HomeMy WebLinkAboutMinutes Book 20, Page 960, May 29, 1945NO Oct)
Proceedings of Board of Commissioners City of Paducah_l-luy(_29th. 1945
At a "egular Meeting of the Joard of Commissioners held in the Commimsioners'i
Chamber at the City Rall, Paducah, Kentucky, at 6:00 o'clock P.T.T. on May 29th, 1945,
Mayor Seaton presided and upon call of the Roll the following answered to their names:
Commissionera Johnston, Pierce, Pulliam, Wagner and L`.ayor Seaton (5).
Minutes of the previous meeting were adopted as read.
Hotel Expense Commissioner Wagnor offered motion that the sum of $403.00 be appropriated by
Armed Forces .
"ay 28, 1945 the City of Paducah for payment of the hotel expense incurred by the members of the
Sell lots to
.5. C. 1lhi tby
Letter of
Yrs. ::'a s ham
Be: U.S.
Tress. Bonds
Armed Forces who will be in Paducah during the week of Llay 28th to participate in the
program sponsored in connection with the Seventh War Loan Drive, and that the amount
so appropriated be charged to the fund appropriated for "Contingent Fund" under the
apportionment ordinance adopted in the year 1945. Adopted on call of the Roll, Yeas,
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Co=issiobers Johnston, Pierce, Pulliam, Wagner and Mayor Seaton (5).
i
Commissioner Johnston offered motion that the Corporation Counsel prepare forj
introduction at the next meeting an ordinance authorizing the sale to W.C.+^:hitby of
the following lots located on Schmidt Street: Lot 14 in Block 7; Lot 11 in Block 9;j
Lot 17 in Block 3; Lot 14 in block 3; Lot 19 in Block 7; Lot 19 in Block 9; and i
i
Lot 14 in Block 6, for the sum of ;x350.00 cash. Adopted on call of the 1;011, Yeas,;
Commissioners Johnston, Pierce, Pulliam, Wagner and Ttayor Seaton (5).
Mayor Seaton offered motion that the letter written by Mrs. Bess B. PJasham,
City Treasurer, to Mr. H. G. McElwee, City Manager, concerning the accumulated surplus
in the Sinking Fund for retirement of voted bonds, the amount anticipated In the
collection of taxes in the years 1945 to 1948 for retirement of said bonds, and the II
i
amount of bond maturities for the years 1945 to 1948, be received, filed and spread
upon the minutes. I
"May 24, 1945
"Mr. H. Gg McElwee
City Ymnager
Paducah, Kentucky
Dear Yr. McElwee:
"In as much as our government is making an urgent plea to ail of us to buy 'Sar bonds,
and there is a sufficient balance in the City's Sinking bund for Voted Bonds to permit
the investment of ;50,000.00 or w75,000.00 in bonds, I give you the following in-
formation:
I
"".t.e 31n'r_ing _und Banat 3dlance at December 31, 1944 was.............0103,049.68
The anticipated addition in 1945 is ............................... 48,000.00
1946 .................................. 39,000.00
1947 .................................. 27,000.00
1948 25 000.00
Total ................................. < ,o=•.
i
The L'ond Vaturitles are as followa:
1945 .................................. 11,000.00
1946 .................................. 68 000.00
1947 .................................. 4,000.00
1x48.............................. 72 000.00
Total ...................... ^
the tend ❑.atnrltiea after 1x48 drop sharply until 1956 - while the requirements to the
sinkin, fund do not drop as much.
"te first goverment bonds purcl,ae.od for ttc alnkiny, Oind, amountln; to :,50,000.00,
mature June 15, 1943, so it can to seen that. we will ba perfectly safe in investing
,'O,O'K.00 or even $7�,C0l,00 at this time.
"°!'r bonds seta to rn tY:e
,e7 t. "hoy pay '4" .Intaroat; mature 1:: years from date
of purchase Of bonds; are nor -callable; can tr rr_deemed on lut Of any month, after
six m:ontts, upon ene r.,nth'a written notice.It' they
are redeemed prior to :maturity,
the rase o, interest is redu,ed by a discount in the a::ount pajatle on tV, bottcia.
However, itsahculd r,ot ''ze rvicessary to redeem Vic annds ,:•Ic..r to maturity, as tho
1x first 6„,.,W1-rJ0 1r.lested will nature in 1948.
I '�
NO. 961
Proceedings of_Board mr uommtasinnar.x--.City of Paducah May 29th,_1,945
If the bonds can be purchased before Juno 1st, we will receive interest for the full
nonth of May.
Very truly yours
Bess B. Washam
B5'r-s j City Treasurer "
Adopted on call of the Roll, Yeas, Commizaioners Johnston, Pierce, Pulliam, Wagner
and Mayor Seaton (5).
Deed to Commissioner Johnston oYfered the following motion: I move that an ordinance
Willie F. ,
Sutton entitled: "AN ORDIN1,NCE PROVIDING FOR THE SALE TO WILLIE F. SUTTON OF' LOT 16 IN
BLOCK 6 IN O'BRYAN'S ADDITION TO THE CITY OF PADUCAH; AND AUTHORIZING THE MAYOR AILD
CITY CLERK TO EXECUTE A DEED OF CONVEYANCE TO SAID PROPERTY", be adopted. Adopted
on call of the Roll, Yeas, Commissioners Johnston, Pierce, Pulliam, 'Wagner and 6.sy or
Seaton (5).
U. S. Treas- Mayor Seaton offered the following motion: I move that an ordinance entitled:
Bonds
X75,000.00 "AN ORDINANCE AUTHORIZING THE CITY MANAGER TO IH'JEST FROM THE SURPLUS ACCUL;ULATIONS
III THE SINKING FUND OF TIIE CITY OF PADUCAH, KENTUCKY, FOR THE USE AND BENEFIT OF SAID
FUND, THE SUM OF SEVENTY-FIVE THOUSAND (;75,000.GO) DOLLARS IN TREASURY BONDS OF THE
UNITED STATES OF AMERICA, AND PROVIDING THE TERIIS AND CONDITIONS UPON %Vi ICH SAID
INVESTLIEIIT SHALL BE MADE", be adopted. Adopted on call of the Holl, Yeas,
Commissioners Johnston, Pierce, Pulliam, Wagner and Mayor Seaton (5).
On motion the meeting adjourned.
ADOPTED _ C1ca APPROVED
---may or
V UA(�1� G1AMT
CIV Clerk