HomeMy WebLinkAboutOrdinances Book 9, Page 581, No Ordinance NumberPage 581
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND
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COMMIS£IONFR OF PUBLIC FINANCE TO BORROW THE SUM OF NINETY THOUSAND
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($90,000.00) DOJ:LARS FOR THF USE AND BFNFFIT OF THE CITY OF PA.DUCAH,
KENTUCKY AND TO FXF.CUTF A NOTE OR NOTFS FOR SAID SUE° OR SUMS FOR AND ON
BEHALF OF SAID CITY, AND TO PLEDGE THE FFVLTJUFS Or THE CITY FOR THE
LAST HALF OF THE YFAR 1930 AS 87CTJT-ITY THrRFFOR.
BE IT ORDPINFD BY THF BOARD OF COtdT„ISfIONrRS OTS' THF CITY OF
PADUC'H, KENTUCKY:
SECT ION 1.
That the Mayor and Commissioner of Public Finance are hereby �
authorized and directed Io borrow on behalf of and for the use ani
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benefit of the City of 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 of any of the states
or territories thereof, not exceeding Ninety Thousand ($90,000.00)
Dollars, to bear interest at a rate not to exceed six per cent (6%)
per annum, said sum so borrowed to be placed in the General Fund of said
city for the purpose of takin.e care of existing obligations and to meet
the immediate demands against said city.
SECTION 2.
A note or notes for such loans sha 1 be executed for and on
behalf of said city and 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.
SECTION 3.
On account of the.faot that there are numerous bills and
obligations now due and unpaid owing by the City of Paducah, and on
account of the fact that the current one-half of the year's taxes are
not yet due, and on account of the further fact that there is
insufficient money in the treasury with which to meet said obligations,
an emergency os hereby declared to exist and this ordinance shall ta'.re
effect from and after its passage.
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Signed X_..
ayor
Passed by the Board of Commissioners September, 2,930
Recorded by Runt Crossland, Clerk, September 3, 1930