HomeMy WebLinkAboutOrdinances Book 10, Page 849, No Ordinance Number649
! AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND CITY
TREASURER TO BORROW THE SUM OF FIFTY THOUSAND ($50,000.00)
DOLLARS FOR THE USE AND BENEFIT OF THE CITY OF PADUCAH, KENTUCKY,
AND TO EXECUTE A NOTE OR NOTES FOR SAID SUM OR SUMS FOR AND ON
BEHALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE CITY FOR THE
FIRST ONE-HALF OF THE YEAR 1943 AS SECURITY THEREFOR
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BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY: !
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SECTION 1.
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II The Mayor and City Treasurer are hereby authorized and
directed to borrow on behalf of and for the use and benefit of thel
�I City of Paducah, Kentucky, from any bank, banks or trust companies!
II organized or existing under the laws of the State of Kentucky, or of
the United States of America, or any of the states
Ior territories
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Ilthereof, persons, firms or associations, not exceeding Fifty
I Thousand
($50,000-00) Dollars to bear interest at the rate of not
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it exceeding Three (3%) per cent per annum; and said sum to borrowed
to be placed in the General Fund of said City, and said money
being for the purpose of taking case of existing and current
obligations of said city and to meet the immediate demands against
the city.
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SECTION 2.
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A note or notes shall be executed for such loan or loans!,
which shall bear the signature of the City Bf 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
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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 bo be collected by
the City of Paducah from taxes for the fiscal half near ending
June 30th, 1943.
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 treasury with which to meet said
obligations and available therefor, and said funds are necessary
650
II
,!for the protection of the public health and safety, an emergency
lis hereby declared to exist and this ordinance shall take effect
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;from and after its adoption.
Mayor
Passed by the Board of Commissioners, April 13, 1943
Recorded by Rudy Stewart, City Clerk, April 14, 1943.