HomeMy WebLinkAboutOrdinances Book 8, Page 498, No Ordinance NumberNO. 498.
AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED
ELECTORS OF THE CICY OF PADUCAH, KENTUCKY, TO BE HELD ON THE REGULAR
ELECTION DAY, NOVEMBER 3RD, 1925, IN THE CITY OF PADUCAH, KENTUCKY, TO
DETFRIAINE THE QUESTION WHETHER THE CITY OF PADUCAH SHALL ISSUE AND SELL
BONDS OF SAID CITY TO THE EXTENT OF ONE HUNDRED THOUSAND ($p100,000.00)
DOLLARS, FOR THE PURPOSE OF THE I1,9PROVKt.1ENT OF FOREST PARK, THE PURCHASING
OF PARK SITES IN THE CITY OF PADUC:SH, KENTUCKY, AND TO PROVIDE FOR THE
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PAYMENT OF INTEREST ON SAID BONDS, AND TO CREATE A SINKING FUND FOR THE
PAYMENT OF SAID BONDS AT MATURITY.
WHEREAS, the Board of Park.Commissioners of the City of Paducah,
Kentucky, has made known to the Mayor and the General Council of said
City, by written request, dated September 16th, 1925, that it is necessary and
advisable, for the purpose of the improvement of Forest Park; the purchase
of park sites near the central part of the City at a cost of approximately
Twenty-five Thousand(�25,000.00) Dollars; the purchase of a park site in
Mechanicsburg, at an approximate cost of Twenty Thousand ($20,000.00)
Dollars; the purchase of a park site south-west of Guthrie Avenue at a
cost of approximately Twenty -Five Thousand (,¢25,000.00)Dollars; and the
purchase of a park site for the use and needs of the Negro Citizens, at
an approximate cost of Fifteen Thousand ($15,000.00)Dollars; and the
annual funds now apportioned and available for such purposes not being
sufficient to provide therefor, it therefore becomes expedient to raise
and obtain the necessary money for the purposes aforesaid; and,
!' !IfHEREAS, it is essential in order to raise the necessary funds
for the purposes above indicated, that the question be submitted to the
qualified voters of the City of Paducah, Kentucky; NOW, THEREFORE,
BE IT ORDAINED BY THE GENERAL COUNCIL OF THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1.
That there is hereby called an election iri 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 for said County, State and City officers for the year 1925, for
the purpose of submitting to the qualified electors of the City of Paduc ,
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Kentucky, the question of the issuance of One Hundred Thousand ($100,000.00)
Dollars of the bonds of the City of Paducah, for park purposes, to be
apportioned and used as follows: Approximately Fifteen Thouaand($15,000.00)
Dollars for the improvement of Forest Park; approximately Twenty -Five
Thousand ($25,000.00)Dollars for the purchase of park sites in the central
part of said City; approximately Twenty Thousand (';p20,000.00) Dollars
for the purchase of a park site in Mechanicsburg; approximately Twenty -
Five Thousand (vG25,000.00)Dollars for the purchase of a park site south-
west of Guthrie Avenue; and approximately Fifteen Thousand (,%15,000.00)
NO,. 499
Dollars for the purchase of a park site for a park devoted to the use
and needs of the negro. citizen of said City.
SECTION 2.
That said bonds shall be issued serially, and shall be
payable to bearer Thirty years after date of same, at the City
Depository in the City of Paducah, Kentucky.
SECTION 3.
That said bonds shall dray interest at the rate of five per
1 centum (511�) per annum, payable semi-annually at the city Depository
in the City of Paducah, Kentucky.
SECTION 4.
That the City of Paducah, Kentucky, shall levy a tax upon
all of the assessable property in the Ctty of Paducah, Kentucky, each
year during the life of said bonds, for park purposes, sufficient to
raise the sum of not exceeding; Five Thousand ($5000.00)Dollar•s, each
,year, to pay the interest on said bonds during the life of same, said
amount .to be adjusted each year to meet said interest.
SECTION 5.
The City of Paducah, Kentucky, shall levy a tax upon all
of the assessable property in the Uity of Paducah each and every year
during the life of said bonds, sufficient to raise the sum of not
exceeding Seventeen Hundred and Twenty (4�1720.00)Dollars, each year,
to create a slInking fund for tee payment of said bonds at maturity.
SECTION 6.
That said bonds when issued shall be in the name of the City
of Paducah, Kentucky, and shall be in denominations of One Thousand
!($1000.00)Dollars each, and for the payment of which at maturity the
!City of Paducah pledges its good faith and credit.
SI':CTION 7.
That said bonds shall not be issued unless two-thirds of all
the qualified voters of the City of Paducah, voting on said question,
shall have voted in favor of incurring such indebtedness, and the
issuance and sale of said bonds as herein provided, and the result of
said election shall be certified according to law.
SECTION 8.
A certified copy of this Ordinance shall be filed with the
County Court Clerk of McCracken County not less than Thirty days before
November 3rd, 1925, and a copy of this Ordinance shall be published in
NO. 500.
the official newspaper of the City 6f Paducah for at least two weeks just
preceding baid election to be held on November 3rd, 1925.
SECTION 9.
The Clerk shall have printed upon the ballots to be delivered to
the qualified voters in each precinct in the 1,it•y of Paducah at the regular
election on November 3rd, 1925, the following question:
"ARE YOU IN FAVOR OF ISSUING AND SELLING BONDS OF THE CITY OF
PADUCAH III THE AI:IOUNT OF ONE HUNDRED THOUSAND (5?100,000.00) DOLLARS, TO BE
APPORTIONED AND USED AS FOLLOV.S: THE INPROVEt+FENT OF FOREST PARK AT AN
APPROXIMATE COST OF FIFTEEN THOUSAND W15,000.00)DOLLARS; THE PURCHASE OF
PARK SITES NEAR THE CENTRAL PART OF THE CITY, AT AN APPROXIMATE COST OF
T'ENTY-FIVE THOUSAND (525,000.00) DOLLARS; THE PURCHASE OF A PARK SITE
IN MECHANICSBURG AT AN APPRQXIIA:iTE COST OF T:JENTY THOUS„ND ($20,000.00)
DOLLARS; THE PURCHASE OF A PARK SITE SOUTH -'°.EST OF GUTHRIE AVENUE AT AN
APPROXII.'ATE COST OF TWENTY-FIVE THOUSAND 025,000.00) DOLLARS; AND THE
PURCHASE OF A PARK SITE FOR USE BY THE NEGRO CITIZENS OF SAID CITY AT nN
APPROXIMATE COST OF FIFTEEN THOUSAND (�pl5,000.00) DOLLARS, ALL IN THE CITY
OF PADUCAH, KENTUUKY, THIS SAID BONDS BEING PAYA3LE THIRTY YEARS AFTER DATE
OF SATAE, AND BEARING INTEREST AT THE HATE OF FIVE (5i) PER CENTUTA PER ANNUM,
PAYABLE SEMI-ANNUALLY; AND FOR THE PAYMENT OF 71HICH INTEREST THE SUTA OF i
FIVE THOUSAND (55,000.00) DOLLARS ,JILL BE RAISED EACH YEAR BY GENERAL
TAXATION OF ALL OF THE TAXABLE PROPERTY IN THE CITY OF PADUCAH, KENTUCKY,
SAID A}:MNT TO BE ADJUSTS:D TO MEET SAID INTEREST PAYMENTS; AND THE Sux
OF NOT TO EXCEED SEVENTEEN HUNDRED AND T!M NTY (tip1720,O0)DOLLARS EACH
YEAR, TO BE RAISED BY GENERAL TAXATION OF 'ALL OF THF, TAXABLE PROPERTY IN
THE CITY OF PADUC_yH EACH YEAR DURING THE LIFE OF SAID BONDS, FOR THE
CREATION OF A SINKING FUND TO RETIRE SAID BONDS AT IAATURITY."
SECTION 10.
This Ordinance shall take effect and be in force from and
after its passage, approval and publication.
O.K�NROLLM
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,ADOPTED U(
Attest 192 S.
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Published consec lively in the News -Democrat, the Official Newspaper October
16-17-1$-�f� 20 -? -22-223-22 Is ue g�8-29-30-3 and November 1 1925. Official returns
of vote on the above Bond election held November 3
No 1624. Requiring 2/3 vote to carry, same was defeated. ,1.925 were: Yes. 2557