HomeMy WebLinkAboutOrdinances Book 8, Page 563, No Ordinance NumberNO. 563.
AN ORDINANCE PROVIDING FOR THE ISSUING BY THE CITY OF PADUCAH
OF BONDS IN TH3 SUL? OF x}120,000.00, FOR THE PURPOSE OF OPENING nND
EX`i'.ENDING STREETS, AC(ZUIRING RIGHTS-OF-71AY, THE CONST'aUCTION OF A HAIR
SURFACE ROAD -'JAY OR STREET TO 'PRE UNION STATION, AND TO PAY THE COST
OF THE INTERSECTIONS AND OTHER NECESSARY COSTS PAYABLE BY THE' CITY 0
PADUCAH, INCIDENT TO THE CONSTRUCTION OF HARD SURFACE STREETS IN
ACCORDANCE WITH PLANS AND SP CIFIC;MONS PROVIDED TIIEREFOR, IN THE
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CITY OF PADOC,,H, KENTUCKY; AND PROVIDING FOR THE PAY11ENT OF INTERE
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ON SAID BONDS, AND FOR TILE CREATION OF A SINKING FUND FOR THE PAYI.IE
OF SAID BONDS AT L':d'IrURITY.
WHEREAS, on the 25th 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
tto he held on November 3rd, 1925, the question whether bonds to the
extent of $120,000.00 should be issued by t -ie City of Paducah .for
the purnose of opening and extending streets, acquiring rights -o£ -
way and the construction of a hard surface road -way or street to
the Union Station, and to pay the cost of intersections and other
necessary costs payable by the Oity of Paducah, incident to the
construction 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
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streets and acquiring rights-of-way therefor approxir:.ately cp20,nOO.00;
for the construction of a hard surface roadway, or street, to the
Union Station, approximately yy20,000.00; for the payment of costs of
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intersections and other necessary costs payable by the City of
Paducah incident to the construction of hard surface streets in
accordance with plans and specifications therefor, approximately
$80,000.00; and,
WHEREAS the returns from said election at which said question
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was voted upon by the qualified voters of said City showed that more
than the necessary two-thirds majority of those voting on said
question had voted in favor of the issuing; of said bonds; and
WHEREAS the General Council of said City, on the 18th day
of January, 1926, at a regular meeting of said Council, duly passed
a resolution authorizing; the issuing of said bonds, in the denomination
of x$,'1000.00 each, to be numbered serially from one to one hundred and
twenty inclusive, payable thirty years after date, bearing interest i
at the rate of 5S' per annum, or less, as determined by the bid
accepted by the City of Paducah, payable semi-annually, at tae City
Depository in the City of Paducah, Kentucky, or at'the Hanover
National Bank, New York, N. Y.
NO. 564.
NOW, THEREFORE,
BE IT ORDi!INED BY THE GENERAL COUNCIL 0%' THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1.
That the City of Paducah, Kentucky, do incur indebtedness
of $120,000.00,which indebtedness shall be evidenced by negotiable coupon
bonds, dated May 1st, 1926, and numbered consecutively from one to one
hundred and twenty, to be of the denomination of }p1,000.00 each, bearing
interest at the rate of 50, or less, per annum, as determined by the bid
accepted by said City, payable semi-annually, at the City Depository in
the City of Paducah, Kentucky, or the Hanover National Bank, New York, N.
Y., aggregating the principal sum of yp120,000.00.
Said bonds shall be issued serially, and numbered from one
to one hundred and twenty inclusive, in the denomination of $1,000.00,
all maturing and payable thirty years after date.
Said bonds shall be printed according to the directions
in the next preceding paragraph, and shall be in words and figures as
follows:
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;,000. NO.
UNITED STnTES OF nI ERICA
COMMON'T&. LTH OF KEN DUCKY
COUNTY OF McCRhCKEN
CITY OF PADUCaH.
STREET I14TERSECTIONS .,ND RIGHTS -OF:: PLAY BONDS FOR HARD SU, -?FACE
STREETS.
KNOVI ALL MEN BY rHXSE PRESENTS, That the City of Paducah in the
County of McCracken, and Commonwealth of Kentucky, is justly indebted an
for value received hereby promises to pay to the bearer, on the first
day of May, 1956, the principal sum of
ONE THOUSnND DOLLARS
with interest thereon from the date hereof until paid, at the rate of
% per annum, payable semi-annually on the first day of Novemb�r
1926, and on the first days of May and November in each year thereafter,
until paid, upon presentation and surrender of the annexd3d coupons as
they severally become due. Both principal and interest of this bond are
payable at the office of the City Depository in the City of Paducah,
Kentucky, or the Hanover National Bank, New York, N. Y., at the option
of the holder. For the prompt payment hereof, both principal and intern: t,
as and when the same become due, the full faith, credit: and resources of
said City are hereby irrevocably pledged. This bond is one of an issue
of one hundred and twenty bonds of like date and tenor, aggregating the j
sum of 4p120,000.00, and is issued for the purpose of opening new streets
and acquiring rights-of-t^ray therefor, constructing a hard surface street]
to the Union Station, and to pay the cost of the intersections and other
NO. 565.
cost payable by the City of Paducah, incident to the construction of
hard surface streets, in accordance with 'the plans and specifications
therefor, in the °ity of Paducah, Kentucky, under the authority of an
in full compliance with the constitution and laws of the Commonwealt
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, condition
and things required to exist and be done precedent to and in the
issuing of this bond by the laws and constitution of this Commonxealt
I have duly happened and been performed; that provision has been made
for levy and collection of a direct annual tax upon all the taxable
property within said Uity sufficient to pay the interest and principa
of this bond as and :'✓hen the same shall become due; that the t6tal
indebtedness of said City, includinE this bond, does not exceed any
constitutional or statutory limitations.
IN '.:!ITNESS 'VHEREOF the City of Paducah, Kentucky, has
caused this bond to be signed by its PSayor and countersigned by its
a h coupon hereto attached bear the lithographic
City Treasurer, nd t e p f; P
signatures of said T.Iayor and City Treasurer, and the seal of said
City is hereto affixed at Paducah, Kentucky, this the first day of
IAay, 1926.
COUNTERSIGNED BY
COUPON.
IAYOR , CITY OF P: D eH.
On the first day of 1926, the City of
Paducah, }McCracken County, Kentucky, will pay to the bearer the sum
of at the office of the City Depository in the City of
i' Paducah, Kentucky, or the Hanover National Bank, New York, N. Y.,
at the option of the holder, being six months interest due on Street
!i intersections and rights-of-way bonds for hard surface streets, dated
May 1st, 1926.
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TRo:nSURc;R CITY OF P IDUGRH.
NO. 566.
SECTION 2.
That the proceeds realized from the sale of said bonds shall
be used only for the purpose of opening and extending streets, acquiring.
rights-of-way therefor, the construction of a hard surface street or
road way to the Union Station, and the payment of the cost of intersectibns
incident to the construction of hard surface streets in the City oiPaducah,
Kentucky.
SECTION 3.
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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 $6000.00 each ,year for interest.
SECTION 4.
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That there has been levied upon all the taxable and assessable'
property in the City of Paducah, Kentucky, each and every year during; th'e
life of said bonds, a tax sufficient to raise the sum of not exceeding 1
$2500.00 each year, :nd to create a sinking fund for the payment of said
bonds at maturity. The taxing authorities shall annually compute the
rate and amount of said taxes, and the same shall be levied and collectta
as other taxes are levied and collecAed, and shall be applied only to thl
payment of the interest on said bonds and to provide a sinking fund for
the payment of the principal thereof at maturity.
SECTION 5.
That said bonds when duly issued shall be delivered to the
purchaser by the Treasurer of said City, upon full compliance with the
terms of the purchase price.
SECTION 6.
This Ordinance shall take effect and be in force from and
after its passage, approval and publication.
ADOPTED
city cit-ok
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J P—Id-i P—d nr Ald—r