HomeMy WebLinkAboutOrdinances Book 8, Page 541, No Ordinance NumberNo, 541.
AN ORDINANCE AUTHQRI7,ING THE: ISSUING OF BONDS FOR THE
OF CONSTRUCTING A NEN! SCHOOL BUILDING, REI,IODELING AND REPAIRING SCHOOL
BUILDINGS, AND ACQUIRING SI`T'ES FOR PUBLIC SCHOOL BUILDINGS, IN THE CiIY
OF PADUCAH, KENTUCKY; AND TO PROVIDE FOR THF, Pa-MENT OF INTEREST ON
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SAID BONDS, AND TO CREATE A SINKING FUND FOR THE PAYMENT OF •SKID BONDS
AT 14ATURITY.
13HERRAS, on the 23rd day of September 1925, the General
Council duly adopted an ordinance providing for the submission to
the qualified voters of the City of Paducah the question whether or
not bonds in the amount of X175,000.00 should be issued by the City
of Paducah, for school improvement purposes, to be apportioned and
used as follov+s: For the construction of an elementary school
building in the western or Northwestern part of the City of Paducah
at a cost of approximately 590,000.00; the construction of an annex
or addition to the Franklin Junior High and Graded School Building,
1 at a cost of approximately 550,000.00; remodeling and repairing the
Robert E. Lee School Building, at a cost of approximately $5,000.00;
!I remodeling and enlarging the Henry Clay School 31,ilding, at a cost
'!of approximately $10,000.00; repairing the Lincoln School Gymnasium,
at a cost of approximately u'2,000.00; remodeling and repairing the
" Garfield School Building at a cost of approximately ,1,000.00; remodel-
ing the Washington Junior High and Graded School Building, at a cost
I;of approximately X10,000.00; acquiring new sites or additions to
present sites for school buildings, at a cost of approximately 1?6,000.00;
and repairing'other school buildings, at a cosi: of approximately
!$1,000.00; and,
'hEREAS the returns f^om said election at which said
(question was voted upon by the qualified voters of said City showed
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that more than the necessary two-thirds majority of those voting on
!said question had voted in favor of the issuing of said bonds; and,
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71Hr,REAS the Board of Education of the City of Paducah, on
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the 5th day of December, 1925, in special s@s�iq.,��vi�th 1*,j ftty of
the members of said Board present at such meeting, passed a resolution
,:as required by law directing the issuing of said bonds by ordinance to
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!;be adopted by the General Council of the City of Paducah; NOV.",
THEREFORE,
! BE IT ORDAINED BY THE GENERAL COUNCIL OF THE; CITY OF PADUCAH,
KXNTUCKY:
'y SECTION 1. That the uity of Paducah, Kentucky, do incur an
indebtedness of s;p175,000.00, which indebtedness shall be evidenced by
negotiable coupon bonds, dated January 15th, 1926, and numbered con-
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'secutively from one to one hundred and seventy five, inclusive, and to
ibe of the denomination of }b1,000.00 each, bearing interest at the
NO. 542.
rate of not more than 5% per annum, payable semi-annually, and both
principal and interest payable at the office of the Treasurer of the
Board of Education in the "ity of Paducah, Kentucky, or the Hanover
National Bank, New York, Neter York, aggregating the principal sum of
`p175,000.00.
!I Said bonds shall be issued in four series of as nearly equal
amount to each series as is practicable, and each series maturing respec-
tively 5, 10, 15 and 20 years after date, so that bonds numbered conse-
cutively from one to forty three inclusive shall mature five years after
date; that bonds numbered consecutively from forte four to eighty seven
inclusive shall mature ten years after date; that bonds numbered con-
secutively from eighty eight to one hundred and thirty one inclusive
shall mature fifteen years after date; and that bonds numbered consecu-
tively from one hundred and thirty two to one hundred and seventy five
inclusive shall mature twenty ,years after date.
Said bonds, except for the change of maturity which shall
be printed according to the directions in the next Preceeding paragraph,
shall be in words and figures as follows:
$1,000.
NO. ,
UiNITED STATES OF AMERICA
COMMONWEALTH OF KENTUCKY, COUNTY
OF 1McG1?ACKEN, CITY OF PADUCAH.
BOARD OF EDUCATION BONDS.
KNOW ALL MEN BY THESE PRESENT, that the City of Paducah,
in the Coubty of McCracken, and Commonwealth of Kentucky, is justly in -
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i, debted and for value received hereby promises to pay to the bearer on the
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fifteenth day of. January;; 19 the principal sum of
ONE THOUS_QND DOLLARS
Iwith interest thereon from the date hereof until paid at the rate of
;
per cent per annum, payable semi-annua11y on the fifteenth day
of January and July in each year, upon presentation and surrender of the
annexed interest coupons as they severally become due. Both principal ant
interest of this bond are payable at the office of the Treasurer of the
Board of Education of the City of Paducah, Kentucky, or the Hanover Natio-!,
Bank, New York, N. Y., at the option of the holder. For tae prompt
payment hereof, both principal and interest, as the same become due, the
full faith, credit and resources of said City are hereby irrevocably
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pledged.
This bond is one of an issue of bonds of like date and tenor
except as to maturities, aggregating ;175,000. qnd is issued for the
purpose of providing funds to pay the cost of the construction of an
elementary school building in the Western or Northwestern part of the
No. 543.
City of Paducah and the remodeling, repairing, and enlarging of various
other school buildings within the city limits of the City of Paducah and
the acquiring of new sites or additions to present sites for school
buildings within the said City, under the authority of and in full
compliance with the constitution and laws of the Commonwealth of
Kentucky, and pursuant tp a vote of more than two thirds of the
qualified electors thereof at an election duly called and held on
the third day of November, 1925, and ordinances duly adopted by the
General Council of said City.
It is hereby certified and recited that all acts, conditions
and things required to exist or be done precedent to and in the
issuance of this bond by the laws and constitution of said Commonweal
have duly hdppened and been performed; that provision has been made
for the levy and collection of a direct annual tax upon all the
r1 taxable property *ithin said City sufficient to pay the interest
and principal of this bond as the same shall become due; and that
the total indebt,:dness of said City, includin; this bond, does not
exceed any constitutional or statutory limitation.
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IN WITNESS VMEREOF the City of Paducah, Kentucky, has ca,_isedi
this bond to be signed by its Lsayor, and counter -signed by City
Treasurer, and the coupons bear the lithograph.ed,signatures of its
Mayor and City Treasurer, and the seal of said City is hereto
affixed at Paducah, Kentucky, this the day of 1926.
MAYOH, CITY OF P.iDUUAH.
COUNTERSIGNED
TREASURER, CITY Or PADUCAH.
COUPON
On the 15th clay of July, 1926, the City of Paducah,
McCracken County, Kentucky, will pay to bearer the sum of
. Dollars at the office of the Treasurer of the Board of Education,
I! in the City of Paducah, McCracken County, Kentucky, beinP six month's
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interest due on the School Bond Issue dated 17th day of January, 1926
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14AYOR ,CITY OF
TRHASURER, CITY OF PADUCAH.
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iSECTION 2. That the proceeds realized from the sale of said
bonds shall be used only for school purposes, to be apportioned and
used as follows:
NO. 544.
Approximately $90,000.00 for the construction of an
elementary school building in the West or Northwestern part of the City
of Paducah; approximately $50,000.00 for the construction of an annex or,
addition to the Franklin Junior High and Graded School Building; approxi-
mately $5,000.00 for remodeling and repairing the Robert E. Lee School
Building; approximately 510,000.00 for remodeling and repairing the Henry
Clay School Building; approximately 42,000.00 for repairing the Lincoln
School Gymnasium; approximately 51,000.00 for remodeling and .repairing
the Garfield School Building; approximately 510,000.00 for remodeling
the Washington Junior High and Graded School Building; approximately
56,000.00 for acquiring nes sites or additions to present sites for
school buildings; approximately $1,000.00 for repairs to other school
buildings, in the City of Paducah, Kentucky,
SECTION 3. That there has been levied upon all the taxable'
and assessable property in the City of Paducah, annually, a tax sufficient
to raise the sum of not exceedin&r $8750.00 each year, for the first five
,years, for interest; and the sum of not exceeding 46,562.50 each year
for the second five ,years, for interest, and the sum of not exceeding
54375.00 each year for the third five years, for interest; and the sum
of not exceeding2187.50 each
5 year for the fourth five years, for
interest. `
SECTION 4. That there has been levied on all the taxable
and assessable property in the City of raducah, Kentucky, for school
purposes, each and every year during the life of said bonds, a tax
sufficient to raise the sum of not exceeding :;175,000.00, and to create a
sinking fund for the payment of said bond on the respective dates of
their maturity. The taxing authorities shall annually compute the rate
and amount of said taxes, and the same shall be levied and collected as
other taxes are levied and collected, and which shall be applied only
to the payment of the interest on said bonds, and tp provide a sinking
fund to redeem the principal thereof at maturity.
SECTION 5. That said bonds, when duly executed, shall be
delivered to the Board of Lducation, for the purposes of the sale of same
SECTION 6. This ordinance shall take effect and be in fore(
from its passage, approval and publication.
0. K. EN ROBy_ {I�N iQQ�,''��((��Vi�l i �.-.. �-p�,��/� y✓ ,�� �,
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