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HomeMy WebLinkAboutOrdinances Book 9, Page 1301, No Ordinance NumberAii,FHO.a'LLiIG AND PROVIU1,NG ::Olt 'P. E ESTABLIS?i:":aT, !I J:T_ON, T�NINTE`SA:ICE, A`:D OPERAT-01111 OF A 1.'.U:ICIPAL HOS?ITAL FO$ C17Y OF' ADUCAH, KENTUCKY AND THE ISSUING OF ONE HUNDRED THOU- SAND 10..LARS (,x100,000.00) OF HOSPITAL REVENUL BONDS OP THE CITY OI p ?;:U "CAH, UNDER A_'D i'URSUANT T, THE PROVISIONS OF HOUSE BILL 110.343 flN C: '11, G: :;:RAL ASSEKBLY OF KENTUCKY, 1938 P.EGULAr SESSION, AS Ai'Pi 01.d GOVEdNOR, .ARCH 11, 1938, FOR THE PURPOSE OF PROVIDING FUND p ? GR T3E ESTABLISHI.:ENT, ACnUI5ITIOIl, AIIU ERECTION OF SUCH muCIPAL HOSPITAL; P:.ESCRIBING THE FORb: OF SAID BONDS; PBOVIDIN, FOR THE COLLECTION, S n G iEGATION, AND DISViIBUTIO : OF THE ,EV3I1UES OF SAID HOS?ITAL; PROVIDING FOR THE SAFEGUARDING, PROTECTING, AND PAYING OP SAID BL -DS; ?ROVIDING FOR THE APPOI V'EENT OF CO:.7.1ISSIONERS TO OPERATE. !.`.NAGE, AND CO:;TROL S AID ;.:U;IICIPAL HOS?ITAL; FI.KING THE 'l-'.'.1_ GATIOIIS OF SUCH CGI,::•:ISSIONEiiS, THEIR TEii:S, CO;SPMSATION, , 17D PROVIDING FOR THi? SAL•a A::D DELIVERY OF SAID u;]DS TCL6:'; COR?ORATION. icREAS, the City of Paducah, Kentucky, a City of the second class, desires to establish, erect, acquire, maintain, and operate a municipal hospital and other necessary appurtenances thereto for the purpose of supplyin_; said city and the inhabitants t+ereof with modern and sanitary hospital facilities not now availj able to said City or its inhabitants, and iI As, there has been heretofore prepared as estimate of the proba le cost of such municipal hospital, and its location has been selected and plans and speBificatlons therefor have been j a;proved, and all stops doomed necessary b;, tiro --card of Coircnission^rs for said City for the ncnuisition of the land and ri=ms or -gay of _ i lands, construct'ons, franchises, and easomcnts neconnary for the construction of z^.id municipal hospital have boon ta'.con. P 1T G;,JAIN30 BY T"IE BOAiiJ OF CU?"'I:::.IOa.::iS ::rUCKY: n 1. :,e and there is hereby established a l .r!!, '.unlcipal -.capital, to . e located on the pre::e�lt alto of :ur:! :•: pita! :n t'-'3 ':I.ty of 'aducah, ;dcCracken County, Kentucky, 0-'131 St O: soiii , tiC :;resent b111ldIn;; or but I,iin�;s IOcatad <+yC, r aiYn ".c:r.rova ;^_r.ts ae I n!i,i:t?ons thcroto to to here - z' '"InO ere- rbuinO 1t11 taw lr:n air: apociflnations ni ar'., cast of tel nnl the nacensary .. are ':ereb•, era.?::: izeel til be issued, pursuant to the provisions of House Bill No 343 of th General Assembly of Kentucky, 1938 Regular Session, one hundeed (10() bonds of said City to be known as "City of Paducah Hospital Revenue 2onds" in the a-;.re,3ate principal sum of One Hundred Thousand Dollaxjs ;('100,000100) to be dated as of the lst day of July, 1938, to be numbered consecutively from one (1) to one Hundred (100), both in- clusive, to be o: the denomination of One Thousand Dollars (;;1,000.00) each, to bear interest at the rate of Four Per Cent (4;S) per annum, p -:?able semi-annually on the lst day of January and of July in each year, coatnencin.g January 1st, 1939, and to mature serially in the following amount on January lst of each of the followin years. u;:BHR PRINCIPAL A L:OU'T DATE OF ;i.ATURITY I 1-3 3,000.00 January 1, 1941 4-7 Y4,000.00 January 1, 1942 ( 8-11 ),4,000.00 January 1, 1943 12-16 :,5,000.00 January 1, 1944 17-21 .'•"5,000.00 January 1, 1945 , 22-26 T5,000.00 January 1, 1946 27-31 5,000.00 January 1, 1947 32-36 .x5,000,00 January 1, 1948 37-41 e15,000.00 January 1, 1949 42-46 85,000.00 January 1, 1950 47-51 q5,OOO.O0 January 1, 1951 52-56 5,000.00 January 1, 1952 57-61 e5,000.00 January 1, 1953 62-66 (5,000.00 January 1, 1954 67-71 .5,000.00 January 1, 1955 72-76 5,000.00 January 1, 1956 i 77-02 A6,000.00 January 1, 1957 83-88 x,6,000.00 January 1, 1958 89-94 X6,000.00 January 1, 1959 9:-100 ;;6,000.00 January 1, 1960 Both principal and interest of and on said bonds shall be payable at the office of the City Treasurer of the City of Paducah, r.tueky, in such funds as are on the respective dates of payment lc al tender for the payment of debts due to the United States of .... .,. =CII. Zai3 bonds shall be sIZned by the :'ayor of said City, sealed with the dor_,orate seal of the City, attested by the City Cleric, andl tse interest eoupans attached to said bonds shall be executed with the i "acai-ll�: sl -nature of said ::ayor and said City Cleric, and said officers by t.p) execution of said 'bonds shall adopt as and for their wrl rrrobor s .,natures the respective facsimile si3naturen on said _r.ls. A:1 cf "all cor.is, to,yeti:er with ^_nterest thereon shall be �Parsble out o: ani only out of the ''. to i i^n'r.. '.uniripal Hospital Cerd _nter�:st :;e°�..,;1pr. _utr?", ii,rv;naf'ter created, and 1.110 fixed angunt w ;rcas reveries rf sa+: hosp.tal pled;eri to J1114 fund. =na: sail bbads ani coupons si,ull 4.e In e fol iON! r... ..^or n, t:>-w't: A: f;t, COUNTY OF MCCtAC4EN CITY OF PADUCAH IMINXTIPAL HOSPITAL RE'JliNUB BOUD o X1,000.00 KNOB ALL YEN BY THESE PRESENTS: That the City of Paducah, in the County of T,tcCracken and the Commonwealth of Kentucky, acknowledges itself to owe and for value received hereby promises to pay out of, and one out of its "Paducah :unicipal Hospital Bond and Interest Redemption Fund", tol the bearer, the sum of ONE THOUSAND _OLLARS on the 1st day of January, 19_, and to pay interest on said sum from the date hereof until said at tte irate of four per cent (4;'.',) per annum, payable semi-annually on the 1st clay of January and of July in each year, be, -inning January 1, 1939, upon the presentatio and surrender of the annexed interest coupons as same severally mature, both brincipal and interest being payable at the office of l the Troasurer in and of the City of Paducah, Kentucky, in such funds as are at tie time of the respective payments legal tender for the satisfaction of debts due to the United States of America. This bond Is issued by said City pursuant to an ordinance duly enacted for the purpose of defrayin, the cost of establishin;,i accuirin3, and erectinZ a municipal hospital and necessary appurten6nces t;aereto, for said City of Paducah, under and in full compliance with the Constitution and the Statutes of the Commonwealth of Kentucky, Including, amon3 others, House Bill No. 345 of the General Assembly of ientucky, 1938 Regular Session. This bond and the issue of which it is a part is payable only from and secured by an exclusive pledged of a fixed amount of the „ross income and revenues to be derived from the operation of said hospital xhich amount shall be sufficient to pay the principal hereof and interest hereon, as and when the same shall become due and payable, and which shall be set aside as a special fund for that purpose and. Identified as "Paducah Sunicipal Hospital Bond and Interest Redenmtlon Fund" and this bond does not constitute an indebtedness of the Cffityof Paducah within the meaning of anyconstitutional provisions or limits - tions. The City of Paducah covenants that it will fix such rates for hospital service and will collect and account for income and revenus from such hospital, sufficient to promptly pay the principal of and Interest on this bond and the issue of which it forms a part, as th same shall become due. i A-tatutory mortgage lien, .:hich is hereby r ono nixed as valid and bindin.; on aaid hospital, togother with a-) bt©nances thereto is created and granted to and In favor of the holder or holders of this bond, and the issue of which it forms a part, or of any of the coupons attached to said bonds, and sa'd hospital and all appurtenances thoreof or extensions thereto shall tomain subject to such statutory mort:;a;e lien until the payment in full of the principal of ,iud interest on this bond and the issue of which it forris a part. This bond shall be fully no,;otiable and st,all pass by delivery. only. The City shall treat the holder of this bond or of any of the coupons hereof as the absolute miner thereof. Thin bond in exempt from t exation in the Commonwealth of Zon'.ucky. 11' IS l::.t; „" C Pi L'.D, riECITL•'D, AND DECLARED, that all acts, eondltionr, aai tl 7,- required to exist, to happen, and to be r+o r:^d, rreceacr.r. in the issuance of this bond, have cf1rt€1'have have been performed In due time, form and :snrar, tan regt.' . - r.nd that the amount of this bond, to -,other with all ,.. ._ c1' said City, does not exceed any limitation ;reser::.::, ^,nstitutlon of the Cos^:on•.•cealth of Ron- tucky, ant o!' C :a i nor:., ,. , ? evennc.^, of Da1d Y^:: to o into a special .. .. 1,.. - •iL paynont of the 0" n:hl.^.h It forria ty tJf : adkien2t . , . ... . .. .... its corporate ;L ,.i ,J 1� the coupons ri to - _ LIA Oh, City of Paducah, Kontucky CITY CLLRK, City of Paducah, Kentucky, 'ond :o. (FOR:,: OF COUPOH) ,20.00 Coupon No. On the 1st day of 19 , the City of =-aducah, Kentucky, will nay to the bearer, out of and only out of its "Paducah ''unicipal Hosnital L-ond and Interest Redemption ^und" tho sum of T'.lEdTY DOLLARS ('.20.00), at the office of the City Preasurer in and of the City of Paducah, Kentucky,.bein- six month: interest then due on its 7•:unlcipal Hospital Revenue Bond above nunbered, dated July 1st, 1938, r , , ;i;[Y CLERK, City of Paducah, Kentucky. Section 4. That from and after the delivery of any bonds issued under the provisions of this ordinance said L'unicipal -:osnital shall be operated on a fiscal year basis commencing July lat of each year and endin3 June 30th of the succeeding year, and on that basis the income and revenues of said ':unicipal Hospital of the City of Paducah shall be set aside into a separate and ape fund to be used for the retirement of the aforesaid bonds in nro- v°dn; a depreciation fund for said hospital, and in maintainin ar nncrrat_::; said hocpital as follows, to -wit: That there sha'_1 be and there is hereby created an account t% be :mno:;n as the "Paducah Vuniclpal Hospital gond and Interest :.edempt'-on rund" to which there shall i, a set aside from the -ro•+s '-ncome ana revenues of said ::unicipal Hospital such amount thereof as :-'ll be sufficient to pay the interoat on and the principal of tho fonds hereby authorized. The amount necessary to be set aside 'rto :;..- . fund is hereb • detor-rined as follows: or:Ie %,„t- .r1nci^a1 Interest Total ' 4,000.00 84,000.00 ! X4,000.00 .:4,000.00 .3,940.00 6,940.00 3,FOO.00 7,800.00 ;� 7,640.00 1.: I '11he amount by which any such payment In any fiscal year exceeds the aSSregate amount of interest on and principal of said bonds, beeominZ due in such year, shall be hold in sold Redemption ?und as a reserve for continSeneies, and used solely as herein pro- vided i Provided, however, that no further payments need be made into said Redemption Fund rrhen the amount hold therein Is equal to the entire sm'.unt of interest and principal that will l,e payable IFpat the time of the maturity of all of the bonds then remainin3 out-� p standin3. If in any fiscal year the City shall for any reason fail to pay into said :redemption Fund the amounts above stipulated, the an amount equivalent to such deficiency shall be set apart and paid into said Fvnd out of the first available gross revenues of the following fiscal year or years, and the same shall be in addition to the amounts otherwise herein provided to be so se.t apart and paid during such succeedin3 year or years. All moneys held ins aid :und shall be deposited in a bank ,or banks, and all such deposits shall be continuously secured by i Insurance from The Foderal Deoosit Insurance Corporation, or by a valid pled3e of direct obligations of the United States of America havin3 an equivalent market value, or shall be Invested in direct I o::li;•ations of the United States Government, provided, however, that the Board of Cortmiaaioners of the City of Paducah, or the runicipal ::ospital Commission hereafter created, shall make sale of a sufflcleht amount of such obli3ations to meet interest and principal payments i bocomin3 dile in such year. Such payments into said simd shall be an near as practicable iaade in equal monthly installments, on the lot day of eac month, and :n the event the income and revenues durin; any on,; year are inadequate `:o maize the required payment into said Fund, the deficiency shall be aie up nrd paid nn aforesaid from the first income and revenuos there- nfter rcrc_'vei, end same shall be in addition to the paynents other - iso provlded to ?e m.n e in such succoodin,, month or months. 7,.;a i, �nl '.oa!,I tal .^n: nn,! Interest ..,,demption ;'un.", as illi 1..e i!ae l s.... . ally for and is 'hereby excll:sivoly -ri u, t2:e purpopo of pn; pill of and interest on the creln authorized to 1%o :amid(. pe.cent of Vie };alnnerr, of t1 -1f, in"Cor. and revrniea r,. o_nresald payment:: Int tine n,:aer:pcion _:._ o sr.!: „ fund tri Le krvt.a r,s t,,•, %'alucah :.unlc:pal ItUt. .. _. and 32:a:?1 i;� 'zaqrvled ir, r..akin; good any 1 depreciation of said hosp:Ital and malcing of any extensions, ad- c:itions or replacen.ents to the property, the lioard of Commi.9sioners of Paducah hereby finding and determining that such proportion of the I alance of the income and revenues is sufficient for said purposes. .;ny accumulations of such "Paducah t.:unacipal Hospital Depreciation Fund" may be invested in direct obligations of the United States Govern- ment, '.:arrants of the Commonwealth of Kentucky, Kentucky Bride Ra nue Bonds, or 'aducah Municipal Hospital Revenue Bonds, as the "iGunicip 1 "ospital Commission", hereinafter created, may designate it, and if invested, the income from the investment shall be carried in the "Paducah ilunicipal Hospital Depreciation Fund" and set forth, and t o proceeds thereof shall not be used for any purpose other than as herein provided. 171nety-eight (98;x) percent of the balance of the income and r ven remainin- after the payments into the Bond and Interest Dedemption Fund shall be set aside and used for the proper operation and maintaiancl of said 7uniciaal Hospital, the Board of Commissioners of the City of Paducah hereby finding and determining that such proportion of such balance is necessary _or the proper operation and maintenance of saJI i hospital, but not in excess of the amount required for said purpose; Section 5. That while the bonds authorized hereunder, or any of the, remain outstandin3 and unpaid, the rates for all servica rendered by said hospital ton aid City and to its citizens or other: shall be reasonable and just, taking into account and consideration cost and value of said hospital, and the costs -of maintainin3 and operatin the sane, the the proper and necessary allowances for do- preci.ation thereof, ani the amounts necessary for the :etirement of nil bonds and the accruin interest on such bonds as may be sold -an( are unpaid under the provisions of this ordinance, and there shall 1 e?:nr:-ccl a-a_r.s. all users of said hospital, ineludin_ said City, suc the rr.,tes r.. +. axcunts for hospital s-rv'ce as shallbc adequate to meet t'. rcc,ulre—nts of this and th•, proceeding sections hereof. Any i:^ atrll nervicos re..dered to the City shall in like manner be char -'ed ^ : rst th" '!V, end payment for awr.c shall be made from the corporate int-) t^c, special fund created by this ordinance as otlior on of said hoapi.tal, .an•1 shall be apportioned to operat_c:: n .. .. :•;,::ce, •le,,reciation, and bond and interest redemption funds as c .`. r• 1 revencs. irssf-.: tcrrt wltii the lays ,f° E:entucicy, anicl , r .e bonds hereby auth�rla, d ror,:air. cu"ata:::.: - .. wii_ In:. :r„per books of recor,ls ant r,..rr,;:utn to be dapt, se ,arste c.... _ other mu nicipnl recr r:ln ar:.l ahcsri-: .:oeple ^c _c;;. all tranaact'ons relatln r ' •i hospital, and the holder of any of said bonds shall have the rl ht, let all easonable times, t, inspect the system and all records, accountis and data of the City :-elating thereto. said Section 6. The/City of Paducah herebi covenants and agrees with the holder or holders of the bonds herein authorized to be issued, or any of them, that it will aithfully and punctually perfolrn, all duties w..th reference to aaid hospital, required by the Cons tituLion and lams of the Commonwealth of Kentucky, including the makln, and collecting of reasonable and sufficient charges for hospital servicels ;rendered by said hospital, and will se3re3ate the revenues of said hospital and the application of the respective funds created by this i ordinance; and the City hereby irrevocably covenants, binds, and obl�t- Sates itself not to sell, lease, mortgage or in any manner dispose o Nsaid hospital, includin3 any and all extensions and additions that m 11be made thereto, exce_rt the mortgage as provided in Section 7 hereof' until all the bonds herein authorized to be issued shall have been plaid In full, both principal and interest, and the City further covenants) and agrees with the holders of said bonds to maintain in good condition and continuously operate said hospital, and to charge and collect such rates and charges for hospital service rendered thereby, so that the! ;dross revenues will be sufficient at all times to provide for the pay- ment of the operation and maintenance thereof and maintain the de- reciaticn fund and the bond and interest redemption fund as provided ',erein. '-oction 7. That forthe further protection of the holders ;of the Londs herein authorized to be issued and the coupons thereto attached, a statutory mort,^age lien upon said hospital and all ,ro- perties co-.nected therewith and appurtenances thereto is „ranted and; -reated by House )1.111 ::o. 343 of the Acts of the :4oneral Assembly of .:entucky, 1936 Regular Session, which said statutory lien is hereby raco_nizod and declared to be valid and binding upon the City of .aducah, and all the properties constituting the hospital of said City, ns provided by law, and sha11 take effect lnrnedintely upon the doliv.gry ,f any i;^❑lc. e`zo rl z^d to be issued under the provisions of thia ;rdfn+n• c•, .•,lder of said bonds, or of any of the coupons, gray, r in equity, by suit, action, amnd:unus, or rther ro_ t an,1 enforc : L'ne ptalaiLory uiortl-a-';o lien horeby..con- ^, „ ty suit, net; on, •-cnda,mza, or other pros oc lir: s, erfor eo o:' all t::. ! Itle.n rorjulre,.l by ',Y :d statute, in- - sur'.-Wnnt rates •r r; t tp so,;re ation .._ .... _. ... ..... ... ... ...1!wr'. -.n t'aez°sof. if thore be any cIefattlt in the payment of the principal of or inter<;at on any of said bonds, then upon the filin; of a suit b I any holder of said bonds, or of any of the coupons, any court havinve j ris- diction of the action may appoint a receiver to administer saidhos- _,ttal on behalf of the City, with poorer to charge and collect rate3 su ficient to provide for the payment of any bonds or ob113ations q�ut- stnndin3 a.,�a'_nst said hospital, and for the payment of the operatl�+g .exnonses, and to apply the income and revenues in conformity with this ordinance and the provisions of said statute laws of Wentucky. Section 8. That the bonds authorized to be issued hereunder and from lime to time outstanding shall not be entitled to priority one over the other in the application of the revenues of said hospital or with respect to the statutory mort.;a3e lien securing their payment, re3ardless of the time or times of their issuance, 1t bein3 the intention of the Board of Commissioners that there shall be no oriority among) the bonds authorized to be issued under the provisions of this ordinance, re3ardleso of the fact that they may be actually issued and delivexiled at different times, and provided further that the lien and securit3 of and for any bonds or obli3ations hereafter issued that are payable from the income and revenues of the hospital shall be subject to the pr.ority of the bonds hereby authorized as may from time to time be outstan in3. Section 9. That ffective as of the date of the completion ,I of the municipal hospital, and the acceptance thereof by the City, there h shall be and there :3 hereby created a commission to -be comzosod ofI seven corzssissionors, and to be known as "Toe Paducah i,unicipal Hospital ^,o.^._•"ission:", which commission upon the completion of the hospitaland its acceptsnce by the City shall operate, manage, and control said mun�cipal hosp_tal, under the provisions of the aforesaid House till Do. 343 of the Acts of the General Assembly of Kentucky, 1938 Ro,;ular Ses3:on, and pur:;rra^:� to the provisions of this ordinance. j Snid•'.n+minrIon shall provide rules, re3ulations, and b; -laws, for the nnnn;n^ent of said hospital., and out of the revenues of sand i hospital :t hYsrrll pry operntlr.,: ex2011303, repairs, and additions which may be necessary to be ir..dn thereto rinA to provide sufficient reserve .,.n3 to irsaure that the said hospital Ir kept In repair and in rare nhitary rpnliLion, an;i Lo provide n ninst any emcr,,envy rhich� r.r;y arise. 'd .. __.. �sloner a in'.l :Ix rotor, for the s orvl(,.e:3 -)roviried :I .lent t, pr'.) -J! :. :or t' v) ;,nym•;nL of the aro«nta i, :'o: ... nterent ,f.,%le;nptto :•'u r1, and -a':sa 3ai .. srier I L. b® ritr, .nr !.! :nn and non epi:si^a rr Viers;.. i a ;r.•,.. „• _.. f :as within I at i •a::v a: :r ;_. h+'i•: ,:__p •e , ,unty, state ii or federal office, or who .to related r•lthin the thirI dc3ree to the; nyor, or any member of the le,;lslativo body of the City of Paducah; Said 'alueah i:unicipal Hospital Commission shall not appoint, to any subord.*nate office crhich they may create, .,ny person who is related) '-thin the third`degree to members of tiie le,;islative body of Paduchh, or to the I.:ayor of Paducah, or to any member of the i.:unlcipal Iiosplal Commission. IIs officer or employee of Paducah, whether holdin3 a paid or unpaid office, shall be 1113ible to be appointed as a member of said Commission. The members of the Commission shall be citizens, taxpayers and legal voters of the City of Paducah, and shall not at the time of their respective appointments be indebted to the City, either directly i or indirectly, or be surety upon the official bond of any officer of the City of Paducah. No member of said Commission shall be interested directly or Indirectly in any contract for the furnishing of supplies of any kind tosaid municipal hospital, or to said City of Paducah. If ah any time during,, the term of office of any member of said Com. lesion, he shall b ecome a candidate for or be elected or be appointed to any public office, he shall automatically vacate his membership from the said Commission, and another person shall be appointed in $is place. Each Commissioner upon appointment shall procure and eeecute a bond in the penal sum of :;.1,000.00, conditioned upon faithful par formance of his official duties as such Commissioner, with corporate surety thereon, and said bonds shall be approved by the City Councl� of the City of Paducah. Any person Injured by a violation of the c-:uonants contained in such bond may maintain an action thereon. Icembers of the Paducah Ibunicinal Hospital Commission shall serve without compensation. Tie first Iiospital Commission appointed under this ordinance shall be appointed by the ;overnInS body of the City of Paducah , a3 follows: Trio for the t erm of one year, M1„o for the term of two years, 'raree for the tern: of three years. ,rat'on or the first terms, successors shall be appointed ::.or, ar.;i a tern of three years. ::ectton 10. t:at tiro ;:orals horeby authorized be executed as herein provided as soar: artor trio alopt'on of this ordinance as may -e, ant be t`:,rroby sold ac::l elellverad to uisastar Loan Corporation, pur- In conforaity ,I Ch th terra of a rasolution of the :rectus of .piss;;... ',orir, rnl:ton adspteJ on %prTl 1, 1938, a:ia a para hereof, loft arm i:, ail rosoocts _.... :,: t,, .a [ar tP,•, t, It interest of said Tho proceeds derived from the issuance and sale of said bonds shall be nald over to the Treasurer of the City of Paducah, and shall t`iereafter be disbursed by such Treasurer on checks countersigned bj the City :rana3er, exclusively for the purpose of defraying the cost of the extensions, additions and improvements of said hospital. Any surplus oi such proceeds remaining after the accomplishment of said,purpose s'iall be paid into the "?aducah i.:unicipal Hospital Bond and Interest .:o??mption Fund" as hereinbefore provided. Any and all accrued interest as may bereceived from the sale of the bonds of the authorized issue/ shall Immediately, upon receip t-iereof by the City Treasurer, be paid into the Paducah :.:unicipal ':osnital Bond and Interest Redemption Fund" as hereinabove created. Section 11. That the provisions of this ordinance shall constitute a contract between the City of Paducah and the holders of the bonds herein authorized to be issued, and after the issuance of any of t':e bonds no change, variation, or alteration of any kind of the prd- _sions of this ordinance shall be made in any manner, except as herdin provided, until such time as all of said bonds issued hereunder and he Interest thereon shall have been ?aid in full. Section 12. That if any section, paraGraph, clause or,provision of this ordinance shall be held invalid, the invalidity of such isectior., para3raph, clause or provision shall not affect any of the re- mainin3 provisions of this ordinance. Section 13. That all ordinances, resolutions and ordors or parts thereof, in conflldt with the provisions of th;s ordinance Te :o the extent of such conflict hereby repealed. Section la. That it is hereby de&lared that this ordinance become ^nrt`,ve immediately upon Its passage and approval, and after due .zbllca tion. ntrodueed July 13th 19 Fi Passed an -1 Approved July 13th 1938 , i Attest: a:cr 1C1ty of Paducah, Kentucky o' _.2` i 1