HomeMy WebLinkAboutOrdinances Book 9, Page 628, No Ordinance NumberPage 628
(' AN OPDINANCE AUTHORIZING TI -7 MAYOR MID COMMIFSIONTF ON'
PUBLIC FINANCE TV BOFFOVI NOT EXCEEDING THF SUM OF FORTY THOUSAND
(;:40,000.00) DOLLARS FOR THE USE AND BFNFFTT OV THE CITY Or' PADUCAH
FOR THE PUrPOSW OF PAYING THF 11ITFFEST AND PFINCIPAL OF CFFTAIN
OUBLIC IBJPPOVF'% NT BONDS NO'':' I-V TUPING, AND TO F— CUTE A NOTE OR
1,70977S r'OR SAID SUI: OR SUES FOP AND ON BPHALF OF SAID CITY, AND TO
PLFJ: GE TFF_. UNPP.ID PU; LI" IMPPOVT-77NT TAX BILLS PIO�,d DUE .TO AN A?AOUNT
NOT LESS THAN TFT' A ;40UNI TO BE BORT-0`7D AS FFCURITY THrP.rFOR,
BF IT ORDAINED BY THE
130ARD OF CO>=MTQ' IONr•PS OF THP CITY OF
PADUCAHJ NTUCKY
SECTION 1.
The Mayor and Coramissionrr of Public Finance are hereby
authorized to borrow on behalf of ani for the use and benefit of the
City of Paducah, from any bank, banks or trust companies organized
or existing under the laws of the State of Kentucky or... the United
States of America, or any of the states or territories thereof, not
exceeding Forty Thousand (}40,000.00) Dollars, to bear interest at
the rate not exceeding six (6%) per cent per annum; said sum so
borrowed to be placed in the fund for the retirement of public
improvement bonds and the payment of interest thereon, said money
being now needed for the purpose of taking care of and paying
maturing bonds for street, sidewalk and serer improvements �:hich
have been taken upon the ten ,year payment plan.
SECTION 2.
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 said note or
notes shall bear interest as prescribed in the first section hereof,
and shall be made for such amounts and such lengths of time as may
be determined by the Mayor and Commissioner of Public Finance.
There is hereby pledged as security for such note or notes hereby
authorized to be executed, or any renewals thereof, the unpaid
public improvement tax bills which have matured and are now due to
an amount not less than the asmount of such note or notes so to be
executed ns aforesaid.
SECTION 3.
On account of the fact that there are nor, maturing and due,
a large number of said public improvement bands for street,
sidewalk and sewer improvements which were improved upon tl,e ten
year payment plan, and the assessment taxes evidenced by the tax
bills provided by lair for the payment of said improvements have
not been paid, but are good and valid obligations amounting to
Page 629
more than the amount now required to pay and satisfy said bonds and
i
matured interest, and on account of the further fact that said taxes
cannot be collected in time to take care of said bonds and pay the same
at maturity, ^nd there are no accumulated funds out of which said bonds
can I&I"Ifu'l.y be paid, and said funds are necessary for the protection of
the public health and safety, and for the protection of the credit of
t'de city, an emergency is hereby declared to exist and this ordinance
shall take effedt from and after its passage,
Signed: � 4w
Passed by the board.of Commissioners Jenuary,;29, 1931
Recorded by Hunt Crossland, Clerk, January 30, 1931
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