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ORDINANCE NO. 78-6-1568
AN ORDINANCE AUTHORIZING THE ISSUANCE OF ASSESSMENT BONDS
ANTICIPATION RENEWAL NOTES TO BE REPAYABLE AS TO PRINCIPAL FROM THE
PROCEEDS OF ASSESSMENT BONDS AND/OR ASSESSMENTS (OR FROM THE PROCEEDS
OF RENEWAL NOTES OR IN PART FROM THE PROCEEDS OF ASSESSMENTS AND FROM
THE PROCEEDS OF RENEWAL NOTES) AND AS TO INTEREST FROM THE SOURCES
HEREIN PROVIDED THEREFOR.
WHEREAS, there have heretofore been issued a Note of the City of Paducah,
Kentucky, in the amount of $100,000 face amount, executed in connection with the
Townlift Project, dated May 6, 1977 and due May 6, 1978, and a Note in the face
amount of $100,000, executed also in connection with such Townlift Project, dated
July 7, 1977 and due July` 7, 1978, both Notes being payable yto Peoples First National
Bank & Trust Company, Paducah, Kentucky, and
WHEREAS, KRS 56.513 (2) provides that such Notes may be renewed, if
necessary, based on the original solicitation or proposals, and
WHEREAS, it is deemed necessary, advisable and for the best interest of
the City that the action provided for herein be taken,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS:
SECTION 1. That the Mayor and/or other appropriate City officials are
hereby authorized and directed to execute a Note as of June 15, 1978, in -the amount of
$200, 000, the proceeds of which shall be used to pay the principal of such Notes
hereinbefore referred to, the City to pay the interest due on such Notes at that time
in the- respective-ai4dunts 'of $328.26" and $2,868.43.
SECTION 2. That such new Note in the amount of $200,000 shall be dated
June 15, 1978, shall mature on December .15.,,-.1.978„and shall bear_ interest at the rate
of 3% per annum, pa-yfable at the- maturity -date of, such _Note::.
SECTION 3. That the security for such new Note and the sources of payment
of the interest on and the principal thereof shall be the same as were provided for
the payment of such Notes now outstanding in the Ordinance which became effective
on February 22, 1977 and which authorized such Notes which are now outstanding.
SECTION 4. That such officials are hereby authorized and directed to take
any and all other action which may be necessary in connection with the foregoing.
SECTION 5. That an emergency, is declared to exist and this Ordinance
shall therefore be introduced and remain on file for public inspection for at least one
876
week in the completed form in which it shall be put upon its final passage and if
adopted it shall be in full force and effect immediately thereafter.
ORDINANCE given its -.first reading. on -,the, 23rd day of -Ma -,-1978..
ORDINANCE given its second reading and adopted : on the 13th day of
June, 1978.
ORDINANCE effective .on the -,13th day of June, ..1978..
Mayor, City of Paducah, Kentucky
(Seal of City)
ATTEST:
City Clerk - _