HomeMy WebLinkAboutOrdinances Book 9, Page 914, No Ordinance NumberPage 914
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND
CITY TREASURER TO BORRO1; THE SU.I OF ONE UNDRED AND SEVENTY FIVE
THOUSAND ($ 175,000.00) DOLLARS FOR THE USE AND BENEFIT OF THE
CITY OF PADUCAH, K'-NTUCKY, AND TO EXECUTE A NOTE OR NOTES FOR SAID
SUM OR SUMS FOR AND ON BEHALF OF SAID CITY, AND TO PLEDGE THE
REVENUES OF THE CITY FOR THE FIRST ONE HALF OF THE YEAR 1935 AS
SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COLZIISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY:
SECTION 1.
The Mayor 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
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 Territogies thereof, persons, firms or associations,
not exceeding One Hundred Seventy -Five Thousand ($175,000.00)
Dollars to bear interest at the rate of six (6p) per cent per
annum; said sum so borrowed to be,placed in 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 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 June 30th, 1935.
SECTION 3.
On account of the fact that there are numerous bills and
t
obligations norr due and unpaid owing by the City of Paducah, and
i
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 necessary for the protection of the
public health and safety, an emergency is hereby declared to
exist and this ordifiance shall take effect fAqpassage. I
Signeor
Page 915
Passed by the Board of Commissioners January 14th, 1905.
Recorded by Rudy Stewart, Clerk January 15th, 1935.
I � I S _ Baa:•