HomeMy WebLinkAboutOrdinances Book 9, Page 233, No Ordinance NumberPAGE 233
AN ORrINAVCY A11TFORIMIC, 1J!D "IIT CTING TIM T'' YOR
AND CC. - I`: rc .,r. OF PUBI,IC ''I"!TCI: TO BOR' 9.7 `I'II- Fili.i OF OTTF 1-1771,7"D
'TTTOU, .7D (;,'100,0`0.00) DOTJARS !`OR THE USE AND BIYNFFIT OF TI;.. CITY
Cr' PA DU C' I', AND TO EXECUTE 0D NOTE OR NOTES FOR SAID SUIJ OR SULTS
FOR A14D ON BT -TALF OP SLID CITY, AND TO PLRDGE TRE RFUT:NUES OF THE
CITY FOR TIE FI:?PT ON?; T?FsLI' OF TIME Y wl:R 1929 AS SECURITY TI--17FLPOR.
BE IT ORDAINED BY THr BOI.FT' ON COMLTIS`'IOTTTEF OF
CI^Y OF PADUCAH, K7oNTVUCKY:
STICTION 1.
The Mayor and Commissioner of Public Finance are
(hereby authorized and directed to borrow on behalf of and for the use
?nd benefit of the City of Paducah, Kentucky, from any bank or banks
within said city, not exeeeding One Hundred Thousand ($?lOO,000.00)
D611ars to bear interest at the rate of six (6,") percent per annum,
said sum so borrowed to be placed in the General Fund of said city.
Said money being for the r..urpose of taking* care of existing obligat-c
ions and to meet 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 ;'ayor and Commissioner of Public Finance of said city and shall
be due and payable on or before the 5th day of July, 1929, and
bearing interest as prescribed in the first section hereof, and
there is hc--reby pledged as secubity for such all the revd3iues col-
lected by the city from taxes for the fiscal half year ending June
30, 1929.
SECTION 3.
On account of the fact that there are numerous
bills and obligations nos! due and unpaid, owing by the City of
Paducah, including the payrolls of said city employes due January
1, 1929, and on account of the fact that there is insufficient
money in the treasury with which to meet said obliZations, an
emergency is hereby declared to exist and this ordinance shall take
effect from and after its passage.
SIGITED��;
PASSED BY T17 BOWRT' OF COi'''IFEIO"'" LS JAIIUA.RY 3,1929,
RECORDED BY II:INT CFOSFLAATD, CLT"RK, J',I:1T'PY 4, 1929