HomeMy WebLinkAboutOrdinances Book 9, Page 634, No Ordinance NumberPage 634
AN ORDINANCE AUTHORIZING AND EMPOY-EKING TPF CITY
TO BORROW UPON TI -7 CREDIT AND RESOURCES OF THF CITY THF SUM OF FOUR
HUNDRED EIGHTY & 65/100 ($480.65) DOLLLRS.
7HEPEAS, in a certain action in the McCracken
Circuit Court appearing against the City of Paducah in favor of D.J.
Ryan Construction Company in which unknown heirs and owners are
defendants, and in which judgment was rendered against the City of
Paducah for the sum of Four Hundred Eighty &65/100 ($"480.65) Dollars;
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and there being no funds appropriated or available out of the current
income and taxes of the city to pay same during the present year,
and said judgment being based upon an improvement tax bill issued
and incurred in a previous year, and it being further provided by
Section 3130, Kentucky Statutes, that in such contingency an
emergency exists and the city may borrow upon the credit and
resources of the city such sums as may be necessary to satisfy said
judgment, and it appearing from said judgment that it is necessary
to immediately provide the sum of Four Hundred Eighty & 65/1CO
($480.65) Dollars with which to pay said judgment, interest and cost,
NOW, THEREFORE,
1 F IT OFDA rFD BY THF BOARD OF COTdr:?ISIIOIdFRF
OF THE CITY OF PADUCAH, KFN1UrKY:
SECTION 1.
That the City of Paducah 1F hereby a}tthorized and
empowered to borrow from any bank or trust company in the said
City of Paducah the sum of Four Hundred Eighty & 65/100 ({480.65)
Do'lars for the purpose of satisfying said judgment, interest and
cost in the case of P.J. Ryan Construction Company vs Unknown owners
and Heirs and. the City of Paducah, and the credit and resources of
the city are hereby pledged as security for such lo•n or loans and
any renewal thereof, and the M-7,ror and Commissioner of Public
Finance are autY.orized to execute such note or notes as may be
necessary to effect such loan and any renewal thereof upon such
time and terms as m -y be necessary.
SECTION 2.
On account of the fact that tt is nece.^sary to
raise the money at once in order t� preserve and protect the credit
and resources of ,the City of Paducah, an emergency is hereby
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declared to exist and this ordinance shall take effect and be in
force from and after its passage.
Signed; �crc-:%__
Mayor l
47
Passed by the Board of Commissioners March 23, 1931
Recorded by Hunt Crossland, Clerk, March 24, 1931 ��c