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Home My WebLink About82-12-2339478 ORDINANCE NO. 82-12-2339 AN ORDINANCE AMENDING ORDINANCE NO. 82-1-2191 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 funds are needed for short terms of up to ninety (90) 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) days. SECTION 2. The City Manager and City Treasurer ate 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. JOHN K. PENROD Mayor Introduced and adopted by the Board of Commissioners December 22, 1982 Recorded by Louise McKinney, City Clerk, December 22, 1982 Published by The Paducah Sun January 4, 1983.