HomeMy WebLinkAboutOrdinances Book 10, Page 1, No Ordinance NumberPa,e 1. '/
AN ORDINANCE AUTHORIZING, EM20-"TERING AND DIRECTING THE
:.:A7 -,'OR AND CITY TREASURER TO BORROW, AS NEEDED, UP TO THE SUI: OF
ONE HUNDRED AND FIFTY THOUSAND (150,000.00) DOLLARS FOR THE USE
AND BENEFIT OF THE CITY OF PADUCAH, KENTUCKY, AND TO EXECUTE A
NOTE OR NOTES FOR SAID SUid OR SURIS FOR AND ON BEHALF OF SAID CITY,
AND TO PLEDGE THE REVENUE OF THE CITY OF ?ADUCAH FOR T3E FIRST
ONE-HALF OF THE YEAR 1939 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COM14ISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY:
SECTION 1.
That the Mayor and City Treasurer be and they are hereby
authorized, and empowered to borrow from any bank or trust
company organized under the lairs of the United States or of the
State of Kentucky, or of any other state or territory of the
United States up to the sum of One Hundred and Fifty Thousand
(9,150,000.00) Dollars, or so much thereof as may be needed for the
use and benefit of the City of Paducah; and to execute a note or
notes bearing interest at not exceeding 6, per annum from date,
for said sum or sums so to be borrowed for and on behalf of said
city of Paducah, and to execute in like manner all renewals or
extensions thereof. The revenue and income of the City of
Paducah for the first Fiscal one-half of the year 1939 are
hereby pledged as security for such loan or loans.
SECTION 2.
It beim necessary to procure funds upon said loan
immediately in order to meet and defray accrued and accuring
expenses and obligations of the City of Paducah and to preserve
and maintain its credit, and to prevent, preserve and protect
the public health and safety of said City, an emergency is
hereby declared to exist and this ordinance shall be in full
force and effect from and after its adoption.
Mayor
Passed by the Board of Commiss ers, January 9, 1939
Recorded by Rudy Stewart, City Clerk, January 10, 1939.