HomeMy WebLinkAboutOrdinances Book 9, Page 1345, No Ordinance NumberAll ORDINXICE PROVIDING FOR THE ISSUING, SALE AND DELIVERY
OF BONDS FOR THE PURPOSE OF ACQUIRING A RIGHT-OF-71AY FOR THE CONSTRUC
TION OF A SEA-PIALL OR FLOOD PROTECTION WALL FOR THE CITY OF PADUCAH,
i
KENTUCKY, AND TO PROVIDE NR THE PAYM NT OF INTEREST ON SAID BONDS,
AID TO CREATE A SINKING .^U1ND FOR THE PAYMMIT OF SAID BONDS AS AND
'::dial SAID BONDS MATURE
.'3ERREAS, on the 27th dray of September, 1937, tho Board of
C6mmissioners of the City of Paducah passed, in due form, an ordinane
suhmittin, to the cualified voters of the City of Paducah the question
as to whether or not bonds to the amount of Two Hundred Thousand
('x200,000) Dollars for the purpose of acquirinC a right -of -tray for
the construction of a sea-wall for said city, and to provide for the
paymsnt of interest on said bonds, and to create a sinking fund for
the payment thereof as and when the same mature, to be apportioned so
as to nature over a period of twenty (20) years, shall be issued by
the City of Paducah, and,
7rKrRiAS, the certified returns of the election on said question
by the legally qualified voters of the City of Paducah voting on said
question at the November election held on the 2nd day of November, 1937
within said city, show that said proposal was approved by the affirm-
ative vote of 5099, arra was opposed by 706, and it therefore appears
that more than the necessary number of two-thirds (2/3) of the voters
voting on said question had voted In favor of the issual of said bond 3,
and,
WH -IAS, said certificate of the vote of said election was dul
filed by the Board of Commissioners and recorded upon the Minutes of
said Board, and,
MIEREAS, thereafterwards the Board of Commissioners, in an eff rt
to sell said bonds to the best advantage of the City of Paducah, acce�-
ted a proposal fro:a Stein Eros. & Boyce, by the terms of Milch said
Toro R•androd Thousand (,200,000) Dollars of Sea -.'.'all of Flood Protects'
bonds of the City of Paducah shall be sold to said Stein moa & Boyco[n
for par and a premium of Three Ilundrod (;300.00) Dollars, and to bea�
interest at the rate cf Threo & one-half (31) per centum per anntLm,
payac.le semi-rjr.ually, bearin,- date of AuZust 1, 1939. The printed
o::ds to Zefurn:s:i• d by said Stein Bros. & Boyce to the City of
PaCzcr•;a for ltn, execution tz;eroof, and thich bid for said innds has
ben n accepted L; _:oar•: of Co:veiaaioners of the City of 1alueah,
and vrhl^h sale of aai,l fonds is h�--Mby rotifiod and a,nroved,
1:0i7, '.2
BE IT O.,DAINED BY TH BOARD OF COLMISSIOITGRS OF THE CITY OF
i
PADUCAH, KENTUCKY:
SECTION 1.
That the bonds of the City of Paducah be issued in the sum of
Tr:o Hundred Thousand ($200,000) Dollars for the purpose of acquiring a
right-of-way for the construction of a sea-vrall or flood protection mall
for said City of Paducah, and to be knovai as Sea -:.1a7.1 Bonds of said city,
i
and to be issued in denomination of One Thousand ($1000) Dollars each,
numbered from one (1) to two hundred (200) respectively, both inclusive,
and dated August 1, 1938, and to bear interest at the rate of three & one
hald (3-k°) per centum per annum, payable semi-annually on the 1st day of
February and the 1st day of August of each and every year during the life,
N of said 'bonds and until maturity of same, and which bonds shall mature
as follows:
August 1, 1939
$ 5,000.00
August 1, 1940
31000.00
An!-ust 1, 1941
1,000.00
August 1, 1942
15,000.00
August 1, 1943
10,000.00
August 1, 1944
10,000.00
August 1, 1945
101 000.00
August 1, 1946
1,000.00
August 1, 1947
3,000.00
Au,ust 1, 1948
Au;-ust 1, 1949
1,000.00
1,000.00
AuZ,ust 1, 1950
1,(,00.00
Au--ust 1, 1951
15,000.00
August 1, 1952
15,000.00
August 1, 1953
15,000.00
August 1, 1954
14,000.00
I Au3ust 1, 1955
14,000.00
1I August 1, 1956
1,000.00
August 1, 1957
25,000.00
Au3u3t 1, 1958
40,000.00
Said bonds shall be sided by the Mayor end attested by the City
Clerk of the City of Paducah, and the Interest Coupons shall bear
t'-10 facsimile signaturos of said officers.
3nid bonds shall be in substantially the following form, to -wit:
- h�L FONDS OF THE
OF PADUCAH, KEITUCI-Z
NO.__
UNITED STATE3 OF ALfaRICA
3TAi'E OF K-ENTUCK71, COUNTY OF MCCRACKM
CITY CF PADUCAH
"! Y1000.00
T. -.at t::-) City of Paducah in L:,Cracken County and State of Kentucky,
agrcos er.'. pronIa^s to ;ay t,) the hearor fdr value received the sum of
ONE' TdGULAND DCL«ARS
in lawf.<1 ,.orey of t»e United Ltates rf America, upon the 1st day of
Augtiet, 1:0 , a.t:•7 I tereat thereon at the rate of 3l,: per a:rnim:,
-ayeble ae^i-annual?.r upon the lat �)rvy of Potruury and the tat day of
Au^c:st of each year until payment o:" '.he erinr•1pal aims thoreof, upon
prescra'.1on of ane'. sure neer of the proper coupon therefor, ani
whish are hereto attached. 14th prlr.^.ipal and intor^st hnraln nrn payabl®
at the offtce of the City Tr•easur-+r of the City of Padacah, Kentucky
11
This bond is one of a series of two hundred (200) bonds of likd,
denomination and tenor, numbered consecutively from one (1) to i
two hundred (200), both inclusive, and is issued under authority
of the Kentucky Statutes and by virtue of hn ordinance duly
ad6pted by the Board of Commissioners of the City of Paducah,
and duly approved on the 27th day of September, 1937, entitled:
"AN ORDINANCE PROVIDING FOR AN ELECTION B]f THE QUALIFIED
VOTERS OF THE CITY 0_- PADUCAH, KENTUCKY, TO _E HELD ON THE REGULAR
ELECTION DAY NOVEMBER 2nd, 1937, IN THE CITY OF PADUCAH, KEIITUCICI,
TO DETERMINE THE QUESTION VMTHER THE CITY OF PADUCAH SIIALL ISSUE
AND SELL B014DS OF SAID CITY TO THE EXTENT OF NOT EXCEEDING TWO
HUNDRED THOUSAND ($200,000.00) DOLLARS hOR THE PURPOSE OF ACQUIRING I
A RIGHT-OF-WAY FOR THE PAYMENT OF INTEREST ON SAID BONDS AND TO
CREATE A SINKING FUND FOR THE PAYMENT OF SAID BONDS AS AND ';STEN
THMt L",A'PURE". The question of the issuance of this series of bonds
having been duly submitted as provided be said ordinance to the
qualified voters of the City of Paducah at the regular election
duly and legally held within said dity on the 2nd day of November,
1937, was duly approved by spore than tyro -thirds (2/3) of the voters
voting upon said question in said election, and therefore in favor of,
the issual of said bonds.
It is hereby certified and recited that all acts, conditions
and things required by the constitution and lams of the State of
Kentucky in order to make this bond issue a legal, valid and binding
obligation have been done and performed in regular and due form of
law; that provision has been made for the collecting of an annual
tax sufficient to pay the interest upon this bond, and to create
a sinkin` fund for the payment of the principal hereof; that the
full faith, credit and revenues, and all of the real and personal
property includin- the sinking fund of the City of Paducah are
hereby irrevocably pledged for the prompt payment of said bonds
and the interest as abd when the same may mature, and that this
bond, together with all other indebtedness of the City of Paducah,
does not exceed any statutory or constitutional ),imitation of
indebtedness of said city.
IN VITNES3 WHEREOF, the City of Paducah has caused this bond
to be signed by its Mayor and attested by its City Clerk,and the
coupons bear the lithographic siinatures of its Mayor and City Clerk,
and the seal of said cityis hereto affixed in Paducah, Kentucky
on the 1st day of August, 1938.
itayo ,, sty of Paducah, lKantuclsy
ATTESTED:
City Clerk
x17.50
C 0 U P 0 N
On the lat day of 19 , the City of Paducah, McCracken
County, Kentucky, will pay to the b'oaror the sum of ;17.50, at the
office of the City Treasurer in Paducah, McCracken County, Kentucky,
bcing six (6) months interest due on the Sea=rlall bond issued
by said city on the lat day of August, 1938.
� 71ty- °icrx
Mayor V1
ty of a uca , ntueky
CTION 2.
:;:_ , recee9s of tLf; .:alc of acid bonda shall Le uacd only far
:e Pur' lh-owafor e:;,
c:natr,;atl.. os r. 31-a w&!1 or flood. protection wall for the fisc,
te;:... "'I ,rot_.._,.. .,_ aalrl ^Sty of Parhlcah.
SECTION 3. -- — ---
There shall be levied upon all the taxable and assessable property in
the City of Paducah annually during the life of said bonds a tax sufficlent @.•
to raise and produce the sum or amount that will pay the interest as it
matures, and to retire the bonds as and when they mature. The principal
on said bonds shall be matured and be payable as follows:
August 1, 1939 N 5,000.00
August 1, 1940 3,000.00
August 1, 1941 1,000.00
August 1, 1942 15,000.00
August 1, 1943 10,000.00
August 1, 1944 10,000.00
August 1, 1945 10,000.00
August 1, 1946 1,000.00
August 1, 1947 3,000.00
August 1, 1948 1,000.00
August 1, 1949 1,000.00
August 1, 1950 1,000.00
August 1,' 1951 15,000.00
August 1, 1952 15,000.00
August 1, 1953 15,000.00
August 1, 1954 14,000.00
August 1, 1955 14,000.00
August 1, 1956 1,000.00
August 1, 1957 25,000.00
August 1, 1958 40,000.00
The interest required to be paid on said bonds annually will be as
foflo;s:
1939 $ 7,000.00
1940 6,825.00
1941 6,720.00
1942 6,685.00
1943 6,160.00
1944 5,810.00
1945 5,460.00
1946 5,110.00
1947 5,075.00
1948 4,970.00
1949 4,935.00
1950 4,900.00
1951 4,865.00
1952 4,340.00 i
1953 3,815.00
1954 3,290.00
1955 2,800.00
1956 2,310.00
1957 2,275.00
1958 1,400.00
SECTION 4.
",aid bonds when duly executed as herein provided shall be delivered to
purchaser, Stein Eros. t; Boyce, upon payment therefor of the purchase
T�^n
,rice t'rercof, to -wit: .The Hundred Thousand Three Hundred ('9200,300.00)
:ol?ars, '_ogether with accrued interest thereon from the date of said bonds
`o -wit: Au- st 1, 1533, to the date of delivery of said bonds.
.,L•CT.ON 5.
T'hia ordinnnce chail ta::e effect and be in full force ten (10) days
f'!tor its a'7ap":lon, and after it hen been !ntorduced at a regular meeting
^f the '-card of ^o .isa!rnorn, and has lain over in its comaleted form, on,
'i1^ With th•n Cleric of said ward of .for one (1) woes before'