HomeMy WebLinkAboutOrdinances Book 9, Page 1067, No Ordinance NumberPage
AN ORDINANCE AUTHORIZING AND DIRECTING THE
MAYOR AND CITY TREASURER TO BORROW THE SUM OF FORTY THOUSAND
(640,000.00) DOLLARS FOR THE USE AND BEN FIT OF THE CITY OF PADUCAH
KENTUCKY, AND TO EXECUTE A NOTE OR NOTES FOR SAID SUM OR SUMS FOR
AND ON BEHALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE CITY
FOR THE LAST ONE HALF OF THE YEAR 1936 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
11OF THE CITY OF PADUCAH, KENTUCKY.
SECTION 1.
The Mayor and City Treasurer are hereby
authorized and directed to borrow on behalf of and for the use and
benefit of the City of Paducah, Kentucky, from any bank, banks or
trust companies organized or existing under the laws of the State
of Kentucky, or of the United States of America, or any of the
states or territories thereof, pe sons, firms or associations, not
exceeding Forty Thousand ($40,000.00) Dollars to bear interest at
the rate of not exce ding six (6%) per cent per annum;. and said sum
so borrowed to be placed in the General Fund of said city, and said
money being for the purpose of taking care of existing and current
obligations of said city and to meet the immediate demands against
the city.
SECTION 2.
A note or notes shall be executed for such loan
or loans, which shall bear the signature of the city of Paducah by
the Mayor and City Treasurer of said city. Such note or notes sha.
bear interest as prescribed in the first section hereof and shall
be made in such amounts and for such lengths of time as may be
determined by the Mayor and City Treasurer. There is hereby pledged
as security for such note or notes hereby authorized to be executed]
or any renewals thereof, all of the L -venues to be collected by the
city of Paducah from taxes for the fiscal half year ending December
31st, 1936.
SECTION 3.
On account of the fact that there are numerous
obligations and bills now due and unpaid owing by the city of
Paducah, and on account of the furth r fact that there is insuffic-
ient money in the treasury with which to meet said obligations and
available therefor, and said funds are necessary for the protection
of the public health and safety, an emergency is hereby declared to
exist and this ordinance shall take effect from and after its pas-
sage.
Mayor _
Passed by the Board of Commissioners September 16, 1936
Recorded by Rudy Stewart, City Clerk, September 17, 1936