HomeMy WebLinkAboutOrdinances Book 8, Page 623, No Ordinance NumberAN ORDINANCE AUTHORIZING THE ISSUE OF SEER BONDS OF THE
CITY OF PADUCAH, KENTUCKY, TO TIME AMOUNT OF FIFTY THOUSAND DOLLARS
($50,000) 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
by law, more than two-thirds of the qualified voters of said City
authorized the issue of the Sewer Bonds of said City to the amount of
Fifty Thousand Dollars ($50,000), THEREFORE -
BE IT ORDAINED By the General Council of the City of
Paducah, Kentucky, as follows:
1 1. SECTION 1. That under the authority of the election
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aforesaid there are hereby authorized to be issued the Sewer Bonds
I of the City of Paducah to the amount of $50,000. consisting of
forty-eight (48) bonds numbered 1 to 48 for 1,000 each and four
(4) bonds numbered 49 to 52 for $500. each- each bond dated the
first day of &jay, 1926, which said bonds shall bear interest evidence
by coupons at the rate of four and one-half (42) per centum per
annum, payable semi-annually. And Twelve Thousand Five Hundred
Dollars
($12,500) in amount of said bonds shall become due on the
first day of May in each of the years 1931, 1936, 1941 and 1946.
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SECTION 2. The bonds hereby authorized shall be in
substantially the following form:
UNITED STATESOF AMERICA
COMMONWEALTH OF KENTUCKY
CITY OF PADUCAH
SFNER BOND.
NO.
KNOW 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 the
bearer ONE THOUSAND DOLLARS (bonds numbered from 49 to 52 shall be
for FIVE HUNDRED DOLLARS) lawful money of the United States of America,
on the first day of May, 19 , with interest thereon from 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 May and November in each year thereafter, on presentation and
surrender of the annexed interest coupons as they severally become
due. Both principal and interest of this bond are hereby made payable
at the Hanover NationAl Bank in the City of New York, State of New York;
and for the prompt payment of this bond and the interest thereon the
No. 624.
full faith, credit and resources of the City of Paducah are hereby irre-
vocably pledged.
This bond is one of a series of like tenor, except as to
maturity, issued for the purpose of constructing a sewer in and for the
City of Paducah, under the authority of and in full compliance with the
constitution and laws of the Commonwealth of Kentucky, and of an election
duly called and held in said City on the 3rd day of November, 1925, where-
at more than two-thirds of the qualified electors of said City voted in
favor of the issuance of this bond.
It is hereby certified and recited that all acts, conditions
and things required to be done precedent to and in the issuance of this
bond have been done, happened and been performed in regular and due form
as required by law, and that the total indebtedness of the City of Paducah,,
including this bond, does not exceed the statutory or constitutional
limitations.
IN TESTIMONY ';11HEREOF The General Council of the City of
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Paducah, Kentucky, has caused this bond to be signed by the Mayor 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 May, 1926.
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Mayor
Attest:
--------------------------------
City Clerk
Countersigned:
--------------------------------
. City Treasurer.
COUPON..
May
On the first day of November, 19 the City of PaducaY�,
Kentucky, promises to pay to bearer TIVENTY-TIDO and 50/100 DOLLARS (tip22.5I)
at the Hanover National Bank in the City of New York, State of New York,
for interest due that day on its Sewer Bond dated May 1st, 1926, No
------------------------i-
Mayor
Attest:
-------------------------------
City Clerk.
SECTION 3. That for the purpose of providing for the
payment 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
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NO. 625.
upon all the taxable property in the City of Paducah, Kentucky,
sufficient to produce in each of the following, ,years, the following
jj sums:
For each of the years 1926 to 1930 inclusive the sum of yp4,750.
1931 " 1935 " " " " 4,187.50
" "1936 " 1940 " " " " 3,625
1941 n 1945 u u n" 3,062.50
And the pity of Paducahr, Kentucky, 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 T110U9AND DOLLaRS of the valuation of said City
-sufficient to meet the requirements of this section.
I' SECTION 4. The ordinance relative hereto adopted by
the General Council Feb. 9, 1926, and any other ordinance or resolu-
tion in conflict herewith, or to the extdnt of such conflict are
hereby repealed; and this ordinance shall take effect and be in
force from and after its passage, approval and publication.
1). It ENROLLMENI COMMITTEE.
CfiA�Hr•t:
ADAPT-,.
Prutdm( Board of C«m4—.
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P—ldod Board of Aldm ,h
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City Cleric
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