HomeMy WebLinkAboutOrdinances Book 8, Page 559, No Ordinance NumberNO. 559.
AN ORDINANCE AUTHORIZING THE ISSUING OF BONDS OF THE, CITY
OF PADUCAIi, KENTUCKY, IN THE 3J11 OF X50,000.00, FOR THE PURPOSE OF
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CONSTRUCTING A SE'.VEH TO TAKE C fflE OF THE OVER -FLOW OF SE'•:!ER DISTRICT
NO. 2, IN THE CITY OF PADUCAH, KENTUCK`l; AND TO PROVIDE FOR THE PAY-
I.fENT OF INTEREST ON SAID BONDS, AND TO CREATE A SINKING FUND FOR THE
!PAYMENT OF SAID BONDS AT MATURITY.
l'1HEREAS, on the 23rd day of September, 1925, the General
Council of the City of Paducah, duly adopted an ordinance providing
j for the submission to the qualified voters of said City, at the
regular election to be held on November 3rd, 1925, the question wheth r
bonds to the extent of $50,000. should be issued by the City of
Paducah for the purpose of constructing a sewer to take care of the
over -flow of Sewer District No. 2, in the City of Paducah, Kentucky,
payable as follows: one-fourth thereof five years after date, one-
fourth ten years after date, one-fourth fifteen years after date and
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one-fourth twenty years after date, bearing interest at 5% per annum
II payable semi-annually; and to create a sinking fund for the payment
ii of said bonds as the same mature; and,
17HEREeS the returns of said election at which said
quesbion was voted mpon by the qualified voters of said City showed
that more than the necessary two-thirds majority of those voting on
said question had voted in favor of issuing said bonds; and,
WHEREAS the General Council of said City, on the 18th day
of y
January, 1926, at a regular meeting of said Council duly passed a
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resolution authorizing the issuing of said bonds in the denomination
of $500.�g0 each, to be numbered serially from one to one hundred
inclusive, consisting of 25 bonds in each four series, and each series
payable five, ten, fifteen and twenty years after date, bearing interest
at the rate of 5% per annum, or less, to be determined by the highest
and best bid received, payable semi-annually at the City Depository i
in the City of Paducah, Kentucky, or the Hanover National Bank, New
York, N. Y.
BE IT ORDeiINED BY THE GENERAL COUNCIL OF THE CITY OF
PALUCAH, KEIJTUCY,Y:
it
SECTIOPI 1.
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That the City of Paducah, Kentucky, do incur an indebted-
ness of 550,000.00, which indebtedness sha�;,I e'.evidence.d:by negotiable
coupon bonds, dated May 1st, 1926, and numbered consecutively from
one to one hundred, inclusive, to be of the denomination of 'j500.00
each, bearing interest at the rate of 5%, or less, per annum, to be
determined by the bid acdepted by said City, payable semi-annually
at the office of the City Depository, in the City of Paducah, Kentucky,
or the Hanover National Bank, New York, N. Y., aggregating the principal
sum of X50,000.00.
Said bonds shall be issued in four series of ;12,500.00 each,
and each series maturing in five, ten, fifteen Lind twenty years respective-
ly after date, so that said bonds numbered consecutively from one to
twenty-five inclusive shallf' -years
m mature five after date; that bonds
numbered consecutively from twenty-six to fifty inclusive shall mature
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ten ,years after date; that bonds numbered consecutively from fifty one
to seventy-five inclusive shall mature fifteen years after date; and
bonds numbered consecutively from seventy six to one hundred inclusive
shall mature twenty ,years after date.
Said bonds, except for the change of maturity shall be
printed according to the directions in the next preceding paragraph, and
shall be in words and figures as follows:
$500.00 NO.
UNITED STATES OF AMERICA
C01+MOYNEnLTH OF KENTUCKY
COUNTY OF BicCRACKEN
CITY OF PaDUCAH.
SEWER RELIEF BONDS
KNOW ALL MEN BY THESE PRESENTS, That the City of Paducah, ix
the County of McCracken and Commonwealth of Kentucky, is justly indebted
and for value received hereby promises to pay to the bearer on the first
day of May, 19 , the principal sum of
FIVE HUNDRED DOLLARS
with interest thereon from the date hereof until paid, at the rate of
per annum, payable semi-annually on the first day of November
1926, and on the first days of May and November in each year thereafter
upon presentation and surrender of the annexed coupons as they severally
become due. Both principal and interest of this bond are payable at thq
office of the City Depository of the City of Paducah, Kentucky, mr the
Hanover National Bank, New York, N. Y., at the option of the holder.
For the prompt payment hereof, both principal and interef3t, as the same
becomes due, the full faith, credit and resources of said City are here-
by irrevocably pledged. This bond is one of an issue of one hundred bonds
of like date and tenor, except as to maturities, aggregating y$50,000,00,I
and is issued for the purpose of constructing a sewer to take care of the
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over -flow of Seager District No. 2, in the City of Paducah, Kentucky, �tndex
the authority of «nd in full compliance with the constitution and laws of,
the Commonwealth of Kentucky, and pursuant to a vote of more than two-
thirds of the qualified electors of said City cast at an election duly
called and held on the 3rd day of November, 1925, and ordinances duly
adopted by the General Council of said City.
It is hereby certified and recited that all acts, conditions
II and things required to exist and be done
I� q precedent to and in the
issuing of this bond by the lams and constitution of said Commonweal
have duly happened and been performed; that provision has been made
for the levy and collection of a direct annual tar, upon all the taxab
lle
property within said City sufficient to pay the interest and principal
of this bond as the same shall become due; and that the total indebtd-
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ness of said City, including this bond, does not exceed any constitu-
tional or statutory limitation.
IN 11ITNESS '.':7IEREOP the C'i'ty of Paducah, Kentucky, has caused
this bond to be sinned by its l:;a,yor and countersigned by its City
Treasurer, and the coupons hereto attached bear the lithographic
tignatures of its 1,7ayor and City Treasurer, and the seal of said City
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is hereto affixed at Paducah, Kentucky, this the day of May,
ii i
1926.
4
Cotmtersigned by
COUPON.
On the first day of
1.Ia OH, C_ITY--o7-7,-1)uc7H, KENTUC_
TREjkSUI,iisR, CIT. ON P_+DUCe,lI, YET1T CKY.
, 1926, the City of Paducah,
McCracken County, Kentucky, will pay to the bearer the sum of yp
at the office of the City Depository in the City of Paducah, Kentucky,
or to the Hanover National Bank, New York, N. Y., pursuant to the
option and notice of the holder, being six months interest due on
Sewer relief bonds, dated lAay lst, 1926.
1,1A.OR, C T OP PAWL -H, KENTU Oily.
THEASU -iER, CIi� OlT—PriDUC H, _.F;it� CUC CC,
SECTION 2.
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That the proceeds realized from the sale of said bonds
shall be used only for the purpose of constructing a sewer to take care
of the bver-flow of Sevier District No. 2, in the City of Paducah,
Kentucky, provided that if there be any remainder of such proceeds
NO. 562.
after the completion of said sewer, same shall be deposited in the sinking
fund created for the ultimate retirement of.said bonds.
SECTION 3.
That there has been levied upon all the taxable and assessable
property in the City of Paducah an annual tax sufficient to raise the sum
of not exceeding ;2500.00 each year for the first five years, for interest,
and of not exceeding $lB75.00 for the second five years, for interest, and
of not exceeding $1250.00 each year for the third five years, for interest,
and not exceeding $625.00 each year for the fourth five (rears, for interest.
SECTION 4.
That there has been levied on all the taxable and assessable.
property in the City of Paducah, Kentucky, each and every year during the
life of said bonds. a tax sufficient to rain r: __ „F
$50,000.00, and to create a sinking fund for the payment of said bonds
on the respective dates of their maturity. The taxing authorities shall
annually compute the rate and amount of said taxes, and the same shall
be levied and collected'as other taxes are levied and collected, and shall
be applied only to the payment of the interest on said -bonds, and to pro-
vide a sinking fund fo redeem the principal thereof as the same may matur4.
SPC'TION 5.
That said bonds wiaen duly executed shall be delivered to
purchaser by the Treasurer of said City, upon full compliance with .the
terms of the purchase price.
SECTION 6.
This ordinance shall take effect end be in force from its
passage, approval and publication.
0. K. ENROLL 11 COMMI I TEt.
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