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Home My WebLink AboutOrdinances Book 8, Page 501, No Ordinance Numberr NO. 501. AN ORDIN3ANCE PROVIDING FOR All ELECTION BY TIME QUALIFIED ELECTORS OR VOTERS OF THE CITY OF PADUCAH, KENTUCKY, TO BE HELD ON THE RXGULAR ELECTION DAY, NOVET.iBER 3RD, 1925, IN THE CITY OF PADUCAII, K'r.NTUCKY, TO DETERMINE THE QUESTION WHETHER THE CITY OF PADUCAH SHALL I ISSUE AND SELL BONDS OF SAID CITY TO THE EXTENT OF ONE HUNDRED AND V SEVENTY-FIVE THOUSAND (,5175,000.00) DOLLARS, FOR THE PURPOSE OF CONSTRUCTING AND REPAIRING SCHOOL PHOPERTIES ACQUIRED AND TO BE ACgUIRED, FOR THE SCHOOLS OF 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. jWHEREAS, the Board of Education of the Uity of Paducah, I Kentucky, has made known to the Mayor and the General Council, through a Resolution passed by said Board of Education on July 23rd, 1925, that it is necessary, for the purpose of properly conducting the schools of the City of Paducah, for the Uity to acquire sites and enlarge school buildings as follows: Constructing an elementary school building in the western or northwestern part of the City at a cost of approximately Ninety Thousand (p90,000.00)Dollars; constructing an annex or addition to the Franklin Junior High and Grade School buildin at a cost of approximately Fifty Thousand 0650,000.00) Dollars; repair- ing and remodeling the Robert E. Lee school building at a cost of I approximately Five Thousand (y55,000.00)Dollars; remodeling and enlarging the Henry Clay School building at a cost of approximately Ten Thousand I (,y10,000.00) Dollars; repairing the Lincoln school gymnasium at a cost of approximately Two Thousand ($2000.00)Dollars; repairing and remodel- ing the Garfield school building at a cost of approximately One ' Thousand (N�1000.00)Dollars; remodeling the Washington Junior High and Grade school building at a cost of approximately Ten Thousand ,(610,000.00) Dollars; for acquiring new sites or additions to present sites for school buildings, I approximately Six Thousand (56,000.00) Dollars; and for repairing other school buildings, approximately One Thousand (41000.00)Dollars, acid the annual funds not being sufficient to accomplish such purposes, it therefore becomes expedient to raise and obtain the necessary money for the aforesaid purposes; and, i WHEREAS, it is essential, in order to raise the necessary funds for the purpose above indicated, that the question be submitted to the qualified voters of the City of Paducah; NOW, THEREFORE, BE IT ORDAINED BY THE GENERAL COUNCIL OF THE CITY OF PADUCAH, KENTUCKY: I' SECTION 1. I. That there is hereby called an election in the 1,ity of Paducah, Kentucky, to be held on the Inn rlfl., the same hours and by the same &lection officers conducting the regular N election for State, County and City officers for the year 1925, for the purpose of submitting to the qualified electors of the pity of Paducah, Kentucky, the question of the issuance of One Hundred and Seventy-five Thousand (�175,000.00)Dollars, in bonds of the City of Paducah for school purposes, to be apportioned and used as follows: For construction an elementary school building in the western or northwestern part of the Uity, approximately Ninety Thousand (54M ,000.00)Dollars; const,ucting an annex or addition to the Franking Junior High and Grade School building, approximately Fifty Thousand Dollars ($p50,000.00)Dollars; repairing and remodeling the Robert E. Lee sbhool building, approximately Five Thousand W5000.00)Dollars; remodeling and enlarging the Henry Clay school building, I approximately Ten Thousand(:310,000.00) Dollars; repairing the Lincoln school gymnasium, approximately Two Thousand (U2000.00) Dollars; repairing and remodeling the Garfield School building, approximately One Thousand (51000.00)Dollars; remodeling the Vashington Junior High and Grade school building, approximately Ten Thousand (y10,000.00)Dollars; acquiring new sites or addition to present sites for school 'building, approximately Six Thousand ($6000.00)Dollars; and for repairing other school buildings, approximately One Thousand (�1000.00)Dollars. SECTION 2. That said bonds shall be issued serially, one-fourth thereof t 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 the end of twenty years. SECTION 3. That said bonds shall draw interest at the rate of five per cent (5%) per annum, payahle semi-annually at the City Depository in the City of Faducah, Kentucky. S;CTION 4. i' That the Uity of Faducah shall levy a tax upon all of the j assessable property in the City of Paducah, Kentucky, each year during the life of said bonds, for school purposes, sufficient to raise the sum of not exceeding Eight Thousand Seven Hundred and Fifty ($8750.00) Dollars, i each year, for the first five years, for interest, and of not exceeding Six Thousand, Five Hundred and Sixty -Two Two ( I y- ,y6562.50) Dollars . and r'i Ft.. cents, each year, for the second five years, for interest, and of not exceeding Four Thousand, Three Hundred and Seventy-five (-;4,375,00) i Dollars, each year, for the third five years, for interest, and of not exceeding Two Thousand, One IIundred and Eighty—oven (w;2,187.50)Dollars hand ?fifty cents, each year, for the fourth five years, for interest. NO. 503. SECTION 5. That the city of Paducah, Kentucky, shall levy a tax upon all of the assessable property in said City of Paducah, Kentucky, for school purposes, for each and every year during the life of said', j; bonds, sufficient to raise the sum of not exceeding Nine Thousand (5¢9000.00)Dollars, to create a sinking fund for the iaayment of the said bonds at the respective dates of their maturity. i SECTION 6. That the said bonds when so issued shall be in the name' of the City of Paducah and shall be in denominations of Five Hundred NP500.00) Dollars each, and for the payment of which, ttt the maturity thereof, the City pledges its good faith and credit. SECTION 7. I � That said bonds shall not be issued, however, unless a two -third majority of the qualified electors of said City voting i 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, for at least fifteen days just preceding the general election to be held on November 3rd, 1925. I SECTION 9. The Clerk shall have printed upon the ballots to be delivered to the qualified electors in each precinct in the City of Paducah3 at the election to be held on November 3rd, 1925, the follow- ing question: "ARE YOU IN FAVOR OF THE CITY OF PADUCAH ISSUING AND SELLING ONE HUNDRED AND SEVENTY-FIVE THOUSAND (5175,000.00) DOLLARS OF BONDS OF THE CITY OF PADUCAH FOR SCHOOL PURPOSES, TO BE APPORTIONED AND USED AS FOLLOWS: FOR CONSTIIUCTING AN ELE19E'NTAHY SCHOOL BUILDING IN THE INESTERN OR NORTH71ESTERN PART OF THE CITY APPROXIMATELY NINETY THOUSAND ($90,000.00) Dollars; CONSTRUCTING AN ANNEX OR ADDITION TO THE FRANKLIN JUNIOR HIGH AND GRj�DE SCHOOL BUILDING, APPROXIMATELY FIFTY THOUSAND (550,000.00) DOLLARS; REPAIRING riND Rn7aODF.LING THE R03ERT E. LEE SCHOOL BUILDING, APPROXIMATELY FIVE THOU&,ND 05000.00) DOLLARS; FOR REI;IODELING SND ENLARGING THE HENRY CLAY SCHOOL BUILDING, NO. 504. APPROXIMATELY TEN THOUS,kND (,10,000.00)Dollars; REPitIRING THE LINCOLN i SCHOOL GYMNASIUM, APPROXIMATELY TWO THOUSAND (,2000.00) DJLLr1RS; �I REPnIRING AND REMODELING THE GARFIELD SCHOOL BUILDING, APPROXIMATELY ONE THOUSAND (51000.00) DOLLARS; REMODELING TIIE WASHINGTON JUNIOR HIGH AND GRADE SCHOOL BUILDING, APPROXIM,tTELY TEN THOUSAND (,10,000.00) Dollars; ACQUIRING NEIN SITES OR ADDITIONS TO PRESENT SITES FOR SCHOOL BUILDING, APPROXIMATELY SIX THOUSAND ($P6000.00) DOLLARS; AND FOR REPAIRING OTHER SCHOOL BUILDINGS, APPROXIMATELY ONE THOUSi�ND (,1000.00) DOLLARS; THE SAID BONDS TO BE PAYABLE IN FIVE, TEN, FIFTEEN AND T17ENTY YEARS FROM THE DATE THEREOF, ONE-FOURTH TO BE PAID AT THE END OF EtLCH FIVE YEARS, AND BEARING INTEREST AT THE RATE OF FIVE PER CENTUM (5°/0) PER ANNUL^., ':HIGH INTEREST SHALL BE DUE AND PAYABLE SEIAI-ANNUALLY, TO BE RAISED BY GENERFlL-TAXATION OF ALL OF THE TAXABLE PROPERTY IN THE CITY OF PADUCAH, FOR EACH YEAR, AND FOR THE PURPOSE OF CRE_,TING 1, SINKING �I P� FUND TO RETIRE SAID BONDS AT MATURITY, AS THEY FALL DUE?" SECTION 10. This Ordinance shall take effect from and after its passage, approval and publication. I 0, K NROLLMMEEJNT CO,MIII 1-1 Ec, my aww.K i•�v�'r'TED �� Attest---- -- - — ---.Iv;? 47 .. ..; •-_� r ,.a or c .armor. -�r' -.�- -- - ----------_ GCity Ck rk LIOPTELT -- Published consecutively consecutively in the News -Democrat, the Official Newspaper, October 16-17-18-20-21-22-23-24-25-27-28-29-30-31 and November 1, 1925. Official returns of vote on the above Bond Issue at election held November 3rd, 1925, were: YES.... 3058 - NO... 1336. Carried. i, I'