HomeMy WebLinkAboutOrdinances Book 9, Page 512, No Ordinance NumberPage 512
AN ORDT.NANCE AUTHORIZING AND D'IRFCTTTTG THF TAP YOR AND 11
CO?7?AISE'IONFR Oi' PUBLIC FINANCE `10 PORT-015TFF FUM OF ONF HTJNDRFD AND
TTIFNTY THOTJSAND (^120,000.00) DOTTARS VOR THF USE AND BT'NFWIT OF THF
CITT OF PADUCAH, KT-71'UCKY, AIM TO EXECUTE A NOTE OR TTOTF. FOR 4AID
SUT.7� OR SUMS FOR AND ON BEHALF OF SAID CITY AND TO PLEDGE TIT,. REVFNUE°
Op' S'HlW,, CITY FOR THF FIRcT ONF-HALF OF THE YEAR 1930 AS SECURITY
THFFrp' OH ,
"'HFRPAS, on the 2nd day of January, 1930 the tsoard of
Commissioners of the City of Paducah adopted an ordinance providing
for the borro,•iing of Two Hundred Thousand ($200,000.00) Dollars for
the use and benefit of the City of Paducah and pledged the first
one-half of the taxes due to said city for the current year as
security therefor, which funds so provided were imme�?iately taken
and absorbed in the payment of certain deficits, judgments and
obligations of the city, �^bich had been ^ccumulating for a number
of years, to the amount and extent of One Hundred and Twenty Thousand
('7120,000.00) Dollars, leaving only Eighty 'Thousand (S'80.000.00)
Dollars of said sum so authorized as available for the current
expenses of the City of iadueft , and
:'.7iTRFAS, thereafterwards the city funded said past due
indebtedness by means of the execution and sale of said b'unding
Bonds, and all of said One Hundred and 'Twenty Thousand (8,120,000.00)
Do'lars aforesaid has been repaid to the banks from which the same
was borrowed out of the proceeds of said Funding Bonds and thereby
released said revenues for the current year to the amount of the
said One Hundred and Twenty Thousand (!i120,000.00) Dollars, which
revenues and funds are now needed for the purpose of meeting the
current expenses and accruing indebtedness of the city, NOT,
11W, RT "ORE ,
BE 1T ORDAINED 131 THE BOARD OF CO?VfTF,'TONFRS OF
TFr CITY OP' PAT"UCAH-, KVNTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Vinance are hereby
authorized and directed to borrow on behalf of and for the use and
benefit of the �'ity d' Paducah, Kentucky from any bank, banks or
trust companies organized or existing under the laws of the State
of Kentucky or of the United States of America or any other states
or territories thereof not exceeding One Hundred and Twenty Thousand
($120,000.00) Dollars, to bear interest at the rate of six (6%)
per cent per annum; said sum so borrowed to be placed in the General
Fund of said city, and said money being for the Duroose of taking
care of existing and current obligations of said city and to meet
the immediste demands against the city.
Page 513
SECTION P.
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 the 5th day of July, 1930. Such note or notes shall bear
interest as preserl.bed in the first section hereof and shall be made in
such amounts and for such lengths of time, within the limits herein
fixed, as may be determined by the Ysyor and Commissioner of Public
Finance. There is hereby pledged as security for such note or notes
hereby authorized to be executed all 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 end unpaid owing by 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 and available therefor, an
emergency is hereby declared to exist and this ordinance shall talts
effect from qnd after its passage.
Signedd�„�1�yi`��,•
:Mayor
Passed by the board of Commissioners Parch 3, 1930
Recorded by Hunt Crossland, Clerk, March 4, 1930