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ORDINANCE NO. 97-2- 5 64 3
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR OF THE
CITY OF PADUCAH, KENTUCKY, TO JOINTLY EXECUTE, WITH THE FISCAL COURT
OF McCRACKEN COUNTY, KENTUCKY, A PROMISSORY NOTE, MORTGAGE AND
OTHER DOCUMENTS NECESSARY WITH A FINANCIAL INSTITUTION HAVING ITS
PRINCIPAL PLACE OF BUSINESS IN COVINGTON, KENTON COUNTY, KENTUCKY,
FOR A SUM NOT TO EXCEED $3,600,000.00, TO FINANCE THE PURCHASE,
ACQUISITION, AND DEVELOPMENT OF APPROXIMATELY 200 ACRES OF REAL
PROPERTY LOCATED ON OLIVET CHURCH ROAD, McCRACKEN COUNTY,
KENTUCKY
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Mayor of the City of Paducah, Kentucky, is hereby authorized
and directed to execute, with the Fiscal Court of McCracken County, Kentucky, a promissory
note and other documents necessary, subject to commercially reasonable terms and conditions,
with a financial institution having its principal place of business in Paducah, McCracken County,
Kentucky, for a sum not to exceed $3,600,000.00, to finance the purchase and acquisition of
approximately 200 acres of real property located on Olivet Church Road, McCracken County,
Kentucky.
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SECTION 2. The City Clerk of the City of Paducah, is hereby authorized and
directed to attest under the seal of the City of Paducah the documents referenced in Section 1
above.
SECTION 3. Any expenditures incurred by the City of Paducah in connection
with the above shall be charged to account number
SECTION 4. This ordinance shall be read on two separate days and will become
effective upon summary publication pursuant to KRS Chapter 424.
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ATTEST:
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Introduced by the Board of Commissioners February 11, 1997
Adopted by the Board of Commissioners February 25 , 1997
Recorded by Lenita Smith, City Clerk, February 25 , 1997
Published by The Paducah Sun, February 26, 1997