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HomeMy WebLinkAboutOrdinances Book 8, Page 998, No Ordinance NumberNo. 998. J AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED ELECTORS OF THE CITY OF PADUCAH, KEN^1UCKY, TO 13E HELD ON THE REGULAR ELECTION DAY, NOVEMBER 8TH, 1927, IN THE CITY OF PAI.UCAH, KENTUCKY, TO DETERMINE THE QUESTION WHETHER THE CITY OF PADUCAH SHALL ISSUE AND SELL THE BONDS OF SAID CITY TO THE EXTENT OF TWO HUNDRED THOUSAND 0200,000.00 DOLLARS, FOR THE PURPOSE OF PROVIDING FOR `CfiA. PURCHASE OF A SUITABLE SITE AND ERECTION OF A MEMORIAL BUILDING CONTAINING AN AUDITORIUM, IN THE CITY OF PADUCAH, KENTUCKY, TO BE KNOWN AS "MEMORIAL TO THE SOLDIER AND SAILORS`" AND TO PROVIDE FOR THE PAYMLNT OF SLID BONDS AS THE SAM -f-; MATURE, AND ALSO I FOR THE PAYMENT OF INTEREST THEREON. i WHEREAS, it is deemed necessary and advisable for the best in- terest of the City of Paducah and the education of the public taste, and II for the proper inspiring of sentiments of partiotism among the citizenry j of the City of Paducah, to provide for the erection a municipally owned and controlled building cont&.ining an auditorium Of sufficient size and equiument to meet the pul)lic needs of the City, and also to contain suita le and sufficient offices for the American Legion, Red Cross, and any other benevolent or charitable institution or organization, to be designated by the General Council or Governing Body of the City of Paducah; and, I WHEREAS, the annual revenues derived from taxation in said II City are not sufficient to provide for the cost of such building, and it I is deemed advisable and expedient to obtain the necessary funds therefor j by the issue and sale of municipal bonds, subject to the approval of the issue of same by the qualified voters of the City of Paducah as required I ' by law: NOW, THEREFORE, BE IT ORDAINED BY THE GENERAL COUNCIL OF THE CITY OF PADUCAH, KENTUCFY: SECTION 1. That there is hereby called an election in the City of Paducah, Kentucky, to be held on the 8th day of Eovember, 1927, between the same hours and by the same election officers conducting the regular election of State, County and City officers for the year 1927, for the purpose of submitting to the qualified voters of the City of Paducah, nentucky, the question of issuing Two Hundred Thousand ({200,000.00) Dollars of bonds of the City of Paducah, "entucky, for the purpose of providing* for the pur- chase of a suitable site, and the erection of a municipally owned and con- trolled building, containing an auditorium of sufficient size and equip- ment to meet the public needs of the City, and also to contain suitable and sufficient offices for the American Legion, Red Gross and any other I Patriotic, benevolent or charitable institution or organization that may be designated from time to time by the General Uouncil, or Governing Body of the City of Paducah, nentucky, said building to be known as "Memorial t the Soldiers and Sailors." No. 999. SECTION 2. Said bonds shall be issued serially and numbered accordingly so as to provide payment of practically one thirtieth of the issue each year, with interest, and same shall be payable to bearer at the City Depository in the City of raducah, or other designated depository, and shall bear interest at a rate not to exceed 5% per annum, payable semi-annually at the depository designated. SECTION 3. The City of Paducah shall each year during the life of said bonds levy a tax upon all of the assessable property in said City, sufficient to provide for the payment of said bonds as they mature, and also to provide for the payment of interest on said bonds, such amount to be adjusted each year to meet the amount required to retire each year's maturities, together with interest as aforesaid. SECTION -4. ij Said bonds when issued shall be in the 'anme of the City of Paducah, "entucky, and shall be in the denominations of $1,000.00, $500.00, $100.00, or any odd number required to complete any of the particular series, and for the payment of which at maturity the City of Paducah pledges its good faith and credit. SECTION 5. That said bonds shall not be issued unless two-thirds of all I' the qualified voters of the City of raducah, voting on said question, shall have voted in favor of incurring such indebtedness, and the issuance and sale of said bonds, as herein provided, and the result of said election shall be certified according to the law. SECTION 6. A certified copy of this ordinance shall be filed with the County Court Clerk of McCracken County, Kentucky, not less than thirty days before November 8th, 1927, and a copy of this Ordinance shall be published in the official newspaper of the City of Paducah, Kentucky, for at least two weeks just preceding said election to be held November 8th, 1927. SECTION 7. The Clerk shall have printed upon the ballots to be delivered to the qualified voters in each precinct in the City of raducah at the regular election on November 8th, 1927, the following question: "ARE YOU IN FAVOR OF ISSUING AND SELLING THE; BONDS OF THE CITY OF PADUCAH, KENTUCKY, IN THE JJM OF TWO HUNDRED THOUSAND (200,000.00) DOLLARS, FOR THE PURPOSE OF PROVIDING FUNDS FOR THE PURCHASE OF A SUIT- ABLE SITE AND THE ERECTION THEREON OF A MUNICIPALLY 01,7NED AND CONTROLLED No. 1000 BUILDING, CONTAINING AN AUDITORIUM OF SUFFICIENT SIZE AND ADEQUATE EQUIP MENT TO SERVE THE PUBLIC NEEDS AND CONVENIENCE OF SAID CITY, AND ALSO TO CONTAIN SUITABLE OFFICES FOR THE AMERICAN LEGION, RED CROSS, OR OTHI?R PA- TRIOTIC, BENEVOLENT OR CHARITABLE INSTITUTION OR ORGANIZATION DESIGNATED AND APPROVED FROM TIME TO TIME BY THE GOVERNING BODY OF SAID CITY, AND IHICH D4UNICIPAL BUILDING SHALL BE KNOWN AS "MEMORIAL TO SOLDIERS AND SAILOF SAID BONDS SHALL BE PAYABLE TO THE EXTENT AND IPI THE SUIJ OF PRACTICALLY ONE THIRTIETH OF SAME EACH YEAR, SO AS TO RETIRE THE ENTIRE ISSUE THIRTY YEARS AFTER DATE OF SAME, AND SHALL BEAR INTEREST AT A RATE NOT TO EXCEED 5% PER ANNUM, PAYABLE SEMI -ANTU ALLY; AND FOR THE PAYMENT OF WHICH BONDS AND INTEREST A SUFFICIENT SUIS SHALL BE RAISED EACH YEAR BY GENERAL TAXATIOb OF ALL TAXABLE PROPERTY, IN THE CITY OF PADUCAH, THE AMOUNT REQUIRED FROM SUCH ANNUAL 'FAXES TO BE ADJUSTED TO MEET SUCH MATURING BONDS AND SEMI�APINUA INTEREST PAYMENTS. SECTION 8. This Ordinance shall take effect and be in force from and ter its passage., approval and publication. _ a ? bx` a � r Retdw Bnmd aJ C dG„-:.