HomeMy WebLinkAboutOrdinances Book 8, Page 552, No Resolution NumberNO. 552.
A RESOLUTION PROVIDING FOR THE ISSUING BY THE CITY OF PADUCAH
OF BONDS IN THE SUM OF ;$120,000.00, FOR THE PURPOSE OF OPENING AND EXTEND-
ING STREETS, ACQUIRING RIGHTS OF WAY, THE CONSTRUCTION OF A HARD SU13FACE
ROAITNAY OR STREET TO THE UNION STATION, AND TO PiiY THE COST OF INTERSEC-
TIONS AND OTHER NECESSARY COSTS PAYABLE BY THE CITY OF PADUCAH INCIDENT
TO THE CONSTRUCTION OF HARD SURFACE STREETS IN ACCORDANCE WITH THE PLANS:
AND SPECIFICATIONS PROVIDED THEREFOR, IN THE CITY OF PADUCAH; AND PRO-
VIDING FOR THE PAYI.IENT OF INTEREST ON S.= BONDS, AND CREATING A SINKING
FUND FOR THE PAYI.IENT OF SAID BONDS AT MATURITY.
WHEREAS on the 23rd day of September 1925, the General Council
duly adopted an ordinance probiding for the submission to the qualified
voters of the City of Paducah at the rdgular election to be held on
November 3rd, 1925, the question whether bonds to the extent of
x$120,000.00 should be issued by the City of Paducah for the purpose of
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opening and extending streets, acquiring rights of way, the construction
of a hard surface road way or street to the Union Station; ..and to pay
the cost of intersection and other necessary costs payable by the City
of Paducah, incident to the construction of hard surface streets in
accordance with the plans and specifications provided therefor, in the j
City of Paducah,'�to be apportioned as follows; For the opening and
extension of streets and acquiring rights of way therefor, approximately)
$20,000.00; for the construction of a hard surface road way or street
to the Union Station, approximately ti$20,000.00; for the payment of costs
of intersections and other necessary costs payable by the City of Paducal
incident to the construction of hard surface streets in accordance with
plans and specifications provided therefor, approximately yPW'O00.00; ani,
WHEREAS the returns from said election �t which said questio
was voted upon by the qualified electors of said City showed that more
than the necessary two-thirds majority of those voting on said question
had voted in favor of the issuing of said bonds: NOW, THEREFORE,
BE IT RESOLVED BY THE GENERAL COUNCIL OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1.
That the City of Paducah do issue bonds in the sum of
0120,000.00, bearing date of may 1st, 1926, in the denominations of
`1,000.00 each, numbered serially from one to one hundred and twenty
inclusive, payable thirty years after date; that all of said bonds
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shall bear interest at the rate of 5 per annum, or less, to be determined
by the bid accepted by the City of Paducah, payable semi-annually at the,
City Depository, in the City of Paducah, Kentucky, or at the Hanover
National Bank, New York, New York.
No. 553.
SECTION 2.
That the City Solicitor be and he is hereby directed to
itdraft an ordinance in accordance with the foregoing provisions and
the provisions of an ordinance heretofore adopted by said City pro-
viding for the submission of the question of issuing said bonds to
the qualified electors of the City of Paducah.
SECTION 3.
This resolution shall be effective from and after its
adoption and approval.
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110, K, ENRO�L�LM/E�NT C M1111 EL,
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CHAIWMAN
AD Jr�
it -•� /� J�/' _
PmrldvlsO d of Coalnm.
V
AD�' i;� s. D
Pms+drnf Eoard oI Aldnrraa.
Attest- �z19�. L City Clork