HomeMy WebLinkAboutOrdinances Book 9, Page 123, No Ordinance NumberPAGE 123
AN ORDINANCE AUTHORIZING AND DIRECTING THE M;uYOR AND
COP.IMItiSIONLR OF PUBLIC FINANCE TO BORRU"1 THE SUM OF FIFTY THOUSAND
($50,000.00) DOLLARS FOR THE USE AND B'3IEFIT OF THE CITY OF PADUCAH,
AND TO EXECUTE A NOTE OR NOTES FOR SAID SUM OR SUMS FOR AND ON BE-
TIALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF. THE CITY FOR THE
,LAST HALF OF THE YEAR 1928 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY.
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized and directed to borrow on behalf of and for.the use and
benefit of the Uity of Paducah, Kentucky, from any bank or banks
within said City, not exceeding Fifty Thousand ($}50,000.00) Dollars,
to bear interest at the rate of six (6%) per cent per annum, said
sum so borrowed to be placed in the General Fund of said City. Said
money being for the purpose of taking care of existing deficit 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 Commissioner of Public Finance of said City and shall be due
and payable on or before the 5th day of November, 1928, and bearing
interest as prescribed in the first section hereof, and there is
hereby pledged as security for such, all the revenues collected by
the City from taxes for the fiscal half year ending December 31st,
1928:
SECTION 3.
On account of the -fact that there are numerous bills and
obligations noir due and unpaid, owing by the City of Paducah, and
on account of the fact that there is insufficient money in the
treasu_^y with which to meet said obligations, an emergency is hereby
declared to exist and this ordinance shall take effect from and
after its passage;
Signed i
MA OR
Passed by the Board of Commissioners July 7th, 1988
Recorded by Hunt Crossland,Clerk, July 9th, 1928