HomeMy WebLinkAboutOrdinances Book 9, Page 963, No Ordinance NumberPage 963
AN ORDINANCE AUTHORIZING AND DIRECTING THE
IMAYOR AND CITY TREASURER TO BORROW THE SULi OF ONE HUNDRED AND
SEVENTY-FIVE THOUSAND ($175,000.00) DOLLARS FOR THE USE AND BENEFIT
IOF THE CITY OF PADUCAH, KENTUCKY, A4D TO EXECUTE A NOTE OR MOTES
FOR SAID SU' -A OR SUI;!S FOR AND ON BEHALF OF SAID CITY, ASID TO PLEDGE
THE REVEr1UES OF T.E CITY FOR THE FIRST ONE HALF OF THE YEAR 1936
IAS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COL.,:ISSI02Z RS
IOF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
The '3ayor 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 Terri-
tories thereof, p.rsons, firms or associations, not exceeding One
Hundred Seventy-five Thousand ($175,000.00) Dollars to bear intere:
at the rate not exceeding six (65) per cent per arinui; said sum
so borrowed to be placed in the General Fund of said City, and
said money being for t.,e purpose of taking care of existing and
current obligations of said City and to meet the im;rediate demands
against the City.
SECTION 2.
A note or rotes shall be executed for such loan o_° loans which
shall bear the signature of the "ity of Paduaah by the Mayor and
City Treasurer of said City. Ouch note or notes shall bear
Interest as prescribed in the first section hereof and shall be mad
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, 1936.
SECTIO14 3.
On account of the fact that there are numerous bills and
obligations 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 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 ordinance shall take effect from and after its passage.
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Passed by the Board of Commis;ionjr , January 6th, 1936 4�
Recorded by Rudy Stewart, C1crk, January 7th, 1936