HomeMy WebLinkAboutOrdinances Book 9, Page 626, No Ordinance NumberPage 626
AN ORDINANCE AUTITOtPIZING AND DIRT?CTING THE TTAYOR AND
COI+MISSIONFR OF PUBLIC FINANCE TO BORFOV! THP SUN OF '1710 HTJP?DRFD
FIFTY THOUSAND (~;250,000.00) DOLLAFS FOR V'R 1JSfi A;TD RFN7FiT OF TT -TE
CITY OF PAL•UCAH, KENTUCKY AND TO EXECUTE A NOTE OIi NOTES FOR SAID
SUi:i OR SUMS FOR AND ON B"NALF OF ,cAII' CITY, AN'' TO RLFDGF THE
RF%TNUE' OF THE CITY FOR TIIE FIRST ONB-HALF OF T11Y YEAR 1931 AS
SECURITY TFPR_FOR.
BE IT OP.DAINED BY THE BOARD OF COI,IT,?ISSIOIiFRr OF THP' CITY
OF PADUCA'., IO VU''UCKY:
SFCTION 1.
The Ijayor 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, Kentucl.y 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 of the states
or territories thereof, not exceeding Two Hundred Fifty Thousand
(tir250,000.00) 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 purpose of taking
care of existing and current obligations of said city and to meet the
immediate demands against the City.
SECTION 2.
A note or notes shall be executed for such loan or loans,
abich shall bear the signature of the Cit;;, of Paducah by the Mayor
and Commissioner of Public Finance of said City. Such note or notes
hall bear interest as prescrib�•d in the first section hereof and
hall be made in such amounts and for such lengths of tine as may
e determined by the mayor and Commissioner of Public Finance.
here is hereby pledged as security for such note or notes hereby
authorized to be executed, or any renewals thereof, all of the
revenues to be collected by the City of Paducah from taxes for the
fiscal half year ending June 30th, 1931.
SECTION 3.
On account of the fact that there are numerous bills and
bligations now due and unpaid owing by the City of Paducah, and on
ecount of the further fact that there is insufficient money in the
reasury with which to meet said obligations and available therefor,
Page 627
and said funds are necessary for the protection of the public health
I
and safety, an emergency is hereby declared to exist and this
ordinance shall take effect from and after its passage;
Signed'L��•��1.c
Pdayor ��•
Passed by the Board of Commissioners January 2, 1931
Recorded by Hunt Crossland, Clerk, Jfn uary 3, 1931