HomeMy WebLinkAboutOrdinances Book 10, Page 323, No Ordinance NumberPage 323
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND CITY
TREASURER TO BORROW THE SUM OF SEVENTY-FIVE THOUSAND ($$75,000.00)
DOLLARS FOR ZHE USE AND BENEFIT CF THE C IT`Z OF PADUCAH , KENTUCKY,
AND TO EXECUTE A NOTE OR NODES FOR SAID SM.! OR SUMS FOR AND ON
BEHALF OF SAID CITY, ANDTO PLEDGE THE REVENUES OF THE CI,cf FOR THE
LAST ONE-HALF OF THE YEAR 1940 AS SECURITY THEREFOR.
BE IT ORDAINED BY TIE BOARD OF CO2r15LSSIONERS OF THE CITY" (I''
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 territories
thereof, persons, firms or associations, not exceeding Seventydfive
Thousand (5,7 5,000.00) Dollars to bear interest at the rate of not
exceeding six (6j) 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
j,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 su;h amounts and for such lengths of time as may be determined
by the Mayor and Citf Treasurer. There is hereby .pledged as security
for such note or notes hereby authorized to be executed or any renew-
als thereof, all of the revenues to be collected by the City of Paducah
from taxes for the fiscal half year ending December 31st, 1940.
SECTION 3.
On account of the fact that there are numerous obligations
and bills now due and unia id 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.
Signed
Mayor
Passed by the Board of Commissioners, August 17th, 1940
Recorded by Rudy Stewart, City Clerk, August 18th, 1940