HomeMy WebLinkAboutOrdinances Book 9, Page 633, No Ordinance NumberPage 633
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AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND COMMISSIONFR
OF PUBLIC FINANCE TO BORROW THE SUM OF FIFTY THOUSAND ($50,000.00)
DOLLARS FOR TH1: USE AND BrNRFIT OF TBE CITY OF PADUCAH, KENTUCKY AND TO
EXECUTE A NOTE OR NOTES FOR SAID SUM OR SUMS FOR AND ON BEHALF OF SAID CITY
AND TO PLEDGE THE REVENUES OF THE CITY FCR THE FIRST ONE-HALF OF THE
YEAR 1931 AS SECURITY THFRFFOR.
BE IT ORDAINED BY THE
BOARD OF COMTAISSIONFRS
OF THE CITY OF PADUCAH,
KENTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized and directed to borrow on beh^lf of and for the use and
benefit of the City of Paducah. Kentucky from any bank, banks or trust
companies organ ized 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 Fifty 9housand (650,000.00) 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 obligat'ons of
said city and to meet the immediate demands against the City.
SECTION 2.
A note or notes shall be e--ecuted 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. Such note or notes shall
bear interest as prescribed in the first section hereof and shall be rro de
in such amounts and for 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, 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
obligations now due ^nd unpaid owing by the City of Paducah, and on
account of the further fact that there An insufficient money in the
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treasury with which to meet said obligations and available therefor, and
Said funds are necessary for the protection of the public health and
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Safety, an emergency is hereby declared to exist and this ordinance shall
;ake effect from and after its passagee,;
Signed:
Passed by the Board of Commissioners March 16, 1931
Recorded by Hunt Crossland, Clerk, March 17, 1931
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