HomeMy WebLinkAboutOrdinances Book 9, Page 409, No Ordinance NumberPage 409
AN ORDINANCE AUTHORIZING AND EMPOWERING THE CITY OF PADUCAH
TO BORROW UPON THE CREDIT AND RESOURCES OF THE CITY THE SUM OF THREE,
HUNDRED (6300.00) DOLLARS.
WHEREAS, in four certain consolidated actions in McCracken
Circuit Court against the City of Paducah, et al, one of vrhich
consolidated actions is McKelvey -Carter Construction Company vs Mary E.
Mallory and the City of Paducah, and George W. Katterjohn & Son vs Mary
E. Mallory and the City of Paducah in which a judgment has been rendered
against the City of Paducah in favor of George o"J. Katterjohn & Son for
One Rundred Thirty-two & 32/100 ($132.32) Dollars, and in the other
action of McKelvey -Carter Construction Company vs '.'fest End Improvement
Company and the City of Paducah, and George 7% Katterjohn & Son vs 'Jest
End Improvement Company and the City of Paducah a judgment has been
rendered in favor of George 51. Katterjohn & Son against the City of
Paducah for One Hundred Sixty-seven & 68/100 0167.68) Dollars; amountinf
in all in said two cases to Three Hundred (;300.00) Dollars, adjudged
against the City of Paducah, and there being no funds appropriated or
available out of the current income and taxes of the city to pay the
same during the present year, and it further appearing that said
judgments arising gut of tax bills for public improvements issued in the
year 1927 and prior thereto, and there being no funds appropriated or
available out of the current income and taxes of the city out of the year
for which spid improvement taxes were levied and the same having been
incurred in a previous year a d it being further provided by Section
3130, 11entucky 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 immediately provide the sum of Three
Hundred ($1100.00) Dollars with which to pay said judgments, NOW, THERE-
FORE,
BE IT ORDAINED BY THE BOARD OF COTVISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY.
SECTION 1.
That the City of Paducah is hereby authorized and empowered
to borrow from any bank or trust company in said city of Paducah the
sum of Three Hundred.($300.00) Dollars for the purpose of satisfying the
judgments in the cases of G.W.Katterjohn, etc vs Mary E. Mallory and the
City of Paducah for One Hundred Thirty-two & 32/100 ($132.32) Dollars,
and George W. Katterjohn, etc vs West End Improvement Company and the
City of Paducah for One Iiundred Sixty-seven & 68/100 ($167.68) Dollars,
and the credit end resources of the city are hereby pledged as security
for such loan or loans or any renewals thereof, and the Mayor and
Commissioner of Public Finance are hereby 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 mpy be necessary, but
said original note or notes shall mature on or before the 1st 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 passage.
Signed
Mayor
Passed by the Board of Commissioners October 7, 1929
Recorded by Hunt Crossland, Clerk, October 8, 1929
410