HomeMy WebLinkAboutOrdinances Book 8, Page 556, No Resolution NumberA RESOLUTION PROVIDING FOR THE ISSUING BY THE CITY OF PADUCAH
OF BONDS IN THE SUM OF $50,000.00, FOR THE PURPOSE OF CONSTRUCTING A SE',.MR
TO TAKE CARE OF THF OVER -FLOP) OF SE'.?ER DISTRICT NO. 2, IN THE CITY OF
PADUCAH, KENTUCKY; AND TO PROVIDE FOR THE PA`E4XNT OF INTEREST ON SAID
BONDS, AND TO CRi?ATE A SINKING FUND FOR THE PA`MENT THEREOF AT MATURITY..
WHEREAS 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
$50,000.00 should be issued by the City of Paducah for the purpose of con-
structing a,sewer to take care of the over -flow of sewer district No. 2
in the City of Paducah, Kentucky; and,
WHEREAS 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: NOW, THEREFORE,
BE IT RESOLVED BY THE GENERAL COUNCIL OF THE CITY OF PADUCAH"
KRNTUCKY:
SECTION 1.
That the City of Paducah do issue bonds in the sum of
$50,000.00, bearing date of May 1st, 1926, in the denomination of $500.00
each, numbered serially from one to one hundred inclusive, one fourth
thereof, being bonds numbered from one to twenty-five, inclusive, to be
paid at the end of five years; one fourth thereof, being bonds numbered
from twenty six to fifty inclusive, to be paid in ten dears after date;
one fourth thereof, being bonds numbered from fifty one to seventy five
inclusive, to be paid fifteen years after date; and one fourth thereof,
being bonds numbered from seventy six to one hundred 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 is hereby directed to
raft an ordinance in accordance with the foregoing provisions and the
revisions of an ordinance heretofore adopted by said City providing for
he submission of the question of issuing said bonds to the qualified
lectors of the City of Paducah.
SECTION 3.
This resolution shall be effective from and after its
adoption and approval.
0. K. ENROLLMENT 00 M
CHAIFu a.l
ADOPT®
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ADOPTED,
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