HomeMy WebLinkAboutOrdinances Book 9, Page 1154, No Ordinance Number0RJiJA1;C1: AUTHORIZI:;G ;:;:P DIRECTI1;G THE ''.AYOR
p .^•.;:D CITY TR: a:Uai't .0 ii'ONPOY: T..qE 3U.: OFFIFTY THOUSA::D (�,50,000.00)I
FOR :._:: U:_ ..I:1 ;.::'FIT OF TH_ CITY OF' PALUC,:H, KEIiTUCKY,
`0 F :SCUTE A ::OT:. 0.' :;OTES FOR SAID SU:! OR ;U'13 FOR A:iC 0.7
"_UALF OF SAID CITY, LY.D TO PLL13GE THE R_VL:;UES OF TM: CITY FOR THLI
LAT 0:;1 1i .LF OF THE YEAR 1967 AS SECURITY TH: REFOR.
BE IT ORDAINED BY TAI: BOARD OF CO:.i:-1IS:;I011ERS
OF '`F:C CITY OF PACUCAH, KFNTUCKY:
SECTIOii 1.
The "-ayor and City Treasurer are horeby authorized
7.-.d directed to borrow on behalf of and for the use and benefit of
_e City of Pauucah, Kentucky, from any bank, banks or trust
o...:.les organized or existing under the lag's of the State of
ntucly, or of the United States of America, or any of the states
or territories thereof, persons, firms or association.:,, rot ex-
ceeding Fifty Thousand ($50,000.00) Dollars to bear interest'at the
rate of not exceeding six (6°p) ;er cent per annum; and said sun
so borrowed to be placed in t.e General Fund of said city, and said
;-Toney being for the pur?ose of taking care of existing and current
obligations of said City and to meet the immediate demands a,ainst
the City.
SECTIO14 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 :Iayor a. -.d City Treasurer of said city. �,i:ch note or notes '1
shall bear interest as prescribed in the first section hereof and
Lhall be rade In Bach amounts and for such lengths of time as ay
to det r. -:red by the :7ayor and City Treasurer. There is hc.reby
pledged as security for such note or notes hereby authorized to be
xecutcd or a y rcnc-.%als thereof, all of the ruvcnues to be col-
lected L! the --ity of Paducah from taxes for the fiscal hair year
cc_ . ;;ist, 1967.
,,CTIOH 3.
0 . _u¢o :.'. of ' nc- fact that there sire nu::,rOUS
c :a .::d u',,;.id owing by the city of
'.h. f'ur'1_:.r fact hc,t there is .insuf-
_ ; . ._. -y ,..th ..hich to .i.._t s ild o<ai atios
;'or the
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r, . .,..d