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HomeMy WebLinkAboutOrdinances Book 7, Page 475, No Ordinance NumberOrdinance No.- No..;Oe�7—f-- .I -777n : 1 AN ORDINANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED ELECTORS OF THE CITY OF PADUCAH, XBVTUCKY TO BE HELD OX THE REGULAR 1� ELECTION DAY, idOVriI:IBER 4th, 1919, IN THE CITY OF P_DUCAE, KEUTUCKY, TO DETERMINE THE QUESTION l:`f-IETHER THE CITY OF PADUC__H SHALL ISSUE AND SELL BONDS OF SAID CITY TO THE EXTENT AND IN THE AHOUNT OF ONE HUNDRED `iHOUSAIID DOLLARS Q100,000), SAID BONDS TO DR°O INTEREST AT FIVE PER CENTU:i (50) PER ANUU.4, THE SAID INTEREST TO BE DUE AND PAYABLE SE;II- AI`NUALLY AND THE PRIECIP I TO BE DUE AND PAYABLE T`,fENTY-FIVE YE:',RS _ 1 i i AFTER DATE; THE PROCEEDS THEREOF TO BE USED IN ENLARGING THE CITY LIGHT Py?IIT AND INSTALLING iEODERP ir=nCHIV3RY FOR PRODUCING AND SUPPLYING � ALTERNATING CURRENT Of ELECTRICITY TO THE CITTIZENIS OF PADUCAH, AND FOR LIGHTING THE STREETS AND BUILDINGS OF SAID CITY: SAID BOND ISSUE TO BE SUBUITTED TO A VOTE OF THE PEOPLE AS BEFORE INDICATED, POR TEE PURPOSE OF PAYING THE SAID BONDS AND THE INTEREST THEREON, AND TO CRE_'_TE ', SINKING FUND FOR THE PAY ENT OF SAID BONDS AT THEIR L TURITY. BE IT ORDP_INED BY THE BOARD OF COI.-IISSIOBERS OF THE CITY OF PADUCAH, XENTUCTY: Section I. That there is hereby called an election in the City of Paducah, Kentucky, to be held on the 4th day of November, 1919, bet7een the same hours and by the same election officers that may be conducting the regular election for State, County and City officers for the year 1919, for the purpose of submitting to the qualified electors of the city of Paducah, Kentucky the question of the issual of one hmZdrecd thousand dollars (;100,000) in bonds oi, the City of Paducah for the purpose of enlarging the City Light Plant and installing modern machinery for producing and supplying alternating current of electricity r !I No. !/:z L Ordinance No. to the citizens of Paducah, and Tor lighting the streets and bu:ildi'17s 1 of said city, and for the payment of which the se.id. City of Paducah, Kentucky ,nled.g�es its faith and credit. Section 2. That the said bonds when so issued shall be payable to the bearer twenty-five (25) ,years from the date thereof, at the City depositary in the city of Pa.dncah, Kentucky. Section 3. That the said bonds shall draw interest from the date of issual at the rate of five per centum per annum, the interest to be paid semi-annually, at the city depositary of the City of Paducah, Kentucky, and the payment of said interest shall be indicated in said bonds as herein provided. Section 4. That in the event of voting the issual of bonds 'or said purpose, the City of Paducah, Kentucky shall levy a. tax upon all of the assessable property within the limits of said city of Paducah each year fluxing the life of said bonds, sufficient to raise the sum of not exceeding sive thousand dollars (;`'5,000), to nay the interest thereon during the life of said bonds; said amount to be adjusted each year to meet said interest. Section 5. That the City of Paducah, Kentucky shall levy a tartupon all of the assessable -Property within the city of Paducah, each and every year during the life of said bonds, sufficient to raise the slue of not exceeding four thousand dollars (.;4,000), for the purpose of creating a sinning fund for the payment of said bonds at the maturity thereof. Section 6. That the said bonds when so issued shall be in the name of the City of Paducah, and shall be in denominations of five hundred dollars (,,500) each, and for the payment of Qiich, at the maturity thereof, the City of Paducah pledges its good faith and. credit. 'Section 7. W, IT FURTHER PROVIDED that said bonds shall not be issued unless two-thirds of all the qualified electors of said City voting on said Question at said election shall have voted in favor of incurring the indebtedness as hereinbefore indicated, and the issual and sale of said- 'bonds aidbonds and the result of said election shall be certified to and reported according to law. Section 8. IT IS FURTHER PROVIDED that a certified copy of this ordinance shall be filed with the County Court Clerk of 1.1cCracken County not less than thirty (.30) days before November 4th, 1919, and a cony of this ordinance shall be published in the official nevisnaper of the City of - Paducah Tor at least two (2) weeks just preceding the final election 'on november 4th, 1919. No--! '-1`7 Ordinance No.. Section 9. IT IS FURTHER PROVIDED that the County Court Clerk shall have printed upon the ballots, to be delivered to the qualified voters or electors in each precinct of the city of Paducah at the said November election, 1919, the following question; "ARE YOU IN FAVOR OF THE CITY OF PADUCAH ISSUING AND SELLING ONE HUNDRED THOUSAND DOLLARS ($100,000) WORTH OF BONDS OF THE CITY OF PADUCAH, FOR THE PURPOSE OF ENLARGING THE CITY LIGHT PLANT AND INSTALLING MODERN MACHINERY FOR PRODUCING AND SUPPLYING ALTERNATING CURRENT OF ELECTRICITY TO THE CITIZENS OF PADUCAH, AND FOR LIGHTING THE STREETS AND BUILDINGS OF SAID CITY-- SAID BONDS TO BE PAYABLE IN TWENTY-FIVE YEARS FROM THE DATE THEREOF AND BEARING FIVE PER CENTUM (5%) INTEREST, PAYABLE SEMI-ANNUALLY, AND _F OR THE PAYMENT OF WHICH INTEREST A SUS NOT TO EXCEED FIVE THOUSAND DOLLARS ($p5,000) PER YEAR SHALL BE RAISED BY GENERAL TAXATION OF ALL OF THE PROPERTY WITHIN THE CITY LIIETS OF THE CITY OF PADUCAH, FOR EACH YEAR, SAID AMOUNT TO BE ADJUSTED EACH YEAR TO IAEET SAID INTEREST; AND FOR THE CREATION OF A SINKING FUND TO RETIRE SAID BONDS AT I:iATURITY, A Sum NOT TO EXCEED FOUR THOUSAND DOLLARS ($4,000) WILL BE RAISED BY GENERAL TAXATION ON ALL OF THE PROPERTY WITHIN THE CITY OF PADUCAH EACH YEAR DURING THE LIFE OF SAID BONDS ?IT Section 10. This ordinance shall take effect ten days after its passage and adoption. Introduced at meeting of Board of Commissioners Sept. 15, 1919. Passed by the Board of Commissioners September 22, 1919. Recorded by Henry Bailey, City Clerk, September 24, 1919. Published in News -Democrat, official nevvspaper" " " � - Official returns of vote on above bond issue at election held on Nov. 4, 1919 were: Yes 1135- no, 770. This proposition - requiring two-thirds vote to carry, same was defeated.