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HomeMy WebLinkAboutOrdinances Book 8, Page 505, No Ordinance NumberNO. 505. n AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED 11 ELECTORS OF THE CITY OF PADUCAH , KENTUCKY, TO BE HELD ON TILE REGULAR ELECTION DAY, NOVEMBER 3RD, 1925, TO DETd1111INE THE QUESTION l%'NETHER !' THE CITY OF PE.DUCAH SHA -L ISSUE AND SELL BONDS OF SAID CITY TO THE EXTENT OF ONE HUNDRED AND TWENTY -THOUSAND (�p120,000.00) DOLLARS FOR THE PURPOSE OF' PROVIDING FOR THE OPENING AND EXTENSION OF STREETS, THE ACQUIRING OF RIGHT -OF -FLAYS, THE CONSPRUCTION OF A HARD SURFACE ROAD !"!AY OR STREET TO UNION STATION, THE PAYM NT OF THE:COST OF INTERSECTIONS aND OTHER NECESSARY COSTS, PAYABLE BY THE CITY OF PADUCAH, INCIDENT TO THE CONS'LRUCTION OF HARD SURFACE STREETS, OF THE CITY OF PA DUCAH, KENTUCKY, IN ACCORDANCE !"LITH PLANS AND SPECIFI- CATIONS PROVIDED THEREFOR; AND TO PROVIDE FOR THE PAYMENT OF IN ON SAID BONDS, AND TO CiEATE A SINKING FUND FOR THE PAYMENT OF SAID BONDS AT MATURITY. FdHEREAS it is deemed and considered necessary and advisable for the best interest of the City of Paducah, Kentucky, that certain streets should be opened and extended, rigint-of-ways acquired, and hard surface road way or street extended to the Union Station and that hard surface streets, in accordance with plans and specification's to be provided therefor, should be constructed in said City, incidents to which construction it will be necessary to provide for the costs of intersections and other necessary costs, payable by the City of i Paducah, to the extent of One Hundred and Twenty Thousand(5120,000.00) i Dollars, and the annual funds or revenues for such purposes not being�I sufficient to provide therefor, it therefore becomes expedient to obtain the necessary money by the sale of municipal bonds for such purposes; and, 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 THS GENERekL COUNCIL OF THE CITY OF Pn DUCAH, KENTUCKY: SECTION 1. i 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 i same hours and by the same election officers conducting the regular election for 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 the bonds of the City of Paducah in the sum of One Hundred and Twenty Thousand ($120,00.0.00) Dollars, to provide for the costs of opening and extending streets, acquiring right-of-ways, the construction of hard surface road -way or street to the Union Station, to pay the cost of intersections, and other NO. 506. necessary costs, payable by the city of raducah, incident to the construc- tion of hard surface streets in accordance with plans and specifications provided therefor, in the City of Paducah, Kentucky, to be apportioned as follows: For the opening and extension of streets and acquiring right-of- ways therefor, approximately Twenty -Thousand (}20,000.00)Dollars; for construction of a hard surface road -way or street to Union Station, approximately Twenty Thousand (�20,000.00)Dollars; and for payment of the cost of intersections and other necessary costs payable by the City of Paducah, incident to the construction of hard surface streets in said City in accordance with plans and specifications provided therefor, approximately Eighty Thousand ($80,000.00)Dollars. SECTION 2. That said bonds shall be payable to bearer Thirty years after date of same at the City Depository in the City of Paducah, Kentucky; and shall bear interest at the rate of Five (50) per centum per annum, payable semi-annually at the City Depository. II SECTION 3. The City of Paducah shall levy a tax upon all of the assess- able property in said City, each year during the life of said bonds, for street purposes, sufficient to produce the sum of not exceeding Six Thousand '($6,000.00)Dollars 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 payments. I SECTION 4. I�. i The City of raducah shall levy a tax upon all of the assess- able property in said City, each and every year during the life of said bonds, sufficient to produce the sum of not to exceed Two Thousand Five Hundred (,$2,500.00)Dollars each year, to create a sinking fund for the . payment of said bonds at maturity. SECTION 5. I That said bonds when so issi2ed 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 i of Paducah pledges its mood faith and credit. SECTION 6. 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 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 7. ' A certified copy of this Ordinance shall be filed with the (County Court Clerk of WcCracken County not less than 'thirty days before Il November 3rd, 1925, and a copy of this Ordinance shall be published in the official newspaper of the City of Paducah for at least two weeks just preceding said election to be held November the 3rd, 1925. SECTION B. The Clerk shall have printed upon the ballots to be � I delivered to the qualified electors in each precinct in the City of Paducah, Kentucky, at the regular election on November 3rd, 1925, the following question: "ARE YOU IN FAVOR OF ISSUING AND SELLING BONDS OF THECIT OF PADUCAH IN THE SUM OF ONE HUNDRED AND TWENTY THOUSAND( $120,000.00)] DOLLARS, FOR THE PURPOSE OF PROVIDING FOR THE COSTS OF THE OPENING AN➢ EXTENSION OF STREETS, ACgUIRING RIGHT-OF-WAYS THEREFOR, THE CONSTRUCT 01 OF A HARD SURFACE ROAD -WAY OR STREET TO THE UNION STATION, AND FOR THE PAYMENT OF THE COST OF INTERSECTIONS; AND OTHER NECESSARY COSTS, INCIDENT TO THE CONSTRUCTION OF HARD SURFACE STREETS INT7E CITY OF PADUCAH, IN ACCORDANCE WITH PLANS AMID SPECIFICATIONS, THE SAID BONDS BEING PAYABLE THIRTY YEARS AFTER DATE OF SAI:IE, AND BEARING INTEREST AT THE RATE OF FIVE (5,0) PER CENTUM PER ;MUM, PAYABLE SEMI-ANNUALLY; AND FOR THE PAYMENT OF ''!WHICH INTEREST THE SUM OF SIX THOUSAND(556,000.010) DOLLARS WILL BE RAISED EACH YEAR BY GENEI?11L TAXATION OF ALL OF THE TAXABLE PROPERTY IN THE CITY OF PADUCAH, KENTUCKY; AND FOR THE CREATION OF A SINKING FUND TO RETIRE SAID BONDS AT TIATURITY, THE SUIJ OF NOT TO EXCEED TWO THOUSAND, FIVE HUNDRED ($x9,500.00) DOLLARS WILL BE RA KED i EACH YEAR DURING TIIE LIFE OF SAID BONDS BY GENERAL TAXATION OF ALL OF THE TAXABLE PROPEHTY IN THE CITY OF PADUCAH?" SECTION 9. This Ordinance shall take effect and be in force from and after its passage, approval and publication. U. K, NROLLMENI CCMwii i i EC, CNAIMMA' `)0 PTE !" Attes tT Yf 182.4._. city QPTED �i15"Ge/:r' P�1 rt BWd W Ald..� — D «meant F;th 5 �a?�• Published consequtively in the News October 16-17-18-20-21-22-23-24-25-27-28-29"'30-31 -Democrat, the official Newspapper Official returns of vote on the above and Ido�em?r 1 bond issue an a ec on $e Nov. 3rd, 1925, were: YES...2998 - at No..1398. Carried. N0. 508.