HomeMy WebLinkAboutOrdinances Book 9, Page 327, No Ordinance NumberPnge 327
AN ORDITIAATCE AUTFORIZING AND FMPOWFRING TNF CITY OF
PADUCAH TO BORROW UPON THF CRTDIT ANC RFSOUPCFF OF TH" CITY TRF SUM
OF ONF TITOUSAND THREE HUNDRED FIGIVIY-SIX & 79/100 (01386.79)
DOLLARS.
'NHEFFAS, in three certain actions in McCracken Circuit
Court against the City of Paducah in favor of D.J.Ryan Construction
Company, one against Fred Hughes and the Oity of Paducah, and
another against Mary Quarles, et al and the City of Paducah, and
the third one against L.C. Smith and the City of Paducah, there were
rendered judgments against the City of Paducah as follows, to -wit:
In the case against Fred Hugres judgment, interest and costs Four
Hundred Eighty-two & 89/100 ($482.89) Dollars; and in the case
against T.'ary Quarles, et al, ,judgment, interest and costs Six
Hundred Forty-four & 11/100 ($644.11) Dollars, and in the case
against L.C.Smith Two hundred ]Fifty-nine & 79/100.($259.79) Dollars,
making in all One Thousand Three Fundred Fighty-six & 79/100
($1386.79) Dollars; and there being no funds appropriated or avail-
able out of the current income and taxes of the City to pay the same
during the present year said tax bills, which were the basis of said
actions, having been incurred in a previous year, and it being
furhter provided by Section 3130, Kentu^]ty Statutes, that in such
contingency an emergency exists and the city may borrow upon the
credit and resources of the city such sums as -may be necessary to
satisfy said judgments, and it appearing from said judgments that
it is necessary to immec?iately provide the sum of One Thousand
Three Hundred Eignty-six & 79/100,($1386.790 Dollars with which to
pay s, -id judgments, interest and costs, NODI, TNr•RFFORF,
BE IT OR^AIRrT' BY TRT' BOARD OP' COT:''IFFIONrRS
OF TAF CITY OF PADUCAN, UNTUCKY:
SFCTION 1.
That the City of Paducah is hereby authorized and em-
powered to borrow from any bank or trust company in said City of
Paducah the sum of One Thousand Three hundred Eighty-six & 79/100
($1386.79) Dollars for the purpose of satisfying judgments, interest
and costs in the case of D.J. Ryan Construction Company vs Fred
Hughes Four Hundred Eighty-t::ro & 89/100 ($482.89) Dollars; and in th
case of D.J. Ryan Construction Compnny vs Mary Quarles, et al and
the City of Paducah Six hundred Forty-four & 11/100 ($644.11)
Dollars; and in the case of D.J. Ryan Construction Company vs L.C.
Smith Two Hundred Fifty-nine & 79/100 (;259.79) Dollars, and the
credit and resources of the city are hereby pledged as security for
such loans or any renewal thereof, end the M,nyor and Commissioner
of Public Finnnce are authorized to execute such note or notes as
Page 328
nay be necessary to effect such loan and any renelval thereof upon such
time and terms As mAy be necessary, but said oririnnl note or notes sha11l
nature on or before the first day of Ja^uary, 1930.
SECTION P.
i
On acrount of the fact that it is ncaccssary to raise the
money at once in order to preserve and protect the credit and resources
of the City of Paducah an emergency is hereby declared to exist and this
ordinance shall take effect and be in force from and after its passage.
Signed
b ayor
Passed by the Board of Commissioners April 29, 1929
Recorded by Bunt Crossland, Clerk, April 30, 1929