HomeMy WebLinkAboutOrdinances Book 12, Page 12, No Ordinance Number12
AN ORDINAP:CE AUTHORIZING AND DIRECTING THE TW OR AND CITY
TREASURER TO BORROW NOT EXCEEDING THE SUDI OF ONE HUNDRED TIHOUSAD]D
(.;,100,000.00) DOLLARS FOR THE USE AND BENEFIT OF THE CITY OF PADUCAH,
KENTUCKY, AILD TO EXECUTE A NOTE OR NOTES FOR SAID SUM OR SU? -,-!S FOR
AND ON BEHALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE CITY
FOR THE FIRST ONE-HALF OF THE YEAR 1950 AS SECURITY THEREFOR
BE IT ORDAINED BY THE BOARD OF COT.-IMISSIONERS OF THE CITY OF
PADUCAH, KENTUCIM
SECTION 1. The i.-ayor and City Treasurer are hereby author-
ized 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 com-
panies organized or existing under the laws of the State of Kentucky,
or of the United States of America, or any of the states or territories
thereof, persons, firms or associations, not exceeding One Hundred
Thousand (;100,000.00) Dollars to bear interest at the rate of not
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 a_-ainst the city.
SECTIOII 2. A note or notes shall be executed for such loan
or loans, which shall bear the signature of the City of Paducah be
the I.:ayor 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 may be determined
by the Mayor 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
for taxes for the fiscal half year ending June 30th, 1950.
SECTION 3. On account of the fact that there are numerous
obligations and 'Dills now due and unpaid ogling 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 obligations and available therefor,
and said funds are necessary for the protection of the public health and
safety, an emergency is hereby declared to exist and this ordinance shyy1
take effect from and after its adopt'
i r
e
Introduced by the ;_oard of Commissioners, February 14, 1950
Passed by the Board of Commissioners, February 21, 1950
Recorded by Sarah Thurman, City Clerk, February 21, 1950.
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