HomeMy WebLinkAboutOrdinances Book 9, Page 761, No Ordinance NumberPa ;e 761
AN ORDINANCE AUTHORIYING AND DIRECTING TTIF MAYOR
AND COIRrISSI"NFR OF ?1J12d,IC FINANCE TO HORRO`7 THr SUTJ OF ONE
ITUNDPED AND SFVL•NTY FIVE THOUSAND (p175,000.00) 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 T11F CITY FOR THE
FIRST ONE FALF OF THE YEAR 1933 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COT:iMISSIONERS 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 benefit of the City 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 One
Hundred Seventy Five Thousand ($175,000.00) Dollars to bear
interest at the rate of six (6%) per cent 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 ant Commfs"stoner
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 30th, 1933.
SECTION 3. j
On account of the fact that there are numerous bills.. I)
and obligations now clue and unpaid acing by the City of Paducah,
and on account of the further fact that 'there is insufficient j
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, and emergency is
hereby declared to exist and this ordinance shall take effect
from and after its passage.
Signed
tlayor
Passed by the Board of Commissioners January 5th, 1933.
Recorded by Rudy Stewart, Clerk January l94` 1933.