HomeMy WebLinkAboutOrdinances Book 9, Page 895, No Ordinance NumberPage 895
"AN ORDINANCE AUTHORIZING AND DIRECTING THE UAYOR
AND CITY TREASURER TO BORROh THE M.1 OF ONE HUNDRED AND SEVENTY
FIVE THOUSAND (sc}175,000.00) DOLLARS FOR THE USE AND BENEFIT OF
THE CITY OF•PADUCAH, KENTUCKY, AND TO EXECUTE A NOTE OR NOTES
FOR SAID SUM OR SiTflS FOR AND ON BEHALF OF SAID CITY, lum TO
PLEDGE THE REVENUES OF TIM CITY FOR TIS LAST ONE HALF OF THE-
YEAR
THE
YEAR 1934 AS SECURITY THEREFOR.11
BE IT ORDAINED BY THE BOARD OF C0 1'IISSIONFRS OF
THE CITY OF PADUCAH, KE14TUCKY:
SECTION 1.
The Hayor and City Treasurer 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
compriies organized or existing under the lairs of the State of
Kentucky, or of the United States of America, or any of the
States or Territories thereof, persons, firms or associations,
not exceeding One Hundred Seventy-five Thousand (57175,000.00)
Dollars to bear interest at the rate of�six(60
i) per cent per
annum; and said sum so borrovied to be placed in the General
Fund of said City, and said money ueing 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 Drescribed 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 hereby
authorized- to be executed or any renewals thereof, all of the
revenues to be collected by the City of Paducah from taxes for
the fiscal half year ending December 31st, 1934.
SECTION 3.
On account of the fact that there are numerous
obligations and bills now due 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 met said
obligations and available therefor, and said ftuids are
necessary for the Drotection of the public health and safety,
Page 8Ju
an emergency is hereby declared to exist and this ordinnnce
shall ta'ce 'effect from and after its passage.
Signed
l./ ?.tayor
Passed by the Board of Commissioners, October And, 1934.
Recorded by"Rudy Stewart, Clerk October 23rd, 19M.