HomeMy WebLinkAboutOrdinances Book 8, Page 554, No Resolution NumberNo. 554.
A RESOLUTION PROVIDING FOR THE I=SSUING BY THE CITY OF PADUCAH
OF BONDS IN THE SUM OF ;40,000.00, FOR THE PURPOSE OF CONSTRUCTING A
BRIDGE ACROSS ISLAND CREEK NEAR 6TH STREET AND THE BENTON ROAD, IN THE CITY
OF PADUCAH, KENTUCKY; AND PROVIDING FOR THE PAYI'•IENT OF INTEREST ON 31+ID
BONDS, AND CREATING A SINKING FUND FOR THE PAYMENT OF SAID BONDS AT
MATURITY.
PJHEREAS on the 23rd day of September, 1925, the General
Council duly adopted an ordinance providing for the submission to the
qualified voters of the City of Paducah at the regular election to be held
on November 3rd, 1925, the question whether bonds to the extent of
$40,000.0'0 should be issued by the City of Paducah for the purpose of
constructing a bridge across Island Creek near 6th Street and the Benton
Road, in the City of Paducah, Kentucky; and,
1i1HEREAS the returns from said election at which said question
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: NO71, THEREFORE,
BE IT RESOLVED BY EHE GENERAL COUI4CIL OF THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1.
_ I
That the City of Paducah do issue bonds in the sum of
$40,000.00, bearing date of May 1st, 1926, in the denomination of
$500.00 each, numbered serially from one to eighty, inclusive, one fourt',
thereof, being bonds numbered from one to twenty inclusive, to be paid
at the end of five years; one fourth thereof, being bonds numbered from
twenty one to forty, inclusive, to be paid ten years after date; one
fourth thereof, being bonds numbered from forty one to sixty inclusive,
to be paid fifteen years after date, and one-fourth thereof, being bonds
numbered from sixty one to eighty inclusive, to be paid twenty years
after date; that all of said bonds 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.
SECTION 2.
That the City Solicitor be and he is hereby directed to
draft an ordinance in accordance with the foregoing provisions and the
provisions of an ordinance heretofore adopted by said City providing 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.
0. K. E R LLMEN,
L
CHAIRM-
ADOPTED
P"i,mrd of Coundlmcn.
d
AMPTED
P-,Id—i Board of AM—
AtteaL
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