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HomeMy WebLinkAboutOrdinances and Municipal Laws, Page 142Y n 142 REVISED ORDINANCES OF PADUCAH. �k N. O. & O. R. R. Co., Funded Bonds_ + Ohio Railroad compary, and shall be delivered to said com- pany in conformity with the contract before referred to, be. tween James Campbell of Paducah and John Childe, agent of the Mobile & Ohio Railroaa company, and dated at Nash- '? ville, Tennessee. November 2, 1852, which contract, having been approved by the chairman and board of trustees and published in a paper of the town, is hereby submitted for acceptance and ratification by the voters of the town. And it is further matted and ordained that before any r " of said bonds shall issue, or any subscription be made under this ordinance, this ordinance with the preamble setting forth the terms of the subscription of stock shall be4ubmit- , y ted to a vote of the qualified voters of the town of Faducah qualified to vote for in embers of general assembly of Ken- tucky at'tlhe courthouse in the town of Paducah on Wednes- day,the 23rd day of Ma arch, 185d', and if on such submission to the voters of said town a majority shall be cast for it. the chairman and board of trustees of said town shall make said subscription on the terms as set forth in. this ordi- nance and preamble, and it is ordered that this ordinance shall be published twenty days before said 23rd • day of, March, 1853, in, at least one of the newspapers printed in Paducah. WM. NOLEii Chairman. March z, 1853• WM. GREIF, Clerk. a Funded Bonds. An ordinance authorizing the furdin of a B portion of ut the bonds issued by the city of Paducah, Ky, on account / of the New Orleans & Ohio Railroad company. P y Be it ordained by the mayor and the .:orrtmon council •of the city of Paducah: r. That in order to fund a portion of .:he bond's issued by the city of Paducah on account of the New Orleans anti Ohio Railroad company, consisting of thirty-three O.Aw 3 REVISED ORDINANCES OF PADUCAH. Panded Bonds. bonds of one thousand dollars ($1,000) each, due the first day of January, t872, and thirty-three (33) of one thousand dollars ($1,000) each,due the first day of January,1873, and twenity-nine bonds of one thousand dollars ($1,000) each, ' . due the first day of January, i87 4, and One bond of one thou. Sand dollars ($1,000) due January 1, 1864, and not funded, sa4d city of Paducah, Ky., shall issue her bonds or certifi- cates of loan to th e m tuber of ninety-five (95) of the de• nomination of one thorsand dollars ($r,000) each, payable twenty years after dat•; or at any time at the option of the council after the expiration of five years from date; the b,nds to bear ten (10) per cent interest from date, and in- teresi to be paid semi-annually at the bank of the State of New York, in the city of New York, and said interest cou pculs shall ae utached to said bonds, payable on presenta- tion at the place above named. 2. That if the common council shall desire to pay any of said bonds after the expiration of five years, they shall Sive novice by publishing in some newspaper published in the city of New York for at least ten (to) days the number Of the bonds they propose to pay, 3• If any of the bondholders refuse or neglect to pre - rent said bonds within thirty (30) days from the publication of said n0tice to the above-named' bank, then the interest p, thereon shall cease and terminate. 4. Be it further ordained that all the real estate and personal property in the city of Paducah, Ky., shall be taxed each rear in such amcunts as may be necessary to pay the interest on said bonds. and the principal when the bonds be - elute clue, or at any 'time after the expiration of five year= d5) at the opti. n of the common council. 5• Be it further ordained that persons refusing to pay their taxes so levied shall be proceeded against as in s:milai i cases when they fail of refuse to pay 'their r.;ilroad taxes, as now provided by law. I • j I i I ,j J ' I i44 REVISED ORDINANCES OF PADUCAH. Funded Bonds. Taking Up Bonds. 6. That the finance committee, in conjunction with the mayor, are hereby appointed' to have. said bonds printed, and have this ordinance carri:4d into effect. r� Taking Up Bonds. t i An ordinance in relation to the proposition submitted by the council to the qualified voters of the city of Paducah - on the 4th day of, November, 1858, for the purpose of tak- ing up bonds, etc. f t 1: Be it ordained by the mayor and the common council of - ` the city of Paducah, Ky.: Whereas, the New Orleans and Ohio Railroad company are the holders of one hundred and fifty (t5o) of the one thousand. dollar ($t,000) ccupon bonds of the town of Padu- - catt, due and .payable July 1st, 1883, issued by said town as , apart pay to said railroad company ' for four thousand shares t. , subscribed by said town in the capital stock of said New Or- le:nfs and Ohio Railroad company, and it being impossible t� - to negotiate said bonds except at a very great sacrifice, and that indicting upon the citizens a heavy lass, and being de- sirou, that said railroad company may make 'said bonds available for the completion of said road, and the New Or- Leans and Ohio Railroad company having proposed to the mayor and councilmen of the city of Paducah, that said city should redeem or pay said one hundred atria fifty bands by an issue of bonds of said city for a like amount, payable as 1"' follows: One-sixth path of which shall be due and 'payable t,�r or, the first day of January, t86o; one-sixth part of which ` shall b • due and payable on the first day of Januar, 1861; tl:� one-sixth part due, and payable on the first day of January, l,rc t862; •)ne-sixth part due and payable on, the first day of January, 1863, and one-sixth part due and payable on the first lit day of January, 1864, and one-sixth part due and payable on �{�•q the first day of January. 1865.