HomeMy WebLinkAboutOrdinances Book 9, Page 464, No Ordinance NumberPage 464
AN ORDINANCE AUTFORIZING AND DIRECTING THE MAYOR AND
COMMISSIONFR OF PUBLIC FINANCE TO BORPO"' THF SUM OF TWO HUNDRED
THOUSAND ($200,000.00) DOLLARS FOR THF USE ANP, BF.NTMIT OF THF CITY
OF PADUCAH, KENTUCKY AND TO EXECUTE A NOTE OR NOTES FOR SAID SUM
OR SUMS FOR AND ON BFHrLF OF SAID CITY, ANi TO PLFDGF `1'HE RFVENUFS
OF THE CITY FOR THE FIRST ONE-HALF OF THE YEAR 1930 AS SECURITY
THFRF.F OR.
BE IT OP.DAINFD BY THE BOARD OF COMMISSIONF..RS OF
THE CITY OF PADUCAH, KENTUCKY;
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized and.directed to borrow on behalf of and for the use and
benefit of the City of Paducah, Kentucky from any bank, banks or
trust companies witbin said City not exceeding Two Hundred Thousand
(.$200,000.00) Dollars, to bear interest at the rate of six (6%) per
cent per annum; said sum so borrowed to be placed in the General
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Fund of said city, and said money being for the Durpose of taking
care of existing obligations ^nd to meet the 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 Mayor
and Commissioner of Public Finance of said city and shall be due
and payable on or before ninety (90) days after date of such note
or notes, and all or any part thereof may be reneged so as to mature
on or before the 5th day of July, 1930; such note or notes to bear
interest as presecibed in the first section hereof, and such notes
to be made in such amounts and for such lengths of time, within
the limits hereby fixed, as may be determined by the Mayor and
Commissioner of Public Finance. There is hereby pledged as
security for all such notes hereby authorized to be executed,al)
of the revenues to be collected by the City of Paducah from taxes for
the fiscal half year ending June 30th, 1930.
SECTION 3.
On account of the fact that there are numerous bills and
obligations now due and unpaid, owing b;; the City of Paducah and
on account of the further fact that there is insufficient money
in the treasury with which to meet said obligations, an emergency
is hereby declared to exist and this ordinance shall take effect
from and after its passage.
Signed
31`x- Mayor
Passed by the Board of Commissioners Jrn uary 2, 1930.
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Recorded by Hunt Crossland, Clerk, Janusry 3, 19.30