HomeMy WebLinkAboutOrdinances Book 15, Page 385, No Ordinance Number385
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND THE CITY
TREASURER TO BORROW A SUM OR SUMS OF MONEY NOT IN EXCESS OF $130,000.00
FOR THE USE AND BENEFIT OF THE CITY OF PADUCAH, KENTUCKY, IN THE
CONSTRUCTION OF THE NEW CITY HALL BUILDING; TO EXECUTE A NOTE OR NOTES
FOR SAID SUM OR SUMS FOR AND ON BEHALF OF THE CITY, AND TO PLEDGE THE
SUM OF $130,000.00 OWING TO THE CITY BY THE URBAN RENEWAL AND COMMUNITY
DEVELOPMENT AGENCY OF PADUCAH, KENTUCKY, AS SECURITY THEREFOR
WHEREAS on October 9, 1962, the Board of Commissioners of the
City of Paducah, Kentucky, adopted an ordinance authorizing the transfer
of $213,820.00 from the Public Works Cumulative Reserve Fund of.said
City to the Urban Renewal and Community Development Agency of said
City for the acquisition of all lands in the City in an area bounded by
Washington Street, Fourth Street, Clark Street and Fifty-atreet as a
site for the construction of a new City Hall building, and for the cost
of clearing said site and other incidental and necessary expenses in
connection therewith, said new City Hall site being a part of an Urban
Renewal Program known as the Downtown Civic.Center Project and also
known as Housing and Home Finance.Agency Project KY. R-30, and
WHEREAS thereafter and on or about October 22, 1962, said sum
of $213,820.00 was transferred to said Agency, and
WHEREAS it was later determined and ascertained that the actual
cost to the City of Paducah for said new City Hall site area would be
the sum of $31,775.00 which sum was charged to the.City for the
purchase of said land from said Agency, and
WHEREAS on or about November 5, 1963, said Agency repaid to the
City the sum of $52,04.5.00, leaving a balance of $130,000.00 owing by
said Agency to the City, which sum is now owing and unpaid, and
WHEREAS said sum of $130,000.00, or a substantial portion thereof,
is now needed by the City to finish paying its part of the construction
cost of said new City Hall building, and
WHEREAS it is the intent of the Board of Commissioners of said
City to borrow said sum of $130,000.00, or so much thereof as may be
necessary, and using and pledging as security therefor the aforesaid
indebtedness of $130,000.00.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Mayor and City Treasurer are hereby authorized
and directed to borrow, on behalf of and for the use and benefit of the
City of Paducah, Kentucky, from any bank, banks or trust companies,
organized or existing under the laws of the State of Kentucky, or of
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the United States of America, or any of the states or territories
thereof, person, firm or association, not exceeding $130,000.00, to
bear interest at the rate of not exceeding Three Percent (3%) per annum.
SECTION 2. A note or notes shall be executed for such loan or
loans, which shall bear the signature of the City of Paducah, Kentucky,
by its Mayor and City Treasurer. Such note or notes shall bear interest
not to exceed the amount as prescribed in the first section hereof,
shall be made for such amount as may be determined by the Mayor and
City Treasurer, but not to exceed the sum of $130,000.00, and said
note or notes shall be due and payable not later than December 31, 1964.
There is hereby pledged as security for such note or notes the sum of
$130,000.00, or so much thereof as may be necessary, that is now owing
to the City of Paducah by the Urban Renewal and Community Development
Agency of said City, and said Mayor and City Treasurer are hereby
authorized to execute any and all instruments necessary to secure
such pledge.
SECTION 3. All sums of money borrowed by the City of Paducah
under the terms of this ordinance shall be used and applied to the
construction cost of the new City Hall building, and bank drafts,
cashier's checks or other checks of all loan proceeds shall be made
payable to the City of Paducah and shall be endorsed by the City
Treasurer, for and on behalf of said City, and deposited in Citizens
Bank and Trust Company of Paducah, Kentucky, in the Account known as
"City of Paducah Public Improvement Corporation Construction Fund".
SECTION 4. This ordinance shall be in full force and effect
from and after its adoption.
Mayor
Passed by the Board of CommissionersSeptember 8, 1964
Recorded by Sarah Thurman, City Clerk, September 8, 1964