HomeMy WebLinkAboutOrdinances Book 10, Page 806, No Ordinance Numbereos
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AN ORDINANCE AUTHORIZING TIIE CITY MANAGER TO INVEST
FROM TIIE SURPLUS ACCUMULATIONS IN THE SINKING FUND OF TIIE
i •CITY OF PADUCAH, KENTUCKY, AND FOR TIIE USE AND BENEFIT OF SAID
FUND, TIIE SUM OF FIFTY THOU SAND (,A50,000.00) DOLLARS IN TREASURY
BONDS OF THE UNITED STATES OF ALIERICA, AND PROVIDING TIIE TERMS
AND CONDITIONS UPON WHICH SAID INVESTMENT SHALL BE MADE
VREAS there is now deposited po ited in the sink ingfund
for payment of the principal of the bonded indebtedness of the
City of Paducah, Kentucky, the sum of $107,142.88, which sum
will be increased to $134,142.88 after the Illinois Central
Railroad Company shall have paid its franchise taxes for the
year 1942; and,
WHEREAS, the bonds of the City of Paducah on which
the principal will be due and payable during the next six (6)
years are in amo'unts'as follows:
1943 ------------- �w"11, 000.00
1944 ------------- 11,000.00
1945 ------------- 11,000.00
1946 ------------- 68,500.00
1947 ------------- 4,000.00
1948 ------------- 72,000.00
AND WHEREAS, there will be levied upon all real and
personal property subject to taxation in the City an ad valorem tax
at a rate sufficient for payment of the interest accruing upon all.
outstanding bonds in each of said years, and by reason of the
postponement of the principal maturities there has accumulated a
surplus in the sinking fund and a surplus not presently required
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for retirement of bonds; and,
WHEREAS, under and pursuant to the provisions of Section
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92,200 of the Kentucky Revised Statutes of 1942, the City of
'Paducah is authorized to invest in bonds of the United States
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any surplus of the sinking fund which cannot be applied to the
extinguishment of the outstanding bonded indebtedness and interest
chargable to the sinking fund; and
WHEREAS, the surplus accumulation of the sinking fund
j cannot be applied to the extinguishment of any part of the bonded
indebtedness. of the city on fair terms and at a reasonable price;
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a IdOVJ THEREFORE, BE IT ORDAINED BY TIIE BOARD OF
COMMISSIONERS OF TIIE CITY OF PADUCAH, KENTUCIY:
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SECTION 1.
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That the City Manager be, and he is hereby authorized
to invest from the surplus accurnualt.ions :in the sinking fund of
the City of Paducah, Kentucky, for the use and benefit of said fund
the sum of Fifty Thousand (%50,000.00) Dollars in One and Three
(quarter (1-3/4%) percent Treasury Bonds of the United States
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said bonds to be known and designated as "Treasury Bonds of 1948",
• and each of said bonds to be dated December 1st, 1942 and issued
in the denomination of X10,000.00, bearing interest at the afore-
said rate, payable semi-annually, and the principal of said bonds
to become due and payable on June 15th, 1948. The City Treasurer
shall be charged with the care and custody of the Treasury Bonds
so purchased and belonging to the sinking funds and all interest
(paid upon said bonds prior to their maturity shall be paid into
said fund.
This ordinance shall be in full force and effect
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from and after its adoption.
Mayor
Passed by the Board of Commissioners, Dec. 15th, 1942
Recorded by Rudy Stewart, City Clerk, Dec. 16th, 1942.