HomeMy WebLinkAboutOrdinances Book 13, Page 128, No Ordinance Number128
Al' ORDINANCE AUTHORIZING ARID DIaECTI?G THE i.:itYOP AI'iD CITY
TREASU2ER. TO BORROW NOT EACEEDIIIG TIIE SUI: OF FIFTY THOUSAI:D (- 50,000.00)
DOLLd_LS FOR THE USE AND BLIIEFIrOF TH,: CITY OF PADUCAH, KmITUCKY, AND TO
ZXECUTE A i?OTE OR NOTES FOR SAID SU!,_, OR SUKS FOR AND ON BEHALF OF SAID
CITY, AhD TO PLEDGE TIIE REVENUES OF THE CITY FOR THE FIRST ONE-HALF OF THE
YEAR 1954 AS SSCURI^lY THEREFOR
BE Ii' ORDAINED BY THE BOARD OF COI,11ISSIONERS OF THE CITY OF PADUCAH, ,
IiEK;TUCKY 7
SECTIOI: 1. The Kayor and City Treasurer are hereby author-
ized avid 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 terri-
tories thereof, persons, firms or associations, not exceeding
Fifty Thousand (050,000.00) Dollars to bear interest at the rate
of not exceeding three (3) percent 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 against
the City.
SECTION 2. A note or notes shall be executed for such loan
or loans, which shall bear the signature of the City of Paducah by
the I•Iayor 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 Iiayor 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
from taxes for the fiscal half year ending June 30, 1954•
SECTIOY 3. On account of the fact that there are numerous
obligations and bills now due and unpaid owing by the City of
Paducah, and on account of the further fact that there is insuffic-
ient 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 j
exist and this ordinance shall take effect from and after its adoption. III
li I:.GC2,
I':iayor
Introduced by the Board of Commissioners Tiay 17, 1954
Passed by the Board of Commissioners, 1 -:ay 25, 1954
recorded by Sarah Thurman, City Clerk, i•;ay 7.5, 1954•