HomeMy WebLinkAboutOrdinances Book 7, Page 667, No Ordinance NumberNo. G (n
Ordinance
C O U .P 0 N.
.$22-50. _ On the let day of September ( and Tiarch) ljl, the City of
Paducah, McCracken County, Kentucky, will pay to "bearer the sum of Twenty -
Two and 50/100 (N22.50) Dollars at the City National Bank in the City of
Paducah, McCracken County, Kentucky, being six 'months' interest due on the
Sewer Bond issue dated 1st day of I.1arch, 1521.
Mayor, City of Paducah.
COUli'TERSIGNED:
Commissioner of Public Finance.
SECTION 2.
The proceeds derived from the sale of said bonds shall be used
only for the pur_nose of constructing and maintaining sewers as set -out
herein.
SECTION 3.
There shall be levied upon 'all the taxable and assessable pro-
perty in the City of Paducah, annually, a tax sufficient to raise the sum
of not exceeding Eleven thousand Two Hundred Fifty 011,250.00) Dollars
to pay the interest on said 'bonds during the life thereof, said amount to
be adjusted each year to meet said interest.
-SECTION 4.
There 'shall be levied upon all the taxable and assessable property!
in the City of Paducah, Kentucky, each and every year, during the life of
said bonds, a tax sufficient to raise the sum of not exceeding Ten Thousand'
(tir10,000.00) Dollars each year to create a sinking fund for the payment of
said bonds at the maturity thereof. The taxing aaThorities shall annually
compute the rate and amount of said tax, and the same shall be levied and
collected as other taxes are levied and collected, 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.
SECTION 5.
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,. shall be delivered to the purchaser or purchasers,
upon paying to the Commissioner of Finance the amount bid therefor.
SECTION b.
This ordinance shall take effect and be in force from and after its
i
passage record and publication. -
May 0 f.
ublication.Mayor.
RECOHDE,D FEBRUA'{Y 1st, 1921.
PU3LISHED 2EBRUARY ;_d. 192