HomeMy WebLinkAboutOrdinances Book 9, Page 707, No Ordinance NumberPage 707
AN ORDINANCE PROVIDING FOR REUIV:IING AND ACCEPTING
BIDS FOR THREE HUTTDP.FU AND TIIIRTY TIIOUSAIID (~'330,000.00) DOLLAPS
OF FUNDING BONDS OF THE CITY OF PADUCAH, KENTUCKY, AND PROVID:Ii-IG
THAT THE YAYOR SIiALL EXECU:FE ALL SUCH PAPERS OF BEHALF OF TILT
CITY AS MAY BE i:TCESSAI;Y PIOR TI17 PURPOSE OF COI::PLLTING THY, SALT
AND DT-LIVFRY OF SAID BONDS.
aFFREAS, the city of Paducah has by an Ordinance
adopted simultaneous with the adoption of this ordinance
provided for the issuance of Three Hundred and Thirty Thousand
(Q';330,000.00) Dollars of Funding Bonds of the city of Paducah
for the purpose of taking up and paying off the floating
indebtedness of the city to the amount of Three Hundred and
Thirty Thousand (~1330,000.00) Dollars, which bonds are to bear
date of March 1st, 1932 with interest at Six_ (6j) per cent per
annum, NO'.7, THEREFORE
BL IT ORDAINED BY THL' L'OvRD OF COi.ZIISSI011ERS OF TH.7
CITY OF PADUCAF., ItLidTUCKY:
SECTION 1
That for the purpose of receiving bids and considering
same for the sale and delivery of inree Hundred and Thirty
Thousand (:;;330,000.00) 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 pursuant to an
ordinance providing therefor and adopted on the same date as the
adoption of this ordinance, the Mayor will receive sealed bids
and proposals in writing at 10:00 o'clock in the forenoon of
Thursday the twenty fourth day of Larch 1932, in the
Commissioners? Chamber in the City Hall in Paducah, Kentucky.
Each proposal shall be sealed. before being delivered and shall
be delivered'to the Mayor and said bids shall be opened in the
presence of the Board of Commissioners at a meFting held for
said purpose at said time and place but there shall accompany
each bid a certified check payable to the order of the City of
Paducah for the sume of Two Thousand ({j2,000.00) Dollars, to
be held by the city until such bids are acted upon. The
unsuccessful bidders shall have their checks returned to them
as soon as the Board of Commissioners has acted upon such bids
but the bid check of the successful bidder shall be held by the
city until such bonds have been issued, paid for and delivered,
and upon delivery of said bonds and receipt of amount of said
bid of the city of Paducah, Kentucky, said bid check shall be
returned to said successful bidder. No bid shall be for less
than par and accrued interest.
SECTION 2.
Page 708
Only the highest and best bid will be accepted,
the Board of Commissioners reserving the right to reject any
and all bids. Upon the acceptance of any bid or proposals
the Mayor is authorized to sign such papers as may be necessary
to carry out and put into execution such proposal. Said bid may
be conditioned upon obtaining satisfactory evidence of the
validity of said bonds and the approval of same by Chapman and
Cutler, specialist bond attorneys.
SECTION 3.
Publication of this ordinance in the official
newspaper of the city of Paducah shall be notice of the calling
of bids hereunder and for all proceedings necessary for the sale
and delivery of said bonds.
SECTION 4.
This ordinance shall be in effect from and after its
passage. '
Signed �'—
Passed by the Board of Commissioners 10arch 14th, 1932.
Recorded by Rudy Stewart, Clerk, March 15th, 1932.
O. •K.
Cf l " C'L ?