HomeMy WebLinkAboutOrdinances Book 9, Page 839, No Ordinance NumberPage 839
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AN ORDINANCE AUTHORIZING AND DIRECTING THE
MAYOR AND CITY TREASURER TO BORR077 THr SUM OF ONE HUNDRED AND
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SEVENTY FIVE THOUSAND ($175,000.00) DOLLARS FOR THF.. USE AND
BENEFIT OF .THE CITY OF PADUCAH, KFNTUCTCY, AND TO EXECUTE A NOTE
OR NOTES FOR SAID SUM OR SUMS FOR AND ON BEHALF OF SAID CITY,
.AND TO PLEDGE THE RFVFTTUES OF THS CITY FOR THE FIRST ONF HALF
OF THE YEAR 1934 AS SECURITY THEREFOR.
BE IT RDAINED BY THF BOARD OE COTIMISSIr u.,,73 Cr
THE CITY OF PADUCAH, J=TUCKY:
SECTION 1.
The Mayor and City Treasurer are hereby
authorized and directed to borrow on behalf of and for the use
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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, persons, firms
i or associations, 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
I 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 City Treasurer 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 and City Treasurer.
There is hereby pledged as security for such note or notes j
hereby authorized to be executed, or any renewals thereof, i
all of the revenues to be collected by the City of Paducah from .
taxes for the fiscal half year ending June 30th, 1934.
SECTION 3.
On account of the fact that there are numerous
bills and obligations now dae and unpaid owing by the City
of Paducah, and on account of the further fact that there is
insufficient money in the treasury with which to meet said
obligations and available therefor, and said funds are
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necessary for the protection of the public health and safety,
an emergency is hereby declared to exist and this ordinance
shall take effect from and after its Passage.
Signedayor
Passed by the Board of Commissioners January 3rd( 34
Recorded by Rudy Stewart, Clerk January'lk 1934.