HomeMy WebLinkAboutOrdinances Book 12, Page 1301, No Ordinance NumberAN ORDINANCE OF THE BOARD OF COT,1MISSIONERS OF THE CITY OF PADUCAH, KENTUCKY,
CALLING AN ELECTION AS TO INCURRING AN INDEBTEDNESS, THROUGH THE ISSUANCE OF BONDS
OF THE CITY, IN THE AMOUNT OF �,225,000.00,*FOR THE PURPOSE OF FINANCING THE COST
`OF PERMANENT TYPE IMPROVEMENTS TO MAIN CITY STREETS
WHEREAS, 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 $)252'000.00
through the issuance of bonds for the purpose of financing the cost of 'permanent
type improvements to main city streets, and
WHEREAS, said sum of $225,000.00 can not be paid by the City out of its curren
funds and revenues, and
WHEREAS, the addition of said sum of $225,C00.00 to the indebtedness of the Civ
will not exceed the debt limit 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 COMMISSIONERS OF THE CITY OF
PADUCAH; KENTUCKY:
SECTION 1. That an election`is hereby called by the Board of Commissioners of
the City of Paducah, Kentucky, to be held at the general election on November 3,
1953, for the purpose of having'thd voters of said city vote on the question of
whether or not the City shall incur an indebtedness of ;225,000.00 for the purpose
of financing the cost of permanent type improvements to main city streets, and
whether the City shall issue therefor its bonds in -the total sum of ;225,000.00,
bearing interest at a rate or rates of not exceeding 4% per annum, payable semi-
annually, from date'of issue and maturing at the rate of :?11,250.00 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 Gnm_mi.sszonerS o,^ thA
City shR.11, beginning in 1954, levy and collect whatever annual tau upon all prop�rt
subjpot +,o taxation ri+,h;.n the r.ity is necessary to pay the interest on said bonded
indebtedness as it fal_l,G ri»e and 1G0 to prmirir g;nl�i p T nri for the p;nnont 0f
the principal thereof as same matures.
SECTIO1,T 1.; 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 INDEBTENNESS OF $225,000.00 AND ISSUE
ITS BONDS YEAR, FOR AHPERIOD'PAYABLE OF TWENNTYAT THE YEARS,RATE OF BEGINNINGIR 250.00 EACH
1955 AND ENDING IN THE YEAR 1974 AND BEARING INTEREST AT
A RATE
EOR RATES NOT EXCEEDING F06R (4%) PER CENT, PER ANNUM
,
PRINCIPAL ANNUALLY, UNTIL PAID, .AND ALL TO BE PAIDVIED ,.BOTH
ANNUALLY DURING NSAIDSPERIOD OF TWENTY T* OUT OYTAXES TYEARS, O BE E BEGINNING WITH
THE YEAR 1954 AND ENDING WITH THE YEAR 1973 ON ALL REAL AND
PERSOORDER NAL PROPERTY TO PROVIDE FUNDS FORTTHE PURPOSE OF FIO TAXATION NANCING THE TTAE ICOST
OF PERMANENT TYPE IMPROVEMENTS TO MAIN CITY STREETS?
.y
1302
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 indebtendess, the Board of Commissioners shall then issue bonds of
the City, shall.provide by ordinance for the method of creating and paying tte
indebtedness evidenced by the bonds and shall provide for the levy and collectio:
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.
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 ordinanee 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 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.
G"a,,'yore Pro Tem
W, e_e" .
Troy/W. C ar , Commissioner
Introduced by the Board of Commissioners September 15, 1953'
Passed by the Board of Commissionets, September 22, 1953
Recorded by Sarah Thurman, City Clerk, September 22, 1953.