HomeMy WebLinkAboutOrdinances Book 11, Page 966, No Ordinance Number966
AN ORDINANCE AUTHORIZING THE CITY TREASURER TO INVEST FRO.1 THE
(SURPLUS ACCU!-'ULATIONS IN THE SINKING FUND OF THE CITY OF PALUCAH,
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KENTUCKY, FOR THE USE AND BENEFIT OF SAID FUND, THE SUM OF $100,000
-'IN TREASURY EONS OF THE UNITED STATES OF AMERICA, Al D PRESCRIBING.
THE KIND OF BONDS IN 1:.fiICH SAID INVvSTA'ENT SHALL BE MADE.
ZV EREAS, under a letter dated-acembor 12, 1949, Yr. Henry
Collins, the City Treasurer, has reported that there will be a cash)
balance of approximately ;;1450000.00 in the sinking fund as of Dec-
ember 31, 1949; and
l.HEREAS, said Treasurer estimates that $15,000.00 of said fund
!must be retained in cash, thereby reducing said fund as of ';ecember
31, 1949, to,$130,000.00; and
WHEREAS, said Treasurer has further reported to the Hoard of
Commissioners that by the investment of :;100,000.00 of sald sinking
fund at this time, the fund hereafter available for payment of bond;
as the; become due will be entirely sufficient for that purpose and
said Treasurer has recommended that rhe board authorize him to pur-
chase for the City of Paducah United States Treasury bonds in the s'
lof $100,000.00; and
'.:?:EDEAS, the surplus accumulation of the sinking fund cannot be
.plied to the extinguishment of any part of the bonded indebtednes
I�of the City on fair terms and at a reasonable price;
NO:i, THEREFORE, BE IT ORDAINED 13Y THE BOARD OF CO!,:.,:ISSIONERS OF
1F._ CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Treasurer be and he is authorized to
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Invest from the surplus accumulation in the sinking fund of the Cit
'of Paducah, Kentucky, for the use and benefit of said fund the sum
;,100,000.00 in Series s United States Treasury bonds, said bonds to
pure at such time or times as to enable the Oity of Paducah to ha
avollable said sinking fund money which, together with the amounts
hereaftor pard _nr.o the sinking fund, will be sufficient for paymen
of the bonded .n:ebta'ness of the City of raaucah as and when the
4n^e qhs l teca:::� e. ^he bon's in which the inveatment shall. be I
T<„je shall t; in a::ch 'lenom'instIonG no the City Treasury may determine
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aand'rastlrer
A la .."h tLo Zoard of Commissioners ufteri
srr.;: .�..a_1 _ ":,
said invortr..ent is -rade o In writing at&ting the nu mor of
bor,27 purche Se'_'. ... •,•1 ... ... ,, :;'.'. ..': ,,: nunfoors Und t1.d
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••!- .. :.';! '.'L9ti .9'.:1'er nh'all Lc3 ehal'Fed wit:: t.h. care U1N?
sr, a.. ;,:. , belon ;irg to th°
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967
N S—ZCTIO$ 3. This ordinance e::atl be in full force and effect
from and after its adoption.
,:a,or
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Fussed by the Eoard of ;owaisslonars Eecember 13, 1349
Recorded by ac.roY Tk:urmar., City Clerk, Decemuer 13, 1949