HomeMy WebLinkAboutOrdinances Book 7, Page 151, No Resolution NumberOrdinance No.
A RESOLUTION DIRECTIIIG jOID AUTHORIZING THE I:IaYOR OF THE CITY
OF PADUCbII TO EXECUTE NOTES OF THE CITY OF PADMdl FOR TIIE SUM OF
ONE HUNDRED THOUSAND ('.p100,000.00) DOLLt�RS, AND PLEDGING-ITTICIP.LTED
REVENUE OF THE CITY OF P-,iDUC.iH FOR THE FIRST I1<,LF OF 1916 TO FiLY
SAI,1E.
WHEREAS, the City of Paducah anticipates that it will need to
borrow the sum of One Hundred Thousand (:?100,000.00) Dollars to pay
the current expenses of said City for the first half of 1916, and,
WHEREnS, the revenue of said City will not be available
within sufficient time to meet said obligations, -
BE IT RESOLVED BY THE BOARD OF COM,iISSIONERS OF THE
CITY OF P !DMC , KENTUCKY:
Section I. That the Mayor is hereby directed and authorized to
execute revenue notes for and in behalf of the City of Paducah,
dated January 11, 1916, due and payable at the office of Bernhard,
Scholle and Company, 14 Wall Street, City of New York, State of,
Tlew York, to -Henry G. Rolston or order, six (6) months from date,
in the aggregate sum of One Hundred Thousand (5100,000.00) Dollars,
with interest thereon at the rate of six (61,0) per centum per annum
from maturity until paid, and to secure the payment of which, when
so executed by the Mayor, the City of Paducah hereby pledges a
sufficient portion of the anticipated current revenue of the City
of Paducah for the first half of 1916 to pay said notes, together
with any interest and costs attached thereto.
Section 2. This Resolution shall take effect from and after its
passage.
i
PASSED BY THE BOARD OF C0I2IISSIONERS JAIIU�RY 3, 1916.
RECORDED BY H. K. HAZELIP, CLERK TO THE BOARD, JANU!,RY 7, 1916.
Ordinance No.