HomeMy WebLinkAboutOrdinances Book 10, Page 114, No Ordinance NumberPage 114
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AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND CITY
TREASURER TO BORROW THE SUET OF SEVENTY-FIVE IIiOUSAND (,'}75,000.00) DOLMRS
FOR THE USE AND BENEFIT OF `IHE CITY OF PADUCAH, IiENTUCKY, AND iD EXECUTE
A NOTE OR NOTES FOR SAID SUM OR SUI,4S FOR AND ON BEHALF OF SAID CITY, AND
TO PLEDGE THE REVENUES OF THE CITY FOR THE LAST ONE-HALF OF THE YEAR 1939
AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1.
The Mayor and City Treasurer are hereby authorized and
it
directed to borrow on behalf of and for the use and benefit of the City
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of Paducah, Kentucky, from any barb, 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 territories thereof, persons,
firms or associations, not exceeding Seventy-five Thousand ($75,000.00)
Dollars to bear interest at the rate of not exceeding six (6%) per cent
per annum; and 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.
SECTTION 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 December 31st, 1939.
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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 breasury
with which to meet said obligations and available therefor, and said
funds are_nece:sary 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.
idayor —
Passed by the Board of Coimni ioners August 15, 1939
Recorded by Rudy Stewart, City Clerk, August 16, 1939