HomeMy WebLinkAboutOrdinances Book 9, Page 87, No Ordinance NumberPAGE 87
AN ORDINANCE AUTHORIZING AND EIAPOSIERING THE CITY
OF PADUCAH TO BORROCI UPON THE CREDIT AND RESOURCES OF THE CITY,
THE SMI OF EIGHTEEN THOUS ND SIX IRINDRED NIN LY -ONE AND 22/100
($18,691.22) DOTLARS.
111HERFAS, in an action in the McCracken Circuit
Court in which the Koller Plumbing Company sought to compel the
City of Paducah to collect for it immediately certain tax bills,
with interest and penalties thereon, amounting in all to Twenty-
four Thousand Nine Hundred Twenty-one and 62/100 ($24,921:62)
Dollars, and the Court by final judgment having determined that it
was the duty of the city to proceed expeditiously with the col-
lection of said claims and to sue on same where necessary to en-
force immediate settlement, and it being doubtful as to whether
some of said tax bills could be collected, an agreed judgment
was entered in said case adjudging that the city take over and
receive all of said tax bills and have as its own all moneys due on
same, either as principal, penalties or interest, all of same
having been vested in the City and it being further adjudged that
the City pay forthwith the sum of Eighteen Thousand Six Hundred
Ninety-one and 22/100 ($189691.22) Dollats to the Koller Plumbing
Company, and there being no funds appropriated or'-abailable out
of the current income and taxes of the city to pay same during the
present year; and it being further provided by Section 3130
Kentucky Statutes, that in such contingency an emergency exists
and the.city may borrow upon the credit and resources df the city
such sums as may be necessary, and it appearing from said judgment
that it is necessary to immediately provide...Eighteen Thousand Six
Hundred Ninety-one and 22/100 ($18,691.22) Dollars with which to
pay said judgment, NO!--! THEREFORE,
BE IT ORDAINED BY THE BOARD OF COTIRMISSIONERS or
THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
That the City of Paducah is hereby authorized
and empowered to borrow from any bank or trust company in slid City
of Paducah, the sum of Eighteen Thousand Six Hundred Ninety-one
and 22/100 ($18,691.22) Dollars for the purpose of satisfying the
amount of the judgment now due in the case of Koller Plumbing
Company vs. the City of Paducah; and the credit and resources of
said city are hereby pledged as security for such loan or any re-
ne:.,al thereof and the Mayor and Commissioner of Public Finance are
authorized to execute such note or notes as may be necessary to
effect such loan and any renewal thereof upon such time and terms
as may be necessary, but said original note or notes shall mature
on or before the first dajt of January, 19291.
PAGE 88
SECTION 2.
On.account of the fact that it is necessary to raise
the money at once in order to preserve and protect the credit and
resources of the City of Paducah, an emergency is hereby declared to
exist and this ordinance shall take effect and be in force from and
after its passage;
Passed by the Board of Commissioners, May 9th, 1928
Recorded by Hunt Crossland,Clerk, May 10th, 1928
Signed
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