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HomeMy WebLinkAboutOrdinances Book 8, Page 571, No Ordinance NumberAN ORDINANCE AUTHORIZING THE ISSUING OF REFUNDING BONDS OF THE CITY OF PADUCAH, KENTUCKY, IN THE SM OF $33,000.00, FOR THE PURPOSE OF PROVIDING A FUND '711ICH, SUPPLEMENTED BY OTHER FUNDS OF THE CITY PROVIDED THEREFOR, 's'JILL PROVIDE AN AMOUNT SUFFICIENT TO PAY OFF $38,000.00 OF THE BONDED INDEBTEDNESS OF S..ID CITY HEMETOFORE CREATED A.M ISSUED FOR THE CHICAGO, ST. LOUIS & NE''I OIILI?iIS R, ILROAD COMPiiNY, AND ':!TACH BONDS MATURE JULY 13T, 1926; :IND TO PROVIDE FOR THE Y_ill.ivl'! OF INTEREST ON THE REFUNDING 30NDS HEREBY AUTHORIZED, ANL TO C?L•' ,T A SII•IKING FUND FOR THE PAYILENT OF SAID BONDS AT MATURITY. 'VH EREAS on the 1st clay of July 1896, the City of Paducah, Kentucky, duly issued and sold bonds known as the Chicago, St. Louis & New Orleans Railroad Bonds, payable thirty ,years after date, bearin interest ut 4 1; per annum, payable semi-annually, and which bonds will mature on July 1st, 1926; and, 7HEREAS there has been provided and is now available for the payment of said bonds at maturity only the sum of about X5,000.00 and it is necessary to provide additional funds with which to pay and retire said bonds at maturity: BE IV ORDAINED BY THE GENERAL COUNCIL OF THE CITY OF PADUCeiH, KENTIMKY: SECTION 1. That the City of Paducah, Kentucky, do incur an indebted -I ness of }733,000.00, which indebtedness shall be evidenced by neFotiah e coupon bonds dated July 1st, 1925, and numbered consecutively from on to thirty three inclusive, to be of the denomination of `,b1,000.00 each, i bearing interest at the rate of 4-.,��" per annum, or less, to be determined I by the bid accepted by said City, payable semi-annually, at the office of the City Depository, in the CitY of Paducah, Kentucky, or the lHanover National Bank, New York, N. Y., aggregating the principal sum of 03,000.00. Said bonds shall be issued serially and numbered from one to thirty three inclusive, in the denomination of 51,000.00 each, all maturing and payable thirty years after date. Said bonds shall be printed according to the directions in the next preceding paragraphs, and shall be in words and figures as follows: $1000.00 NO. UNITED STATES OF AMERICA CO S-TFOrl :;;i;LTH 01' i:E'71TUC;cv COLIP,TI OF RIcCR,+CKEId j CITY OF PADirCAIi REFUNDING BONDS FOR THE Rl?TIIth'1!'r,`I`.P OF CHICAGO, ST. LOUIS & IJA:1.11 ORLtilxT1:3 RAILRO/iD BONDS. NO. 572. KNO:"J ALL MEN BY THESE PRESENTS, That the City of Paducah, in 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 July 1956, the principal sum of ONE THOUSAND DOLLARS with interest thereon .from date hereof until paid, at the rate of per cent per annum, payable semi-annually:osi,_tzcr.fsr.�trxln?iiof:�i±a1�x}2f;s end on the first days of January and July in each year thereafter until paid, upon presentation and surrender of annexed coupons as they severally become due. Both principal and interest pf 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 interest, 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 thirty three bonds of like date and tenor, aggregating; the sum of (;$33,000.00, and is issued for the purpose of providin,; funds which supplemented with other i funds provided therefor by the City of Paducah, will produce an amount sufficient to pay the bonded indebtedness of said City amounting to :;$38,000.00, known as the Chicago, St.Louis t'c New Orleans Railroad Oompany Bonds, which mature July 1, 1926, under tie authority of and in full compliance %,jith the constitution and laws of the Commonwealth of Kentucky and an Ordinance duly adopted by the General Council of said O'ity. It is hereby certified and recited that all acts, conditions and things reouired to exist and be clone precedent to and in the issuing of this bond by the laws of this Commonwealth have duly hannened and been performed; that provision has been made for levy and collection of lirect annual tax upon all 'taxable property within said City sufficient t Day the principal and interest of this bond,as and when the same shall )ecome due; and that the total indebtedness of said City, including this )ond, does not exceed any constitutional or statutory limitations. IN "dITNESS ':JHE'tEOF the City of Paducah, Kentucky, has caused I ;his bond to be signed by its Mayor and counter -signed by its City Treasurer, .nd the coupon hereto attached bear the lithographic signatures of said ayor and City Treasurer, and the seal of said City is hereto affixed at 'aducah, Kentucky, this the lst.day of July, 1926. Li::YO CITY '01-'p _.DUU"H COUNTER SIGN_I?D TR?En3U �.R CI'ty OF p,,111C.jH.' COUPON. On the first day of , 19 the City of Paducah, McCracken County, Kentucky, will pay to the bearer the sum of at the office of the City Depository of the City of Paducah, or the Hanover National Bank,_Nee: York, N. Y., at the option of the holder, being. six months interest due on refund'ng bonds for payment of Chicago, St. Louis & New Orleans Railroad Compa y Bonds, dated July.l, 1926. TREASURER CITY OF PADUC,.H SECTION 2. III That tae proceeds realized from the sale of said bonds shall be used only for the purpose of providing funds w'rich, sup- pl'emented by other funds available therefor by the City of Paducah, iVill produce an amount sufficient to pay and satisfy a bonded indebt( ness of said City in the sum of $38,000.00, known as the Chicago, St. Louis & New Orleans Railroad Company bonds which will mature July 1st, 1926. SECTION 3. That there is hereby levied upon all the taxable and assessable property in the City of Paducah an annual tax sufficient to raise the sum of not exceeding ;p1485.00 each year for, interest,; SECTION 4. �', That there is hereby levied.; upon all the taxable and assessable property :in the City of Paducah, Kentucky, each and i every year durinr* the life of said bonds, a'tax sufficient to raise the sum of not exceeding ;p629.64 each year to create a sinking fund for the payment of said bonds at maturity. The taxing authorities � of said City shall annually compute the rate and amount- of said taxe� and the same shall be levied and collected as other taxes are levied) and collected, and shall be applied only to tinep•a yment of interest � on said bonds and to create a sinking fund for the payment thereof at maturity. 3- NO. 574. I� 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. I i SEOTION 6. i This Ordinance shall take effect arld be in .force from and after its passage, approval and publication. 0. K. ENHOLI-ivldf, COMMi CHAMMIN / Aftest.__ � r - P.ity clerk lJ� T Y' _r