HomeMy WebLinkAboutOrdinances Book 9, Page 726, No Ordinance Numbercity GAF
Page 726
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND
COMMISSIONER OF PUBLIC FINANCE TO BORRO',7 THE SUM OF ONE HUNDRED
.AND SEVENTY FIVE: THOUSAND (:175,000.00) DOLLARS 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 TITS LAST ONE HALF OF
THE YEAR 1932 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COI-? JISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Finance are
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hereby authorized and directed to borrow on behalf of and for the
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use and benefit of the City of Paducah, Kentucky, from any
individual, firm, corporation or any bank, banks or trust compan-
ies organized or existing under the laws of the State of Kentucky
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i� or of the Unites States of America or any of the States or
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II Territories thereof, not exceeding One Hundred and Seventy Five
Thousand ($175,000.00) Dollars, to bear interest at the rate of
six (6%) per cent per annum; said sums 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
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City and to meet the immediate demands against the City.
SECTION 2.
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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
Mayor and Commissioner
lengths of time as may be determined by the Ma
III y
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 December 31,1932,.
SECTION 3.
On account of the fact that there are numerous bills
and obligations now due and unpaid owing by the City of Paducah,
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and on account of the further fact that there is insufficient
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money in the treasury with which to meet said obligations and
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available therefor, and said funds.are necessary for the protec-
tion of the public health and safety, an -emergency is hereby
dedlared to exist and this ordinance shall take effect from and
after its passage. P U IA',6; ,i �;. ?
ssedebobyBoard of Commissioner �1g32d a
C �d y
ecordd y Rudy Stewart, Clerk o�7•g32 ��YY