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HomeMy WebLinkAboutOrdinances Book 8, Page 626, No Ordinance NumberAN ORDINANCE AUTHORIZING THE ISSUE OF BRIDGE BONDS OF THE CITY OF PADUCAH, KENTUCKY, TO THE AMOUNT OF FORTY TIiOUSAND DOLLARS ($40,000) AND PROVIDING FOR THE PAYMENT THEREOF. WHEREAS, at an election duly called and held inthe 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 i than two-thirds of the qualified voters of said City authorized the issue of the Bridge Bonds of said City to the amount of FORTY THOUSAND DOLLARS ($40,000), THEREFORE - BE IT ORDAINED by the General Council of the City of Paducah, Kentucky; as follows: SECTION 1. That under the authority of the election aforesaid there are hereby authorized to be issued the Bridge Bonds of the City of Paducah to the amount of FORTY THOUSAND DOLLARS ($40,000), con- sisting of forty (40) bonds of ONE THOUSAND DOLLARS ($1,000) each, numbered from 1 to 40, 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 semi-annually. And TEN THOUSAND DOLLARS ($10,000) in amount of said bonds shall become due on the first day of May in each of the years 1931, 1936, 1941 and 1946. SECTION 2. The bonds hereby authorized shall be in substantially the following form: UNITED STATES OF AMERICA COMMONVEALTH OF KENTUCKY CITY OF PADUCAH BRIDGE BOND NO $l000 . 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 bearer ONE THOUSVID I DOLLARS lawful money of the United States of America, on the first uay9of 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 of each i i year thereafter, on presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest of this i bond are hereby made payable at the Hanover National Bank in the City ofl i 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 of Paducah are hereby irrevocably pledged. This bond is one of a series of like tenor, except as to maturity, issued for the purpose of constructing a bridge in and for the City of Paducah, under the authority of and in full com- pliance 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, whereat 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, con- ditions 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.limitatons. IN TESTIMONY WHEREOF the General Council of the City of Paducah, Kentucky, has caused this bond to be signed by the Mayor and attested by the City Clerk with the Corporate seal hereto affi i and the annexed interest coupons to be executed by the facsimile signatures of said officers this the first day of May, 1926. ------------------- Mayor. Attest: ------------ Cit,r Clerk. Countersigned: ------------------------- City Treasurer. COUPON. May On the first day of November, 19 , the City of Paducah, Kentucky, promises to pay to bearer Twenty-two and 50100 Dollars (;,22.50) at the Hanover National Bank in the City of New, i York, State of New York, for interest due that day on its Bridge Bond dated May 1st, 1926, I No ---------------------i Mayor Attest: -------------------------- City Clerk. i i NO. 528. 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 upon all the taxable property in the City of Paducah, Kentucky, sufficient to produce the following sums in the following years: For each of the years 1926 to 1930 inclusive the sum of $3,800 If 1931 " 1935 " " " 3,350 1936 " 1940 " " " " 2,900 1941 " 1945 " " " " 2,450 And the pity of Paducah, 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 Hundred Dollars of the valuation of said City sufficient to meet the re- quirements of this Section. NO. 628. SECTION 4. An ordinance of the General Council of said City adopted February 23, 1926, relative hereto, and any other ordinance or resolution heretofore adopted, that is in conflict herewith, or to the extent of such conflict hereby repealed; and this ordinance shall take effect and be in force from and after its passage, approval and publication. 0. K. ENROLLMENTC MMITTEE, ----------------- CHAt-AN �J ADDP�D Prurd r Baradd �r a„a�em,,,. li C% i Atiffie-S19G City Clork PIP?. 31<.D IP : .