HomeMy WebLinkAboutOrdinances Book 9, Page 805, No Ordinance NumberPage 805
AN ORDINANCE TVTTFORIZIFG AND DIREOTIITG TFF MAYOF AND
C0111TISSI0ITFR OF P iBLIC FIT?r+TT CR ?'0 P_ORRO"' TITF ST7I? OF OiTi ITUT?DF' D
AND SFVT'NTY T'IV' THOITS."111) ('175,000.00) DOITAR-9 FOP TETT U°" 'JTT?
BT:TTrFIT OF TF'E CITY OF D".PUCAH, IC'?IITUCKY, AAD TO .XT-CUTF r NOTF
OR NOTrS FOR SAID SUM OR SUIRS FOR AND ON BEHALF OF SAID CITY,
AND TO PLEDGE THE REVENUES OF THE CITY FOR TITF LAST ONE HALF
OF THE YEAR 1933 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF 00'.7SSIGIAMRS OF TITS
CITY OF PADUCAH, KENTUCKY:
SECTION 1.
The 15ayor 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 ^erritories thereof, not
exceeding One Hundred Seventy Five Thousand ($175,000.00)
Dollars to bear interest at the rate of six (61�) 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.
SECTS'ION 2.
A note or notes shall be executed for such loan or
loans, which shall be,)r• the signature of the City of Paducah
by the Mayor and Commissioner of Public Finance of said City.
Such note or notes shall be..^r interest as prescribed in the first
section hereof and shall be made in such amounts and for such
lengths of time as mai* 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 renin",als
thereof, all of the revenues to be collectel by the City of
Paducah from taxes for the fiscal half year ending December 31st,
1933.
SECTION 3.
On account of the fact that there are numerous bills
and obligations now due and unpaid owing by the City of Paducah, i
and on account of the further fact that there is insufficient
money in the treasury frith •^hich I o rr,eet said obligations and
available therefor, and said funds are necepsary for the arotectior�
of the public health and safety, an emergency is hereby declnred
to exist and this ordinance shall trite of ect from and after its
passage.
Page 806
Signed
a )Tor
Passed by the Board of Commissioners July 11th, 1933.
Recorded by Rudy Steuart, Clerk July /�2 A 1933.
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