HomeMy WebLinkAbout84-9-2586163
ORDINANCE NO. 84-9-2586
AN ORDINANCE AMENDING ORDINANCE NO. 82-12-2339 AUTHORIZING THE CITY MANAGER AND
CITY TREASURER TO ESTABLISH A LINE'OF'CREDIT WITH -LOCAL BANKS'FOR SUMS NOT EXCEEDING AN
AGGREGATE AMOUNT OF TWO MILLION DOLLARS ($2,000,000.00) FOR THE USE AND BENEFIT OF THE CITY
OF PADUCAH, KENTUCKY, AND TO EXECUTE A NOTE OR NOTES FROM TIME TO TIME FOR SAID LINE OF
CREDIT, AND TO PLEDGE THE REVENUES OF THE CITY AS SECURITY THEREFOR
WHEREAS, the maintenance of an adequate cash flow will from time to time
necessitate the borrowing of varying sums of money, and
WHEREAS, borrowed
fundsareneeded for share terms of up to ninety {}g} one
hundred eighty (180) days, provided all outstanding debts are repaid prior to the end of each
fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Manager and City Treasurer are hereby authorized to
establish a line of credit with one or more local banks up to a total aggregate amount not
exceeding Two Million Dollars ($-2,000,000.00) for the use and benefit of the City of Paducah,
Kentucky, in maintaining its necessary cash flow, with interest being negotiable. The line
of credit shall have a zero balance on June 30 of each and every year this authorization
shall remain in effect, and no individual loans taken pursuant to the line of credit shall
exceed a term of ninety -{90} one hundred eighty (180) days.
SECTION 2. The City Manager and City Treasurer are hereby authorized to execute a
note or notes for all loans executed pursuant to the line of credit, which shall bear the
signature of the City of Paducah by the City Manager and the City Treasurer of the City. The
City Manager and City Treasurer are hereby authorized to pledge as security for such note or
notes all revenues to be collected by the City of Paducah from taxes for the fiscal year in
which the loan is obtained.
SECTION 3. In order to maintain an adequate cash flow for the City of Paducah, an
emergency is hereby declared to exist and this ordinance shall be in full force and effect
upon its passage at one reading.
JOE VITERISI
Mayor
Introduced and adopted by the Board of Commissioners Sept. 25, 1984
Recorded by Lenita Smith, City Clerk, September 25, 1984
Published by The Paducah Sun October 1, 1984.