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HomeMy WebLinkAboutOrdinances Book 9, Page 809, No Ordinance NumberPage 809 All ORDINANCE AMENDING, FXTFNDING AND PEORDAINING SECTIONS 2 .AND 5 OF AN ORDIITANCF FNTTPTFD: " 1,7 ORnI""*CF 'UTRO'I'lING %111) PPOVTDII?G FOR THE I SU.WCF OF $50,000 OF RFVFRITJF NOTrS OF TRF CITY OF PADUCrR, KENTUCKY, f,S FVIDFITCF OF A LOAF OF FUFDS FOR TFF I.MPROVEL''FNT OF CFRT.`,I*' PROP"PTIF.S OF S"ID CITY, PRESCRIBING THE FvRIi OF SAID NOUS, AND 'P.OIT.C„ING FOR TTTr NiORTG _GF. OF THE PROPERTY AND IMPR OVEITEFTS , -AND THF PLEDGING OF THE INCOME 7'FFFEFROW'. 73HICH '.7AS ADOPTED BY THF BOARD OF COIII?ISSIOFFRS OF THE. CITY OF PADUC.:H, KFMTUCKY ON THE 29TH DAY OF I"aY 1933. BE IT ORADITIED BY THE: BOARD OF 00I7'ISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That Sections 2 and 5 of an Ordinance entitled: "API ORDINANCE XTHOIZVG ARID PrOVIDING FOR TRIP ISSUANCE OF 50,000 OF RFVFNUF TTOTFS OF TRF. CITY OF PADUCAH, KFNTUCKY, AS EVIDENCE: OF A LOAN OF FUTTDS FOR 'IFF IT'PPOVEIf'ENT OF CERTAIN PROPERTIES OF SAID CITY, PRFSCRIBTTTG THF FORIT OF SAID NOTFS, AND PROVIDING FOR. THE I"ORTGAGE OF THF PROPRTY APID 219PROVFNFNTS, AND THT- PLEDGING OF TFF INCOIM TPFPEFROM", which was adopted by the Board of Commissioners of the City of Paducah on the 29th day of May, 1933. Be and the same are hereby amender, extended and re -ordained so that said two sections of said ordinance as so amended, extended and reordained, shall respectively read as f of lows : "Section 2. That each -of said notes and the interest coupons accompanying same shall be in substantially the follaming f orm: CITY OF PADUCAH, KENTUCKY No. REVENUE ROTE a Hay 1, 1933. "The City of Paducah, Kentucky, for value,received, hereby promises to pay to bearer es hereinafter provided, the sum of U ), on the First day of May, 19_, and interest on said sum from the date hereof until paid at the rate of Five Per Cent (5%) per annum, payable semi-annually on the First days of My and November in each year, upon presentation and surrender of the accompan-inP: interest coupons as they severally mature, both principal and intere.it beim payable in such medium of funds as is at the time of the respective payments legal tender for the satisfaction of debts due the United States of America, at the Citizens "avings Bank, in the City of Paducah, Kentucky. Page 810 "8aid City hereby reserves the right and privilege of calling and retiring this note prior to maturity at par and accrued interest on any interest -paying date, by first giving, notice of its intention so to do, in writing by registered mail, to the last known holder hereof, at least thirty days preceding such redemption date. "This note is issued by said. City in evidence of a loan to said City of funds to defray the cost of,constructing improvements on city -owned real estate, which improvements and real estate are to be operated as a revenue producing'enterprise by said City, and this note, together with interest thereon, is payable only from the gross revenues of said enterprise thereon, is payable only from the gross revenues of said enterprise which have been pledged for that purpose. This note does not consti- tute an indebtedness of the City within the meaning of any constitutional provisions or limitaions, but is payable solely from said revenue. "This note is one of a series of three (3) notes aggregating Fifty Thousand Dollars (:;;50,000) described in and secured by mort--age of even date herewith to Citizens Saving Bank in Paducah, Kentucky, as Trustee, on real estate and improvements in IfeCracken County, Kentucky, and it is agreed that in case of default as provided in said mortgage the principal sum hereof, together with accrued interest thereon, may at any time, without notice, become at once due and payable at the place of payment aforesaid at the election, as in said mortgage provided, of the holder or holders hereof or of any principal note described in and secured by said mortgage, and in case of default for twenty (20) da.vs in payment of any installment of interest on this note, then at the election of the legal holder hereof (,rbicb election may be made without notice at arr: time after the expiration of said twenty (20) days, the principal sum hereof, together with accrued interest thereon, shall at once become due and payable at the place of payment aforesaid. "CITY OF PADUCAH, HI,.t?TUCICY Attest: City Clerk "This is to certify that this is one of the Principal Motes described in the above mentioned mortga,,le to Citizens Saving Bardr in Paducah, Kentucky, Trustee CITIZ? NS gAVING BANK IN PADUCAH, KENTUCKY, TRUSTE7 By Vice resi en . (Form of interest coupon) PADUCAH, KENTUCKY INTI'REtT COUPON REVETIUE 1?OTI: "Upon presentation arid -surrender of this note on the _day of , 19_, at Citizens Saving Bank, in the City of Paducah, Kentucky, the City of Paducah, Kentucky, will pay to the bearer hereof ($ ) in such medium of funds as is then legal tender for settlement of debts due the United States of. America, as interest then due on its principal revenue note, dated May 1, 1933, No._, all as provided in.said principal revenue not, and unless said principal note shall have been called for redemption prior thereof. " CITY OF PADUCAH, Kl?AITUCKY �)' Attest: 2 Y C IERK "Section 5, That for the further security of said notes and interest thereon, the Mayor and the City Clerk are hereby authorized to execute and cause to be recorded in records of the Recorder of Deeds and Mortgages of T?cCracken County a mort`age upon said property in substantially the following form: "THIS MORTGAGE made and entered into on this the First day of May, 1933, by and between the City of Paducah, McCracken County, Kentucky, party of the first part, and Citizens Saving Bank in Paducah, Kentucky, Trustee, party of the second part. i " WITN1;SSETH : I "WHEREAS, the City of Paducah, party of the first Part, has this day executed and delivered unto the party of the � second part, its three (3) notes bearing even date herewith, made payable to bearer, for the aggregate principal sum of Fifty � T'ousand Dollars (x:50,000), numbered, maturing and in deonminations' as follows, to -wit: "Number 1, maturing on Vay 19 1939; for Sixteen Thousand, Five Fundred (.".16,500) "TTumber 2, maturing on 1'ay 1, 1935, for Sixteen Thousand, Five Hundred Dollars ('16,500) ' i Page 812 "Number 3, maturing on May 1, 1936, for Seventeen Thousand Dollars ($17,000) with interest thereon until maturity at the rate of five per cent (50) per annum, payable semi-annually on the first Days of May and November in each year, which said several installments of interest until maturity of said severla Dirincinai —i— evidenced ter evidenced by interest notes or coupons of even date herewith, also payable to bearer. MY, THEREFORE, in order to secure the payment of the principal and interest of said notes above described, the said party- of the first part does hereby alien, mortgage and convey unt, the party of the second part, its successors and assign , in trust subject to all the terms and conditions'of this mortgage, the following described lots and parcels of real estate, in the City of Paducah, McCracken County, Kentucky, with the appurtenances and improvements thereunto belonging, together with all improvements, structures, buildings and rights that may accrue to or be�Dlaced upon said land at any time before the payment of the notes aid interest herein described, and all of the rents, issues and Profits to accrue at any time during the terms of this mortgage from all buildings, improvements and structures now or at any time hereafter located on the premises described as f ollotvs, to - wit: "First Tract. "Being part of Lot 86 and all of Lots 87 and 88 in Block 30, Harris, Flournoy, Trimble and Forton Additions; beginning at a point at the Northeast corner of the intersection of 8th & Burnett Streets; thence Southwardly with the East line of Burnett Street 2122 feet to the center line of a former alley, closed by judgment of the McCracken Circuit Court. thence at right angles Eastwardly and with the center line of said former alley 124 feet: thence at right angles Northwardly 2122 feet to the South line of 8th Street;t hence 'Westwardly with the South line of 8th Street, 124 feet, to the point of beginning. Subject, hovrever, to an easement in favor of James P. Smith, Executor for a pas,,way over a strip 14 feet in width along the South line of said tract, opening on 8th Street and extending back 110 feet to the back property line of the property owned by James P. Smith, Executor. "Second Tract: "Beginning at a point in the center line of the former alley which extended from Burnett Street to Finley Street, and in the Last line of Burnett Street; thence SoutYsrardly with the East line of Burnett Street 2122 feet to the corner of 9th and Burnett Street: thence F:astwardly with the North line of 9th Stre•-t 150 feet; thence at right angles Northwardly 212 feet to the center line of former alley in said block: thence with the center line of said former alley '7estvardly 150 feel to the point of beginning: and being* Dart of lot 93 and all of lots 94, 95 and 96, Block 30, in Harris, Flournoy, Trimble and Norton Addition to the City of Paducah. "Third Tract: 4 Page 813 "Beginning at a point betereen 8th and 9th Strects, in the '.;,lest line of Burnett Street, 9 feet Plorthwardly from the intersection of Burnett Street and an alley; thence at right angles to Burnett Street ';:estwardly 40 foot; thence at right angles towards 8th Street 38 feet; thence at right angles Eastwardly 40 feet to the line of Burnett Street; thence at right angles with the line of Burnett Street 38 feet to the point of beginning. Being that part excepted from conveyance by Smith & Scott Tobacco Company to .;;ton Fisher Tobacco Company by deed recorded in Deed Book 163, Page 163. "The above three tracts being part of the same property conveyed to Smith & Scott Tobacco Company by deed dated October 2nd, 1900, recorded in Deed Book page 268, and by deed dated July 7th, 1923, recorded in Deed Book 137, Pnge 180, both of which deeds are of record in the office of the County Court Clerk of McCracken County, Kentucky. "TO HAVE !,11D TO FOLD, in trust, unto the party,of the, second part, its successors and assigns forever, the above described real properties, together with all improvements, structures, buildings and rights that may accrue to or be placed upon said land at any time before the payment of the notes and interest herein described, and for the equal security of the said principal notes hereinbefore described and the interest coupons thereto attached, without preference or priority of any one of said principal notes over any of the others by reason of the priority of time of maturity, or of the negotiations thereof or otherwise, subject, however, and puru.sant to the provisions and conditions of an ordinance of the City of Paducah, duly adopted by its Board of Commissioners and signed by its "ayor and published as required by lav, authorizing the execution of this mortgage.and said notes aforesaid. "The party of the first part warrants the title to said property generally. "Said principal. notes and the appurtenant interest coupons secured by this mortgage shall be payable cut of the rents issues and profits of the premises hereinabove described in the manner and os provided in said ordinance aforesaid, which rents, issues and profits, both before or after decree and during the full period of redemption, are hereby assigned to the party of the second part hereunder, provided, however, that the principal notes hereinabove described and the appurtenant interest coupons shall not constitute an indebtedness of the City of Paducah, Kentucky, v:,lithin the meaning of any constitutional provisions or limitations, but said notes and the aonurtensnt interest coupons shall be payable solely from the rents, issues and profits derived from any building or buildin_s now or hereafter Iurin_o the lien of this mortgage located on the premises above described. "And it is further agreed that if there be default Page 814 for a period of so much as twenty (20) days in any payment of interest at maturity or OC principal at -maturity, or both at maturity thereof, or if any claias be at any time made or threatened against said nremisos or any psrt or harts thereof during the entire term of this mortgage which have or tend'to have the effect of dislodging the oriority or security of this mortgage, then said party of the second part, or the legal o-•ners or holders of the notes described in and secure- by this mortgage, or any -of them, may, without notice, at its or their option trent the whole amount secured by this mortgage as due and payable, and proceed to enforce the lien of this mortgage by suit. "This said City hereby reserves the right and Privilege of calling and retiring all or any of said notes at par and accrued interest on any interest paying date, by first giving notice in writing by registered mail, to the last knovm holder hereof, of its intention so to do, and a•�lreet not to sell, convey or permit itself to be divesteI of its ownership of said property so long as any of said notes remain outstanding and unapdi. "The party of the first nart shall cause all buildings and improvements upon said premises to be adequately insured against loss by fire and tornado, with the loss clauses in such nolicies payable to the party of the second part for the benefit of the holders of said notes aforesaid, as their interest may appear. "V9henever the terms of this mort3n e have been fully complied with and the notes secured hereby have been fully paid and retired, the party of the second party, u -ion presentation to it by the party of the first cart of the notes and coupons herein described, shall execute and deliver a good and sufficient deed of release, releasing and discharging the inortgage lien created hereby. "IPI TTSTIInONY i7HF.REOF, the said City of Paducah has caused its name to be affixed hereto by its 6ayor, together •,vitb the seal of said City, and attested by its City Clerk, on this the day and year first above written. (SEAL) "CITY OF "!J. UG' TT, xr7TUCKY. ATTEST (,I --T C RRt, page 815 "STATE OF I�NTUCKY ; ) "COUNTY OF ?.iCCnClum) I, A Notary Public within and for the State and County aforesaid, do certify that the foregoing mortgage from the City of Paducah, of ?".cCracken County, Kentucky to the Citizens Savings Bank, in Paducah, Kentucky, Trustee, was on this day nroduced to me by the snid City of Paducah by G. Scott, its Mayor, and Rudy Stev[art, City Clerk, and to which is affixed the seal .of said City; anO thereupon the said. G. Gcott .as Mayor of and for the City of Paducah did duly acknowledge said mortgage in due form of law, and the said Rudy Stewart, as City Clem,, duly acknowledged his attestation thereof as City Clerk, in due form of lavi. "iffy Commission expires , r, "Given under my hand and official seal, this the_ day of , 1933. .Signed Notary Public-YcCra County, Kentucky." F7CTIOA 2. This ordinance shall be in full force and effect after its adoption by the Board of Commissioners: Adopted by the Board of Commissioners ,_, 1933. Attest; Ihayor C e/r� By DePf/Gy . VI. City -Clerk &( CI ..