HomeMy WebLinkAboutOrdinances Book 7, Page 406, No Ordinance NumberNo. Nod
Ordinance No. __
ORDINANCE TO ISSU}I _RFIUI!DISTC, BOIMS OV THE CITY OF PADUCAH, IGIIITUCP;Y,
III TLIE SIMI 011' SEVESTY T.HOUSAITD ("r70,000) DOLLARS.
.IIERIAS, there are outstanding bonds of the City.of Paducah bearirz
date of December 1, 1888, and maturing upon the :first day of Docember
ff 1918, in the amount of '70,000; and,
uiiZh,ciS, said bonds are legal, valid and binding obligations of
the City, and it is for the best interest of the City that the sa_mme
should be refunded; nor:, therefore,
BE IT ORDAIIIED BY THE BOARD OF CO[L.ISSIOIa?S 0" 11111.r1, CITY OF
PADUCAH, 1ZI1TUCImo;
Section 1. That bonds of the City of Paducah be issued in the
sum of seventy thousand (V70,000) dollars, .for the pu).�ose of refunding
the bonded indebtedness above referred- to ; said bonds shall be in the
denomination of one thousand (•,:1,000) dollars each, numbered From one to
seventy, both inclusive, shall be dated December 1, 1918, and. shall
bear interest at the rate of Five (5;j) per cent per annum, payable
semi-annually woon the first dayos of December and Jane of each year;
they shall mature u-�_-)on the first dap of December, 1948, and shall be
signed by the ilayor 2nd the Commissioner of Public finance, and the
coupons ray bear the fac simile signatures of said officers. Said
bonds shall be in substantially the following form, to -wait;
U I?I TED S !i TIDS O F A17 ERI CA
S TA T1, OF =_ EI) UC_IY
CITY OF PLDUC_ H
'IST,, (5c") PE_R 01111T R h1UVDIii PO 'D,
I"_;II DY THESE PRES1171TS: That the City of Paducah,
(1on?ity of 1ae0r .c_:en, Kentucky, ac'•tno-71cdges itself to o -.,ie and for
value received hereby -promises to pay to bearer, u-oon the .first day of
December, 1948, the sura of 0271E THOU ?D DOI?,__RS in lal::ful money of the
United States of America, with interest thereon at the rate of five
(5,j) per cent per annum, payable semi-annually ipon the first days of
June and December of each year, until the payment of the principal
hereof, u-,gon presentation and surrender of the proper coupons therefor
hereto attached. Both principal and interest hereof are payable at
the 11ATIOI'.AL CITY Btlb?' OF I!"rW YORX CIT
This 1)Ond is one of a series of seventy bonds of li'e denomination,
tenor enid effect, numbered from one to seventy, both inclusive,e-
„atinS, ';1;70,000 in amom)t, and is issued under authority of the General
Lards o' the State of Kentucky, and by virtue of an Ordinance duly pa.ssecl
by the Board of Commissioners of the City of Paducah itaon the 20th day
of Iiovember 1918, Cntitled, "AID OIiDIII1i?CL TO ISSUE RE_'UIIDIIIG DODDS 03 `1'I
No.�
Ordinance No..
CITY OF P_DUCAH,-MCM, III TL -S SU:" OF S'EVEPITY THOUS UD (Q70,000)
DOLLARS.,
It is hereby certified and rocited that all acts, conditions and
things required by law to be done, precedent to and in the issuance
hereof, in order to mane this bond a legal, valid and binding obligation
of the City of Paducah, Wrachen County, 'rntucky nave been Aone, have
happened and been performed in ro_,ular and duo _form; that the debt to
refund which these bonds are issued, was a, legal, valid and binding
obligation of the City of Paducah; that this issue of bonds, together
3 with all other outstanding indebtedness of said City, is not in excess
Of any statutory or constitutional limitation of indebtedness; that
provision has been made for the levy and collection of an annual tax
sufficient to pay the interest hereof and to create a sinking fund to
-redeem the principal at maturity; that the Tull faith, credit and
revenues, and all the real and personal property of said City are hereby
irrevocably pledged for the p-romot payment of this bond and interest a.,_
the same mature. ......
ii? '.7INDkS5 ':TTEi''10 the City of Paducah,-TcOrac'sen County, _entuc 7
has caused this bond to be signed by the Lkyo-r and Commissioner of
Public Finance; the seal of the City to be affixed, and the coupons to
bear the fac-simile signa-bares of said officers at Paducah, Etntuchy,
this -first day of December, 1918.
(Seal) Krark l" Burns
i,w,yo"r of the Cityof 'adueah, :nntuw .
Q,n Tully
Commissioner of Public Pina_:ce.
rro,
Upon the first day of June (December), 19 the CITY G'
MUCLU, QCracken County, Ea tuchy, will pay to bearer, at the
iIATIORAL CITY BAUK OF 11B1.1 YORK_ CIT Y, the sura o f , being
six months interest then due on its refunding bond numbered
dated December 1, 1918.
Fran!_ r erns
Iayor of the City of Paducah
',Jynn Tully
Commissioner o" _ub is Pinance.
Section 2. That the proceeds of the sale of said bonds shall
be used only for the purpose of taping: nD said outstanding bonds.
Section S. That the -re shall be levied upon all the tapable
Woperty in the City of Paducah, annually, a tax sufficient to produce
. the sum of Thirty-five ?Iuaidred (1-1'e'3500) Dollars to gay the interest uDo-,l
,paid bonds, and a. _iirther slum equal to one -thirtieth of the princila.I of
Said bonds , .-i'or the purpose of .� ovidiil�r a siil':ing fa- d. to redeem the
principal of said bonds at i:-raturit r. The taxing authorities shall
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No.
Ordinance No. __ _ ___--
annually com-aute the -rate and amowit of said tax, and the same shall
be levied and collected as other taros are levied and collected, and
shall only be applied to the payment of the interest on said bonds acid
to provide a. sinking fund. to redeem the principal tYBreof at r.a.ti-Tity.
Section 4. ':M3R_;eS.S, said bonds have been duly advertised
for sale and have been sold at a price of more than par and accr-Lied
interest, that said bonds when duly executed shall be delivered to the
»urerasei thereof u,)on paying into the treasury of the City the amount
bid therefor.
Section 5. This ordinance shall take effect and be in force
from and. a -ter its passage and -record.
Introduced by the Board of Commissioners I?ov. 12, 1918.
Passed by the Board of Commissioners ilov. 20, 1918.
Recorded and :'ublished Dov. 20, 1918.