Loading...
HomeMy WebLinkAboutOrdinances Book 7, Page 633, No Ordinance NumberNo._ Ordinance No. -- AN ORDINANCE TO ISSUE REFUNDING BONDS OF THE CITY OF PADUCAH, I KEUTUCKY, .111 THE SUI:i OF SIXTY-FIVE THOUSAND (.p65,000.00) DOMRS FOR THE PURPOSE OF REFUNDING BONDS OF LIKE AI;IOUNT ISSUED TO THE PA.DUC?H, TENNESSEE AI1D ALABA1:1-14 RAILROAD COML21,I1Y Oil OCTOBER lst, 1890. I MIDDREAS; there are outstanding bonds of the City of Paducah, Kentucky, bearing date of October lst, 1890, and maturing upon the first day of October 1920, in the amount of Sixty-five Thousand (y65,000.00) Dollars; and, PIHERFAS, said bonds are legal, valid and binding obligations of the City, and it is for the best interest of the City that the same should be refunded; now, therefore, i BE IT ORDAINEZ) BY THE BOARD OF COLMSSIOPERS OF THE CITY OF PADUCAH, INTUCKY: SECTION 1. i That bonds of the City of Paducah be issued in the sum of Sixty- ` five Thousand (:;65,000.00) Dollars, for the oar -nose of refunding the bonded - indebtedness above referred to. Said bonds shall be in the denomination of .One Thousand (ts1,000.00) Dollars each, numbered from one to sixty-five both inclusive, shall be dated October lst, 1920, and shall bear interest at the rate of six (6%) per cent per annum, payable semi-annually upon the first day of April and October of each year? Said bonds shall mature as follows, to -wit: Twenty Thousand (;720,000.00) Dollars of said bonds shall mature on October lst, 1930; Twenty Thousand (,,20,000.00) Dollar's on October 1st, 1935; and Twenty-five Thousand (:625,000.00) Dollars on October 1st, 1948. The City of Paducah reserves the right and option to take up and pay off any or all of said bonds on or after October 1st, 1930. Said bonds shall be signed by the Ile yor and the Commissioner of Public Finance, and the coupons may bear the fac simile signatures of said officers. Said bonds shall be in substantially the following form, to -wit: UNITED STATES OF AP.ERICA STATE OF IENTUCKY CITY OF PADUCAH SIX (6f) PER CENT R.EFUNDIIIG BOND Vo. KNO'.',' ALL T:H'N BY THESE PRESENTS: That the City of Paducah, in the County of h4cCracken, State of Kentucky, acimowledges itself to oti^ e, and for value received, hereby promises to pay to bearer of this bond, upon the first da;of October, 1930 (1935 and 1940) the sum of One Thousand (;1.000.00)<Dollars in lalaful money of the United States ofeAmerica, with interest thereon at the Tato of six (6%) per cent per annum, payable semi- annually upon the first day of April and October of each year until the payment of the -orincipal hereof, upon presentation and. surrender of the proper coupons therefor hereto attached. Both principal and interest here- of are payable that the PLyTIONAL CITY flAI,IIC OF NEW YORK CITY. k The City of No. _ 31f Ordinance Paducah reserves the right and o-gtion to take up and pay off said bond on or after October 1st, 1930. This bond is one of a series of sixty-five bonds of like de- nomination, tenor and effect, numbered from one to sixty-five both in- I elusive, aggregating Sixty-five Thousand (:;;65,000.00) Dollars in amount, i and is issued under authority of the General Lains of the State of Ken- , tucky, and by birtue of an ordinance duly passed by the Board of Com- missioners of the City of Paducah, Kentucky, on the 20th day of Septem- I ber 1920, entitled, "AId ORDINANCE TO ISSUE RETUNDING BOIDS OF THE CITY i OF PADUCAH, =,NTUCKY, IN TFE SUi':'I OF SIY.TY-FIVE THOUSAND (; 65,000.00) DOLLARS FOR THE PURPOSE OF RE''FT1DING BONDS OF LII2 A IOUNT ISSUED TO THEI P.IMCAH, TEDII1?ESSEE XID ALABAI..Lk RAIL ',O D CQ':IPI1,1Y ON OCTOBER 1st, 1890." � It is hereby certified and recited that all acts, conditions and things required by law to be done, precedent to and in the issuance: hereof, in order to make this bond a legal, valid and binding obliga- tion of the City of Paducah, Kentucky, have been done, have happened and been performed in regular and due form of lair; that the debt to re-! fund, for which these bonds were issued, was a legal, valid and binding, obligation of the City of Paducah, Kentucky; that this issue of bonds, together with all other outstanding indebtedness of said City, is not in excess of any statutory or 'constitutional limitation of indebted- ness; that provision has been made for 'the levy and collection of an annual tax sufficient to pay the interest hereof, and to' create a sink-, ing fund to redeem the principal at maturity; that the full faith, credit and revenues, and all the real and personal property of said i City are hereby irrevocably pledged for the prompt payment of this bond, and interest as the same mature. IN WITNESS ':!HEREOF the City of Paducah, I.TcCracken County, Kentucky, has caused this bond to be signed by the I;a.yor and Commis- sioner of Public Finance; the seal of the City to be affixed, and the coupons to bear the fac simile signatures of said officers at Paducah, Kentucky, this the 1st day of October 1920. (ShAL) F. 11. KATTERJOHN, Mayor of the City of Paducah, Kentucky. WYNN TULLY, Commissioner of Public Finance. i Yo. Upon the first day of April (October) 19 , the City of Paducah, I,IcCracken County, Kentucky, will pay to bearer, at the NATIO!?AL { CITY BANK OF RE'Id YORK CITY, The sum of :,;30.00, being six months inter- est then due on its Refunding Bond Be. , dated October 1, 1920'. F. 'I1. MMER JOHN, I',.L.yor of the City of Paducah, Kentucky. VI IT11 TULLY, Cornnissioner of Public Finance. No. !/ . y,, Ordinance No. - SECTION 2. There shall be levied upon all the taxable proporty in the City of Paducah, Kentucky, beginning. with October let, 1920, for a. period of ten i ,pears, a tax sufficient to produce the sum of Thirty-nine Hundred (-,,"3900.00) i Dollars to pay the interest upon said bonds. And there shall be levied upon all the taxable property in the City of Paducah, Kentucky, annually, from October 1st, 1930, a tax sufficient to produce the sum of Twenty- seven (=,.2700.00) Dollars to pay the interest upon said bonds; and there shall be levied, upon all the taxable property in the City of Paducah, Kentucky, annually, beginning with October let, 1935, a tax sufficient to produce the sum of Fifteen Hundred (:;¢1500.00) Dollars to nay the interest upon said bonds. SECTION 3. There shall be levied upon all the taxable and assessable property in the City of Paducah, Kentucky, for each and every year during the life of said bond, a tax sufficient to raise the sum of not exceeding sixty- five Thousand (:,'65,000.00,) Dollars to create a sinking fund for the pay- ment of said bonds at the -respective dates of their maturity. The taxing authority shall annually compute the'rate and amount of said tax, and the same shall be levied and collected as other taxes are levied and collect- ed, and shall only be applied to the payment of the interest on said bonds' and to provide a sinking fund to redeem the principal thereof at maturity., SECTIOI4 4. The Commissioner of Finance is hereby authorized to sell said bonds at a price not less than par and accrued interest, and when said bonds are duly executed, sl-nll be delivered to the purchaser or purchasers upon paying tb the Commissioner of Finance the amount bid therefor. SECTION 5. That the proceeds derived from the sale of said bonds shall be used only for the purpose of taking up said outstanding bonds. SECTION 6. This Ordinance shall take effect and be in force from and after its passage, record and publication. RECORDED SF,PM.ZBER 21st, 1920. � PbMISHED Ss MP JT . BBR I 1920. C�l�' ( u..S�_ ista.yor .