HomeMy WebLinkAboutOrdinances Book 11, Page 912, No Ordinance Number912
AN ORDINANCE REPEALING AN ORDINANCE ENTITLED: "AN ORDINANCE
ORDERING AN ELECTION BY THE QUALIFIED VOTERS OF THE CITY OF PADUCAH,
KENTUCKY, TO BE HELD ON THE REGULAR ELECTION DAY, NOVE14BER S, 19491
IN THE CITY OF PADUCAH, KENTUCKY, TO DETERMINE THE QUESTION WHETHER
OR NOT THE CITY OF PADUCAH SHALL ISSUE AND SELL REVENUE BONDS IN THE
SUh'. OF NOT EXCEEDING TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($2,500,000), BEARING INTEREST AT A RATE NOT EXCEEDING THREE AND
ONE—IIALF PER CENT (3z°o) PER ANNUM, PAYABLE SEMI—ANNUALLY, UNDER TH
PROVISIONS OF KRS 96.550 TO 96,900, FOR THE PURPOSES OF PROVIDING
FUNDS FOR THE PURCHASE OF THE ELECTRIC UTILITIES SYSTEM OF THE
KENTUCKY UTILITIES COMPANY AT THE PRICE OF TWO MILLION SIXTY—FOUR
THOUSAND ONE HUNDRED NINE DOLLARS (:2,064.109) PLUS THE APPREISED
VALUE OF ADDITIONS AND IMPROVEhIENTS IN SUCH ELECTRIC UTILITIES
SYSTEM LESS THE VALUE OF PROPERTY RETIREMENTS WHICH HAVE BEEN MADE
SINCE THE COMPLETION OF THE INVENTORY OF THE PHYSICAL PROPERTIES
ON i'AICH THE APPRAISERS BASED THEIR VALUATION AS OF THE 1945-46
PRICING PERIOD, FOR PAY14ENT OF ALL PRELIMINARY EXPENSES WHICH
HAVE BEEN OR WHICH MAY HEREAFTER BE INCURRED IN CONNECTION WITH
OR PRECEDENT TO THE ACQUISITION OF SAID SYSTEM, FOR NECESSARY
ALTERATIONS AND IMPROVEMENTS IN SAID SYSTEM, FOR CONSTRUCTING
SUCH TRANSMISSION OR TRANSPORTATION FACILITIES AS MAY BE NECESSARY
FOR THE DISTRIBUTION OF ELECTRICITY PURCHASED FROM THE TENNESSEE
VALLEY AUTHORITY, TO PROVIDE A CASH WORKING FUND FOR THE MAINTENAN
AND OPERATION OF SAID ELECTRIC UTILITIES SYSTEM, FOR PAYMENT OF
INTEREST AND PRINCIPAL ON SAID BONDS, AND FOR OTHER PURPOSES INCI-
DENTAL TO AND NECESSARY FOR ACQUISITION, ESTABLISHMENT, OPERATION
AND MAINTENANCE OF SAID ELECTRIC UTILITIES SYSTEM; AND DIRECTING
THE CITY MANAGER TO CERTIFY THE QUESTION TO THE COUNTY COURT CLERK
FOR SAID ELECTION AND TO ADVERTISE SAID QUESTION IN THE PADUCAH
SUN -DEMOCRAT, BY HANDBILLS, AND BY OTHER MEANS", WHICH WAS ADOPTED
BY THE BOARD OF COMMISSIONERS ON MAY 10, 1949.
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That an ordinance bearing the title quoted above,
which ordinance was adopted by the Board of Commissioners on May
10, 1949, and of record in Ordinance Book 11, page 691 of the
official records of the City of Paducah, Kentucky, be and the same
is hereby repealed.
SECTION 2. This ordinance shall be in full force and effect
from and after its adoption.
-7
his yor,, Pr o Tem
Rte,' L
Commissioner Geo. A. `Rennin, Sx. )
Passed by the Board of Commissioners September 20, 1949
Recorded by Sarah Thurman, City Clerk, September 20, 1949.