes;,
for each and every year during the life of said bonds, a tax suff'ici3nt to
raise the sum of not exceedingtwo Hundred and fifty thousand dollars
(250,000), to create a sinking fund for the payment of the said bonds
at the respective dates of their maturity. The taxing authorities shall ,
annually compute the rate and amount of said tax, and the same shall be
No. _ 1 Z
Ordinance No.___ ___ __
levied and collaeted as other taxes are levied ano collected, and shall
only be applied to the pat,ment of the interest on said bonds, and to pro-
vide a sinking fund to redeem the principal thereof at maturity.
SECTION 5. That said bonds, when duly executed, shall be delivered to
the School Board of the City of Paducah for the purpose of advertising
and sale thereof.
SECTION 6. This ordinance shall take effect ana be in force from and after
its passage.
RECORDED JANUr,RY 12th, 1920.
PUBLISHED IN OFFICI-L NEWSP-PER a. x ISG, Iy,lO