HomeMy WebLinkAboutOrdinances Book 11, Page 433, No Ordinance NumberJJ /
AN ORDINANCE AUTHORIZING AND DI?ECTING THE MAYOR AND CITY
TREASURED TO 1'0" C:: "_. ."al OF FIFTY THOUSAND (;;50,OOO.CO)
DOLLARS FOR T! -.E USE A1,O =TTEFIT OF THE CITY OF PAMCAH, KENTUCKY,
AND TO EXECUTE A IiOTE C" :0:71_ POR SAID Stir' „ JU;SS !�'OR AND 0"1
'EHALF OF SAID CITY, A':. _'DIE T`iE THE CIT,C FOR
T7_7FI ' 'l' 0'dE-_'.vL^ CF_. 1948
P.S _.^,U''.iTf T''LRE.^0R
-73 IT O':DAIi^D B^'E _OAnD OF CC..... (iITi
OF PADJCA_!,
SECT _0]; 1.
-he ;.;ayor and City Treasurer are hereby authorized and
directed to borro•: on behalf of and for the use and benefit of the
City of Paducah, Kentucky, from any bank, banks or trust companies
or anized or existin under the laws of the State of Kentucky, or o
the United States of America, or any of the states or territories
thereof, persons, firms or associations, not exceedin.- Fifty
Thousand (•;50,000.00) Dollars to bear interest at the rate of not
exceeding three
(3;.) percent per annum; and said sum so borrowed
to be placed in the General Fund of said City, and said money
bein^ for the purpose of Lakin- care of e::istinE and current
obli-ations of said city and to most the immediate demands aZalnst
the City,
3EC TIOIi 2
A note or notes shall be executed for such loan or loans,
which shall bear the siEnaturc of the City of Paducah by the ,'ayor
and City Treas-rer of said city. Such note or notes shall bear
interest as prescribed in the first section hereof and shall be mad
in such amounts and for such lengths of time as may be determined
by the ;:afor and City Treasurer. There is hereb„r pledged as
security for such note or notes hereby authorized to be executed
or any renewals thereof, all of the revenues to br collected by
the City of Paducah from taxes for the fiscal half year ending
June 30th, 1948.
SEC T10-,1 3.
On account of the fact that there are numerous
obliCations and bills no due and unpaid o•..7_n: :,, the City of
Paducah, and on account of the further fact that there is
insufficient money in the treasury with which to meet said
oblir,ations and available therefor, and said funds are necessary
for the protection of the public health ani safety, an emergency
is hereby declared to exist and this ordinance :hall take effect
from and after its adoption.
Introduced by the Board of Commissioners, 7ebruarj 17, 19=8
Passed by the roard of COmMiss loners, February; 14th, 1,948
Rec-)rded by Sarah Thurman, City ,lerk, cebriiavy Nth, 1948.