HomeMy WebLinkAboutOrdinances Book 9, Page 897, No Ordinance NumberP ;c 307-
!'N OHDIP I, 1GE PROVIDI=,1G FOR THE DORRO'. "I_IG 01' T'17ENT'i
ONE TiIOUSASID FIVE HUNDRED 0121,500.00) DOLLARS FOR THE PURPOSE
OF PAYING CERTAI;Q JUDG'IENTS AND COSTS INCLUDING PENALTIES IPI
ACTIONS BY CERTAIN POLICE:dEN AND FIR13i:1PII OF THE CITY OF
PADUCAH AND PROVIDING FOR THE EXECUTION OF A NOTE OR NOTES AND
?LEDGn!G THE PROPER INCOI,IE AND GOOD FAITH AS SECURITY THEREFOR.
17FE'REPS, Henry Singery and eleven other policemen
have recovered judgment for various sums with interest and
penalties thereon against the City of Paducah, and Bud Gibson
and five other firemen have secured judgment against said city
for various amounts, with interest and penalties, and the cost
of all of said actions being 1 21,215.93, with approximately
85.00 of costs, making in all an approximate '_ndebtedness
of 0 21,500.00, and,
1HI;F LS, there are no funds in the Treasury of said
city nor have there ever been any funds in the Treasury of said
city with which to _)ay or discharge said judgments, or any part
thereof, and said judgments having been affirmed by the Court of
Appeals of Kentucky and the City being without any redress
against the same, and pursuant to the statute la,. -.,s in said cases,
made and provided for, said City is authorized and permitted to
borrow money upon the execution of notes for the ?urpose'of
paying off and satisfying such judgments, NOW, THEREFOR,
BE IT ORDAINED BY THE BOARD OF CO.".UJISSIONER OF THE
CITY OF PADUCAH, 1TINTUCKY:
SECTION 1.
The Layer is hereby authorized and empowered to
borrow from any bank or trust company in the United States,
t; 21,500.00, and execute note or notes therefor bearing interest
at not exceeding six per (6;%) cent per annum from date, for the
purpose of paying off judg:iients rendered in two certain actions
in 1scCrac'_;:en Circuit Court in favor of Henry Singery and eleven
other policemen and Bud Gibson and five other firemen, to
with all interest, penalties and costs thereof, and is
authorized to rene',: said notes from •tirne to time with the
permission of said 'molders thereof, and to continue the .payment
of interest until said notes are fully paid, and for the
purpose of executing saki notes the Mayor and Treasurer or
Acting Treasurer, of the City of Paducah are authorized to sign
such note or notes any any renewals thereof if any.
Page 898
SECTION 2.
For the purpose of securing the payment of the note or
notes-.)rovided for and authorized to be issued under Section 1
hereof, the City of Paducah hereby pledges all of its property,
income and its good faith, the same to be held bound for the
performance of said contract and the payment of said note or
notes with all interest thereon as provided in Section 1
hereof. The funds and conies derived from the loan or loans
:)rocured by reason of the notes aforesaid shall be issued
exclusively for the purpose of satisfying the judgment, interest,
penalties and costs described herein.
SECTION 3.
On account of the fact that said judgments, aforesaid,
have been affirmed by the Court of Appeals and mandate is due
to be issued thereon within t -,-.,o days from the presentation of
this ordinance, and the plaintiffs will levy upon and have
threatened to levy u)on t'ne _;roperty necessary in the adminis-
tration of Government and oth:r Public Affairs of the City of
Par:,zcah, an emergency is hereby declared to exist. The Public
health, safety and welfare of the City demanding that this
ordinance be adopted ..ithout beinZ required to remain on file a
week and it .�o into effect immediately u.)on its adoption, this
ordinance shall be in effect from and after its adopt'on by
the Board of Commissioners.
Signed i
...ayor
Passed by the Board of Commissioners November 13th, 19,4:.
Recorded by Rudy Stewart, Clerk November \%*,,-1934.