HomeMy WebLinkAboutOrdinances Book 8, Page 492, No Ordinance NumberNO. 492.
AN ORDINANCE PROVIDING FOR AN ELECTION BY THE C?UALIFIED
ELECTORS OF THE CITY OF PAD'UCaH, KENTUCKY, TO BE HELD ON THE Rs'GULAR
ELECTION DAY NOVEMBER THE 3RD, 1925, IN THE CITY OF PADUCAH, KENTUCKY,
TO DETERMINE THE QUESTION WHETHER THE CITY OF PADUCAH SHALL I✓SUE AND
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SELL BONDS OF SAID CITY TO THE EXTIHNT OF FIFTY THOUSAND (;$50,000.00)
DOLLARS FOR THE PURPOSE OF CONSTRUCTING e SE',7ER TO TAKE CARE OF THE OVER-,
FLO'.7 OF SE':'IER DISTRICT NO. 2, IN THE CITY OF PADUCAH, KENTUCKY, AND TO
PROVIDE FOR THE PAYMENT OF INTEREST ON SAID BONDS, AND TO CREATE A SINKING
FUND FOR THE PAYMENT OF SAID BONDS AT MATURITY.
BE IT ORDAINED BY THE GENERAL COUNCIL OF THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1.
That there is hereby called an election in the City of
Paducah, Kentucky, to be held on the 3rd day of November, 1925, between
the same hours and by the same election officers conducting the Regular
Election of State, County and City officers for the year 1925, for the
purpose of submitting to the qualified electors of the City of Paducah,
Kentucky, the question of the issuance of Fifty Thousand 050,000.00)
Dollars of bonds of the City of Paducah, Kentucky, for the purpose of
constructing a sewer to take care of the overflow of Sewer District No.2.
SECTION 2.
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That said bonds shall be issued serially, one-fourth thereof
to be paid at the end of five years, one-fourth thereof at the end of ten
years, one-fourth thereof at the end of fifteen years and one-fourth at
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the end of twenty years.
j SECTION 3.
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That said bonds shall draw interest at the rate of five
(5%) Per Centum per annum, payable semi-annually at the City Depository j
in the City of Paducah, Kentucky.
SECTION 4.
That the City of Paducah, Kentucky, shall levy a tax upobo
all the assessable property in the City of Paducah, Kentucky, each year
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iduring the life of said bonds, sufficient to raise the sum of not exceed-
ing of Twenty -Five Hundred ($2500.00) Dollars, each year for the first
five ,-years, for interest, and of not exceeding Eighteen Hundred and
Seventy -Five ($1875.00)Dollars eachear, for the
Y , 'second five years,
for interest, and riot exceeding Twelve Hundred and Fifty(51250.00)
Dollars each ,year, for the third five years, for interest and of not
exceeding Six Hundred and Twent
y-Five(yp625.00) Dollars each year, for the
fourth five years, for interest.
No. 493.
SECTION 5.
That the City of Paducah, Kentucky, shall levy a tax upon
all the assessable property in said City of Paducah, Kentucky, for
each and every year during the life of said bonds, sufficient to
raise the sum of not exceeding Twenty -Five Hundred ($p2500.00)Dollars
to create a sinking fund for the payment of said fronds at the respec-
tive date of maturity.
SECTION 6.
That the said bonds when so issued shall be in the name
of the City of Paducah, Kentucky, and shall be in the denomination
Five hundred Dollars each, and for the payment of which at the
maturity thereof, the City pledges its good faith and credit.
SECTION 7.
That said bonds shall not be issued unless a two-thirds
majority of the qualified electors of said City voting on said
question at said election shall vote in favor of incurring such
indebtedness and the issuance and sale of the said bonds, and the
result of said election shall be certified as required by law,
SECTION 8.
A certified copy of this Ordinance shall be filed with
the County Court Clerk of McCracken County, Kentucky, not less than
thirty days before November 3rd, 1925, and a copy of this ordinance
shall be published in the Official Newspaper of the City of Paducah,
Kentucky, at least two weeks just preceding said election to be held
November 3rd, 1925.
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SECTION 9.
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That the clerk shall have printed upon the ballots to
G be delivered to the qualified electors in each preeinot in .the City
of Paducah, Kentucky, at the regular election on November 3rd, 1925,
the following question:
"ARE YOU IN FAVOR OF THE CITY OF PADUCAH ISSUING AND SELLING
FIFTY THOUSAND 050,000.00) DOLLARS OF BONDS OF THE CITY OF PADUCAH,
FOR THE PURPOSE OF CONSTRUCTING A SE',IFER TO TkKE CARE OF THE OVER-FLOI'
OF SE'EER DISTRICT NO. 2, IN THE CITY OF PADUCAH, KENTUCKY; THE SAID!
BONDS TO BE PAYABLE IN FIVE, TEN, FIFTEEN AND T%'IENTY YEARS FROM THE
DATE THEREOF, ONE-FOURTH TO BE PAID AT THE EMD OF EACH FIVE YEARS,
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AND BEARING INTEREST AT THE RATE OF FIVE PER CENTUM (5f) PER ANNUM,
NO. 494.
WHICH INTEREST SHALL BE DUE AND PAYABLE SEMI-ANNUALLY TO BE RAISED BY
GENERAL TAXATION OF ALL THE TAXABLE PROPERTY IN THE CITY OF PADUCAH FOR
EACH YEAR, AND FOR THE PURPOSE OF' CREATING A SINKING FUND TO RETIRE THE
l� BONDS AT MATURITY, AS THEY FALL DUE."
SECTI0N 10.
This Ordinance shall take effect from and after its passage,
approval and publication.
O.K.JNRULLiv N, Q, MITTE6
CWNWM
ADOPTED
P fd�d B—d r Y—-fk�—
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194:
Published consecutively in New -Democrat, Official Newspaper, October
16=17-18-201.21-22-23-247,25 - 27-28-29-30-31.and November 1, 1925.
Official returns -of vote on the above Bond Issue at an election held
on November 3rd, 1925, were: YES 2757 - NO 1338. Carried.