HomeMy WebLinkAboutOrdinances Book 14, Page 856, No Resolution Number856 /
A RESOLUTION AUTHORIZING THE PARKS, PLAYGROUND AND RECREATION
BOARD OF THE CITY OF PADUCAH TO ACCEPT FROM ILLINOIS CENTRAL RAILROAD
COMPANY A STEAM LOCOMOTIVE ENGINE TO BE PLACED IN A PUBLIC PLACE, AND
PROVIDING THE TERPIS AND CONDITIONS UNDER WHICH SUCH ACCEPTANCE SHALL
WHEREAS public solicitations have been made for funds with which
to acquire a steam locomotive engine from Illinois Central Railroad
Company to be placed in a public place in the City of Paducah for public
viewing, and
WHEREAS said Illinois Central Railroad Company has agreed to
donate a steam locomotive engine for such purpose provided the sum
of $7,500.00 can be raised for a trust fund, the income from which to be
used for the protection and preservation of such en7ine, and
WHEREAS it is the opinion of the Board of Commissioners of the
City of Paducah, Kentucky that the Parks, Playground and Recreation Board
of said city is the proper board to care for the protection, preservation
and maintenance of said enPine.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COM14ISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Parks, Playground and Recreation Board of the
City of Paducah, Kentucky, be, and it is hereby, authorized to accept
from Illinois Central Railroad Company a steam locomotive engine to be
placed in a public place chosen by said Board, and is to be maintained
and preserved by said Board for public vie:•ring, subject to the following
conditions:
(a) Depositing in Citizens Bank and Trust Company of Paducah,
Kentucky, the sum of $7,500.00 raised by public subscription for the
establishment of a trust fund to provide for the protection and pre-
servation of said engine, and
(b) The execution of a Trust Agreement from Citizens Bank and
Trust Company to the Parks, Playground and Recreation Board of said city
providing that said sum of $7,500.00 shall be held in Trust by said
bank; invested in United States Securities or other securities permitted
by law, and the income therefrom (less 5% commission of such income
for trust services to said bank) will be paid at regular intervals to
said Board by said Trustee for the protection and preservation of said
SECTION 2. In the event the aforesaid engine should be destroyed
by casualty, Act of God or should cease to be in existence for any
reason, the assets of the Trust Fund as set out in Section 1 hereof
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shall be delivered by the aforesaid Trustee to the aforesaid Parks,
Playground and Recreation Board of the City of Paducah, or its successor,
for use in the development of the park, playground and recreation
facilities of said City.
SECTION 3. This Resolution shall be in full force and effect
from and after its adoption.
B9ayor
Passed by the Board of Commissioners, December 27, 1962
Recorded by Sarah Thurman, City Clerk, December 27, 1962.