HomeMy WebLinkAboutOrdinances Book 9, Page 1182, No Ordinance NumberPeg.e 1187.
A!, 0RDIN!i%:E providing for fire construction of elementnry
9
and hi,--hs�o1-'Fui.ldings for the City of PFduceh, Kentucky;
aec'_rrinc such construction to be a necessity; providing for the
issuance of special obligation bonds in occordrnee with the
provisions of Chnpter 039 of the !cts or the ^enerol Assembly
of Kentucky, 1934, providing end determining; the duty of the
City of Paducah, Kentucky, with relation to such construction And
the subsequent operation of such school buildings end t're creation
of a fund to pay the interest on and the principal of such
bonds ss and when the same decome due; and cuthorizing the
execution of a lease of such school buildings to the poard of
,ducation of Paducah, Kentucky.
I�
7i1-1EkEAS, the ?toard of Eduention of PeducAh, Fentucky has
authorized oral directed the execution and delivery of deed or
deeds of conveyance transferrinF_ to the City of Paducah, Kentucky,
the fee simple title to oertnin tracts of land in said City herein-
after described to be used As sites for.new clemontery and hirh
school buildings; and,
tJIE,} EAS, the City of Paducah has approved pinns And
specifications to be used And followed in orectinc such new school
1buildinEs, And has caused said plans end specifications to be
submi'ted to and approved by the Poerd of 11,ducation of said City
end the -uperintendent of Public Instruction of Kentucky, and
said Aoard o" Education he:; offered to lease said school buildings
rrhen so constructed for An extended period of Twenty -saver (27)
years At net Annual rentals for service rendered thereby which
will be sufficient to Amortize And pay the bonds end interest
thereon es hereinafter Authorized, And
said City of Peducnh has made application to
cucral ar.erp.;ncy Administration of Public ;Jor•ks for n federal
Arent of fundi to aid in erectin,- snld school buildings, which
plication has been r•;,proved; end
..'NhjEA: , the nF;^regate coat of All or and school
bulldinrs hr:: br:en Acrurntoly catimAtAa to be
` of ""hi 'h :tile rum of " _ _is t., be recoivnd from
{ r, Z11 -:j ar,:nt, As More: „id, lnAvtnr r lv 1, nen of ?ler;,000
to i,ro rniaed by the City of Pnducnh by mevnu or the 1^auanc.� of
bondo unser the provic:ione; of Chept:er G9 of the tetu of t}:e
:: .1? 1y of Kentuc'ry, 19:34;
Z' 1'e T1 0r,lnined by the Board of Cor:: ;
i', ... r.'.ucky;
&9d*. r. '. ^kill 1�e constructed a now school
i;.r existinFr Tilghman wiFh ,chool
;n.• i; ....a1n• r3„aarlb3d tract:
Pa.Fe 11=3
FcCinnin;; et t e southwest intersection of
Clark :;trent pith Tenth street; thence with
the s uth line of Clark Street in a westerly
direction 260 feet, more or less, to Could :venue
of Lleventh street; thence with the
Wiest line of Could Avenue, or Lleventh street i
330 feet to Prownsom "venue; thence at right
an -les anti with the north line of Prownsom
",venue 204 feet end 5 inches to the west line
of Tent': street; thence with the west line of
Tenth :street to the point of beginning, and
bean. the some property conveyed to the Poord
of Edumtion, Peducah, Kentucky, and its suc-
cessors, by deed dated November 14, 1919,
recorded in Deed Rook )23, nage 147, i.?cCracken
County Court Clerk's Office, lying end being
in Peducah, McCracken County, Kentucky. J
.,action 2 That there shell be constructed a new shops
building at Tilghman Hirh School to be located on the
following described tract:
A certain treat or parcel of land located in the
City of Paducah, Kentucky, being a pert of Vis-
sissippi Dalley Corporation Lot "P:" as per plet
recorded in Plat Rook "d", pages 126, 12,7 and II
128 in the t'cCracken County Court Clerk's Office,
bounded and described as follows:
Be inning. at a point in the east line of said
Lot "J" two hundred six and twenty-five hundreths
(206.25) feet southeasterly from its intersection
with the south line. of Washington Street, measured
along said east line; thence northeasterly, parallel
with said south line, one hundred fifty (150) feet;
thence, southeasterly parallel with said east
line produced, eighty-three and twelve
hundreths (83.12) feet; thence northeasterly,
parallel wit! said south line, sixth (60)
feet; thence southeasterly, parallel with said
east line produced, twenty (20) feet;
thence southwesterly, parallel with said
south line, twenty (20) feet; thence m uth-
easterly, parallel with said east line pro-
duced, twenty (20) feet more or lass, to the
south line of said lot "II"; thence south-
westerly along the south line of said lot
"if" one hundred ninety (190) feet, more or
less, to the intersection of the srid east
lire produced, southwesterly of said lot
I'll" with said south line. of lot "ii" thence
northwesterly to point of beginning, con-
taining forty-seven hundreths (0.47) of
en core, more or less.
'ection 3. That there shall be constructed a new
-1 tuil!inr to t, n eted with the existing Fremklin Junior
�"o*n ;ol ''•,:113 in-, I opted on the following described
..st side of 5th
n.-)rth of the
< Elizabeth
:+est line of 5th
-action 614 feet and
.. ... 1�! went line
.. - .. .'.
nn -les end in
noin`. in
ucat-
cIonded
. _.,. _ .. :nein,•,
Page 1184
Section 4. Thet there shell he constructed a new
school building to b connected with the existinr beadle Junior
Hi:rh ,school Puilding to be located on the following described
tract;
Peginninr at the northwest corner of the lnnd
belon.^ing to 7.n.F :ichmaus And Henry 3chmnus
and known as 3chmous Addition to Paducah, said
pint being recorded in Plat Pook "A", page 190
of 'he records in the office of the Clerk or
C'cCrecken County Court, running thence in A
southerly direction 23.5 feet along the Love-
laceville or Lone Oak Road to the northwest
corner of Lot No. 1, running thence in a
straight line and in a southerly direction 204,45
feet wi,h the front lines of Lots 1, 2 And 3 of
said subdivision to the southwest corner of said
lot 3, runninr t::c;:ce in a northwardly direction
along the south side of lot 3 and with the north
line of "dams ;;treat 240 fear to the southeast
corner of lot "Io. 3, running thence in a north-
wsrdly direction 165 feet with the back line of
lots 3, 2 and 1 and the west line of an elley,
to the northeast corner of the lot No. 1, thence
at richt angles 1CO feet in n northeasterly
direction elong the north line of an alley, i
which alley lies at the reer of lots 39, 38, et
cetera, thence At right angles 19 feet or more
to a line along the north boundary of said plat,
thence at right angles in a southwesterly
direction to the bount of berinning, being lots
1, 2 and 3, as shown on said plat and a strip
of ground fronting 23.5 feet on the lovelacev-
ille Road and running back A width of 19 feet
at the front and slightly more than 19 feet at I
the rear, and lying sl onp the north line of lot.
1 and the North line of the alley shown on said
plat, in the City of Paducah, Kentucky.
Section 5. That there shall be constructed a new
i
gymnasium And shops building at Lincoln Hiph school
to be located on the follovrinp described tract;
Eeginninr at the northwest intersection of 8th
& Tennessee Streets; thence in An northerly
direction rind alonr the west line of 8th Street,
105 feet to a point in said line; thence at
right nneles rind in a ":esterly direction 129
feet r^nd 6 inches to a point; thence at rif•ht ;
ankles end in a sout?-:erly direction 105 feet
to the north line of Tennessee ,treat; thence
in an easterly direction And along the north j
line of Tennessee .:treat 129 feet And 6 inches
to the point of beCinning, lying and being in
the City of Pads;cah, 1tcCracknn, County, Kentucky.
^ection G. That all of snid buildings (hereinafter
o as the "protect") shall be constructed in eccordrnce
conte -,plated by plans rnd specifications prepared by'
,Jr., Architect, es now on file with the City Clrrk
; heretofore anorovea by the Ponrd of Fducetion of Paducah
:Ey, rrd t!%e .. rintendent of Public Tnstruction of
_act. ien- '.-t in order to -rovide for the psyn e.nt
cont r,r r ri:: ::c-; .:1 lrildinr.s in excess of the nr nceeds of
^1 rant rec�,vn:) for that purpose there shall lie
-uildir+• ('ev,-nue) !, nds of onid
:a ;a n: .. :jn', 1'
?.. .....SaA:lr.�.
'I,(iGiJ ani. , co: ,,.,'rr;i con-
ft.. va, a at tt:e
rtc 1185
rate of four per cent (4e,) per annum, payable semi-onnuolly,
on June 1 c d recember 1 of each year, and meturing serially
on recember Z f the respective years rs follows;
1939
36000
1951
18000
1940
1.6000
1952
1,8000
1941
;6000
1953
;8000
1942
36000
1954
'8000
1943
37000
1955
.,;8000
1944
-7000
1956
:^8000
1945
;7000
1957
-8000
1346
,;,7000
1958
::8000
1947
-17000
1959
38000
1 1948
^8000
1960
"8000
1949
;8000
1961
;8900
1950
*6000
1962
?8000
1963
-8000
Both the principal of and interent on said bonds shall
be parable at The Thenicnl Penk & Trust Company, in the City
of `law York, N.Y., in such funds as at the time of the
respective peyments are legal tender for the satisfaction of
debts due to the United 3tntes of hmericn. Srdd bonds rhell
be signed by the "dayor of said City and sealed with the corporate
zeal of said City, attested by the City Clerk,ond the interest
coupons ettnehed to said bonds shall be executed with the
,ccsi:;ile sl natures of said ;.',eyor red City Clerk, end said
,.,ficiels by the execution of said bonds shall adopt nc and for
their own proper si,nntures their resreetive facsimile signntures
--ri coupons. &11 of said bonds, together with the interest
._-:•con, zhrll be secured by end be payable solely out or the
'uilding -ond cnd interest Redemption Fund" hereinafter
r3, the fixed vmount of the gross revenues of the
•.r• -.;?r:: t.n ._^id .fund.
«ptiOn nt. t1.� office of the City Clerk
n- a51i: 'onds same may be re,iistered
± . _n r., of t1:p ownp.r on the book in an td
ration t; t.e notr:d on 1,1;n reverse side of such
n„ t1;r.recrter. the ,-:act-.
..%all t.e r., yahle only to t`le r, ...-
r. :Ve or nonirrc. ..uct:
... _ t.o Prot er re; '--ered h:::lder, 1 nek
said ^ity ler! sir Y;
_ ..,ly ., . .. rad. Re: i:..; . ;n o"
Prge 1186
such bonds shall not effect, the negotiability of the coupons
thereto ntteched, but such coupons shall be transferable by
delivery merely.
Section 8. That said bonds and coupons end provisions foil
rafistretion shall be in substantially the following form,to-wit:
UNITED STATES OF AMERICA
CO1:.i:ONV1EtLT1i OF KENTUCKY
COUN—f OF t1CCRACFEN
CITY OF PADUCAH
SCHOOL PUILDING (REVENUE) POND
Number .11,000
%30'd: ALL MEN BY 771TESE PRESEVTS: That the City of
Paducah, in the County of .'cCracken and Commonwealth of
Kentucky, for value received, hereby promises to pey to
bearer, or if this bond be registered, to the registered
holder hereof, as h,reinafter provided, th a sum of
ONE THOU3PND DO1lARS
oh the first day of December, 19and to pay interest on
said sum from the date hereof until paid at the rrte of four
per cent (4) per annum, p•yable semi-annually on the ?:irst
days of June andnecc:nber in each year, such interest to
maturity hereof to be paid only upon presentation end surrende
of the annexed interest coupons as the same severlly mature
both principal and interest bean€ payable at The Chemical Bank
end Trust Company, in the City of New York, 'I.Y in such
funds es at the time of the reppective pnyments are leEel
tender for the satisfaction of debts due to the United States
of America.
This bond and the series of which it forms a pert are
issued by said City pursuant to ordine.nce duly enacted for the
purpose of defraying in part the cost of constructing school
buildings in seid City as described in said ordinance, under
end in full comr.lirne with the Construction and Statutes of
the Commonwealth of Kentucky, including, among others,
Chrpter 69 of the Acts of the General Assembly of Kentucky
of 1934.
This bond end the series of which it forms a part are
pryeble only from end secured by on exclusive pledge of a fixed
amount of the gores incame and revenues to be derived from
leasing the principal of and interest on this bond and t'e
series of which it is a pert as and when the seine becomr due
and peyrble, end :^ihich '::11 be set aside es r c'er.irl recount
for - Sdr;; ified ns the ^.'chool Pulldin -end
en,: ption ;nd." This bond end the veries of
rrrt cr not constitute en indebtedness of the
wIlthin r meaning of any conctliu'ional pro -
'.°ori. id City convennnts Chet it will fix
recount for income and re,cnues
sufficient to pny promptly the
::.creel on this bond end the ce-lou of which
lien, which is hereby rf^ f1l.,d
rr.
is school buildinro is
lder or holcrrs of thi
r•rrt, Fad in favor of
to acid bonds, an. r
or additions t.herrtt .
rcre lien ur'it r
interest on t... '
fter
:rCr 1167
.. to prix ipal shrll no' restrain the me otiabilil.y of the
c -u -,ors t7 Celicery merely.
This bond is exempt from tr,xntion in the Commonwealth of
nvacky.
IT I:: IUREBT CIIIT1'IEL, RLCIT'nL ;`:D rECIPRED that ell acts,
0`ruitions rnd thincs required to exist, happen and be performed,
rrecedrnt to and in the issuance of this bend have existed, hove
hrrpenei, z:n<'. have bPcn performed, in due time, form and manner,
Fc,
w
re ired by law, and that the amount of this bond, together
1th P2 :_ rations of srid City, does not exceed any
ii:rat rrcac:r'' . ',"e Constitution or Statutes of the Common-
rcrrl�h =nd that a au^ficicnt-amount of the income
achool buildings has been pledged to end
the sni.d special fund b.v said City for the
the principal of and interest on thin bond
which it forms n pert.
the City of Paducah, in the Conmonwealth
c. -c' this bond to be sinned by its 'rayon and
icd by its City Clerk and sealed with the corporate seel
I City, and the coupons hereto attached to be executed
:.he facsimile sirnetures of said :2ayor and City Clerk, which
iels, by the execution of this bond, do adopt as end for
_r own proper sirnatures their respective feesimile signatures
rppearinr on said coupons, r'nd this bond to be dated the First
Gey of i'ecember, 1.937.
Mayor o" they o 1e u� ca' n.
C ty O er..
(FJRP.+. OF COUPON)
:.,0. :8
On the _first dry of , 19_, the City of Pvducnh
rer.tucky will nay to bearer
DOLLARS
out of its -0chool pt:ilcinp Pond and Interest Fedemption 9und-
r.t the _ 'in the City of
as
proviced In rod for interest then
cue on its ^Sc ool .,u _eine (.i,venue Pond" dated December 1,
1937, No.
t.,,yox, C1 y Pf Yacucrt
..,..: : G FE R`.INTED ON THE RACK 01 EACH POND)
_Cd Eli"nett re of City Clerk
i
... .... .. ..
parA 1188
"rote rnd after the delivery of eny bonds issued under the pro-
'IvL:ions of this ordinance the dneome and revenues of :,niP. project
shall be se' aside into a separate rnd special fund end shall
br apportioned es follows, to -wit.:
ibot there shell be and there is hereby created an account
.to be known as the "School vuilding gond end Interest Redemption
Fund" into which there shell be set aside from the Forss income
rnd revenues of seid project such emount thereof es will be
sufficient to pey the interest on and rrincipal of the bonds
hereby ruthorized, end it is hereby daternined that the amounts
necessery to be so set aside into said fund shall be as follows:
For the Year ending
November 30 Amounts
1938 ^7480
1939 .'`14000
I
1940 •14000
1941 ''16750
1942 '$13500
1943 "13520
1944 .`13240
1945 X12960
1946 '.12680
1937 ^12400
1948 '13120
1949 ;12800
1950 1124aO
1951 ;12160
1952 '11840
1953 :..11520
1954 :.11200
1955 :`10880
1918 ">10460
1957 .'lC240
1�,=8 ?9920
igzg `9600
r 19280
°8960
`864C
1.8320
:r.• 1-.y which any -,inti pryn:Fn% in ::rid fut:d
N'C,:ter:.1,unt of intr+rr•at on
xrvd used
rrje 1109
Provided, however, that no further payments need be made
-r,!(: ^,e. empt.ton -,Ind :-:henever end so lone as such
er..ount of the bonds hereby authorized shell have been retired
P',. -,t the amount then held in such fund (includinC the reserve
for contingencies) is equal to the entire mount of the interest
rnd principal thet will be peyable at the time of the maturity
of ail of the bonds then remaining outstanding.
If in any fiscal year the City shall, for any reason,
fail to pay into said Redemption Fund the full amount ebove
stipuleted, then on amount equivalent to such deficiency shall
Fe set apart end paid into said Fund from the first available
rross revenues of the following fiscal year or years, end some
ohall be in eddtion to the amount otherwise herein provided
to be sn set ¢part and paid during such succeeding year or
years.
If for any reason the City shell foil to make any such
payment into such Redemption Fund, as aforesaid, during any
:'iscal year, any sums then held as a reserve for contingencies
^all be used for the payment of any protion of the interest
on or principal of the bonds hereby authorized coming due in
such fiscal year on which Fonds there would otherwise be defr•ult,
but such reserve shell be reimbursed therefor from the first
abeilebld payments Mede into the Redemption Fund in the follow -
!,.r7 year or years in excess of the required payment for the
t en current fisccl year.
1,11 money: held as r- reserve for contingencies as
aforesaid shell be deposited in r bank or banks and ell such
Vie• nsits <•..rl l be continuously secured by r vr4. id pledre of �
c`linat'one of the United States Government hevinp an
::e:•r,t ; rd et. va'ue or shall he invested in direct obliaotions,
ate G vernMert; provided,hbweyerm that the
card ?.^rrs }.r71 mcke rale: of a suffieent amount
in .?,e• even: that it shall prove necessary
i
to firer+ •.cr. ..: iu rr.cerve.
pf1. ,-.... ,ntc _.id .rune ....'1 If- Mede in equal
r— ly lr:: i n thr, fir ..±. .t , .. monll , except
., ... 'ny mrnth ., R12 of r Iervi
nr cis: cn fiic next smccoe,d:rh
r .N.-. neat t.rI ir.?.e rort provided , .11
r
tr: inly rnd is :F re. t. r.leOvvr,' for the r:o
hon±ts hr:r.71n
f
rare )lso
T.e bal nee of the revenue and income remnininp after
the sforesrid payments into the Redemption Fund shall be set
aside into a maintenance fund and used to whetever extent may
be necessary for the proper mrirtenen ce of said project end to
pry the cost of insurirr said property against loos or demape
fax by fire, wind, storm or other calamity in an amount at least
equal in the first year to the fair cash value of said project
as represented by the cost of construction, and to be there-
after determined by takinC into account the reasonable
deorecietion of said project. Provided, however, that the
mazimum depreciation allocable hereunder is hereby fixed and
determined as being a sum equel to the anounf of bonds herein
authorized which have been retired.
Such insurance shall be for the use end benefit of
the holder or holders of any bond or bonds, it being the in-
Itention of the city to provide thet the insurance as herein
set forth, which shall he carried on said project, shell be
at all times e•ual to at least the fu'' -1 insurable value or the
full amount of the bonds then outstanding, whichever may be
lesser.
SHCTION 10. All monies received from any bonds issued
pursuent hereto, exclusive of accrued interest, shall be anplied
solely for the construction of said project as herein authorized
provided that such proceeds, together with ell sums received
as accrued interest to the agrregate amount of 07480 shell
be used rlso to pay interest on said bonds during- the period
of construction of the project. {1
lection 11. The City hereby covenants end agrees with
the holder or holders of the bonds herein authorized to be {�
r:ed, or eny of them, that it will frithfully and punctually
prrform . duties with reference to said project renuired by
the constitution end laws of the Commonwealth of gcn'ucky, in-
cl;::in.1 tr. ;:' r— oneb'.e and sufficient rentels for
ces r, r.' , .,;id project, end kill segrepete the
nd t'.e epoliention of the reanecti-:e
t.y th,: i.:tlen. "hr� elt,y further irrevocnbiy
., .. Irr.. n .. itc,tlf to ?erform v11 duties,
rn,1 atri•,ot ; of T, n!UVky,
:7 ln•.... ...... .. i, j; ,i(:rt fro! .:7 i:, r'l .,trps
• ., ....;-;� .. , .:;..,.^.e c,,r..... if ... - ... l�..'t'..iC,it <iC
charj�es
^.r:, rr:.:ered t:, .,. . .,:r 1 .o:. GR recount of
N F
the use c* the project. It is the intention of the city to
lersc srid project to srid ^orrd of lducation for an extended
period of years, rs provided in a certain resolution r-dopted
by the Foard of i:ducrtion of Paducah, Kentucky, on the
day of , 193?, which resolution,end ,the proposed
contract of lease anal rent contained) ".erein has been here-
tofore submitted to the 13oard of Commissioners of the City of
Faducvh, and is hereby accepted and made a part hereof; end
the "syor of the City is hereby authorized to execute and
acknowledge said lease for and on behelf of the city. The
city further binds end obligates itself not to sell, mortgage
or in any mrnner disease of said project, including any rnd
r.'_1 extensions rnd additions that may be made thereto, except
"or the mortgage provided for in Section 12 hereof, end as
otherwise provided herein, until all the bonds issued hereunder
-hall heve been paid in full, both As to principal and interest.
The city further covenants and agrees with the holders of said
bonds to maintain said project in rood condition end to charge
rr.d co'_lect such rents for service rendered thereby so that
,.. _ross revenues will be sufficient at all times to provide
for the payment of the interest on and the principal of the
Y,;nds herein authorized, as end when they mature, end to pay
the mnirtenenee cost of such project, including the cost of
insuring such project, as hereinabove provided.
-ection 12. That for the further pootection of the
io'cer° o, the bonds herein authorized to be issued end the
,.ereto Attached, e statutory mortgage lien unon
act and e13 paoperties connected therewith and
thrreof end belonrinr thereto in Frrnte.d rnd created
-:rater 09 of the Acts of V.,, renerrl lssembly of Y.entucky
WcIch ;;ejd ctet:utory lien is hareby recognized and
rrd t, be el id r,nd bin,! in, uron the delivery o" any
':,,rized to 'e is>c;uec under th, provisions of this
rr n:' or the coupons, either
;` .... r., a: ndrrms or other proF
i
.reormr,nce of till duties
.. _ ..,. ..• r tut-:, of the 'or!:aon-
,•c ion
. _ .. ... .... .:.. n. Sl, 1 t a
chapter 69 of the 1934 Acts of the. General assembly of Kentucky,
.in so far as the failure to perforin such duties affects the
interests of any Bolder or holders of any bond or bonds or
iPcoupon or coupons herein euthorized.
If there is any default in the payment of the principal
of or Interest on any of said bonds, then upon the filing of suit
by any holder of said bonds or of any of the coupons, any court
havirrz jurisdiction or the actioh may appoint a receiver to
administer said project on behalf of the city, with power to
u
�Icherge and collect rents sufficient to provide for the payment
I
�.of any bonds or obligetions outstanding r.7ains!, said project,
and for the payment of the operating expenses, and to rpply the
income and revenues in conformity with this ordnance and the.
Jprovisions of ssid lairs of Kentucky aforesaid.
;,ection 13. The bonds authorized to be issued hereunder
I
end fuo[a time to time outstandinE shall not be entitled to proprity
over the other in the application of the revenues of said project
or with respect to the statutory mortrere lien securinn their pay-
ment, regardless of the time or times of their issuance, it be-
inr the intention of the. city that there shell be no priority
rmone the bonds euthorized to be issued under the provisions of
I
this ordinance regardless of the fact that they may be actually
.sued end delivered at different times.
.lection 14. P:hile any ^f the bonds herein euthorized
I
are outst•ndInp the cit;: shell not issue any edditionrl bonds
oeyeble from the revenues of said project, unless the lien of
such bonds on the revenues of :rid project, es improved or
extended, is r.r.de ,junior and subordinate In rll respects to the
i
liens or ponds herein nuthorized.
'eat Ion _ ,o lon,- r:.s cay of said bonds rr,: dutstending
::.e city 11:
bao's or records and accounts (serarete
ids nd r,ccountrl in which comple*,e end
=.et tri ;,.ride of ell transactions relating
„'Il furnish on wrttten request
o any.' any or s,i `:,,ndr: not more, thin thirty
r' r,^ rnr:'; 2r. . ,n-.'Isl fiueal nori.)d
z" t T nd Inc•a:•.. ,.tAta _... of :aid p; ,jest
.. ...tri_ covsrin,,,..eh c.iz ;li,,n-�.,., 1•.�r2od, end,
ys A^ter 7Y,e rlaae or ep a, "t ne al
,err cor:plete fin-ncirl statements of seid project, the city
the lessee of said project, in reasonable detail covering
such fiscal year, certified by the city's r.uditors, end the
auditors of seid lessee.
Section 10. If any section, paragraph, clause or provision
of this ordizrnce shall be held laalid, the invalidity of such sect
_-rri.reph, clause or provision shall not affect any of the
inin� arovisions of this ordinance.
?eetion 17. All ordinrnces, ord rs or parts thereof in
conflict with the provisions of this ordinance are, to the
extent of such conflict hereby repealed.
Jection 18. This ordinance shall Co into effect at
the expiration of ten (10) days after its passage and after
it hes been signed, recorded and published as required by
_lection 19. That the sole and award of said bonds to
!l stedt Brothers of Louisville, Kentucky, as heretofore
reported to this ^oard of Commissioners by the hoard of
Education of said City by agreement dated Dec. 2, 1937 is
i— reby retified and confirmed.
.Section '10. That no costs of collection of said
r.cc thet may arise on-their re?sective dates of maturity
..••'1 b, net or m id `+y the City of ?educrh out of its
cues but such r.s may become due shrill be met end paid
?oard of :ducation.
rassei by the ?oard of Co:mrissiaffbrs of the City of
11?6durah, F.er.*.ucky, this 115th di:y of •ecei.bcr, 1937.
_,duced ^,ece:;ber 2nd, 1937, rnd re,n.r.ined on file
,r,F+ 'w !: `or public inspection.
Seyor City of Paouern, .cn'u;!'y
1
Attest:
9