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ORDINANCE NO. 78-12-1662
AN ORDINANCE AUTHORIZING THE CITY MANAGER AND -CITY TREASURER
TO ESTABLISH A LINE OF CREDI-T _ WITH LOCAL BANKS FOR SUMS NOT EXCEEDING
-AST AGGREGATE- AMOUNT OF .ONE MILLION TWO HUNDRED FIFTY.. THOUSAND DOLLARS
($1,250,000.00), FOR THE,USE-AND BENEFIT OF THE CITY OF .P.ADUCAH,_ KENTUCKY,
AND TO EXECUTE A NOTE OR . NOTES . FROM TIME TO TIME FOR SAID LINE. OF -.
CREDIT, AND TO PLEDGE THE REVENUES OF THE - .0-ITY.. AS _ SECURITY THEREFOR - -
- WHEREAS, -the .,maintenance of an ad -equate 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 BOARD OF COMMISSIONERS
OF 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. One Million Two Hundred Fifty Thousand Dollars.- -
($1,250,000.00)--for.;the.use and benefit of the City -.of .Paducah, Kentucky, in
maintaining its. necessarycash flow,. with interest being. -negotiable. -The line of
credit shall have a zero balance on June 30 of each and every year this authori-
zation 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 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. This ordinance repeals Ordinance No.- 76-9-1320 which was
adopted by the Board of Commissioners on September 28.,, 1.976.
SECTION 4. This ordinance shall be introduced and remain.. on. file for
one week .for_ public., inspection in the completed .form in which it, shall. be, put - -
_upon its final, passage-,., and if -.adopted . shall .be .in -,full .force -and- effect -ten .(10)- days
thereafter_.._
-
Mayor
Introduced by the Board of Commissioners December 12, 1978
Passed by the Board -of .Commissioners .December, 28, - 1978- .
Recorded" by Louise McKinney, City Clerk, December 28, 1978.
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