HomeMy WebLinkAboutOrdinances Book 8, Page 567, No Ordinance NumberNo. 567.
AN ORDINANCE AUTHORIZING THE ISSUING OF BONDS OF THE
CITY OF PADUCiM, KENTUCKY,. IN THE SIR1 OF „i40,000.00 FOR THE PURPOSE
OF CONSTRUCTING A BRIDGE ACROSS ISLAND CREEK NEAR 6TIi STREET AND THE
BENTON ROAD IN THE CIT`! OF PAMCAH, KENTUCKY; AND TO PROVIDE FOR THE
PAY1ENT OF INTEREST ON SAID BONDS, AND TO CR'rjM, A SINKING FUND FOR
THE PA` -ENT OF SAID BONDS AT MATURITY.
1,`MEREAS, on the 23rd day of September, 1925, the Genera.
Council of the City of Paducah, duly adopted an ordinance providing f r
l' the submission to the qualified voters of §aid City, at the regular
election to be held on November 3rd, 1925, the question whether the
bonds to the extent of $40,000.00 should be issued by the City of
1 Paducah for the purpose of constructing a bridge across Island Creek
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near 6th Street and the Benton Road in the City of Paducah, Kentucky,
payable as follows: One fourth hhereof five ,years after date, one
fourth ten years after date, one fourth fifteen years after date and
one fourth twenty years after date, bearing interest at 5`'� per annum,
lpayable semi-annually; and to create a sinking fund for the payment
of said bonds as the same mature; and,
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WHEREAS the returns of said election at which said
question was voted upon by the qualified voters of said City showed
j that more than the necessary taro -thirds majority of those voting
on said question had voted in favor of issuing said bonds; and,
71HETEAS the General Council of said City, on the 18th
day of January, 1926, at a regular meeting of said Council duly
passed a resolution authorizing the issuing of said bonds in the
denomination of q?500.00 each, to be numbered serially from orie to
eighty, inclusive, consisting of twenty bonds in each four series,
and each series payable five, ten, fifteen and twenty years after
date, bearing interest at the rate of 5`o per annum, or less, to be
determined by the highest and best bid received, payable semi-annually
at the City Depository in the City of Paducah, Kentucky, or the
Hanover National Bank, New, York, N. Y.
BE IT ORDAINED BY 'PIlE GENEH,.L COUAICIL OF 'PH"r'. CITY OF
PADUCAH, KF.NTiICKY.
SECTION 1.
� That the City of Paducah, Kentucky, do incur an indebted-
ness of.,40,000.00 which indebtedness shall be evidenced by negotiable'
coupon bonds, dated May 1st, 1926, and numbered consecutively from
one to eighty, inclusive, to be of the denomination of y}500.00 each, 1
bearing interest at the rate of 5';', or less, per annum, to be deter-
i'; mined by the bid accepted by said City, payable semi-annually at the
office of the City Depository, in the City of Paducah, Kentucky, or
the Hanover National Hank, New York, N. Y., aggregating the principal
sum of $$40,000.00.
Said bonds shall be issued in four series of ;10,000.00
each, anis each series maturing in five, ten, fifteen and twenty years
respectively after date, so that said bonds numbered consecutively from
one to twenty inclusive shall mature five years after dater that bonds
numbered consecutively from twenty one to forty inclusive shall mature
ten years after date; that bonds numbered consecutively from forty one
to sixty inclusive shall mature fifteen years after date; and bonds
numbered consecutively from sixty one to eighty inclusive shall mature
twenty years after date.
Said bonds, except for the change of maturity, shall
be printed according; to the directions in the next preceding paragraph,
and shall be in words and figures as follows:
$$500.00 NO.
UNITED ST_YTE3 OF x1.'ERICA
C0I,11,101413FALTII OF Ki:1YT11CKY
COU1T1Y OF McCReCi:EN
CITY OL-' P:,DUC:iH.
ISL=,ND CHEEK BRIDGE BONDS.
KNO!'! ALL MEN BY THESE PRESENTS, That the City of Paducah,!,
in the County of McCracken acid Commonwealth of Kentucky, is ,justly
indebted and for value received hereby promises to pay to the bearer on
the first day of May, 19 , the principal sum of
FIVE HUNDRED DOLLARS
with interest thereon from date hereof until paid, at the rate of
per annum, payable semi-annually, on the first day of November 1926,
and on the first days of May and November thereafter each year, upon
presentation and surrender of the annexed coupons as they severally
become due. Both principal and interest of this bond are payable at
the office of the City Depository in the City of Paducah, Kentucky,
or the Hanover National Bank, New York, N. Y., at the option of holder.
For the prompt payment hereof, both principal and interest, as the same
become due, the full faith, credit and resources of said City are hereby)
irrevocably pledged. This bond is one of an issue of eighty bonds I
of like date and tenor, except as to the maturities, aggregating 340,000.00
and is issued for the purpose of constructing a bridge across Island
Creek near 6th Street and Benton Road in the City of eaducah, Kentucky, I
under the authority of and in full compliance with the constitution and
laws of the Commonwealth of Kentucky,and pursuant to a vote of more that
two-thirds of the qualified electors of said City cast at an election
duly called and held on the 3rd day of Noveruber, 1925, and ordinances
duly adopted by the General Council of said City.
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NO. 569.
It is hereby certified and recited that all acts and conditigns
and things acquired to exist and be done precedent to and in the
issuing of this bond by the laws and constitution of said Commonwealt
have duly happened and been performed; that provision has been made
for the levy and collection of.a direct annual tar, upon all the
taxable property within said City sufficient to pay the interest and
principal of the bondsas the same shall become due; and that the
total indebtedness of said City including this bond, does not exceed
any constitutional or statutory limitation.
IN 7ITNESS '.THEREOF the City of Paducah, Kentucky, has causec
this bond to be signed by its payor and countersigned by tts City
Treasurer, and the coupons hereto attached bear the lithographic sig-
natures of its Mayor and City Treasurer, nd the seal of said City
is heret-o�affixed at Paducah, Kentucky, this the day of May, 1946.
COUNTERSIGNED BY
!I
r
On the first day of
MAYOR, CITY OF PADUGAI, KYhTUCKY
TREASURER CITY OF P!0UGnH, KENTUCKY.
COUPON.
1926, the City of Paducah, Kentucly,
McCracken County, will pay to the bearer the sum of } at the
office of the City Depository in the City of Paducah, Kentucky,
or the Hanover National Bank, New York, N. Y., pursuant to the
option and notice of the holder, taing six months interest due on
Island Greek,Bridge, dated I,iay 1st, 1926.
MAYOR -CITY OF PADUCHH, JCEw'I'(�TKY.�
TIi'3xT3URliR CITY ON' P,. DUGhI2, iCEII',-IJCK. .
SECTION 2.
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That the proceeds realized from the sale of said bonds
shall be used only for the purpose of con n ructing a bridge across
Island Creek near 6th Street and the Benton Road in the City of I
Paducah, provided that if there be any ro..ainder of such proceeds
after the completion of said Bridge, smme shall be deposited in the
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sinking fund created for the ultimate retirement of said bonds.
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SECTION 3.
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That there has been levied upon all the taxable and assessable
property in the City of Paducah an annual tax sufficient to raise the
sum of not exceeding !p2000.00 each year for tide first five years, for
interest, and of not exceeding 401500.00 each year for the second five
,years, for interest, and of not exceeding u1000.00 each year for the
third five years, for interest, and not exceeding ;500.00 each 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 Paducah, Kentucky, each :nd every year during the
life of said 'ponds, a tax su-_ficient to raise the sum of not exceeding
$40,000.00, and to create a sinking fund for the payment of said bonds
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 shall
be applied only to the payment of the interest on said bonds, and to provide
a sinking fund to redeem the principal thereof as the same may mature.
SECTION 5.
That said bonds when duly executed shall be delivered to the
purchaser by the Treasurer of said City, upon full compliance with the
terms of the purchase price.
SECTION 6.
This ordinance shall take effect and be in force .from its
passage, approval and publication.
TED