HomeMy WebLinkAboutOrdinances Book 7, Page 104, Ordinance Number 40No.
Ordinance No.
idi ORDINANCE PROVIDING FOR till ELECTIOId BY THE QUALI-
FIED ELECTORS OF THE CITY OF PiDUCAH, KENTUCKY, TO BE FIELD ON THE REGU-
LILR ELECTION DAY, NOVELIBER 2nd, 1915, III THE CITY OF P.1DUCidi, =,.IdTJCI:Y,
TO DETERIIIIIE THE QUESTIOIi WHETHER THE CITY OF P-iDUO.'dl SF -ILL ISSUE i'_, -,ID -
SELL BONDS OF SMD CITY TO THE EXTENT OF THREE HUIIDRED THOUS.111D
(5300,000.00) DOLLARS, FOR THE PURPOSE OF CONSTRUCTING THE MAIN OR TRUNK
LINE SEWERS ISI SEF;ER DISTRICT ITUI.1BER THREE OF THE CITY OF PADUCAH,
KENTUCKY, :;IID TO PROVIDE FOT THE PAYMENT OF I ITEIEST ON S._ID BONDS ZID
TO CREATE A SINKING FUND FOR THE P , IFJIT TIIEREOF !iT i.__ TUE.ITTY.
WHEREAS, the City of Paducah, Kentuch:7 has heretofore
had prepared a survey and a map for the seder district of the City -of
Paducah known as Sevier District Number Three, showing the main or trunk
line ser.ers and the lateral sewers necessary to be constructed for the
purpose of draining said district, and
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Ordinance No.
Upon all of the assessable property in the City of Paducah, Kentucky
each year, during the life of said bonds, sufficient to raise the sum of
Thirteen Thousand,Five Hundred (N13,500.00) Dollars, to pay the inter-
est on said bonds during the life 'thereof.
SECTION 5. That the City of Paducah, Kentucky shall levy a tax upon all
of the assessable property in the City of Paducah, Kentucky each and
every year, during the life of said bonds, sufficient to rause a sum not
to exceed the sum of Ten 'Thousand i;?'10,000.00) Dollars, to create a
sinking fund for the payment of said bonds at maturity thereof. '
SECTION 6. That said bonds when so issued shall be in the name of the
City of Paducah, and shall be in denominations of Five Hundred (',x500.00)
Dollars each, and for the payment of which, at the maturity thereof, the
said City will pledge its faith and credit.
SECTION 7. Said bonds shall not be issued, however, unless two-thirds of
all the qualified electors of said City voting on said question shall
have voted in favor of incurring such indebtedness and the issual and
the sale of said bonds, and the result of said election shall be certi-
fied to, according, to law.
SECTION B. A certified copy of this Ordinance shall be filed Yiith the
County Court Clerk of 7.1c0racken County not less than thirty (30) days
before November 2nd, 1915, and a copy of this Ordinance shall be pub-
lished in the official newspaper of the City of Paducah for at least
two (2) ~reeks just preceding the general November election for 1915.
SECTION 9. The Clerk rill have printed upon the ballot, to be delivered
to the qualified -electors in each precinct in the City of Paducah,
Kentucky, at the November election 1915, the following question
" tre you in favor of the City of Paducah issuing and
selling Three Hundred Thousand (5f300,000.00) Dollars of
bonds of the City of Paducah, for the purpose of construct-
ing the main or trunk line sewers in Sewer District Number
3 of Paducah, Kentucky, payable in thirty (30) years from
the date thereof, bearing four and one half (4'rj) per
cent interest, and for the payment of which interest the
sum of Thirteen Thousand, Five Hundred 013,500.00) Dollars
grill be raised by general taxation of all property in the
City of Paducah each year, and for the creation of a
Sinking Fund to retire said bonds at maturity the sum of
not to exceed Ten Thousand (%,10,000.00) Dollars mill be
raised by general taxation of all property in the City of
Paducah each year during the life of said bonds ? "
SECTION 10. This Ordinance shall tale effect ten (10) Days after its adoption.
"'� R,'j T aurice Lo Inty e, city ' 9 13 1--19 10.
3eoorded by y • y ' ,;��r
No. /11
Ordinance No.