HomeMy WebLinkAboutOrdinances Book 9, Page 765, No Resolution NumberPage M
A RESOLUTION AUTHORIZITIG TIM MAYOR AND C('' "T.` ` T,')'" r OF
PUBLIC FINANCE TO DrSTROY AAI I.SUE OF TITRFE FUNDRFn AND FIFTY
THOUSAND ($350,000.00) DOLIAFF OF FIVTT AND OTIF ITALF (5N) PFR
CENT FUNDING BONDS OF TIiF CITY Ole PADUCAH, KFNTUCKY, DATED
DECFIdBF.R 31st, 1931.
HEREAS, on November 23rd, 1931 the City of Paducah,
Kentucky through its Board of Commissioners authorised an.issue
of Three Hundred and Fifty Thousand (r�350,000.00) Dollars of
Five qnd One Half (5) Per Cent Funding Bonds to bear date of
December lst, 1931 and
''!HFRFAS, the Board of Commissioners authorized the
advertising of said bonds and called for bids thereon, and,
"771FTAS, on the ?:lte for opening said bids there were
no bidders and
C.1HFREAS, a subsequent Board of Commissioners in the
month of Larch 1932 deemed it necessary, on account of the
condition of the market on ?,;unicipal bonds, to raise the
interest rate on said funding bond issue from Five and One
Half (5 w) Per Cent to Six (6p) Per Cent and did so amend and
reordain the ori�inal ordinance authorizing an issue of
Three Hundred and Thirty Thousand (;:330,000.00) Dollars of
Six (61') Per Cent Funding Bonds bearing date of March 1st,
1932, thus invalidating the original issue of 350,000.00
of 52� bonds and
'HEREAS, the entire issue of said Six (6%).per cent
Funding Bonds has been sold, N07!,-TFF7FORF,
BE IT RFSOLVED BY THF BOARD OF CO!"-ISSIOT17?S. OF THF CITY
OF PADUCAH, KrNTUCKY:
` SECTION 1.
That the Mayor and Commissioners of Public Finance be
and they are hereby authorized and empowered to destroy the
issue of Three Hundred and Fifty Thousand (;-350,000.00) Dollars
of Five and One Half (5z�) Per Cent Funding Bonds of the City
of Paducah, Kentucky, bearing date of December 1st, 1931.
SECTION 2.
This resolution shall take effect from and after its
adoption and recordntion.
Signed_-
T'a yor
Passed by the Board of Commissioners January 14, 1933.
Recorded by Rudy Cte••art, Clerk January \5` 1933.