HomeMy WebLinkAboutOrdinances Book 16, Page 711, Ordinance Number 68-8-108711.
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ORDINANCE NO. 68-8-108
ORDINANCE CALLING ELECTION
AN ORDINANCE OF THE BOARD OF COMMISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY, CALLING AN ELECTION TO BE HELD
ON THE NEXT GENERAL ELECTION DAY, NOVEMBER 5, 1968,
SUBMITTING TO THE QUALIFIED VOTERS OF SAID CITY, THE
QUESTION OF WHETHER THE CITY SHOULD INCUR AN INDEBTEDNESS
THROUGH THE ISSUANCE OF VOTED BONDS OF THE CITY IN THE
SUM OF NOT EXCEEDING ONE MILLION DOLLARS ($1,000,000)
FOR THE PURPOSE OF FINANCING THE COST OF IMPROVING AND
CONSTRUCTING STREETS IN THE CITY OF PADUCAH AND THE COST
OF FACILITIES AND EQUIPMENT NECESSARY TO ENABLE THE CITY
TO ACCOMPLISH SAID PURPOSE, AND SPECIFYING THE AMOUNT OF
MONEY NECESSARY TO BE RAISED ANNUALLY BY TAXATION FOR AN
INTEREST AND SINKING FUND.
WHEREAS, it is desirable, necessary and for the best interests of
the City of Paducah, Kentucky, that said City incur an indebtedness in the
sum of not exceeding One Million Dollars ($1,000.000) through the issuance
of voted bonds of said City for the purpose of financing the cost of
improving and constructing streets in the City of Paducah and the cost
of facilities and equipment necessary to enable the City to accomplish
said purpose (hereinafter sometimes referred to as the "Bond Project"),
and
WHEREAS, the said Bond Project would be a municipal project for
the benefit of the residents and taxpayers of said City, and
WHEREAS, the cost thereof cannot be paid out of the City's current
funds and revenues, and an indebtedness of that amount would exceed the
income and revenues provided for the City for the current year and there-
fore cannot be legally incurred without being submitted to the voters of
the City at a general election, and
WHEREAS, it is desired that the question of the incurring of said
indebtedness through the issuance of City of Paducah Voted Public Improve-
ment Bonds shall be submitted to the voters of the City at the next
regular election to be held on November 5, 1968,
NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH,
KENTUCKY, DOES ORDAIN AS FOLLOWS:
SECTION 1. That it is hereby found and determined that it is
necessary and in the best interests of the City of Paducah, Kentucky, and
of its inhabitants that the City finance the cost of improving and
constructing streets in the City of Paducah and the cost of facilities
and equipment necessary to enable the City to accomplish said purpose,
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and that it is advantageous and to the best interests of the City and
of its inhabitants that the foregoing be financed by the issuance of
City of Paducah Voted Public Improvement Bonds, provided that the creation
of said indebtedness and the issuance and sale of such proposed Bonds
are approved by the voters of the City at a general election; and the
Board of Commissioners estimates that the total cost of the foregoing
will not exceed One Million Dollars ($1,000.000).
SECTION 2. That an election is hereby ordered and called
by the Board of Commissioners of the City of.Paducah, Kentucky, to be
held at the next general election on November 5, 1968, for the purpose
of having the voters of said City determine by vote whether an
indebtedness of not exceeding $1,000,000 shall be incurred and whether
Bonds shall be issued for the purposes aforesaid and according to the
provisions hereinafter set out in the Notice of Election contained in
Section 3 hereof.
SECTION 3. That the City Clerk is hereby authorized and
directed to advertise a Notice of Bond Issue Election, such advertisement
to be made in compliance with Section 424.130(1)(d) at least one time,
not less than seven nor more than twenty-one days prior to the election
of November 5, 1968, in the PADUCAH SUN -DEMOCRAT, which is the
newspaper having the largest bona fide circulation which is published
in the City of Paducah, Kentucky, and is the newspaper published .in
said City meeting the requirements of KRD 424.110-120, for publications
required by such statutes to be made with reference to official actions
of the City of Paducah, Kentucky, such notice of Bond Issue Election to
be in substantially the following form:
NOTICE OF BOND ISSUE ELECTION
Notice is hereby given that an election will be held in
and for the City of Paducah, Kentucky, on the General Election
day of November 5, 1968, to determine whether or not said City
shall incur an indebtedness of not exceeding One Million
Dollars ($1,000.000) through the issuance of City of Paducah
Voted Public Improvement Bonds evidencing said indebtedness,
in an amount not exceeding such amount of indebtedness, which,
with all existing indebtedness of said City, does not and
shall not exceed the sum allowed by the Constitution and Laws
of the Commonwealth of Kentucky. The purpose of said indebtedness
is to finance the cost of improving and constructing streets
in the City of Paducah and the cost of facilities and equipment
necessary to enable the City to accomplish said purpose.
If authorized, said Bonds, with interest, will be paid off
within a period of not exceeding twenty-five (25) years from the
date of issue, and the Board of Commissioners of the City shall
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levy and collect an annual tax upon all taxable property within
said City at whatever annual tax rate is necessary to pay the
interest on said indebtedness as it falls due and also to
constitute a sinking fund for the payment of the principal thereof
within said period of not exceeding twenty-five (25) years. The
amount of money necessary to be raised annually by taxation for
an interest and sinking fund for such purpose shall not exceed
the sum of $80,000.00.
The qyestion which will be submitted to the voters of said
City at said General Election shall be in substantially the following
form:
CITY OF PADUCAH, KENTUCKY,
VOTED BOND ISSUE QUESTION
Are you in favor of the City of Paducah,
Kentucky incurring an indebtedness of not
exceeding $1,000,000 by the issuance of Voted YES ( )
Bonds of said City not exceeding that amount,
for the purpose of financing the cost of
improving and constructing streets in the City
of Paducah and the cost of facilities and equip- NO ( )
ment necessary to enable the City to accomplish
said purpose?
All qualified voters in said City are hereby notified of such
election and are requested to vote upon said question.
This Notice is given pursuant to an ordinance of the Board of
Commissioners of the City of Paducah, Kentucky, introduced and given
its first reading on August 13, 1968, and given its second reading
and final passage on August 27, 1968, to which ordinance reference
is hereby made for further details.
(Signed) SARAH THURMAN, City Clerk,
Paducah, Kentucky
SECTION 4. That the question to be submitted to the voters of
said City at said General Election shall be in substantially the form
set out in the above Notice of Bone Issue Election.
SECTION 5. That provision will be made upon the right side of the
ballot following said question for votes favoring the incurring of said
indebtedness to be designated by the word "YES", and for votes opposing same
to be designated by the word "NO".
SECTION 6. That the City Clerk shall certify said question to the
County Clerk and other proper election officers conducting said election,
which question will appear upon the ballot as set out above. Said City
Clerk shall further request said County Clerk and other proper election
officers to cause to be published in the aforesaid newspaper, a copy or
summary of the face of the respective voting machines showing the ballot
labels in place, such publication to be made at least once not less than
three days before the election, as required by KRS 424.290. After the
election, said City Clerk shall obtain and presenve at least four
specimen copies of the Ballot Form used plus at least four copies of the
newspaper publication of the Notice of Bond Issue Election and of the
newspaper publication of the Ballot Form.
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SECTION 7. That if two-thirds of the votes case on said question
at said election are in favor of incurring said indebtedness, the Board of
Commissioners shall then by Ordinance determine and provide all of the
details of said proposed Bonds, including the date, denomination, number
of years of maturities, prior redemption provisions, if any, manner of
sale, execution and delivery and all the appropriate terms, conditions
and provisions, within the limits permitted by law, and shall provide
by said ordinance for the mode of creating and paying said indebtedness,
including the levy and collection of an annual tax upon all taxable
property within said City, sufficient to pay the interest on said
indebtedness and to create a Sinking Fund for the payment of the
principal within such period of not exceeding twenty-five (25) years
from the time of incurring said indebtedness (which will be the date of
the Bond Issue). Said annual tax shall be levied at the same time as
other taxes and shall be in addition to all other taxes. The amount of
money necessary to be raised annually for said interest and Sinking
Fund shall not exceed the sum of $80,000.00. The proceeds of the tax
when collected shall be kept in the City Treasury as a separate fund,
to be inviolably appropriated to the payment of the principal and
interest of said indebtedness.
SECTION 8. That if such Bonds are so approved at said election,
none of said Bonds shall be actually issued, sold and delivered until
their issuance has been approved by a court of competent jurisdiction
pursuant to the provisions of KRS 66.210=220.
SECTION 9. That such bonds shall bear interest at a rate or rates
not exceeding the legal maximum of six percent (6%) per annum, payable
semi-annually from the date of such Bonds, may be callable upon such
terms as the Board of Commissioners of the City may determine, and shall
be dated, sold and delivered as soon after said election as is possible
and feasible, considering the necessity of validating the Bonds pursuant
to KRS 66.210-220, printing the Bonds and selling and-deliverying same.
SECTION 10. That all ordinances, resolutions and orders, or
parts thereof, in conflict herewith, are to the extent of such conflict
hereby repealed.
SECTION 11. That if any section, paragraph, clause or provision of
this Ordinance shall be held invalid, the invalidity of such section, para-
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graph, clause or provision shall not affect any of the remaining provisions
of this ordinance.
SECTION 12. That this Ordinance shall be introduced at a meeting
of the Board of Commissioners of the City and remain on file for at least
one week for public inspection in the completed form in which it shall be
put upon its final passage, and if adopted, shall be in full force and effect
ten days thereafter.
SECTION 13. That this Ordinance shall be published as required by
KRS 66.050(1), as amended. That the City Clerk shall file a certified
copy of this Ordinance with the County Clerk of McCracken County at
least thirty days prior to November 5, 1968, the date of the General
Election referred to in this Ordinance, and the County Clerk shall be
thereby requested to cause the question of incurring the indebtedness
referred to and issuing the Bonds referred to to be printed upon the
ballots to be used in the City precincts at said General Election.
,
Mayor
Introduced by the Board of Commissioners on August 13, 1968
Passed by the Board of Commissioners on August 27, 1968
Recorded by Sarah Thurman, City Clerk, on August 27, 1968.
CERTIFICATE OF CITY CLERK
I, SARAH THURMAN, hereby certify that I am the duly qualified
and acting City Clerk of the City of Paducah, Kentucky, that the foregoing
is a true and correct copy of an ordinance of the Board of Commissioners
of said City calling an election to be held at the next general election
on November 5, 1968, on the question of the issuance of not exceeding
$1,000,000 of City of Paducah Voted Public Improvement Bonds, that said
Ordinance was introduced and given its first reading by the Board of
Commissioners of said City on August 13, 1968, that it was placed and
remained on file in my office for public inspection in that identical,
completed form until August 27, 1968, on which date it was given
its second reading and final passage and adoption. -by said Board, that
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it was published in THE PAUDCAH SUN -DEMOCRAT on August !� 1968,
that no petition protesting its passage in accordance with IUtS 89.600,
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was filed with said Board or with me as of �.d% _, 1968, and that
said Ordinance has now been recorded and appears as a matter of public
record in Ordinance Book 16, page 711, of said City.
IN TESTIMONY WHEREOF, witness my signature as City Clerk and the
official seal of said City this 2_`�day of 1968.
Sarah Thurman, City Clerk
(Seal of City)
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