HomeMy WebLinkAboutOrdinances Book 9, Page 134, No Ordinance NumberPAGE 134
I
AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED
ELECTORS OF THE CITY OF PADUCAH, KENTUCKY TO BE HELD ON THE REGULAR AML
ELECTION DAY, TUESDAY, NOVEMBER 6TH 1928 IN THE CITY OF PADUCAH,KENTUCKY,
TO DETERMINE THE QUESTION MLTHER THE CITY OF PADUCAH SHALL ISSUE AND
SELL BONDS OF SAID CITY TO THE AMOUNT OF EIGHT HUNDRED THOUSAND
($800,000.00) DOLLARS FOR THE PURPOSE OF CONSTRUCTING, BUILDING, EQUIP-
PING AND PUTTING INTO OPERATION AN ELECTRIC LIGHT AND POi',.T!R PLANT IN SAID
CITY, SO AS TO PROVIDE ELECTRIC POWER AND LIGHTS FOR THE CITY OF PADUCAH
AND ITS CITIZENS ON A FAIR, RE.ASONiBLE AND ECONOMICAL BASIS, AND TO PRO-
VIDE FOR THE PAY11011T OF INTEREST ON SAID BONDS AND TO CREATE A SINKING
FUND FOR THE PAYi+TENT OF SAID BONDS AT I:IATURI^tY.
WHEREAS, it is desired that the City of Paducah may 1
establish, equip and operate an'electric light and po,-ier plant for the
purpose of furnishing lights, power and heat to its citizens and for other
purposes at a fair and economical price and on reasonable terms, and
MEREAS, the estimated cost of such a plant fully
and properly equipped to furnish such lights, power and heat, according to
a survey made for the City of Paducah by the Burns & McDonnell Engineering
Company, is approximately Eight Hundred Thousand ($800,000.00) Dollars,
and
'5 EREAS,it appears from the report submitted to the
city by said Burns & McDonnell Engineering Company that said plant would
result in a considerable saving to the city and to the people thereof
after payment of all interest and sinking fund expenses, NOVI,THEREFORE,
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE
CITY OF FEDUCAH, KENTUCKY:
SECTION 1.
There is hereby called an election in the City of
Paducah, Kentucky to be held on Tuesday the 6th day of November, 19280
between the same hours and to be conducted by the same election officers
conducting the regular election in said city for the state, county and
city for the year 1928, for the purpose of submitting to the qualified
electors of the City of Paducah, Kentucky the question of issuing Eight
Hundred Thousand ($800,000.00) Dollars worth of bonds of the City of
Paducah, Kentucky for the purpose of constructing, building, equipping
and putting into operation an electric light and power plant in said City
so as to provide electric Dower,lights and heat.for the City of Paducah
and its citizens;
SECTION 2;
That said bonds, when so issued, shall be payable to
arer and shall be issued so that One Hundred Thousand ($100,000.00)
liars of same shall mature each and every five (5) years after date
M;
PAGE 135
thereof until the full amount.have been so matured and retired, and
so as to provide that all of said bonds shall have been retired
within forty (40) years from date thereof, and all to be redeemed
at THE UNITED STATES MORTGAGE & TRUST COMPANY IN THE CITY OF NMV
YORK.
SECTION 3.
Said bonds shall bear interest at the rate of four
and one-half (4Y.) per cent per annum; said interest to be due and
payable semi-annually at THE UNITED STATES MORTGAGE & TRUST COMPANY
IN THE CITY OF NEN YORK.
SECTION 4.
That the City of Paducah shall levy a tax upon all
of the assessable property within said city each year, an amount
sufficient to pay all of the interest that may acture on said bonds
during said year and with the accumulated interest thereon to
provide a sinkir4g, fund of not less than Twenty Thousand ($20,900.00)
Dollars for each year for the purpose of retiring said bonds at
maturity,- the amount of said interest is as follows: For each year
of the first five year period after date of said bonds, $36,000.00;
For each year of the second five year period after date of said
bonds, $31,500.00: for each year of the third five year period after
date of said bonds, $27,000.00; for each year of the fourth five
year period after date of said bonds, $22,500.00; for each year of
the fifth five year period after date of said bonds, $18,000.00;
for each year of the sixth five year period after date of said
bonds, $13,500:00; for each year of the seventh five year period
after date of said bonds, $9,000.00; for each year of the eighth
five year period after date of said bonds, $4,500.00
SECTION 5.
That said bonds, when so issued, shall be issued in
the name of the City of Paducah, Kentucky and shall be in denom-
inations of One Thousand ($1000.00) Dollars.each and for the payment
of which at the maturity thereof the City of Paducah pledges its
good faith and credit.
SECTION 6.
Said bonds shall not be issued unless two-thirds
(2/3) of the qualified electors of the City of Paducah voting on
said question shall have voted in favor of incurring said indebt-
edness and the issuing and sale of said bonds as herein provided,
and the result of said election shall be certified to according to
law.
PAGE 136
SECTION 7.
A certified copy of this ordinance shall be filed with
the County Court Clerk of McCracken County, Kentucky not less than thirty
days before the 6th day of November, 1928, and a copy of this ordinance
shall be published in the official newspaper of the City of Paducah
for at least two weeks just preceeding the election to be held on
November 6, 1928.
SECTION 8.
The Clerk of McCracken County Court will have printed
on the ballots to be delivered to the qualified electors in each and
every precinct in the City of Paducah at the November election the
following question:
"ARE YOU IN FAVOR OF THE CITY OF PADUCAH,KENTUCIY
ISSUING AND SELLING EIGHT HUNDRED THOUSAND ($800,000.00)
DOLLARS WORTH OF BONDS OF THE CITY OF PADII'CAH FOR THE
PURPOSE OF CONSTRUCTING, BUILDING, EQUIPPING AND PUTTING
INTO OPERATION AN ELECTRIC LIGHT AND PO'd1ER PLANT IN SAID
CITY SO AS TO PROVIDE ELECTRIC PO°1ER AND LIGHTS FOR THE
CITY OF PADUCAH AND ITS CITIZENS, WHICH BONDS SHALL BE
PAYABLE ONE-EIGHTH (1/8) THEREOF, OR ONE HUNDRED THOUSAND
(100,000.00) DOLLARS, EVERY FIVE (5) YEARS SO THAT ONE
HUNDRED THOUSAND ($100,000.00) DOLLARS OF SAME 71ILL BE RE-
TIRED EVERY FIVE (5) YEARS, COVERING A PERIOD OF FORTY
(40) YEARS FROM DATE THEREOF, AND l'.RiICH BONDS SHALL BEAR
INTEREST AT THE RATE OF FOUR AND ONE-HALF (4 6) PER CENT
PER ANNUM, AND FOR THE PAYMENT OF SAID INTEREST AND FOR
THE PURPOSE OF PROVIDING A SINKING FUND FOR THE RETIREMENT
OF SAID -BONDS AT THEIR RESPECTIVE DATES OF MATURITY, SAID
CITY SHALL ANNUALLY LEVY A TAX UPON ALL OF THE ASSESSABLE
PROPERTY WITHIN SAID CITY OF PADUCAH DURING THE LIFE OF
SAID BONDS, FOR AN AMOUNT SUFFICIENT, WITH ACCUMULATED
INTEREST THEREON, TO PROVIDE.A SINKING FUND OF NOT LESS
THAN T'.9ENTY THOUSAND (20,000.00) DOLLARS EACH YEAR, AND
TO PAY THE ANNUAL INTEREST ON SAID BONDS AS FOLLOWS: FOR
EACH YEAR OF THE FIRST FIVE YEAR PERIOD AFTER DATE OF SAID
BONDS,$36,000.00; FOR EACH YEAR OF THE SECOND FIVE YEAR
PERIOD AFTER DATE OF SAID BONDS, $31,500.00; FOR EACH
YEAR OF THE THIRD FIVE YEAR PERIOD AFTER DATE OF SAID
BONDS, $27,000.00; FOR EACH YEAR OF THE FOURTH FIVE YEAR
PERIOD AFTER DATE OF SAID BONDS,$22,500.00; FOR EACH YEAR
OF THE FIFTH YEAR PERIOD AFTER DATE OF SAID BONDS,
$18,000.00; FOR EACH YEAR OF THE SIXTH FIVE YEAR PERIOD
AFTER DATE OF SAID BONDS, $13,500.00: FOR EACH YEAR OF THE
]
PAGE 137
SEVENTH FIVE YEAR PERIOD AFTER DATE OF SAID BONDS,
$9,900.00; FOR EACH YEAR OF THE EIGHTH FIVE YEAR
PERIOD AFTER DATE OF SAID BONDS, $4,500.00:,
SECTION 9.
This ordinance shall be in force and effect ten days
after its passage.
SignedOR
.
Passed by the Board of Commissioners August 6,1928
Recorded by Hunt Crossland,Clerk,August 7, 1928