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HomeMy WebLinkAboutOrdinances Book 8, Page 495, No Ordinance Numberr AN ORIENANCE PROVIDING FOR AN ELECTION BY THE QUALIFIED i ELECTORS OF THE CITY OF PADUCAH, KENTUCKY, TO BE HELD ON THE REGULAR I ELECTION DAY, NOVEMBER THE 3RD, 1925, IN THE CITY OF PADUCAH, KENTUCKY, TO DETERMINE THE QUESTION 'NHETHER THE CITY OF PADUCAH SHALL ISSUE AND SELL BONDS OF SAID CITY TO THE EXTENT OF FORTY THOUSAND($40,.000.00) DOLLARS, FOR THE PURPOSE OF CONSTRUCTING A BRIDGE ACROSS ISLAND CREEK NEAR SIXTH STREET AND THE BENTON ROAD, IN THE CITY OF PADUCAi3, KENTUCKY, AND TO PROVIDE FOR THE PAYMENT OF INTEREST ON SAID BONDS, AND TO CREATE A SINKING FUND FOR THE PAIMENT OF SAID BONDS AT MATURIT.. BE IT ORDAINED BY THE GENERAL COUNCIL OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That there is hereby called an election in the City of Paducah, Kentucky, to be held on the 3rd day of November, 1925, betwee i i the same hours and by the same election officers conducting the regular election of State, County and City Officers for the year 1925 for the purpose of submitting to the qualified electors of the City of Paducah, Kentucky, the question of the issuance of Forty Thousand ($40,000.00) Dollars of bonds of the City of Paducah, Kentucky, for the purpose of constructing a bridge across Island Creek near Sixth Street and the Benton Road, in the City of Paducah, Kentucky. SECTION 2. That the 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 at the end of twenty years. SECTION 3. That said bonds shall draw interest at the rate of five; (50) per Centum per annum, payable semi-annually at the City Depositor y in the City of Paducah, Kentucky. SECTION 4. That the City of Paducah, Kentucky, shall levy a tax upon all the assessable property within the City of Paducah, Kentucky, each year during the life of said bonds, sufficient to raise the sum jof not exceeding Two Thousand(��2000.00)Dollars, each year, for the first ' five years, for interest, and of not exceeding Fifteen Hundred ($1500.00) Dollars, each year, for the second five years, for interest and not exceeding One Thousand ($1000.00)Dollars each year, for the third five' years, for interest, and not exceeding Five Hundred ($500.00)Dollars, each year, for the fourth five years, for interest. NO. 496. SECTION 5. That the City of Paducah, Kentucky, shall levy a tax upon all the assessable property in the City of Paducah, Kentucky, for each and every year during the life of said bonds, sufficient to raise the sum of not exceeding Two Thousand ($2000.00)Dollars to create a sinking fund for the payment of said bonds at the respective date of their maturity. SECTION 6. That the said bonds when so issued shall be in denominations of Five Hundred ($500.00)Dollars each and for the payment of which at the maturity thereof, the City of Paducah pledges its good faith and credit. SECTION 7. That said bonds shall not -be issued unless a tWo-thirds Ili � 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 issuance and sale of the said bonds, and the result of said election shall be certified as required by law. SECTION 8. I - A certified copy of this Ordinance shall be filed with f I the County Court Clerk of McCracken County, Kentucky, not less than Thirty days before November 3rd, 1925, and a copy of this Ordinance shall be ` 1 published in the Official Newspaper of the City of Paducah, Kentucky, for at least two weeks just preceding the said election to be held on November, 3rd, 1925. SECTION 9. I I That the Ulerk shall have printed upon the ballots to be delivered to the qualified electors in each precinct in the City of Paducalh, Kentucky, at the regular election to -be held November the 3rd, 1925, the following question: i I "ARE YOU IN FAVOR OF THE CITY OF PADUCAH ISSUING AND SELLINGI FORTY THOUSAND ($40,0001:00)DOLLARS OF BONDS OF THE CITY OF PA DUCAH FOR THE PURPOSE OF CONSTRUCTING A BRIDGE ACROSS ISLAND CREEK NEAR SIXTH STREET AND THF. BENTON ROAD IN THE CITY OF PADUCAH, KENTUCKY; THE SAID BONDS TO BE (PAYABLE IN FIVE, TEN, FIFTEEN AND T72MY YEARS FROM THE DATE THEREOF, ONE-' FOURTH TO BE PAID AT THE END OF EACH FIVE YEARS, AND BEARING INTEREST aT THE RATE OF FIVE (5%) PER CENTUM PER ANNUM, INHICH INTEREST SHALL BE DUE ,AND PAYABLE SEMI-ANNUALLY TO BE iLIISED•BY GENERAL TAXATION OF ALL THE TAXABLE PROPERTY IN THE CITY OF PADUCAH FOR EACH YEAR, liND FOR THE PURPOSE ,OF CREATING A SINKING FUND TO RETIRE THE BONDS AT MATURITY, AS THEY FALL DUE. " y NO. 497. SECTION 10. This Ordinance shall take effect from and after its passage, approval and publication. 0. K. ENROLLMENT CommI i El 3Y_-- -_.... --- CNMMO sU.'v iii ED P_(d.f!�. City Cic',k 1 I n- T� o� �l Published consecutively in Nevis -Democrat, I I the Official Newspaper, October 16-17-18-20-21-22-23-24-25-27-28-29-30-31 and November 1,19251 Official returns of vote on the above i Bond Issue at election held November 3rd, 1925, were: YES... II 2777 - NO... 1333. Carried.