HomeMy WebLinkAboutOrdinances Book 9, Page 657, No Ordinance NumberPage 657
AN ORDINANCE PROVIDING FOR
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THE RECEIVING AND AC(.'PTING OF BIDS FOR
THREE HUNDRED AND FIF`IY THOUSAND
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(6350,000.00) DOLLARS OF FUNDING BONDS
OF THE CITY OF PADUCAH, KENTUCKY, AND
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PROVIDING THAT THF MAYOR SHALL EXECUTE
ALL SUCH PAPERS ON BEHALF OF THE CITY
AS MAY BF NECESSARY FOR THE PURPOSE OF
COMPLETING THE SALE AND DELIVERY OF SAID
BONDS.
WHEREAS, the City of Paducah has by an
ordinance provided for the issuance of Three Hundred and Fifty Thousand
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($350,000.00) Dollars in funding bonds for the purpose of taking up the
floating indebtedness of the city amounting to said sum of Three Hundred
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Fifty Thousand (1}350,000.00) Dollars; which bonds are to bear date of
December 1st., 1931, with interest at five and one-half (52%) per cent
per annum, payable semi-annually, and
INHERFAS, it is desirable that bidders be
afforded ample opportunity to examine sail bonds and to test the legality
of same for the purpose of determining whether the same can lawfully be
issued, NUM, THEREFORE,
BE IT ORDAINED BY THE BOARD
OF COTVMISPIONERS OF THE CITY
OF PADUCAH, KENTUCKY:
SECTION 1.
That for the purpose of receiving bids and
considering same for the sale and delivery of Three Hundred and Fifty
Thousand (350,000,00) Dollars of funding bonds of the City of Paducah,
to be issued for the purpose of retiring the floating indebtedness of the
city in said amount under an ordinance entitled, "AN ORDINANCE AUTHORIZING'
THE ISSUANCE AND SALE OF FUNDING BONDS OF THF CITY OF PADUCAH, KENTUCKY
IN THE AGGREGATE AMOUNT OF TPRFE HUNPRED AND FIFTY THOUSAND ($350,000.00)
DOLLARS, THE PROCEEDS OF WHICH TO BE USED FOR THF PAYSF-NT AND RFDEMPTION
OF NOgF.S, JUDGMFNTS AND CLAIMS AGAINST THF. CITY OF PADUCAH," the Mayor
and Board of Commissioners will receive sealed bids or proposals in
writing at 10;00 o'clock in the forenoon on Monday, Lecember 7th.,1931
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in the Commissioners' Chamber in the City Hall at Paducah, Kentucky.
Each proposal shall be sealed before being delivered, and the same shall
be delivered to the Mayor on or before the opening session of said Board
of Commissioners, and there shall accompany each bid a certified check
payable to the order of the City of Paducah for the sum of Ten Thousand
($10,000.00) Dollars,, to be held by the city until said bids are acted
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Page 658
upon, and the unsuccessful bidders shall have returned to them
their bid checks as soon as the Board of Commissioners has acted
upon said bids, and the bid check of the successful bidder shall be
held by the city until said bonds have been issued, paid for and
delivered, and upon delivery of said bonds and receipt of the amount
of said bid by the City of Paducah, said bid check shall be returned
to said successful bidder. Each bid shall be for not less thaw
the par value of said bonds with accrued interest from date of
December 1st., 1931 to date of delivery of said bonds.
SECTION 2.
Only the highest and best bid will be accepted, the
Board of Commissioners reserving the right to reject any and all
bids, but .in considering the bids the Board of Commissioners will
take into consideration the financial ability of the bidder for
handling the proposed bond issue within the time required by law.
And a bidder who is unable to furnish satisfactory evidence to the
Board of Commissioners of his ability to carry out the provisions
Of his bid and to comply with said ordinance, authorizing the
issuance of said bonds shall not have his bid considered by the
Board. Upon the acceptance of any bid or proposal, the Mayor is
authorized to sign such papers as may be necessary to carry out and
put into effect such proposal. Said bid shall be conditioned upon
obtaining satisfactory evidence through a judgment of the Court of
Appeals of Kentucky adjudging the validity of said bonds, and upon
the approval of Chapman & Cutler, Specialist bond Attorneys.
SECTION 3.
Said bonds shall not be paid for until they are
validated and approved as provided in this ordinance, and a
publication of this ordinance in the official newspaper of the City
Of Paducah shall be notice of t#e calling for bids hereunder.
SECTION 4.
This ordinance shall be in effect from and
after its passage.
Passed by the Board of Commissioners November 23,1931
Recorded by Hunt Crossland, Clerk, November 24, 1931