HomeMy WebLinkAboutOrdinances Book 9, Page 643, No Ordinance NumberPage 643
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND
COMMISSIONER OF PUBLIC FINANCE TO BORROW THE SUM OF NINETY THOUSAND
(090,000.00) DOILARS 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 S!.ID CITY, AND TO PLEDGE THE REVENUES OF THE CITY FOR THE
LAST ONE-HALF OF THE YEAR 1931 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF 001,91-TISSI014ERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized �,nd 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
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organized or existing under the la,, -,.,s of the State of Kentucky or of the
United States of America, or any of the states or territories thereof, i
not exceeding Ninety Thousand (,�;90,000.00) Dollars, to bear interest at
the rate of not exceeding 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,
which shall bear the signature of the City of Paducah by the Mayor aril
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
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Mayor and Commissioner of Public Finance. There is hereby pledged as
security for such note or notes he�eby authorized to be executed, or any
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renewals thereof, all of the revenues to be collected by the City of
Paducah from taxes for the fiscal half year ending December 31, 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
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account of the further fact that there is insufficient money in,the
treasury with, wAich to meet said obligations and available therefor, and
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said funds are necessary for the protection or the public health and
safety, an emergency is hereby declared to exist and this ordinance shall)
take effect from and after its passage.
Signed:_J!=
Mayor
Passed by the Board of Commissioners July 6, 1931
1931, Recorded by Hunt Crossland, Cleric, July 7, 1931