HomeMy WebLinkAboutOrdinances Book 9, Page 1, No Ordinance NumberK
PAGE N0.1
AN ORDINANCE AUTHORIZIPII AND DIRECTING THE ISAYOR AND
COMMISSIONER OF PUBLIC FINANCE TO 1301111071 TPIE SU.I Or. ONE 1IU1IDPI3D
THOUSAND ($100,000.00) DOLLARS FOR TLE USE AND BENEFIT OF THE CITY
OF PADUCAH AND TO MCECUTE A NOTE OR NOTES FOR SAID SUIS OR SUI.YS
FOR AND ON BEHALF OF SAID CITY AND TO PLEDGE THE REVENUES OF THE
CITY FOR THE FIRST ONE HALF OF THE YEAR 1928 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COS,?i.?I SSIONERS OF THE
CITY OF PADUCAH, KENTUCKY.
SECTION 1.
The 1-iay6'eand Commissioner of Public Finance are hereby
authorized and directed to borrow on behalf of and for the use
and benefit of the city of Paducah, Kentucky, from any bank or
banks within said city, not exceeding One Hundred Thousand
(0100,000.00) Dollars to bear interest at the rate of six per
cent per annum, said sum so borrowed to be pledged to the General
Fund of said city. Said'money being for the purpose of taking
care of existing deficit and to meet immediate demands against
the city.
SECTION 2.
A note or notes shall be executed for such loan or
loans, which shall bear the signature of the city of Paducah by
the Maydr and Commissioner of Public Finance of said city and
shall be due and payable on or before the 5th day of July,. 1928
and bearing interest as prescribed in the first section hereof,
and there is hereby pledged a:s security for such all the
revenues collected by the city from taxes for the fiscal half
year ending June 30, 1928.
SECTION 3.
On account of the fact that there are numerous bills
and obligations now due•and unpaid, owing by the city of Paducah,
including the payrolls of said city employees due January 1,1928,
and on account of the fact that there is no money in the
treasury with which to meet said obligations, an emergency is
hereby declared to exist and this ordinance shall take effect
from and after its passage.
Passed by the Board of COW"lissioners January 3rd, 1928
Recorded by Hunt Crossland,Clerk,_ ,January 4t- h X928
Approved: op
ISayor