HomeMy WebLinkAboutOrdinances Book 12, Page 3, No Ordinance NumberAN ORDINANCE AUTHORIZING THE CITE' TREASURER TO INVEST FRO1.4
THE SURPLUS ACCUI.IULATIONS IN THE SINKING FUND OF THE CITY OF
PADUCAH, KEN'$ CKY, FOR THE USE AND BENEFIT OF SAID FUND, THE Sal
OF 530,000.00 IN TREASURY BONDS OF THE UNITED STATES OF AI:IERICA,
AILD PRESCRIBING WE KIND OF BOIIDS IN WHICH SAID INVEST;.'IENT SHALL
BE TrADE
WHEREAS, under a letter dated December 12, 1949, V'r. Henry
Collins, the City .Treasurer, reported that there would be a cash
balance of approximately 57145,000.00 in the sinking fund as of
December 31, 1949; and
'WHEREAS, said Treasurer estimated that $15,000.00 of said fund
must be retained in cash, thereby reducing said fund as of December
31, 1949, to +,P'130,000.00; and
WHEREAS, said Treasurer further reported to the Board of
Commissioners that by the investment of :;:100,000.00 of said sinking
fund before December 31, 1949, and the investment of an additional
$30,000.00 after January 1, 1950, the fund thereafter available
for payment of bonds as they become due would be entirely sufficient
for that purpose and said Treasurer has recommended that the board
authorize him to purchase for the City of Paducah United States
Treasury bonds in said amounts; and
WHEREAS, under an ordinance dated December 13, 1949, the
Board of Commissioners authorized the City Treasurer of the City
of Paducah to invest from the surplus accumulations in the sinking
fund of said city, and for the use and benefit of said fund, the
sum of .-100,000.00 in treasury bonds of the United States of America;
and
VWHEREAS, the surplus accumulation of the sinking fund cannot be
applied to the extinguishment of any part of the bonded indebtedness
of the city on fair terms and at a reasonable price;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COT+INISSIONERS OF Ti3E
CITY OF PADUCAH, KENTUCISY:
SECTION 1. That the City Treas rer be and he is authorized to
invest from the surplus accumulation in the sinking fund of the City
of Paducah, Kentudky, for the use and benefit of said fund the
additional sum of 30,000.CO in. Series G United States Treasury bonds,
said bonds to mature at such time or times as to enable the City of
Paducah to have available said sinking fund money which, together with
the amounts hereafter paid into the sinking fund, will be sufficient
for payment of the bonded indebtedness of the City of Paducah as and
when the same shall become due. The bonds in which the investment
shall be made shall be in such denominations as the City Treasurer may
determine and said Treasurer shall file with the Loard of Comnicsioners
4
after said investment is made a report in writing stating the number
of bonds purchased, their denominations and serial numbers and the
dates of maturity.
SECTION 2. The City `treasurer shall be charged with the care and
custody of the Treasury bonds so purchased and belonging to the sinking
fund.
SECTION 3. This ordinance shall be in full force and effect
from and after its adoption.
a yor
Passed by the Board of Commissioners January 17, 1950
Recorded by :`arab Thurman, City Clerk, January 17, 1950.