HomeMy WebLinkAboutOrdinances Book 9, Page 342, No Ordinance NumberPage 342
AN ORDINANCE AUTHORIZING AND EMPOWERING THE CITY TO BORROW'
UPON THE CREDIT AND RP:SOURCES OF THE CITY THE SUM OF THREE HUNDRED �
SIXTY-SIX & 83/100 ($366.83) DOLLARS.
WHEREAS, in a certain action in the McCracken Circuit
Court appearing against the City of Paducah in favor of E.L.Beyer
in which E.P.Gilson is defendant, and in c.hich case judgment was
rendered against the City of Paducah for the sum of Three Hundred
Sixty-six & 83/100 ($366.83) Dollars; and there being no funds
appropriated or available out of the current income and taxes of the.
City to pay same during the present year, and said judgment being
based upon an improvement tax bill issued and incurred in a previous
year, and it being further provided by Section 3130, Kentucky
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 judgment, and it appearing from said
judgment that it is necessary to immediately provide the sum of
Three Hundred Sixty-six & 83/100 ($366.83) Dollars with which to pay
said judgment, interest and cost, NOVI, THEREFORE,
BE IT ORDAINED BY THE BOARD OF COTUJISEIONERS OF THE CITY OF
PADUCAH, IcENTUCKY:
SECTION 1.
That the City of Paducah is hereby authorized and
empowered to borrow from any bank or trust company in the said
City of Paducah the sum of Three Hundred Sixty-six & 83/100
($366.83) Dollars for the purpose of satisfying the judgment,
interest and cost in the case of E.L.Beyer vs E.P.Gilson and the
City of Paducah and the cre'it and resources of the city are hereby
pledged as'security for such loan or loans and any renewal thereof,
and the Mayor and Commissioner of Public Finance are authorized
.to execute such note or notes as may be necessary to effect such
loan and any renewal thereof upon such time and terms as may be
necessary, but said original note or notes shall mature on or before
the first day of January, 1930.
SECTION 2.
On account of the fact that it is necessary 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 passag f
Signed`_c-��yo� /
Mayor '-
0� Passed by the Board of Commissioners May 27, 1929
Recorded by Hunt Crossland, Clerk, May 280 1929