HomeMy WebLinkAboutOrdinances Book 9, Page 1311, No Ordinance Number• ':.11
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l:UTHOnI::ING AND JIRs'CTING THE M,,YOH A11D
I,
U?!'i Pt.dwUHER T.� BORRO. THE SUM OF SEVENTY-FIVE THOUSAND (''7.5,030.Q0)
DOLLARS FOR THE USE AND BENEFIT OF THE CI1Y OF PADUCAH, I{E:'ITUCnY
:.:':J TO EXECUTE A NOTE OR NOTES FOR SAID SUN OR SULTS FOR AND ON
nE ALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE CITY
FOR T'i3 LAST 0:c HALF OF THE YEAR 1938 AS SECURITY THEt,EFOR.
BE IT ORDAINED BY THE BOARD OF M-1.'.ISSIONL�HS OF THE
CITY OF PADUCAH, KENTUCKY: I
SECTION 1.
r The L:ayor and City Treasurer are hereby authorized and
directed to borrow on behalf of and for the use and benefit of
the City of Paducah, Kentucky, feom any bank, banks or trust
companies orDanized or eristin7 under the laved of the State of
:.entucky, or of the United States of America, or any of the
states or territories thereof, persons, firms or assiclationz, not
exceeding Seventy-five Thousand (';75,000.00) Dollars to bear interest
at the rate of not excoeding six (6;,) per cent per annum; and said s1L
ao borrowed to be placed in the General Fund of said city, and said
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money being for the purpose of taking care of existing and current !
obligations of said city and to meet the immediate demands against i
the City.
SECTION 2.
A note or notes shall be executed for such loan or loans
which shall bear the si3natur of the City of Paducah by the ?•:ayor
avid City Treasurer of said city. Such note or notes shall bear
interest as prescribed in the first section hereof and shall
to made In such amounts and for zuch len;ths of. time a3 may be
leterm.lned by the i'ayor and City 'prea3uror. There to hereby pled;;cdi
a3 security for such note or notes here y authorized to be executed
or any renoaals thereof, all of the revenues to be collected by the
city of ?aducah fromtsxes for the fiscal half year endin; jecember
SECTION 3.
t:a acc umt of the fact that there are numerous oblla;ations
,^.i b: lls now iu,; and unpaid owin3 by the city of Paducah,
nn account, of tn� further fact that there is insuff.`_clont money
-a t: *1 trc•a^,Try with zlalr.h to ry;et oald obll,,ationa and available
t',r, rmd 3a: I funla aro nccn^3ary for the protection of the
:)ublic :icalrh ani safety, an eirergency is hcrebj declared to
::ist a,:1 this ordinance small take effect from and after its
passage.
Mayor
Passed by the '?oard of Comissioners, July% 1938
Recorded by Rudy Ste%vart, City Clerk, July 1938.
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