HomeMy WebLinkAboutOrdinances Book 9, Page 691, No Ordinance NumberPage 691
AN ORDINANCE AUTHOR27ING AND DIRECTI'IG THE
MAYOR AND COMMISSIONFR OF PUBLIC FINANCE TO BORR9.7 THE SUM OF
BVO HUNDRED TtVENTY-FIVE THOUSAND ($225,000.00) DOLTARS 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 SAID
CITY, AND TO PLEDGE THE REVENUES OF THE CITY FOR THE FIRST ONE
I3ALF OF THE YEAR 1932 AS SECURITY THEREFOR.
BE IT ORDAIPIED BY THE BOARD OF COI-PnISSIO`IERS
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 '�lAefit of theCity 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 Two Hundred Twenty Five Thousand ($225,000.00) Dollars,
to bear interest at the rate of six (6f) percent 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 and 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 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, all of the revenues to be collected by
the City of Paducah from taxes for the fiscal half year ending
June 39th, 1932.
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 account of the further fact that there
is insufficient 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
692
is hereby declared to exist and this ordinance shall take
effect from and after its paesage.
G I
Signed. C,� eQ—e/e-
P'ay or
Passed by the Board of Commissioners January 5, 1932.
Recorded by Rudy Stewart, Clerk, January 6, 1932.
O. K.
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