HomeMy WebLinkAboutOrdinances Book 9, Page 435, No Ordinance NumberPage 435
AN ORDINANCE AUTHORIZING AND EMP04,'ERING THF CITY OF PADUCAH
TO BORROW UPON THE CRFDIT AND RESOURCES OF THE CITY THE SUM OF SEVEN
THOUSAND FIVE HUNDRED SIXTY -FIGHT & 65/100 ($7,568:65) DOLLARS.
'.7HFRFA3, in the action of Southern Roads Company vs Charles
C. Rieke, Trustee of IAaple Lawn Park Cemetery,and the City of Paducah to
recover the value of certain street improvements abutting upon said
cemetery property on North 13th Street in the City of Paducah, the court
has rendered. a judgment relieving said cemetery from the payment of said
tax and cost and imposes the same upon the City of Paducah, a copy of
which judgment has this day been filed with the proceedings of the
Board of Commissioners, and wherein it is adjudged that the plaintiff,
Southern Roads Company, do recover from the City of Paducah the sum of
Seven Thousand Five Hundred Sixty-eight & 65/100 (',7,56P.65) Dollars,
with interest thereon at the rate of six (6go) per cent per annum from
the 26th day of September, 1929, together e?ith the cost of said action
expended, all of which now amounts to the, sum of Seven Thousand Five
Hundred Sixty-eight & 65/100 ($7568.65) 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, snid tax bills which
were the basis of said action having been incurred in a previous year,
and it being further provided by Section 3130 of the Kentubkty 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 is is
necessary to immediately provide the sum of Seven Thousand Five Hundred
Sixty-eight & 65/100 ($7,568.65) Dollars with which to pay said
judgment, N0:11, THFRFFORF,
BF IT ORDAINED BY THE BOARD OF CO?/MISSIONI=RS
)F THE CITY OF PADUCA H, KFNTUCKY:
SFCTION 1.
That the City of Paducah is hereby authorized and empo%ered
;o borrow from any bank or trust company in said City of Paducah the sum
)f Seven Thousand Five Hundred Sixty-eight & 65/100 ($"7,568.65) Dollars
or the purpose of satisfying the judgment andinterest in the case of
southern Roads Company vs Charles C. Rieke, Trustee, etc., and the City
i
f Paducah for said amount, and the credit and reso maces of the city are
.ereby pledged as security for such loan or loans and any renewals there -
f, and the f4ayor and Commissioner of Public Finance are authorized to
xecute such note or notes as may be necessary to effect such loan or any
enewal thereof upon such time and terms as may be necessary, but said
rigrinal note or notes shall mature on or before the 1st day of January,
930.