HomeMy WebLinkAboutOrdinances Book 7, Page 480, No Ordinance NumberAN ORDINANCE PROVIDING FOR All ELECTION BY THE QUALIFIED ELECTORS
OR VOTERS OF TEE CITY OF PADUCAH, KENTUCKY, TO BE HELD ON THE REGULAR
ELECTIOP? DAY r;O=,BER 4th, 1919, IN THE CITY OF PADUCAH, KENTUCKY, TO
DETER11INE M QUESTION ':1HE:2HER THE CITY OF PADUCAH SHALL ISSUE AND SELL
BONDS OF SAID CITY TO = EXTENT OF TWO HUNDRED AND FIFTY THOUSAND (,;3250,000) �
DOLLARS, FOR THE PURPOSE OF CONSTRUCTING AND RLPAIRING SCHOOL PROPERTIES
ACQUIRED AND TO BE ACQUIRED, $OR THE SCHOOLS OF THE CITY OF PADUCAH,
KENTUCKY, AIM TO PROVIDE FOR THE PAYI:ENT OF II4TEREST ON SAID BONDS AND TO
CREATE A SINKING FUND FOR THE PAYI,ENT OF SAID BONDS AT 'KkTURITY.
;JHEREAS, the Board of Education of the City of Paducah, I.entucky has
made Down to the Riayor and Board of Commissioners, thru a Resolution passed
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by said Board of Education on September 20th, 1919, that it is necessary,
for the purpose of properly conducting the schools of the City of Paducah,
c•.
for the City to acquire sites and enlarge school buildings, and also to buy
a site and erect a new high school building for white pupils, at a cost of
approximately one hundred and fifty thousand ('150,000) dollars, and to
improve -the high school and graded school for colored pupils at an expenditure
of approximately seventy-five thousand (;;751000) dollars, and to improve,
remodel and restore other school buildings in the city ,of Paducah for school
purposes, to -wit: the Franklin school building, at a cost of approximately
twenty thousand (,;20,000) dollars, and to expend on ward buildings approxi-
mately the sum of five thousand (05,000) dollars and the annual funds
raised not being sufficient to accomplish such purposes, it therefore
becomes expedient to raise and obtain the necessary money for the aforesaid
purposes; and,
Ordinance No..
?"WHEREAS, it is essential, in order 'to raise the necessary funds
for the purposes above indicated, that the question be submitted to the
qualified voters of the City of Paducah; noir, therefore-
J BE IT ORDAINED BY TIT, BOARD OF COMITLISSIONERS OF THE CITY OF
` PADUCAH, IENTUC12:
Section 1, That there is hereby called an election in the city
of Paducah, Kentucky to be held on the 4th day of November, 1919, between
the same hours and by the same election officers conducting the regular
for the ,year 1919
election for State, County and City officers/, for the purpose of submitting
to the qualified electors of the City of Paducah, Kentucky the question of
the issual of two hundred and Nifty thousand (:,250,000) dollars in bondsof
the City of Paducah for school purposes, to be apportioned and used as
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follows: approximately one hundred and fifty thousand (:!;150,000) dollars
for the purpose of buying a site and constructing a high school building
thereon for the City of Paducah; ap-croximately seventy-five thousand
(;75,000) dollars to improve -the high school and gT aded school for colored-
pupils;
olored
pupils; approxiiPately twenty thousand (•,;20,000) dollars for the purpose
of improving the Franklin school building; and approxi-nately five thousand
(ij5,000) dollars to be expended on ward buildings.
Section 2. That said bonds shall be issued serially, one-fourth
thereof to be paid at the end of five years, one-fourth thereof at the
end of ten years, one-fourth thereof at the end of fifteen years, and,
one-fourth thereof at the end of twenty years.
Section 3. That said bonds shall draw interest at the rate of
five per centmn (5",0) per anniun, interest payable semi-annually at the City
depository in the city of Paducah, Kentucky.
Section a, That the City of Paducah, Kentucky shall levy a tax
upon all of the assessable property in the city of Paducah, Kentuc!7, each
year during the life of said bonds, for school purposes, sufficient to
raise the sum of not exceeding twelve thousand five hundred (:;;12,500)
dollars each year, for the first five years, for interest, and of not
exceeding nine thousand three hundred and seventy-five (ti 9,:75) dollars
each year for the second five years, for interest, and of not exceeding six
thousand two hundred and fifty (,;p6,250) dollars eachyearfor the third
five years, for interest, and of not exceeding three thousand one hundred
and twenty-five (:,p3,125) dollars each year for the fourth five years, for
interest.
Section 5. That the City of Paducah, Kentucky shall levy a tax
upon all of the assessable property in said city of Paducah, Kentucky for
school purposes, for each and every year during the life of said bonds,
sufficient to raise the sum of not exceedins, two hundred and fifty thousand
(%?2517,000) dollars, to create a sinking fund for the payment of the said
bonds at the respective dates of their maturity.
No. IIX.--
Ordinance No.
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
($500) dollars each, and for the payment of which, at the maturity
thereof, the City pledges its good faith and credit.
Section 7. That said bonds shall not be.issued, however, unless
a two -third majority of the qualified electors of said city voting on said
question at said election shall vote in favor of incurring such indebtedness
and the issual and sale of the said bonds, end the result of said election
shall be certified as required by law.
Section 8. A certified copy o£ this ordinance shall be filed with
the County Court Clerk of IcCracken County, Kentucky not less than thirty
days before November 4th, 1919, and a. copy of this ordinance shall be
published in the official newspaper of the City of Paducah, Kentucky for at
least two weeks just preceding the general election to be held on November
4th, 1919.
Section 9. The Clerk shall have printed upon the ballots to be
delivered to the qualified electors in each precinct in the. city of Paducah
at the election to be held on November 4th, 1919, the following question:
"ARE YOU III FAVOR OF i'FH CITY OF PADUCAH ISSUING AILD SELLING TWO
HUNDRED AND FIFTY THOUSAND (,"250,000) DOLLARS OF BOiTDS OF THE ,CITY
OF PADUCAH FOR SCHOOL PURPOSES, TO BE APPORTIONED AND USED AS FOLLO-:.5:
APPROXL:T_ATELY ONE HUNDRED AND FIFTY THOUSAND (. 150,000) DOLLARS FOR
THE PURPOSE OF BUYING A SITE AITD CONSTRUCTING A HIGH SCHOOL BUILDING
THEREON FOR THE CITY OF PADUCAH; APPROXI:.LATELY SEVENTY-FIVE THOUSAND
(tig75,000) DOLLARS TO IMPROVE THE HIGH SCHOOL AND GRADED SCHOOL FOR
COLORED PUPILS; APPROXIELTELY T'ilENTY THOUSAND (t'p20,000) DOLLARS FOR
THE PURPOSE OF Ii:TROVIITG THE FRANXLIN SCHOOL BUILDING; AND APPROXII._ATELY
i
FIVE THOUSAITD (,;;5,000) DOLLARS TO BE EXPENDED ON WARD BUILDINGS / THE
SAID BONDS TO BE PAYABLE IN FIVE, TEN, FIFTEEN, AND Tl`IENTY YEARS FROM
THE DATE THEREOF, ONE-FOURTH THEREOF TO BE PAID AT THE END OF EACH FIVE
YEARS, AND BEARING INTEREST AT THE RATE OF FIVE PER CENTT2 (5%) PER ANIMr!,
VlHICH INTEREST SHALL BE DUE AND PAYABLE SEPTI-ANIIUALLY, TO BE RAISED BY
GENERAL TAXATIOF OF ALL OF THE TAXABLE PROPERTY IN THE CITY OF PADUCAH
FOR EACH YEAR, AND FOR THE PURPOSE OF CREATING A SINKING FUND TO RETIRE
THE BONDS AT 1.1ATURITY, AS THEY 11Y FALL DUE?"
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Section 10. This ordinance shall take effect from and after its 0
passage and record. p,
Pasned by Board of Commissioners September 29, 1919.
Recorded by Henry Bailey, City Clerk, Sept.30, 1919.
Published in official newspaper},,sz �a=zu-z�=2s-2ry-
Offici4l -returns of vote on above bond issue were as follows:
5177 for and 839 against- at election held on Nov. 4, 1919.
Carried. `