HomeMy WebLinkAboutOrdinances Book 9, Page 546, No Ordinance NumberPage 546
AN ORDINANCE AUTHORIZING AND DIRECTING THF. MAYOR AND
COTP-IISSIONER OF PUBLIC FINANCE TO BORP01,7 THE, -UM OF Tl?0 HUNDRED
THOUSAND ($200,000.00) DOLLARS FOP. THP: USE AND BI2NFFI° OF THE CITY
OF PADUCAH, KENTUCKY, AND TO EXECUTE A NOTE OR NOTES FOR SAID
SUM OR SUMS FOR ANL` ON BEHALF OF SAID CITY, AND TO PLEDGE THE
REVENUES OF THE CITY FOR THE LAST HALF OF THF YFAR 1930 AS SECURITY
THFREFOR.
,BF. IT ORDAINED BY THE BOARD OF COMIVIF�IOTTFRS
BF THE CITY OF PADUCAH, KENTUCKY;
SECTION 1.
The Mayor and Commissionr-r 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 or banks
within said city, not exceeding Two Hundred Thousand ($200,000.00)
Dollars, to bear interest at the rate of six (6%) per cent per
amnum, said sum so borrovied to be placed in the General Fund or
said. city. Said money being for the purpose of taking care of
existing obligations and to meet irmnediate demands against the city.
SECTION 2.
A note or notes shall be executed for such loan or loans,
wl-ich 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 31st day of December, 1930, and
bearing interest as prescribed in the first section thereof,
and there is hereby pledged as security for such all the revenues
collected by the city from taxes for the fiscal half year ending
December 31st, 1930.
SECTION 3.
On account of the fact that there are numerous bills and
obligations now due and unpaid, owing by the City of Paducah, and
on account of the fact that there is insufficient money in 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 ' <�
Mayor �.--
Passed by the Board of Commissioners July 9th, 1930
Recorded by Hunt Crossland, Clerk, July 10th, 1930