HomeMy WebLinkAboutOrdinances Book 15, Page 670, No Ordinance Number670
AN ORDINANCE OF TTTE CITY OF PADUCAH, KENTUCKY
All ORDINANCE TETERPIININQ THAT IT IS NECESSARY FOR THE
CITY OF PADUCAH, YET7UCKY5 TC IN, AN INDEBTEDNESS THAT
CANNOT BZ PAID WITHOUT EXCEEDING THE IX),'?T AND REVSNUE
PROVIDED FOR TIM CURRENT FISCAL MAR: ORMMING AN ELECTION_
BY THE VOTERS 'IF THE CITY '10 TTr EMUNE IMTHER AN IND: BTS
EDNESS SHALL BE INCURS D AND BONDS ISSUED THEREFOR BY
THE CITY IN THE SUP". OF TWO MILLION FIVE HUNDRED THOUSAND
DOLLARS ($2,5000,000.00) FOR THE PURPOSE OF PAYING ALL
OR A PART OF TIM COSTS OF CONSTRUCTINv SANITARY SEWERS,
AND SEI•iERS FOR RELTEF OF EXISTPIO SANITARY SL NEPS, ALL
WITH DECESSARY APPURTE 1110ES; AND SPECIFYIIIG THE APiOUNT OF
T%iONdY 1ECESSARY TO BE RAISED ANNUALLY BY TAY.4TION FOR
AN INTEREST AND SIMING FUND TO PROVIDE FOR THE PAM -ENT
THEREOF.
THE BOARD OF COLKISS?C•NERS OF THE CITY OF PADUCAH, KER4TUCK Y, DOES
HEREBY ORDAIN, AS FOLLOI•IS:
Section 1. It is hereby found and determined that the public health,
safety, and general welfare of the citizens of the City of Paducah require the
expenditure by said City of Two Million Five Hundred Thousand Dollars (42,500,000),
for the purpose of paying all or a part of the costs of constructing sanitary
sewers, and sewers for the relief of existing sanitary sewers, all with nec-
essary appurtenances; that said sum cannot be paid without exceeding the income
and revenue provided for the City for the current fiscal year; that by reason
of the foregoing, the Board r,f Commissioners deems it necessary that said
City incur an indebtedness in said sum; and pursuant to the requirements of
Section 157 of the Constitution of Kentucky and of Section 66.050 of the
Kentucky Revised Statutes it is therfore hereby ordered that an election be
held by qualified voters of the City of Paducah on November 2, 1965, in
conjunction with the regular elections required by law to be held on said
date, for the purpose of determining whether or not an indebtedness of said
City in the principal amount of Two Eillion Five Iiundred Thousand Dollars
(;2,500,000) shall be incurred and bonds issued and sold therefor by the City
of Paducah for the purpose of financing such proposed undertakings.
Section 2. Said election shall be conducted in conjunction with the
regular elections provided by law, to be held on said date, shall be conducted
by the sane election officers, at the same pollinZ places, and othereise in
all respects as provided by law.
Section 3. It is henby determined that the amount of money necessary
to be raised annually by taxation for an interest and sinkin fund for the
payment of such bonds and the indebtedness evidenced thereby will be a maximum
of One Hundred Ninety-?ive Thousand Dollars ('x195,000). In making such esti-
mate, the Board of Commissioners has determined that such bonds -,111 mature
serially over a period of twenty-five (25) years from date of issue, and has
arbitrarily assumed that said bonds will bear the si,[c per cent (6') per annum
maximum interest rate pe:-nitted by law; but said bonds, if approved by t::o-
671
thirds (2/3) of the votes cast at said election, shall be offered at public
sale upon due advertisement .for not less than their par value and upon the basis
Of competition among the bidders as to both price and interest coupon rate or
rates.
Section h. The question which shall be printed upon the ballots and
thereby submitted to the qualified voters of said City upon the occasion of
said election shall be, as follows:
"BONDS FOR CONSTRUCTING SANITARY SEIIERS, AND SE?ti'ERS
FOR RELIEF OF EXISTING SANITARY SE'r1ERS.
"Shall the City of Paducah incur an indebtedness and
issue and sell its bonds therefor in the amount of Two Pillion
Five Hundred Thousand Dollars (u23500,000) for the purpose of
paying all or a part of the cost of constructing sanitary sewers,
and sewers for the s'elief of existing sanitary sewers, all with
necessary appurtenances; such bonds to be g:neral obligation
bonds of the City for the payment of which, both principal and
interest, its full faith, credit and recources will be pledged,
said bonds to be paid from the levy and collection of an annual
tax sufficient to pay the interest on and principal of such bonds
and create a sinking fund therefor, the required amount of such
annual tax being estimated by the Board of Commissioners to
be a maximum of One Hundred Ninety -fire Thousand Dollars
(t195, 000 )? n
Section 5. Upon passage and approval of this Ordinance the City Clerk
shall forthwith certify a copy hereof and deliver the same to the Clerk of the
County Court of McCracken County, Kentucky; and such delivery shall be made at
least thirty (30) days prior to the date of said election; and the City Clerk
small direct the attention of the County Court Clerk of KRS 66.050(1) requiring
the County Court Clerk to cause the question of incurring the indebtedness
and issuing the bonds to be printed upon the ballots to be used in the City
precincts.
Section 6. The City Clark is hereby directed to cause said election
to be advertised by publishing this Ordinance according to KRS Chapter L2h.
INTRODUCED, read, and given first -reading approval at a meeting of
the Board of Commissioners held on the 13th day of July, 1965.
GWENT SECOND READING AND FINTALLY ADOPTED at a meeting of the Board
Of Commissioners held on the 20th day of July, 1965.
(SEAL) �• 72� t_� ������r
Mayor
City of Paducah, Kentucky
ATTEST:
City Clerls
CERTIFICATION
The undersigned, City Clerk of the City of Paducah, Kentucky, hereby
672
certified that the foregoing is a true copy of nn Ordinance finally adopted on
Second Reading by the Board of Commissioners of said City at a meeting held
on the 20th day of July, 1965; on the same occasion signed by the Xayor,
and attested under seal by me as the City Clerk; and a copy thereof duly
delivered for newspaper publication as therein provided.
11ITITESS my hand and the seal of said City this 20th day of July,
1965.
(HAL)
City Ulerk
City of Paducah, Kentucky