HomeMy WebLinkAboutOrdinances Book 11, Page 648, No Ordinance Number64�
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR PRO TEM AND
CITY TREASURER TO BORRa.7 THE SUM OF FIFTY THOUSAND (:50,000.GO)
DOLLARS FOR THE USE AND BENEFIT OF ME CITY OF PADUCAH, KENTUCKY,
AND TO EXECUTE A NOTE OR N09ES FOR SAID SUI. OR SUPS FOR ARID ON
OF SAID CITY, AIM TO PLEDGE THE REVENUES OF THE CITY FOR THE
FIRST ONE-IIALF OF THE YEAR 1949 AS SECL^ITY THEREFOR
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY:
SECTION 1. The I,.ayor Pro Tem 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
Kentucky, or of the United States of America, or any of the states
territories thereof, persons, firms or associations, not exceeding
Fifty Thousand (;50,000) Dollars to bear interest at the rate of no
exceeding three (3%) 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 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 ;,zyor Pro Tem 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 mf
be determined by the Mayor Pro quem 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 to be
collected by the City of Paducah from taxes for the fiscal half
year ending Tune 30th, 1949.
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 obligati
and available therefor, and said funds are necessary for the*protec
tion of the public health and safety, an emer.-ency is hereby declar
to exist and this ordinance shall take effect from and after its
adoption. l)
Mayor Pro I` if,
Commis oner Paul A ell-)
Introduced by the Board of Commissioners, February 8, 149
Passed by the Board of Commissioners, February 15, 1949
Recorded by jarah Thurman, City Clerk, February 15, 1949.
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