HomeMy WebLinkAboutOrdinances Book 9, Page 654, No Ordinance NumberPage 654.
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AN ORDINANCE AUTHORISING TFE MAYOR AND COMMISSIONPR Or
PUBLIC FINANCE TO BORROW NOT EXCEEDING THE SUM OF TWENTY-FIVE
TUOUSAND ($25,000.00) DOLL_RS FOR THE USE AND BENEFIT OF THE CITY
OF PADUCAH FOR THE PURPOSE OF PAYING THE INTEREST AND PRINCIPAL OF
CERTAIN PUBLIC IMPROVEAENP BONDS NOIN UATURING, AND TO EXECUTE A NOTE
OR NOTES FOR SAID SUM OR SUMS FOR AND ON BEHALF OF SAID CI::Y, AND
TO PLEDGE THE UNPAID PUBLIC IMPROVEMENT TAX BILLS NOPJ' DUE TO AN
AP�IOUNT NOT LESS THAN THE AMOUNT TO BE BOI-R0VIED AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COMMIS.'IONEIS
OF THE CITY OI` PADUCAH, KENTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized to borrow on behalf of and for the use and benefit of the
City of Paducah, from any bank, banks or trust companies organized
or existing under the laws of the State of Kentucky or of the United
States of America, or any of the states or tErritories thereof, not
exceeding Twenty-five Thousand ($;525,000.00) Dollars, to bear
interest at the rate not exceeding 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 Oity of Paducah by the Mayor
and Commissioner 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.
Should said notes or any renewal thereof be not paid at maturity
then the Mayor and Commissioner of Public Finance are hereby
a authorized and empowered to execute renewals of said notes or of the
renewals thereof from time to time until the same have been fully
paid. There is hereby pledged as security for such notes or notes
hereby authorized to be executed, or any renewals thereof, the
unpaid public improvement tax bills which have matured and are now
due to an amount not less than the amount of such note or notes so tc
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,
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sidewalk and sewer improvements which were improved upon the ten year
payment plan, and the assessment taxes evidenced by the tax bills provldei
by law for the payment of said improvements have not been paid, but are
good and valid obligations amounting to more than the amount now
required to pay and satisfy said bonds and matured interest, and on
account of the further fact that said taxes cannot be 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
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Passed by the Board of Commissioners September 29,193. I
Recorded by Hunt Crossland, Clerk, September 30, 1931