HomeMy WebLinkAboutOrdinances Book 7, Page 773, No Ordinance Numberi
AN ORD'INAIICE PR OVID II;G _'OR TFE' ISSUIi;G iI D S -'I:LING OF BOI DS FOR
THI: rL'2?OSE OF CONSTRUCTING TRUNK LINE SF".ERS III SUB-DIVISIONS A. B. A111)
C. III ST,.,-TER DIST, ICT #3, SO AS TO P3OVID?, ADtCUATE S:,".7.R_.GE FOR THE FFTIRE
CITY" OF PADUCAH, KEII,'UCKY, AND TO I'i?'OVTDI, FO'_; :HE F.12,'_ENT OF INITEI?ES1' ON
II SAID BONDS, AND TO CRRATE' A SIIIIIIIIG FUZ D FOR THs I'AYi: s'ITT Or SAID BOi DS AT
h",ATUn I TY.
,I
711c2z''AS, pursuant to an ordinance duly passed by the Board of
No.�7
Ordinance No.
Commissioners on September 19th, 7.921, and duly approved by the Yayor
of said City, there was submitted to the voters of Said City, at an
election duly held on the 8th day of November, 1921, the ouestion of
issuing and selli_nm bonds to the extent of Six Hundred Thousand i
(;;;600,000.00) Dollars, and bearing interest at the rate of Five (5)
Per Cent per annum, and payable within ibrt�, (40) years, for the purpose)
of constructing trunk line sewers in Sub -divisions A. B. and C. in Selzer'
District ;3, of which election due notice was F:iven according to law,
and at which election all of the requirements of the law in 'relation.
thereto dere fulfilled; and,
WHEREAS, at said election more than taro -thirds of the electors
assented thereto and voted in favor of issuing said bonds; !!0',,, THERE-
FORE,
BE IT QED.' 11--D BY ::'HE BOARD OF CO1RHSSION%R9 OF THE CITY OF PADU-
CAH, KEITTUCKY:
SECTION 1.
That bonds of the City of Paducah be issued in the sum of Six
Hundred Thousand (600,000.00) Do7.,.crs, £or t;' -r+ pun?ole of constructing
trunk line se-.zers in sub -divisions A. B. and C. in Sewer District ,r3.
Said bonds shall be issued in the denomination of one Thousand N 1,000.0
Dollars each, numbered from one to six hundred, both inclusive, and shall
be dated January 10th, 1922, and shall bear interest at the rate of Fivel
(5°) Per Cent per annum, pa;;able semi-annually on the 10th day of January,
and on the 10th day of July of each year, and said bonds shall mature
within forty (40) years from January 10th, 1922. Said bonds shall be
signed by the Leayor.and Commissioner of Public Finance, and the seal of
the City affixed thereto, and the coupons may bear the fac simile si{;na-
tures of said officers, and said bonds shall be in substantially the
following form, to -wit:
SE.7ER BOND
NO. FIVE PER CENT S_.!E_R BONDS
UITITED STA'i .50F AI:I"rlRICA
STATE OF Y ,ITTUCKY, COUNTY OF IrcCRAC,'El?
CITY OF PLDIICAH.
, TO7 =-1:1• lliEN BY `I IESE PRESENTS:
That the City of Paducah, in yeCracken County, Y.entuc:;y, acknow-
ledges that it o-.zes, and isindebted to bearer, and for value received,
hereby promises and agrees to pay to the bearer, the sum of One Thousand
(.;;1,000.00) Dollars in lawful money of the United States of Am6rica,
upon the 10th day of January, 1962, with interest thereon at the rate of
five (5%) per cent per annum, payable semi-annually, upon the 10th day
of January, and on the 10th day of July of each year until payment of
the principal sum hereof, upon the presentation and si;.rrender of the
Ordinance No.
I; proper coupons therefor hereunto attached. Both the principal. and inter. -
est hereon are payable at the United States Llorteaae and Trust Company in
the City of New York.
This bond is of a series of Six Hundred Bonds of like denomination
and tenor, numbered consecutively from one to six hundred, both inclusive,
and is issued under the authority of the Kentucky Statutes and by virtue
of an ordinance duly passed by the Board of Commissioners of the City of
Taducah, arA duly approved uron the 19th day of September, 1921, entitled,
"AN ORDIITAI;Cn PROVIDEIG POR All ELECTION BY TIr] CU_';LII':C?D ELECTORS OF THE
I,
CITY OF P=DUC',H, KEI,1 UCKY, TO BE HELD 011 THE RE GULIR EL :CT IOI? DAY, NOVEPG-
BrR 8th, 1921, IN IU C [TY OF F, DUCAH, KENTUCKY, TO DI T-'Rl.€II?_. THE I;UESTIOIT
:'HETH12 THE CITY OI' PADUCAH'SHALL ISSUE AICD SELL BONDS OF SAID CITY TO
THE, r:XTENT Or SIX HUIIDRED THOUSAI,M 0600,000.00) DOLLARS, FOR THE PIq?FCS
`F COKS`_�?UCTING TR U II: 1,111H Sls::°?RS II: SUB -D IVIS IONS A. B.
-1
D C. '117 S,177
DISTRICT #3, SO AS TO PROVIDE ADEQUATR SE17 ;RAG^ FOR THE MTTiRR CITY OF
T7:DUCAH, KR�idTUCKY, AILD TO PROVIDE FOR THE PAYI:EITT OF SAID BOAmS,AND TO
I
CREIkT_T_" SINKING FUIID FOR THE PA.YI:.;NT OF SAID BOPLDS AT T.TATURITY."
G The question of the issuance of this series of bonds having been
duly submitted, as provided by ordina_lce, to the qualified electors of
the City of Paducah, at the regular election duly and legally held upon
the 8th day of 170vember, 1921, at which election more than two-thirds of
i
the electors voted in favor of the issuance of said bonds.
It is hereby certified and recited that all acts, conditions and
things reouired by the Constitution of the State of Kentucky, in order to
make this bond issue a le Cal, valid and binding obligation, have been
f
done and performed in regular and due form of law; that provision has
beer_ made for the collection of an annual tax sufficient to pay the inter
est upon this bond and to create a sinking fund for the payment of the
principal thereof, until the full amount has been paid within forty (40)
years from the date hereof; that the full faith, credit and revenues,
and all of the .real and personal property, including the sinkinp, fund of
the City of Paducah, are hereby irrevocably pledged for the prompt pay-
ment of said bonds and the interest as same may mature, and that this
bond, together -with all other indebtedness of the said City of Paducah,
does not exceed any statutory or constitutional limitations of indebted-
ness.
III '7ITIIESS C•?I_'IRE'OF the City of Paducah, Kentucky, has caused this
bond to be signed by its Mayor and countersigned by its Commissioner of
Public Finance, and the coupons bear the lithographed signatures of its
Ilayor and Commissioner of Fublic Finance, and the seal of said City is
hereto affixed at Paducah, Kentucky, on the 10th day of January, 1922.
0OUlIT:'RSIfill -:D: 1'a170r, City of Pa:lu.cah, Ky.
i
Ordinance No._— _ ' -
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--_ -- --- MUF3 B01iU COu'POI?.
,25.00
On the 10th day of January ( and July) 19 the City of
Paducah, IIcCracken County, Kentucky, will pay to bearer the sum of,
Twenty-five (;25.00) Dollars at the United States T.dortgage and Trust
Comp ny in the City of P,Teva York, being six months' interest due on the
SevreE,Bond issue dated 10th day of January, 1922.
COUIITERSIGILM: I::ayo-r, City of Paducah, Ly.
Commissioner of Public Finance.
SECTIOI` =2.
The proceeds derived from the sale of said bonds shall be
used for the purpose of constructing trunk line sewers in Sub -divisions
A. B. and C. in Sewer :District #3.
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 Thirty Thousand (Q"30,000-00) 'Dollars to pay the
interest on said bonds during the life thereof, said amount to be ad-
justed each year to meet said interest, and 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 Fifteen Thousand (,15,000.00) Dollars
each year to create a sinking fund for the payment of said bonds at the
maturity thereof, and the taxing authorities shall annually compute the
rate and amount o` said tax_, and the same shall be Is 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 rerteem the principal thereof at maturity.
S ;CTIOI: #4.
The Mayor is hereby authorized and directed to advertise said
bonds for sale bI- publishing a notice in the official newspaper of the
City of Paducah, Kentucky, setting forth the time, terms and place of
sale. Said notice to be published at least one time ten days before
the day of sale.
The Commissioner of Public Finance is hereby authorized and
di.re6ted to receive sealed bids for the sale of said bonds, and each
bid shall be accompanied.by a certified check for One Thousand (;1,000.0
Dollars, made payable to the Commissioner of I ublic Finance, Paducah,
Kentucky. Upon receivii,�.7 said bids, the Commissioner of Public Finance
shall report all bids so received by him to the Board of Commissioners
N o.
lf'�/
Ordinance No._ --
at the time stated in the notice of sale for the opening of said bids. Eo
bid shall be accepted for less than par and accrued interest, and only the
highest and best bid will be accepted.
SAT.ION 45.
This Ordinance shall take effect and be in :force ten days after its
passage.tF,
C< �
R ICO' O.'D ITOULTIBER 29TH, 19 21.
PUBI T IHED f, 140- , 1921.
I'ayor.
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