HomeMy WebLinkAboutOrdinances Book 10, Page 1178, No Ordinance NumberAN ORDINANCE AUTHORIZING THE CITY MANAGER TO INVEST
FROM THE SURPLUS ACCUMULATIONS IN THE SINKING FUND OF TIIE
CITY OF PADUCAH, KENTUCKY, FOR THE USE AND BENEFIT OF SAID
FUND, THE SUM OF SEVEN'Ff*FIVE THOUSAND 075,000.00) DOLLARS
IN TREASURY BONDS OF THE UNITED STATES OF AMERICA, AND
PROVIDINU THE TERMS AND CONDITIONS UPON WHICH SAID INVESTMEITT
SHALL BE MADE
WHEREAS, as shown by the written report of Mrs. Bess
B. Washam, City Treasurer, dated 14ay 24, 1945, there vias
deposited in the sinking Fund for the payment of the principal'
of the bonded indebtedness of the City of Paducah, Kentucky,
on December 31, 1944, the sum of :,x103,649.G3, and the collection
of taxes anticipated for the retirement of principal on said
bonds in the year 1945 will amount to +;x48,000.00, in 1946 to
$39,000.00, in 1947 to ;x27,000.00 and in 1948 to 6x25,000.00,
and up to January 1st, 1949 the total collections for the
retirement of the principal on said bonds will amount to
approximately $242,649.68; and,
WHEREAS, the bonds of the City of Paducah on which the
principal will become due amd bayable up to January lat. 1949
are in amounts as follows:
1945 . . . . . . . .$11,000
1946 683000
1947 o . . . . 4,000
1948 72 000
Total 1153;OG8
AND VMREAS, Government bonds in the sum of ";0,000.00
purchased by the City of Paducah pursuant to an ordinance adopted
by the Board of Commissioners on December 15th, 1942 will mature
on June 15th, 1948, and there will be retained In the Sinking Fund
at all times a sufficient amount for payment of the principal of th
bonded indebtedness of the city on the date of the maturity of all
outstanding bonds; and,
WHEREAS, there will be levied upon all real and personal
property subject to taxation within the City of Paducah an ad valor
tax at a rate sufficient for payment of the interest accruing upon
ill outstanding bonds in each of the aforesaid years, and by reason
if the postponement of the principal maturities there has accumulat
i surplus in the Sinking Pund and a surplus not presently required
°or the retirement of bonds; and,
WHEREAS, under and pursuant to the provisions of KRS Section
►2,200, the City of Paducah is authorized to invest in bonds of
;he United States any surplus of the Sinking Fund which cannot
ie applied to the extinguishment of the outstanding bonded indeb-
edness and the interest chargable to the winking Fund; and,
1179 j
WHEREAS, the surplus accumulations of the Sinking Fund
cannot be applied to the extinguishment of any part of the bonded
indebtedness of the city on fair terms and at a reasonable price.
AM
NOW THEREFORE, BE IT ORDAINED BY TIME BOARD OF COLMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
That the City Ivianager be, and he is hereby authorized,
to invest from the surplus accumulations in the Sinking Fund of t
City of Paducah, Kentucky, for the use and benefit of said fund,
the sum of gM,000.00 in 22°. Treasury bonds of the United States
America, known and referred to as "G" bonds, seven (7) of said
bonds to be in the denomination of ;'10000.00 and one (1) in the
denomination of •AOOO.00, to be non -callable, to bear interest
at tae aforesaid rate, payable semi-annually, to mature 12 years
from the date of issue, and to contain provisions under which the
same may be redeemed on the first day of any month after the
expiration of six (6) months fr,)m the date of purchase and upon
one (1) month's written notice. The City Treasurer shall be
charged with the care and custody of the Treasury Bonds so purchas
and belonging to the Sinking Fund, and all interest paid upon
said bonds prior to their maturity shall be paid into said fund.
SECTION 2.
This ordinance shall be in full force and effect from and
after its adoption.
Passed by the board of Commissioners, May 29th, 1945
Recorded by Rudy Stewart, City Clerk, May 29th, 1945.
`hP.y4kyy�