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HomeMy WebLinkAboutOrdinances Book 9, Page 1162, No Ordinance NumberE6 • Page 1.162 t/ AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED VOTLR:i OF THE CITY OF PADUCAH, KENTUCKY, TO BE FIELD ON THE REGULAR 1 ELECTION DA.Y NOVEMBER 2ND 1937, IN THE CITY OF PADUCAH, KENTUCKY? TO DETER:.IINE THE QUESTION TMTHER THE CITY OF PAIUCAH SIIAIL ISSUE AND SELL BONDS OF SAID CITY TO THE EXTENT OF NOT EXCIEDINC TWO HUNDRED THOUSAND ($200,000.00) DOLLARS FOR THE PURPOSE OF ACQUIRING A RIGHT-OF-WAY FOR THE CONSTRUCTION OF A SEA WALL FOR SAID CITY, AND TO PROVIDE FOR THE PAYF.IENT,OF INTEREST ON SAID BONDS AND TO CREATE A SINKING FUND FOR THE PAYMENT OF SAID BONDS AS AND WHEN THEY MATURE BE IT ORDAINED BY THE BOARD OF COMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. There is hereby called an election in the City of Paducah, Kentucky, to be held on the 2nd day of November, 1937 between the hours end by the same election officers conducting the regular election for State, County and City Officials for said year, for the purpose of submitting to the qualified voters of said city of Paducah, Kentucky, the question of the issaence of not exceeding Two Hundred Thousend ($200,000.00) I Dollars of bonds of the City of Paducah for the purpose of .acquiring a right-of-way for the construction of a see wall �I for the use, benefit and protection of said city. Salf bonds I shell not be issued or sold until said right-of-way has been definitely established by government survey, and the approximate cost thereof ascertained. SECTION2. Said bonds shell be serial bonds, and issued so as to mr.ture a certain number of them annually after the first year from the date thereof, end in such amounts as to retire the .,:hole thereof within twenty (20) yearn from date thereof, which interest And Principal shall be payable at the office of the City Treasury in the city of Peducrh. Section 3. "aid bonds shell bcr.r interest at the rate of not ei.ceedir.F b� per ornum. :;rid interest to be due and payable seml- annurily at t.,e office of the City '.re+i.urer of said City f ?educe'.,,, Kentucky. Page 1163 SECTION 4. The City of Paducnh shell annually levy a tax upon all the assessable property within said city during the life of said bonds sufficient to raise or produce the sum that will pay th interest and retire the bonds as and when they mature. The rate o said tax levy to be ndjudted each year in an amount sufficient tp meet said interest and bond retirements. SECTION 5. Said bonds when so issued shell be in the name of the City of Paducah, Kentucky and in denominations of One Thousand ($1,000.00) Dollars each and for the payment of which at the maturity thereof, the City of Paducah pledges its good faith, credit and resources. SECTION 6. Said bonds shell not be issued unless two-thirds of all the qualified voters of said city voting on said question shell have voted in favor of incurring said indebtedness and the issuance end sale of said bonds as herein provided, and the result of said election shell be certified to according to lew. SECTION 7. A cert.fied copy of this ordinance shell be filed with the County Court Clerk of McCracken County not laze then thirty (30) days before the 2nd day of November, 1937, and a certified copy of this ordinance shall also be published in the official news -paper of the City of Paducah for at least two weeks _..:edietely preceeding the election to be held on the 2nd day of ::ovember, 1937. ::ECTION 8. The Clerk of the !!cCrecL-en County Court will have printed upon the bnl.lot to be delivered to the qualified voters at each precinct in the City of Paduceh, Yentucky at the November election 1937, the followin,- question: OF IFIL CIT': OF PADUCAH ISSUING AND SELLING NOT L'0:f 1:H -IJ .:tND {:i, 210, 000.00) DOLLARS PONDS OF P i.i :r FOP - :bt G!' : Tt'.G A RTC1iT-OF-"AY CF A. FO;, f ..:iJFIT AND 4F E', .. .. i, ANL TUC,', ::.'; "HIT WHEN 1v CD P..-.� - - Page 1164 EXCEEDING 5% PER ANNUM, AND FOR THE PAYMENT OF 1,HICH INTEREST AND PRINCIPAL A TAX SHALL BE LEVIED UPON All, TAXABLE PROPERTY WITHIN THE CITY OF PADL'CAH AT A RATE SUFFICIENT TO PRODUCE THE REQUIRED AMOUNT OF'MONEY ANNUALLY TO PAY SAID INTEREST AND TO RETIRE SAID BONDS AS AND WHEN THEY MATURE. SAID TAX LEVY TO BE MADE EACH AND EVERY YEAR DURING THE LIFE OF SAID BONDS." SECTION 9. This ordinance shall teke effect and be in force from and after its adoption. mayor Passed by the Board of Commissioners, Sept. 27th, 1937 Recorded by Rudy Stewart, City Clerk, Sept. 27th, 1937.