HomeMy WebLinkAboutOrdinances Book 8, Page 662, No Ordinance NumberAN ORDINANCE AUTHORIZING THE ISSUE OF REFUNDING BONDS OF THE
CITY OF PADUCAH, KENTUCKY, TO THE AMOUNT OF $33,000.00, AND P'?OVIuING
FOR THE PAYMENT THEREOF.
WHEREAS, The City of Paducah has outstanding its Railroad Aid
Bonds amounting to the sum of Thirty-three Thousand Dollars 033,000.),
which become due July 1, 1926, and there are no funds available for the
payment thereof, and it is desired to extend the time of payment of said,
indebtedness, THEREFORE -
BE IT ORDAINED by the General Council of the City of Paducah,
Kentucky, as follows:
SECTION 1. That for the purpose of extending; the time of
payment of said bonds there are hereby authorized to be issued the
Refunding Bonds of the City of Paducah, Kentucky, to the amount of Thirty -
Three Thousand Dollars ($33,000), consisting of thirty-three (33) bonds
of One Thousand Dollars (:1000) each, dated the first day of July, 1926;
which said bonds shall bear interest evidenced by coupons at the rate of
four and one-half (41) per centum per annum, payable semi-annually. And
One Thousand Dollars (41000) in amount of said bonds shall become due an
the first day of July in each of the years 1927 to 1953 inclusive, and
Two Thousand Dollars ($2000) thereof on the first day of July in each of
the ,years 1954 to 1956 inclusive.
SECTION 2. The bonds hereby authorized shall be in sub-
stantially the following form:
UNITED ST:+TE OF AMERICA
COTMAON'IEALTH OF KENTUCKY
CITY OF PADUCAH
NO. REFUNDING BOND. ;;1000.
KNOW ALL POEN 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 THOUSAND DOLLARS ($1000) lawful money of the United States of America,
on the first day of July, 19 , with interest thereon from the date
hereof at the rate of four and one-half (41) per centum per annum, payable
semi-annually on the first day of January and of July in each year on
presentation and surrender of the annexed interest coupons as they several-
ly become due. Both principal and interest of this -bond are hereby
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made payable at the Hanover National Bank in the City of New York, State; i
of New York; and for the prompt payment of this bond anti 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 refunding a maturing bonded in-
debtedness of the City of Paducah, under the authority of and in ful
compliance with the Constitution and ]Latins of the Commonwealtn'of
Kentucky.
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 peri'ormed
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in regular and due form as required by law; that the indebtedness
refunded into this bond was and is a valid binding and subsisting.
obligation of the City of Paducah; and that the total indebtedness
of the City of Paducah, including this bond, does not exceed the
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statutory or constitutional limitations.
IN TESTILIONY WHEREOF the General Council of the City
of Paducah, has caused this bond to be signed by the Mayor end
attested by the City Clerk with the corporate seal hereto affixed,
and the annexed interest coupons to be executed bT the facsimile
signatures of said officers this first day of July, 1926.
S
----------------
Mayor
ATTEST:
-------------------------
City Clerk
Countersigned:
-------------------------
j City Treasurer.
COUPON.
JANUARY
On the first day of J U L Y 19 the City of
Paducah, Kentucky, promises to pay to bearer Twenty-two and 50/100
Dollars (yp22.50) at the Hanover National Bank In the City of New
York, State of New York, for interest due that day on its Refunding
Bond dated July 1, 1926, NO.
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ATTEST: Mayor.
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' C3ty Clerk.
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SECTION 3. That for the
purpose of Providing for the
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payment of the principal and interest of said bonds as they respectively
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become due, there shall be and there is hereby levied a direct annual
tax upon all of the taxable property in the City of Paducah, Kentucky,
NO. 664;
sufficient to produce in each of the following; years the following sums:
For the year 1926 the sum of :¢2485.
For the year 1927 the sum of 2440.
For the year 1928 the sum of 2395.
For the year 1929 the sum of 2350.
For the year 1930 the sum of 2305.
For the year 1931 the sum of 2260.
For the year 1932 the sum of 2215.
For the ,year 1933 the sum of 2170.
For the year 1934 the sum of 2125.
For the year 1935 the sum of 2080.
For the year 1936 the sum of 2035.
For the year 1937 the sum of 1990.
For the year 1938Tthe-sum`of 1945.
For the year 1939 the sum of 1900.
For the ,year 1940 the sum of 1855.
For the year 1941 the sum of 1810.
For the year 1942 the sum of 1765.
For the year 1943 the sum of 1720.
For the year 1944 the sum of 1675.
For the year 1945 the sum bf 1630.
For the year 1946 the sum of 1585.
For the ,year 1947 the, sum of 1540.
For the year 1948 the sum of 1495.
For the .year 1949 the sum of 1450.
For the year 1950 the sum of 1405.
For the year 1951 the sum of 1360.
For the year 1952..the sum of 1315.
For the year 1953 the sum of 2270.
For the year 1954 the sum of 2180.
For the ,year 1955 the sum of 2090.
And the City of Paducah, Kentucky, hereby covenants to and with the holder
of said bonds and each of them that it will annually in clue 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. All ordinances in conflict with this ordinance
are hereby repealei.
SECTION 5. This ordinance shall be in force from and after
its passage, approval and publication.
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