HomeMy WebLinkAbout2013-12-8109ORDINANCE NO. 2013-12-8109
AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A LOAN
AGREEMENT BETWEEN THE CITY OF PADUCAH AND PAXTON PARK MUNICIPAL
GOLF COURSE BOARD
WHEREAS, the Paxton Park Municipal Golf Course Board is charged with daily
oversight, operation and maintenance of the Paxton Park Golf Course; and
WHEREAS, the Board of Directors of the Golf Course Board have requested a
loan from the City for the purpose of financing facility improvements and equipment purchases;
and
WHEREAS, the City would like to enter into a loan agreement for the Capital
Improvement Projects and Equipment Needs presented by the Golf Course Board.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City of Paducah is hereby authorizes the Mayor to enter
into a loan agreement in the amount of $225,000 with Paxton Park Municipal Golf Course Board
for capital improvement project and equipment needs for the Paxton Park Municipal Golf
Course..The City will make the loan from the Fleet Enterprise fund for a period of ten (10) years.
Annual payment on the loan will be $22,500, plus annual accrued interest at a rate that reflects
the earning on City demand deposits, not to exceed 2.5%.
SECTION. 2. Funding for said loan authorized in Section 1 above shall be from
the Fleet Trust account.
SECTION 3. Severability. If any section, paragraph or provision of this
Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the remaining
provisions of this Ordinance.
SECTION 4. Compliance With Open Meetings Laws. The City hereby finds and
determines that all formal actions relative to the adoption of this Ordinance were taken in an
open meeting of this City Commission, and that all deliberations of this City Commission and of
its committees, if any, which resulted in formal action, were in meetings open to the public, in
full compliance with applicable legal requirements.
SECTION 5. This Ordinance shall be read on two separate days and will become
effective upon summary publication pursuant
A' -I' T E S T:
Tammara S. Sanderson, City Clerk
Introduced by the Board of Commissioners, December 10, 2013
Adopted by the Board of Commissioners, December 17, 2013
Recorded by Tammara S. Sanderson, City Clerk, December 17, 2013
:published by The Paducah Sun, December 23, 2013
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