HomeMy WebLinkAboutOrdinances Book 9, Page 646, No Ordinance NumberPage 646
AN ORDINANCE AUTHORIZING AND DIRECTING THE
MAYOR AND COMMISSIONER OF PUBLIC FINANCE TO BORROW THE SUM OF NINETY
THOUSAND (690,000.00) DOLLARS FOR THE USE AND BENEFIT OF THE CITY OF
PADUCAH, KENTUCKY AND TO EXEC'TE A NOTE OR NOTES FOR SAID SUM OR SUMS
FOR AND ON BEHALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE
CITY FOR THE LAST ONE-HALF OF THE YEAR 1931 AS SECURITY THEiEFOR.
BE IT ORDAINED BY THE BOARD
OF COMMISSIONFRS 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 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
;eneral Fund of said City,and said money being for the purpose of
;aking care of existing and current obligations of said city and to
neet the immediate demands against the city.
SECTION 2.
II 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 df Public Finance of said city. Such
ote or notes shall bear interest as prescribed in the first section
ereof 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
ereby authorized to be executed, or any renewals thereof, all of the
revenues to be eollected by the City of Paducah from taxes for the
fiscal half year ending December 31, 1931.
SECTION 3.
On account of the fact that ti.ere are
umerous bills and obligations now due and unpaid owing by the City
of Paducah, and on account of the further fact that there is in-
sufficient money in the treasury with which to meet said obligations
and available therefor, and said funds are necessary for the
protection of the public,health and safety, an emergency is hereby
declared to exist and this ordinance shall take effect from and after
its passage.
�G Signed: (cam
c_ c
ayor
Passed by the Board of Commissioners July IS, 1931
!� Pecorded by Hunt Crossland, Clerk, July 20, 1931