HomeMy WebLinkAboutOrdinances Book 8, Page 1057, No Ordinance NumberNO. 1057
AN ORDINANCE PROVIDING FOR i,N ELECTION BY'THE OUILIFIhD ELECTORS
OF THE CITY OF PAIAiCnII, KENTUCKY, TO BE HELD ON THE '3BIGULAH ELECTION:
DAY; NOVEMBER, 8, 1927, IN THE CITY OF PADUCAH, KENTUCKY, TO DETI•:PUI1,E,
7HETHER TI!E CITY OI'' PADUCAH SHALL ISSUE AND SELL THE BONDS OF SAID= -
CITY TO THE EXTENT OF THREE HUNDRED THOUS:ND (�;300,000.00) DOLLApf;.
FOR THE PURPOSE OF PROVIDING STORM, ':!n`CER TRUND SE7ERS TO SERVE POFTIOT: ')
OF THE CITY OF PADIJCti H, KENTUCKY, IIOT 1107.' SFRVED BY STORM WATER
IN ACCORDANCE '. ITII THE PLANS AND SPECIFICATIONS PROVI'l-L TRE;REFOF BY
i
THE CITY, AJ D TO PROVIDE FOR THE PAY
I:EPiT OF SAID BONDS AS THE RA1,'E
1'',ATURE, TOGETHER '.ITH ALL INTEREST ACCRUING THEREON.
:'BEREAS, it is deemed necessary and advisable for the best
Ilint:erest'of the City of Paducah to provide storm water trunk sewers
(to serve that portion of the City of Paducah not now served by storm
water sewers, and the annual funds or revenues now.avai_lable for such
(purposes not being sufficient to provide therefor, it is deemed 1_ Iad-
visable to raise and obtain the necessary money for the nurpose afore
jlsaid by the sale of municipal bonds; and, therefore,
It is essential in order to raise tine necessary funds for the
('purpose above indicated that the question be submitted to the qualified
Ilivoters of the City of Paducah, Kentucky; NOV,', TPEREFORr?,
BE IT ORDAI?ILD BY ME GENERAL COUNCIL OF THE CITY OF
I: PADUCAH, KENTUCKY;
S'EC PIOE 1.
That there is hereby called an election in the City of Paducah,
Kentucky, to be held on the 8th day of November, 1927, between the
saw,e hours and by the same election officers conducting the regular
(election for the state, county and city officers for the year 1927,
for the purpose of submitting to the qualified electors of the City
of Paducah the question of the issuance of Three Hundred Thousand
( 300,C00.00) Dollays.of bonds of the City of Paducah for the constr-
uction of storm water trunk sewers in that portion of the said City
not served by storm water sewers.
SF;CTION 2.
Said bonds shall be payable to the bearer in the amount and to the
extent of one -thirtieth of said issue, or $10,000.00, each year for nn d_
during the full period of thirty years after date of same, at the City
IDepository in the City of Paducah, Kentucky, or other designated de-
positor, and shall bear'interest at a rate not to exceed 41- per cPnb
:.
Per annum, Payable semi-annually, at such depository.
XNCTI01: 3.
The Oity of Paducah shall levy a tar upon all of the taxable
property in said City during the life of said bonds for storm water
sewers, sufficient in amount to liquidate and pay said maturing bonds,,
NO. 105'3
and pay the interest accruing; thereon, such interest: sum to be adjusbe'd ;
each gear to meet said semi-annual maturities.
Sl�,CTION 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
($1,000.00) Dollars each, and for the payment of which 'at maturity,
with i•nte.rest.as aforesaid, the City of Paducah plcdrr.es its good faith
and credit.
SECTION 5.
That said bonds shall not be issued unless two-thirds of all of the
qualified voters of the City of Paducah, voting' on said question, shall
have voted in favor of incurrving such indeptedness, and the result of sai
election shall be certified a^cording to lari.
SLCTIOI! 6.
A certified copy of this ordinance shall be filed with the County
Court Clerk of McCracken Ccunty not less than thirty days before November
S, 1927, and a copy of this ordinance shall be published in the official
newspaper of the City of Paducah fdr at least two weeks just preceding sai
election to be held November 3, 1927.
SECTION 7
The Clerk shall have printedion the ballots to be delivered to
the oualified voters in each precinct in the City of Paducah at the
regular election on November 9, 1927, the following question:
"ARE YOU IN FhVOR OF ISSUIFIG AND SELi,IIIG THE BONDS OF THE CITY
OF PADUCAH, KE??TUCKh', IN THE SUM OF 'p300,000.00 TO BE USED IN THE
CONSTT'UCTION OF STOMI 7.7ATER TRUNK SE1,7ERS TO SERVE PORTIONS OF THE CITY
OF PADUCAH, KENTUCKY, NOT ?•IO'.: SERVLD BY STORM, 1:.'f:TE4 SE7ERS, SAID BONDS
BEING PAYABLE IN THE lit OMIT hND TO THS L)=NT OF ONE-THIRTIr;TH OF SAID
ISSUE E:,CH YEAR FOR :iP;D DU11I3,1iG THE FRLi, PERIOD OF Ti IRTY YEi,HS FROM
DATE OF SiI'E, BEARING, INTEREST AT A R:,TE NOT TO EXCEED 4?, PER CENT PER
ANNUM, PAYABLE SEtIII-ANNUALLY; AND 110 THE PAY111ENT OF „RICH i,IATURING
BOItiP.i ATID THE INTEREST ACCHUING ON SAID ISSUE, All AI,MUNT !TILL BE HA.ISED
EACH vF, R FROF 1.'-,D BY Gi.NER L L TAXATION OF t,LL THE T1'.XABLT. PROPERTY IN THE
CITY OF PADUCAH, i,i l!.TIiCKY"Y
SEUTION 6.
This Ordinance shall ta=re effect and be in force from and after it'.
passage, approval and publication.
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