HomeMy WebLinkAboutMO # 776MUNICIPAL ORDER NO. 71(
A MUNICIPAL ORDER AUTHORIZING THE GRANT OF A REAL ESTATE
MORTGAGE TO PADUCAH-McCRACKEN COUNTY RIVERPORT AUTHORITY
ENCUMBERING THE PROPERTY OF CITY OF PADUCAH, KENTUCKY, LOCATED AT
117 SOUTH FIRST STREET NOW KNOWN AS WATER STREET, PADUCAH,
KENTUCKY
WHEREAS, City of Paducah has requested the Paducah -McCracken County
Riverport Authority to invest the sum of $500,000.00 in the real property of the City of Paducah
located at 117 South First Street now known as Water Street, Paducah, Kentucky, upon which is
to be situated the Seamen's Church Institute Center for maritime Education (the "Center"); and
WHEREAS, Paducah -McCracken County Riverport Authority is agreeable to
making such an investment, provided that a first real estate mortgage on the subject property is
pledged in order to secure their investment; and
WHEREAS, in order to induce the Paducah -McCracken County Riverport
Authority to make such an investment, City of Paducah is agreeable to assigning and conveying
such a mortgage interest.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah, Kentucky, hereby approves the pledge of
its property located at 117 South First Street now known as Water' Street, Paducah, Kentucky, as
securityfor the investment of the Paducah -McCracken County Riverport Authority in the amount
ty YP ty
of $500,000.00 for the construction and implementation of the Center.
SECTION 2. That the Mayor is hereby authorized to sign the mortgage
agreement granted to the Paducah -McCracken County Riverport Authority, which fully sets forth
the understanding between the parties.
SECTION 3. This Municipal Order shall be in full force and effect from and after
the date of its adoption.
ATTEST:
i enit Smith, City Clerk
Adopted by the Board of Commissioners, January 27, 1998
Recorded by Lenita Smith, City Clerk, January 27, 1998
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