HomeMy WebLinkAboutOrdinances Book 12, Page 1297, No Ordinance Number1297,
AN ORDINANCE OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCK
CALLING AN ELECTION AS TO INCURRING AN INDEBTEDNESS, THROUGH THE ISSUANCE OF BONDS
OF THE CITY, IN THE AMOUNT OP $25,000.00, FOR THE PURPOSE OF FINANCING THE COST OF
PURCHASING A SITE FOR A SEWAGE DISPOSAL PLANT AND OF PREPARING PRELIMINARY PLANS
FOR SAID PLANT
*WHEREAS, it is desirable and necessary for the best interest of the City
yof Paducah, Kentucky, that•the city incur an indebtedness in the amount of
$25,000.00 through the issuance of bonds for the purpose of financing the cost of
purchasing a site for a sewage disposal plant and of preparing preliminary plans
for said plant; and
WHEREAS, said sum of $25,000.00 cannot be paid by the city out of its
current funds and revenues, and
WHEREAS, the addition of said sum of $25,000.00 to the indebtedness of the
City will not exceed the debt limit of the City, and
WHEREAS, it is desired that the question of the incurring of said indebted-
ness, through the issuance of bonds, shall be submitted to the voters of the City,
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1. That an election is hereby called by the Board of Commissioner:
of the City of Paducah, Kentucky, to be held at the general election on November 3,
1953, for the purpose of having the voters of said city vote on the question of
whether or not the City shall incur an indebtedness of $25,000.00 for the purpose
of financing the cost of purchasing a site for a sewage disposal plant and of
preparing preliminary plans for said plant, and whether the City shall issue
therefor its bonds in the total sun of $25,000.00, bearing interest at a rate or
rates of not exceeding 4J per annum, payable, semi-annually, from date of issue
and maturing at the rate of $1,250.00 each year for a period of twenty years
beginning in 1955 and ending in 1974.
SECTION 2. If said bonds are authorized, the Board of Commissioners of
the City shall, beginning in 1954, levy and collect whatever annual tax upon all
property subject to taxation within the City is necessary to pay the interest on
said bonded indebtedness as it falls due and also to provide a sinking fund for
the payment of the principal thereof as same matures.
SECTION 3. The question which shall be submitted to the voters of the Cit,
shall be in substantially the following form:
BOND ISSUE QUESTION
ARE YOU IN FAVOR OF AUTHORIZING THE CITY OF PADUCAH,
KENTUCKY TO INCUR Aid INDEBTEDNESS OF N25 000.00 an'D ISSL�'
T -S BONDS EFOR, PAYABLE AT THE RATE 6F $1,250.00 EACH
YEAR, FOR WERIOD OF TdENTY YEARS, BEGINB!TY0, IN THE YE:,R
1955 AND ENDING IN THE YEAR 1974 AND BEARING INTEREST AT
A RATE OR RATES NOT EXCEEDING F06R (40) PER CENT, PER ANNUM,
PAYABLE SEMI-ANNUALLY, UNTIL PAID, AND ALL TO BE PAID, BOTH
PRINCIPAL AND INTEREST, OUT OF TAXES TO BE LEVIED BY THE CITY
ANNUALLY DURING SAID PERIOD OF TWENTY YEARS, BEGINNING WITH
THE YEAR 1954 AND ENDING 14ITH THE YEAR 1973, ON ALL REAL AND
PERSONAL PROPERTY SUBJECT TO TAXATION WITHIN THE CITY, IN
1298
ORDER TO PROVIDE FUNDS FOR THE PURPOSE OF FINANCING THE COST
OF PURCHASING A SITE FOR A SEWAGE DISPOSAL PLANT AND OF PRE-
PARING PRELIMINARY PLANS FOR SAID PLANT?
Provision shall be made upon the right side of the ballot, following the question
for votes in favor of incurring the said indebtedness to be designated by the
word "Yes" and for votes opposing same to be designated by the word "No".
SECTION 4.. If two-thirds of the votes cast on the question are in favor of
incurring the indebtedness, the Board of Commissioners shall then issue bonds of
the City, shall provide by ordinance for the method of creating and paying the
indebtedness evidenced by the bonds and shall provide for the levy and collection
of an annual tax upon all taxable property within the city sufficient to pay the
interest on the indebtedness and create a sinking fund for the payment of the
principal in a period of not more than twenty years from the time of incurring
the indebtedness. Said levy and collection shall be in accordance with the
provisions of Section 66.050(2) of the Kentucky Revised Statutes.
SECTS That the City Clerk shall file a certified copy of this ordinance
with the County Clerk of McCracken County at least thirty days prior .to the next
regular election date of November 3, 1953, w1th instructions to the County Clerk
to cause the question set out in this ordinance to be printed upon the ballots
to be used in the city.precincts in the general election. The election shall be
held under the general election laws. A certified copy of this ordinance shall
also be published in the official newspaper of the City of Paducah for at least
two weeks immediately preceding the election.to be held on the 3rd day of
November, 1953•
SECTION 6. That all motions, resolutions.or ordinances or parts thereof in
conflict with the provisions of this ordinance be, and the same are, hereby
repealed.
SECTION__?. This orfinance shall be introduced and remain on file for public
inspection for at least one (1) week in the completed form in which it shall be
put upon its final passage, and if adopted shall be in full force and effect
ten (10) days thereafter.
UeOC.Wacobs, Mayor Pro Tem
�zyov
Tro W. Clark, Commissioner
Introduced by the Board of Commissioners September 15, 1953
Passed by the Board of Commissioners September 22, 1953
Recorded by Sarah Thurman, City Clerk, September 22, 1953•