HomeMy WebLinkAboutOrdinances Book 8, Page 620, No Ordinance NumberAN ORDINANCE AUTHORIZING THE ISSUE OF STREET IMPROVEMENT
BONDS OF THE CITY OF PADUCAH, KENTUCKY, TO THE AI:IOUNT OF ONE HUNDRED
T91ENTY THOUSAND DOLLARS (,�120,000) AND PROVIDING FOR THE PAYMENT THEREOF.
WHEREAS, at an election duly called and held in the City of
Paducah, Kentucky, on the 3rd day of November, 1925, after notice thereof
had been duly given for the time and in the manner required bylaw, more
than two-thirds of the qualified voters of said City authorized the issue
of the Street Improvement Bonds of said City to the amount of One Hundred
Twenty Thousand Dollars ($120,000), Therefore,
BE IT ORDAINED by the General Council of the City of
Paducah, Kentucky, as follows:
SECTION 1. That under the authority of thelelecti6h
aforesaid there are hereby authorized to be issued the Street
Improvement Bonds of the City of Paducah to the amount of One hundred
Twenty Thousand Dollars 0120,000) consisting of 120 bonds of One Thousand
Dollars ($1000) each, numbered from 1 to 120, dated the first day of May,
1926; which said bonds shall bear interest evidenced by coupons at the
rate of four and one half (42) per centum per annum, payable s( -mi -annually,
Said bonds shall become due thirty (30) years after date.
SECTION 2. The Bonds hereby authorized shall be in sub-
stantially the following form:
NO
UNI'T'ED STATES OF AMERICA
COMMW%'F.ALTH OF KENTUCKY
CITY OF PADUOAH
STREET IMPROVEMENT BOND
$1000.
KNO'N ALL MEN BY THESE PRESENTS that the City of Paducah, in
the County of McCracken and Commonwealth of Kentucky, acknowledges itself
to owe and for value received hereby promises to pay to bearer 0I1E THOUSAI
DOLLARS lawful money of the United States of America, on the first day
of May, 1956, with interest thereon from the date hereof at the rate of
four and one half per centum per annum, payable semi-annually on the first
day of November 1926, and on the first days of I -lay and November in each
year thereafter, on presentation and surrender of the annexed interest
ED
coupons as they severally become due. Both principal and interest of
this bond are hereby made payable at the Hanover Natiobal Bank in the City
of New York, state of New York; and for the prompt payment of this bond
and the interest thereon the full faith, credit and resources of the City'
if Paducah are hereby irrevocably pledged.
This bond is one of a series of like tenor, issued for the
)urpose of opening and impro ving streets in and for the City of Paducah,
ender the authority of and in full compliance with the Constitution and Laws
NO. 621.
it---- — ------ — ---- �
I1 of the Commonwealth of Kentucky, and of an election duly called and
held in said City on the 3rd day of November, 1925, whereat more than
two-thirds,of the qualified electors of said City voted in favor of the
issuance of this bond.
�i It is hereby certified and recited that -11 acts, conditions
and things required to be done precedent to and in the issuance of this
11 bond have been done, happened and been performed in regular and due
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i form as required by law, and that the total indebtedness of the City'
r.
of Paducah, including this bond, does not exceed the statutory or
constitutional limitations.
IN TESTIMONY ':'THEREOF the General Council of the City of
Paducah, Kentucky, has caused this bond to be signed by the I.iayor
and attested by the City Clerk with the corporate seal hereto affixed!,
and the annexed interest coupons to be executed by the facsimile
signatures of said officers this the first day of tfay, 1926.
Attest:
CITY CLERK
i
Countersigned
I
CITY TREES RER.
COUPON.
May
On the first day of November, 19---, the City of Paducah,
Kentucky, promises to pay to bearer Twenty-two and 50/100 DollarsC, 22.50)
I at the Hanover National Bank in the City of New York, State of New
i' York, for interest due that day on its Street Improvement Bond dated
May 1, 1926, No
-----------------------------
Mayor
Attest:
----------------------------
City Clerk.
SECTIO34 3. That for the purpose of providing for the pay-
ment of the principal and interest of said bonds as they respectively
become due, there shall be and there is hereby levied a direct annual
tax upon all the taxable property'in said City of Paducah, Kentucky,
sufficient to produce the sum of Nine Thousand Four hundred Dollars
NO. 622.
(4$9400) in each of the years 1926 to 1955 both inclusive. And the City
of Paducah, hereby covenants to and with the holder of said bonds and
each of them that it will annually in due time, manner and season levy
a tax of a sufficient number of cents.on each One Hundred Dollars of the
valuation of said City sufficient to meet the requirements of this Section.
SECTION 4. The. ordinance relative hereto adopted by the
i
General Council Feb. 9, 1926, and any other ordinance or resolution in
conflict herewith, or to the extent of such conflict are hereby repealed;
and this ordinance shall take effect and be in force from and after its
passage, approval and publication.
K. ENROLLMEN' COMMITTEE.
CHAIRMAN
ADOPTED
, /4X 441,
P.exlaurt Swd pf Co�m�Rmev„ -•
ADOPTED
P.atd_W Poord of Xderemi.
M
1924
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