HomeMy WebLinkAboutOrdinances Book 9, Page 590, No Ordinance NumberPage 590
AN ORDINANCE PROVIDTNG FOR THE ISSTJITdG OF RFFUIIDITiG
BONDS OF TI1F CPIY OF PP.PUCAH, KENTUCKY IN THE SUI.? OF FORTY-FIVE
THOUSAND (,45,000.00) DOLIARS FOR THE PURPOSE OF RFFIIT?DING AND
PAYING BONDS OF LIKE AVOTINT ISEUL•D BY TILE CITY OF PAIUCAH ON T1IF
PIPET DAY 07 OCTOBER, 1920 FOR TIT, PURPOSE OF RERUNDSNG A LIKE
AT'O1JVT OF BONDS I`FUED TO THE PADUCAH, TENNF,-SFE & ALAE4 M, RAILFCAD
COMPANY ON OCTOBFR 1ST 1890, AND PROVIDING FOR TIIF PAYMENT OF
INTEREST THFP70N AT FIVE PER CENT (55;) PER AUNUM, AND CREATING A
SINKING FUND TO RFTIRL SAID BOTIDS.
1'HEPRAS, there are not outstanding bonds of the City of
Paducah, Kentucky bearing date of October 1st, 1920 to the amount of
Twenty Thousand (u20,000.00) Dollars due on October 1st, 1935, and
Tr:enty-five Thousand (.';25,000.00) Dollars due on October lst, 1940
and bearing interest at six per cent (6°0), but the City hoving the
right to take up and pay off any of said bonds on or af-er October
lst, 1930, and
'.'!HERFAS, said bonds are a legal, valid and bi.nd.ing
obligation of thr City and were an indebtedness created prior to
the adcption of the present Constitution of the St^te of Kentucky,
and it is to the interest of said City that said bonds be
refunded and taken up by said City on account of the fact that same
are bearing interest at the rate of six per cent (6$) per arnym
and there is not sufficient funds in the Sinking Fund allocated to
said account to pay same, NC.!, THT. REFORE,
BE IT OFDAINED BY TIIF BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
That bonds of the City of Pa,',ucah be issued in the
sum of Forty-five Thousand (6'45,000.00) Dollars for the purpose of
refunding the balance of a bond issue of October 1st, 1920. Said
bonds shall be in denominations of $1000.00 each, numbered from
1 to 45 both inclusive and shall bear date of October 1, 1930 and
bear interest at the rate of five per cent (5n) per annum, payable
semi-annually from the First day of April and October of each year,
and said bonds shall mature as follows:
$20,000.00 of same shall
mature on the lst day of October, 1940, and $25,000.00 of said bonds
shall mature on the lst day of October, 1950. Said bonds shall be
signed by the Mayor and Commissioner of Public Finance and the
interest coupons shall bear the facsimile signatures of the Mayor
and Commissioner of Public Finance, and shall be in substantially
the following form:
Page 591
No.
UNITED STATES OF ATTFRICA
STATE OF KENTUCKY
CITY OF PADUCAH
FIVE (5fo) PER CENT
REFUNDING BON -, .-S
A,
KNOW ALL TAEN BY THESE PRESENTS: That the City of Paducah,
in the County of TlicCracken, State of Kentucky, acknowledges itself to
owe, and for value received, hereby promises to pay to bearer of this
bond, upon the first dsy of October , the sum of One Thousand
Dollars ($1000.00), in lawful money of. the United. States of. America,
with interest thereon 'at the rate of Five (5/0 per cent per annum,
payable semi-annually upon the first day of April and October of each
year until the payment of the principal hereof, u -ion presentation and
surrender of the proper coupons therefor hereto attached. Both
principal and interest hereof are payable at the IIATIONAL CITY BANK
OF NFi? YOFK CITY.
This bond is one of a series of forty-five bonds of like
denominations, tenor and effect, numbered from 1 to 45 both inclusive,
aggregating Forty-five Thousand Dollars ($45,000/00), in amount and is
issued under authority of the General Laws of the State of Kentucky,
and by virtue of an ordinance duly passed by the Board of Commissioners
Of the City of Paducah, Kentucky on the 23rd day of September, 1930
entitled, "AN ORDINANCE PROVIDING FOR T E ISSUING OF REFUNDING BONDS OF
THE CITY" OF PADUCAH, KENTUCKY IN TFF MY OF FORTY-FIVE THOUSAND
($45,000.00) DOLLY?S FOR 7IIF PURPOSE OF REFUNDING AND PAYING BONDS
OF LIKE AMOUNT ISSUED BY TRE CITY OF PADUCAH ON THE FIRST DAY OF
OCTOBER, 1920 FOR THE PURPOSE OF REFUNDING A LIKE AMIOUNT OF BONDS
ISSUED TO THE PADUCAH, T-NFESSEE & ALABAMA RAILROAD COfiPANY ON OCTOBER
IST 1890, AND PROVIDING FOR THE Pfi.YDiENT OF INTFFEST THEREON AT FIVE
PER CENT (5%) PER ANNUM, AND CREATING A SINKING FUND TO RETIRE SAID
BONUS. "
It is hereby certified and recited that all acts,
conditions and things required by law to be done, precedent to and in
the issuance hereof, in order to make this bord a legal, valid and
bir_ding obligation of the City of Paducah, Kentucky, have been done,
have happened and been performed in regular and due form of law; that
the debt to refund, for which these bonds were issued, wns a legal,
valid and binding obligation of the City of Paducah, Kentucky; that
this issue of bonds, together with all other outstanding indebtedness
of said City, is not in excess of any statutory or constitutional
limitation of indebtedness; that provision has been made for the levy
and collection of an annual tax sufficient to pay the interest hereof
Page 592
and to create a sinking fund to redeem the principal at
maturity; that the full faith, credit and revenues, and all the
real and personal property of said City are hereby irrevocably
pledged for the prompt payment of this bond and interest as the
same mature.
IN VVITNESS '.'!HrFFOF the City of Paducah, McCracken
County, Kentucky, has caused this bond to be signed by the Ma,,,or
and Commissioner of Public Finance; the seal of the City to be
affixed, and the interest coupons to bear the facsimile signatures
of said Mayor and Commissioner of Public Finance at Paducah,
Kentucky, this the dam; of September, 1930.
(SEAL)
No.
ERNEST LACKEY, Mayor of the
City of Paducah, Kentucky
ROSS PUTTER,
Corrsi^sioner of Public Finance
Upon the first day of April (October) 19 , the
City of Paducah, McCracken County, Kentucky, will pay to bearer,
at the NATIONAL CITY BANK OF iP77 YOPK CITY, the sum of $25.00,
being six months interest then due on its Refunding Bond No. ,
dated October 1, 1930.
ERNEST LACKEY,
Mayor of the City of
Paducah, Kentucky
ROSS RUTTFR,
Commissioner of Public Finance
SECTION 2.
There shall be levied upon all of the taxable property
within the City of Paducah, Kentucky, beginning with October 1,1930,
for a period of ten years, a tax sufficient to produce the sum of
$2,250.00 to pay the interest upon said bonds, and likewise for a
period of ten years, beginning with the first day of October, 1940,
there shall also be levied a tax sufficient to produce the sum of
$1250.00 to pay the; interest upon said remaining bonds, and there
shall be .levied upon all of the taxable property within the City of
Paducah, Kentucky annually from October 1, 1930, a tax sufficient
to raise not exceeding the sum of Twenty Thousand Dollars
($20,000.00), by the first day of October, 1940 for the payment of
said Twenty Thousand Dollars (;;,20,000.00) of bonds at their
maturity. And there shall likewise thereafter be levied upon all
of the taxable property in the City of Paducah, Kentucky annually,
from and after October 1, 1940, a tax sufficient to raise the sum
Page 593
not exceeding Twenty-five Thousand Dollars (�i25,000.00) by October 1,
1950 for the payment of said remaining bonds of Twenty-five Thousand
Dollars ($25,000.00) at their maturity; The taxing authorities shall
annually compute the rate and amount of said tax, and the same shall be
levied and collected as otr'er taxes are levied and collected, and shall
only be applied to the interest on said bonds and to provide the sinking
fund to redeem the principnl at maturity.
SECTION 3.
The Commissioner of Public Finance is hereby authorized to
advertise at once for the sale of said bonds, and to receive sealed
bids therefor which shall be reported to the Board of Commi;.sioners at a
date to be fixed in said advertisement, and said bonds shall not be sold
for less than par and accrued interest, and said bidders shall be
required to submit with their bids a bid check duly certified, payable
to the City of Paducah, for gine Hundred Dollars (%000.00); and when
said bonds are duly evecut-ed shall be delivered to the nurchaser or
purchasers upon paying to the City of Paducah the amount bid therefor.
SECTION 4.
The proceeds derived from i:he sale of said bonds shall be
used only for the purpose of taking up sqi,� outstanding bonds and
refunding same, and any balance or saic' purchase orice shall go into the
Sinking Fund for the purpose of retiring the bonds authorized hereby.
SECTION 5.
This ordinance shall take effect and be in force .from
and after its passage'.
VIA yor
Passed by the Board of Commissioners September 23, 1930
Recorded by Hunt Corssland, Clerk, September 24, 1930
Q' ;LY IifV