HomeMy WebLinkAboutOrdinances Book 13, Page 651, No Ordinance NumberAPT ORDINANCE AUTHORTZTNG THF, CITY Ni4NA!'ER AND THF CITY
TREASURER TO TUVEST FROM THF, SURPLUS ACCIMRMATTONS IN THF, STAIKTNG
FUND OF THF CITY OF PADUCAH, KENTUCKY, FOR THE USE AND BENEFIT
OF SAID FUND, THE SUM OF p11.1..,nO0,0O IN SERIFS J BONDS OF TUU,
UNITED STATES OF AYER,ICA, AND PROVIDING TRE TERMS AND CONDITIONS
TIPON WHICH SAID INVESTMENT SHALL RF MADE
WHEREAS, as shown by the .letter of Oscar K. Talmage, City
Treasurer, dated January 14, 1957 that, there was deposited in the
Sinkin^ lend for the pa}anent of the bonded indebtedness of the City
of Paducah, Kentucky as of DLcember 31, 1955, the sum of 1'157,607.13
and,
WHEREAS, it appears from said letter that Series G bonds
of the United States of America in the sum of :175,000.00 heretofore
nurcha.sed for the Sinking Fund of the Cit" will mature in 1957, and
there will be retained in the Sinking Fund at all times a sufficient
a-nunt for the pa:*,.ent of the bonded indebtedness of the City on the
date of the mati.iri.ty of all outstandin7 bonds, and
ViERFAS, under and 'pursuant to the provisions of KRS
92.20n the City of Paducah i.s authorized to invest in bonds of the
United States any surplus in the Si.nki_n� nand which cannot be applied
to the extinmuishment of the outstandin- bonded indebtedness and
tho indebtedness char -al -le to the SinkinS Fund, and
WHEREAS the surplus accumulation in the Sinking Fund cannot
be applied to the extinguishment of any part of the honded indabtAdness
of the city on fair terms and at a reasonable price
NOW THEREFORE, BE IT ORDAINED BY THF, BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY;
SECTION 1. That. the Citi* Mana^er and the City Treasurer be,
and they are hereh;*, PllthOrized to invest-'%l1,.4,nOO.On of the Sinki.n-
Ftmd of the City of Pf,d.rn.cnb, Kentnrk-in n2n0,nO0.n0 of Series J v
United States Treasury Bonds for tra nse and benefit of the Sinking
P"T'd of the Ci*.t_-. The Ci.t-- Tr-nstlrer shall be charged with the care
and custody;- of the bonds so rnmrhased and helon`--i.nT to the Sinki.n^
Fund, and all. in'-erest paid on said bonds shall be n_aid to said
fund.
X52
fro,7 Pn(I
SRCTTON ?. T!ii.s ordir-inn.- "R in full force and effpot.
Pnssed b-- t!e Ro?,rd of Commissioners Jmnunr— 3.5, I.Q57
Recorded b..; Sar. O, 'eTurm.rm, C,.'Lti,r Clerk, Jpnup-r,?- 1-5 i q5?