HomeMy WebLinkAboutOrdinances Book 8, Page 1054, No Ordinance NumberNO. 1054
i', AN ORDINANCE PROVIDIIJG FOR THE ELECTICII BY THE O,UALIFIE:D ELECTORS
OF THE CITY OF PADUCAH, KENTUCKY, TO BE HELD CN THE REGULAR ELECTION DAY
NOVE1,1BRR S, 1927, TO DETERI"IlTE THIS QUESTIOI'1 'r;T1F.THER THE CITY OF PADUCAH
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SMALL ISSUE APJD SELL BOLDS OF SAID CITY TO THE EXTENT OF ONE HUNDRED AND
FIFTY THOUSAYD (Y150,000.00) DOLLI_13S, FOR THE PURPOSE OF PROVIDING FOR To E:
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OPENING�AND EXTENSION OF STREE''.`S, THE ACcUIRING OF RIGHT-OF-7'iM , THE
PA`EENT OF THE COST OF I11T's;iiS'r:C'CIC14S. OF HARD SURFACE STh.E1LTS AND
AND OTHER NECF,,SARY COSTS PAYABLE BY THE CITE' OF PADUCAH ITJCIDC;I'T TO TAF.
CONSTRUCTION OF HA�7D SURF:.CE STREETS, IN THE CITY OF PADUCAH, KE11TUCKY,
IN ACCORDANCE "'ITA THE PLAIIS r,ND SPECIFICATIONS PROVIDED THEREFOR; P.ND TO
PROVIDE F0' THE PAYT.';E,TT OF SAID BONDS AS THE SAMiE MATURE, TOGETIIER -".ITH
ALL INTEREST :ACCRUING THERE011.
I"BEREAS, it is deemed and considered necessary and advisable for
the best interest of the City of Paducah that certain streets be orened
and extended, right-of-v.ays acquired, hard surface roadways or streets
provided and extended in accordance -with plans and specifications therefor
furnished by the City Engineer, should be constructed in said City, and.
incident to which construction it will be necessary to provide.for the
cost of intersections and other necessary costs payable by the City of
Paducah, to the extent of •x;150,000.00, and the annual revenues and funds
for such :ourposes not being sufficient to provide therefor, it therefore
becomes expedient to obtain the necessary money by the sale of municipal
bonds for such purposes, and, therefore, it is essential in order -m raise.
the necessary funds for the purposes above indicated, that the question
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be submitted to the qualified votars of the City of Paducah, Kentucky;
NO"!, TI`EREFORE,
BE IT ORDAINED BY TME GENE?3nL COUNCIL OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1.
That there is hereby called an election in the City of Paducah,'
to be veld on the Sth day of November, 1927, between the same hours and'
by the same election officers conducting the regular election for state,
county and city officers for the year 1927, for the purpose of submitting
to the qualified voters of the city of Paducah the question of the issuace of
the bonds of the City of Paducah, Kentucky, in the sum of j150.000.00,
to provide for the costs of opening and extending streets, acquiring right
of ways, the payment of the costs of intersections of hard surface stree�s
or roadways, and other necessary costs payable 1,y the City of Paducah,
Kentucky, incident to the construction of such hard.surface streets in
accordance with plans and specifications provided therefor by the City
of Paducah.
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NO. 1055
Ji Said bonds shall be payable to the extent of one -thirtieth of
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said issue, or ;,5,000.00, each ,year for and during the full period of
thirty years from date of same, at the; City Depository in the City
of Paducah, Kentucky, or other designated depositor, and shall bear
interest at a rate not to exceed 41 per cent per annum; payable semi-
annually at such depository.
SECTION 5.
The City of Paducah shall levy a tax upon all of the taxable
property in said City, each year during the life of said bonds,
(sufficient in amount to liquidate) and pay said maturing bonds,and
Ito pay the interest accruing thereon, such interest sum to be ad-
justed each year to meet said semi-annaul maturities.
Ii SRC?') IO11 4.
That said bonds when so issued shall be in the name of the City
of Paducah, Kentucky, and shall be in denominations of one Thousand I
�($1,000.00) Dollars each, and for the payment of which at maturity, �
IIwith interest as aforesaid, the City of Paducah pledges its good
lfaith and credit, j
SECTION 5.
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That said bonds shall not be issued unless two-thirds of all
of the cualified voters of the City of Paducah, voting on said ques-
tion, shall have voted in favor of incurring such indebtedness, and
the issuance and sale of said bonds as herein nrovided, and the result
of said election shall be certified according to law.
SECTION 6.
A certified copy,,of this ordinance shall be filed with the
County Court Clerk of PJcCracken County not less than thirty days
before November 8, 1927, and a copy of thisordinance shall be pub-
lished in the official newspaper of the City of Paducah for at least
two :reeks just preceding said election to be held November 8, 1927.
SECTION 7.
The Clerk shall hove printed upon the ballots to be delivered to
the qualified electors in each precinct in the City of Paducah,
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Kentucky, at the regular election on November 8, 1927, the following
question:
"ARE YOU IN FAVOR OF ISSUING AND SELLING BONDS OF TAR CITY OF i
PlsI71CA.H Ii! THE SUM OF ONE HUNDRED AND FIFTY THOUSAND (n150.000.CO)
DOLLARS, FOR THE PURPOSE OF PROVIDING FOR THE COST OF OPENING �11D
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EXTENDING STREETS, ACQUIRING RIGHT -of::' -!AVS THEREFOR, THE PAYt:'ENT OF
COST OF INT -P^- CTION OF HARD SURFACIE'' STREETS AND ROAD'SA`IS, AND OTHER
NECESSARY.' COSTS, INCIDENT TO THE CONSTRUCTION OF HARD SURFr:CE ST"'-z:TSy
No. 1056
in the CITYOF PADUCAH, IN ACCORDI,NIs '::ITH THE PLANS AND F11ECIFICATIONS
PROVIDED THEREFOR, TIDE SAID BONDS BEING PAYABL'a IN THE AROUNT AND TO THE
EXTENT OF ONE -THIRTIETH; OF SAID ISSUE Et.CH YE„R FCR AND LURING THE FULL
PERIOD OF THIRTY YEARS AFTE-,. Dr,TE OF S++I:tE, BEARING INTFRIi;ST AT A RATE NOT
TO EXCITED 41 PER CEI!T PER ANNTJ1.,, PAYABLE SEMI-ANNUALLY, AND FOR THE
PAYMENT OF i';IIICH MATURING BONDS AND THE INTEREST ACCRUING ON SAID IS^UE,.,
AN AhiOU11T '. ILL BE RAISED EACH YEAR FROM AND BY GENEHF.L TAXATION OF ALL OF
TIME TAXABLE PROPERTY IN THE CITY OF PADUCAH; KENTUCKY".
SECTION 8'.
This Ordinance shall take effect and be in force from and after
its passage, approval and publication.
�1 TEJOr�/fid,
fLT F.,
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