HomeMy WebLinkAboutOrdinances Book 9, Page 644, No Ordinance NumberPage 644
AN ORDINANCE AUTHORIZING THE MAYOR AND
COMMISSIONER OF PUBLIC FINANCE TO BORROW NOT EXCEEDING THE SUM OF
FORTY THOUSAND (649,000.00) DOLLARS FOR THE USE AND BENEFIT OF THE
CITY OF PADUCAH FOR THE PURPOSE OF PAYING THE INTEREST AND PRINCIPAL
OF CERTAIN PUBLIC IMPROVEMENT BONDS NOFI MATURING, AND TO EXECUTE A
NOTE OR NOTES FOR SAID SUM OR SUMS FOR AND ON BEHALF OF SAID CITY,
AND TO PLEDGE THE UNPAID PUBLIC IMPROVEMENT TAX BILLS NOVI DUE TO AN
AMOUNT NOT LESS THAN THE AMOUNT TO BE BORFOVLIED AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Finance are
hereby authorized to borrow on behalf of and 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 of
the United States of America, or any of the states or territories
thereof, not exceeding Forty Thousand (640,000.00) Dollars, to bear
interest at the rate not exeeeding 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 sewer improvements which
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 Co•rmissioner 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 tp an amount not less than the amount of such note or notes
so to be executed as aforesaid.
SECTION 3.
On account of the fact that there are now maturing
and due, a large number of said public improvement bonds for street,
sidewalk and sewer improvements which were improved upon the ten
year payment plan, and the assessment taxes evidenced by the tax
bills provided by law for the payment of said improvements have not
been paid, but are good and valid obligations amounting to more
Page 645
than the amount now req,zired to pay and satisfy said bonds and matured
interest, and on account of the further fact that said taxes cannot be j
collected in time to take care of said bonds and pay the same at maturity,
and there are no accumulated funds out of which said bonds can lawfully
be paid, and said funds are necessary for the protection of the public
health and safety, and for the protection of the credit of the city, an
emergency is hereby declared to exist and this ordinance shall take
effect from and after its passage;
Signed;
Mayor
Passed by the Board -of Commissioners July 13, 1931
necorded by Aunt Crossland, Clerk, July 14, 1931