HomeMy WebLinkAboutOrdinances Book 12, Page 1299, No Ordinance Number1299
AN ORDINANCE OF THE BOARD OF COM14ISSIONERS 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 OF X400,000.00, FOR THE PURPOSE OF FINANCING THE COST
OF CONSTRUCTING A NEW CITY HALL
iYHEREAS, it is desirable and necessary for -the best interests of the City
of Paducah, Kentucky, that the city incur an indebtedness in the amount of
;400,000.00 through the issuance of bonds for the purpose of financing the cost
of constructing a new city Hall, and
WHEREAS, said sum of :;;400,000.00 can not be paid by the City out of its
current funds and revenues, and
WHEREAS, the addition of said sum of $400,000.00 to the indebtedness of
the City will not exceed the debt limits of the City, and
WHEREAS, it is desired that the question of the incurring of said
indebtedness, through the issuance of bonds, shall be submitted to the voters
of the City,
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMP+IISSIONERS OR -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 $400,000.00 for the
purpose of financing the cost of constructing a new City Hall, and whether the City
shall issue therefor its bonds in the total sum of 0400,000.00, bearing interest
at the rate or rates of not exceeding 4% per annum, payable semi-annually, from
date of issue and maturing at the rate of $20,000.00 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 3e The question which shall be submitted to the voters of the
City shall be in substantially the following form:
BOND ISSUE QUESTION
ARE YOU IN FAVOR OF AUTHORIZING THE CITY OF PADUCAH,
KENTUCKY, TO INCUR AN INDEBTEDNESS OF $400,000.00 AND ISSUE
ITS BONDS THEREFOR, PAYABLE AT THE RATE OF $20 000.00 EACH
YEAR, FOR A PERIOD OF TWENTY YEARS, BEGINNING IN THE YEAR
A955 RATEOR RATES NOTENDING IN THE YEAR EXC EDING974, FOURAND (4a)EARING PERR CENT,EPER AT
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 WITH THE YEAR 1973, ON aL REAL AND
PERSONAL PROPERTY SUBJECT TO TAXATION WITHIN THE CITY, IN
ORDER TO PROVIDE FUNDS FOR THE PURPOSE OF FINANCING THE COST
OF CONSTRUCTING A NEIE CITY HALL?
r0
1300
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 taxqble 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.
SECTION 5. 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, with 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 lqws. A certified copy of this ordinance sha7J
also be published in the official newspaper of the City of Paducah for at least
trwo 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 7. This ordinance 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.
Geo. ejptobs, blayor Pro Tem
Troy W4 Clar�c�Commissioner
Introduced
ioner
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•