HomeMy WebLinkAboutOrdinances Book 11, Page 151, No Ordinance NumberAll ORDII'vilCE 0:,D::1111? A. _.L_ICT:.O:r
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-MECTIC:: DAY, 11 4, 194
O:, THs CITY OF' PADIUCAE SHALL I-l'iLE AiQ
3ELL ;_Ci.06 Ov SAID CITY III PEE X70UNT Ob, KOT _-*,XC_-,1E,DI1lG
D („50,000.00) DOLLARS, LEA.q__.. 17, ZHE3T AT
THS '.11ATE OV _:O_ :iCCEEDING T.70 AND ONE-HALF (2 Pk�RCE,,!T
SEEII-A-2,11JALLY, FOR TTIE IUPE06E OF FROVID_":_.G
T.' DEFRAY 'FEE COST U .-APdJG A SURVL _Y A -,,'D AiP! A ISAL
OF ALL 7-12AL 1,iRSCXAL F�'PZRTY III SAID CITY SU J' CT TO
LOCAL _"OR USE r. i UE, CITY ASSESSOR AND ALSO FOR -JEE
LY TIC BOARD C -o' VALUI-T-G, SAID PhOP_FTY r'OR
'._'AXATiOi4 Ptllii:OJL'a ii D ZTEREON,
A'._.D .?CR THE CFLO':C PORSO111TEL A-,11) THE
A' -L3
A:: L �D 11?P IES TO 1.,AKE
3AiD 6-IRVET A A. 011,7-.7 _J 0,23 UECESSAITZ
:.-'.:D CONDITIONS
SOLD; PROVIDING FOR
0- 1�.11 !--J'Xii-AL A-1:11 IYJ_--22T 011 SAID BONDS;
03 C- EAT --O,: OV A SIa IP F`uWD FOR THE PAZ Z�T
0-,' s ID DONDj AS 'EjzZ T_ATURE
by reason of ine�ivalities in the valuation of
real and personal property subject to local taxation as shown
by tho records of the City ,assessor and the impossibility of
equalizinZ assess .ants Cenerally from information made available
by taxpayers vhen listln_r, their property for taxatian purposes,
it is deemed advisablo for the City of Paducah to employ personnel
for the pu'--poso of mak-inL a survey and appraisal for use 'cj the
City I.ssespor and also for use y the _card of equalization
vi;,,en valuin-_: said Ty�operby for taxation purposes and equalizin,-
the assosoments t.lereon.
119.7 TMEREFOIE, C.L. IT Ol.-DAII-TED BY THE, ZOARD OF
GI TIM CITY OF PADUCAH, IMMUCTIY:
SECTlO'jT 1.
There is hereby called an --lection in the City of Paducah,
Kentucky, under and pursuant to the provisions of IMS C-6.050
to be held on ,,ovei,.qber 4th, 1947, the next re_-ular election day
after the adoption of t! is ordinance, betvicen the hours fixed
by laza for the holdinC of the reCular election and at the re-ular
votinC places and by the re-ular election officers holding said
reGular election, for the purpose of submittin,, to the oualifiod
voters of the City of Paducah the question of the issuance and
sale of not c.,,:ccc(I_Jn,- 211-fty `,,Ihouoand ( .50.000.00) Dollars of
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bonds o;: the City of 11oducah for the purpose of nrovidInC funds
to defray the cost of ma'.cin-: a survey and appraisal of all real
and personal property in said city subject to local taxation for
use by the City hasossor and also for -use by the Loard of Gqual-
i ation rrhen valuin said property for taxat-on )urposcs and
equalizin the assesswentc thereon, anc: for the craploy;aent of
all necessary pers nnol and the acquisition of all necessary
equipment and supplies to accomplish such reassessment, and for
any other pm pose n.cessary and incidental thereto. Said bonds
shall not bc� issued and sold until t e method of accomplishinE
such appraisal has been approved uy t:,e Board of Commission:rs
and the cost thereof has been asvertained, nor unloss two-thirds
of the votes cast on said question at said election are in favor
of incurring, said indebtedness and the issuance and sale of said
bonds as herein provided and the result of said election shall
have been certified acc ordinE to law.
SEC T,O:; 2.
SS id bonds in the a�Cregate principal amount of r'ifty Thousand
Do'_lars (•;,50,000.GO) '..cnown as F._unicipal o -assessment _ends, shall
bear interest from rate of issue at t:c rato of not exceed -in` two aid
one-half (2 1/2,,) percent per annum, pa;�able 3.7ui-annually, and be in
the denominat on o:One Thousand Dollars (,,.1,000.00) each.
they shall be serial bonds and issued so that five (5) o£ said
bonds amountin-, to an aZ rebate principal sum of :ive Thousand
Dollars (.,,5,000.00) shall mature one (1) year after the date
thereof, and five (5) of said bonds in the aE`:re,gate principal
alY-0unt of Pive Thousand Dollars (..;5,000.CO) shall mature annually
thereafter, so that the r.,hole of said issue shall be retired
Within ten (10) years, and the interest and principal shall be
payable at the oliice o£ the City Treasurer in the City of Paducah,
SEC TION 3.
The City of }aducah, 3=entucky, shall reserve the rlCht t re-
deem and pay off said bonds on any interest or maturity date at 103
d:)rinC the first t,.,o years, at 1C2 durinr- the next tao ;,rears, at
1:1 during the next two years, and at 100 thereafter in inverse
numerical order.
SEC TLO:i 4.
DuvinE the life of said bonds the City of Paducah shall
nually levy and collect a tax upon all taxable property within saR
city to raise or produce the sum which will pay the interest and
retire the bonds as and when they mature, and to create a sin:cinE
fund for the payment of the principal within a period of not more
than ten (10) ;rears. Said annual tax shall be levied and collect,
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at the same tii,e as other city taxes, and shall be in addition to
cll other taxes. The proceeds of said tax, when collected, shall
be 'icpt in the city treasury a: a separate fund, to be inviolably
appropriated to the Payment of the principal and interest of said
indebtedness.
SECT—LO';.— 5.
A cerci ied copy of this ordin+ncc shall be filed :vith the
County Court Clerk of I.:cCracken County,-:entucky, at least thirty
(S0) days prior to the next reEular election after the adoption of
-his ordinance, and this ordinance shall to advertised in the Paduc
Sun -Democrat, the official nee:apaper of the City of Paducah by
publishin_ in said newspaper a certified copy thereof for at
least two (2) wee' --s next precedinL the said election.
SECTIO_; o.
The County Court Clerk of LXCracicen County, Kentucky, shall
cause the question of incurrin-- the aforesaid indebtedness and
issuing ane sellin;; said bonds to be printed upon the ballots to
be used in each votin_ precinct of the City of Paducah, ;=entucky,
at said election, and he zhall cause to be printed upon each
ballot to be delivered to the voters in each precinct of* said city
at said elect -"On file follo,:in :;uestion,:-
"ARL i'OU II; ,, it0;7 r, ;; CITY O. PADUCAH ISSUING AND
S°LLTi?u :iOT I= TY TcOU3At1D DOLLARS (.;,.50, 000.00 )
Iii ii1_;DS 0. .� C'I `i F;;DUC.'-l?I, aAiD BONDS TO BEAR IIiTL3.�ST
AT ME RAM 1 i:O i' T,:O A ,D OilE-IIALr (2 /2')
: aRCE1,T PER A:,P1UI,:, 'AYABL'c' ZE1:_-A. NUALLY, FOR THE FURrOSE
OF PROVIDiiIG RUMS TO DEFRAY T -E CONT 0? I.:AKIWV, A SiRVEY
A::D APPRAISAL OF ALL REAL AND P .RS ONAL P ROPERT C ITS SAID
CITY :;USJZCT TO LOCAL 7'aXAT1011 !OR USE by THE CITY ASSESSOR,
A;:D AMO FOR USE i;Y THE BOARD OF _r bALIZATiOid /HLP: VALUING
SAID PPOPERTY FOR TAXATIO;I PUP.I'OSLS A:D EUALIZTiIG THE
A33ES:3"ENT3 T; EREC,r A:?D FOR THE 81.7I'LOY:.:211T OF ALL NECESSARY
rHRS0A"•ILL AND 7,'S AC UISITIOiI OF ALL-.TWESSARY E0UIPT"EItiT
D SUPPLIES TO ACCOI.:PLISII.UC.I AIID F0, __TY
0'1:; PJ21'OS� :I C2S3AP,Y AID INC=Dr :TAL —I ."STO; FROVIDED'
7 -AIT '.7IL:1 SAID BONDS ARE SO I63UED MEY :,u r 72 SERIAL
_�OIID3 I:I DEIIOI`Ii?A7rIMT:; OF OPIE THOT33A;1D DOLLARS (1;;.1,000.00)
EACH, PAYABLE 51IT7II:: A PERIOD OF TSN (10) YE -4113 r110:: DATE
TTMREOF, FIVE (5) OF ',!HIGH JITALL %;ATU iE A:':NUAL.T�:�' DU:;T2IG SAID
PERIOD; PROVIDER; ^1i IP THE CI'P A -.D PAY O,_-? 1 SHID
BONDS AT 103 DUR IIK 'Prla _' It 3T T'.:0 Y ARJi :,0i•: DA TL Ur' I i iUE,
AT 102 DURI11r, T110 [I .XT T.70 YEARS, AT 101 M.Ri-13 T:IL '.,IDT
WO YEARS, AP'D AT 100 THEREAFTER; Ai:D IROVIDIM Ci; T_1' It VY
151
OF A TAX U POI! ALL TAXABLE 1 li0i' i;'!'.'f , i`":iL; 'i_':i C T'1'.f 0_ PADUCAH
AT A RATE Z3UPFICIKM TO rRODUCE THE REQUIRED A!;;OUYT OF
I:O`EY TO PAY SAID INTER 3T A ' 7 D TO RETIRE SAID EMS AS
_ "D i!�_r1 THEY i.;A vtiE, SAID TA,: LINY TO BE I.TADE EACII Alm
:VT, -'?'(Y AR DURII!' Tills' LIFE OP' SAID i:0:!DS AM TC LE IIT
:?DDI'PTO.T10 ALL
SECTIOII 7.
If any a:ection or provision of this ordinance shall be
hcl:; invalid, the remainder thereof shall not be affected
tk)ereby.
..EC TION? a.
This ordinance shall be introduced at a regular meetin^_
of the Eoard of Commissioners and remain on file one (1) week
for public inspection in the c'omple_ed form in which it shall
be put upon its finc.l passage, aw-1 if adopted it shall be in
full force and effect ten (10) days thereafter.
Introduced b,,, the 'Zoard of Commissioners, July 29th, 10
,
Adopted by the Eoard of Comr.,issioners,AuEust 12, 1947
Recorded bj Sarah Thurman, City Cler%, Au-ust 12, 1947.