HomeMy WebLinkAboutOrdinances Book 9, Page 640, No Ordinance NumberPage 640
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND
COMMIES IONFR OF PUBLIC FINANCE TO BORROW THE SUM OF T4'IENTY-FIVE
THOUSAND ($25,000.00) DOLLARS FOR THE USE AND BENEFIT OF THE 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 REVENUFS
OF THE CITY FOR THE FIRST ONE-HALF OF THE YEAR 1931 AS SECURITY
THEREFOR.
BE IT ORDAINED BY THE BOARD OF COTV1ISFIONFrS OF THE CITY
OF PADUCAH, KENTUCKY:
SECTION 1.
The Mayor 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, Kentucky, 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 Twenty-five Thousand
($25,000.00) 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 Durpose 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,
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 made 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 of Paducah from taxes for the
fiscalar ending June 30th, 1931.
SECTION 3.
On account of the fact that there are numerous bills and obligations
now due and unpaid owing by the City of Paducah, and on account
of the further fact that there is insufficient money in the treasury
with which to meet said obligations and available therefor, and said
-0 funds are necessary for the protedtion of the public health and
safety, an emergency is hereby declared to exist and this ordinance
shall take effect from and after its passage.
1.7
Signed •
Mayor -;+� _
Passed by the Board of Commissioners May 19, 1931
Recorded by Hunt Crossland, Clerk, May 20, 1931
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