HomeMy WebLinkAboutOrdinances Book 9, Page 119, No Ordinance NumberPAGE 119
1,M1r
AN ORDINANCE AUTIIORIZING AND DIRECTING THE MAYOR AND
COP94ISSIONER OF PUBLIC FINANCE TO BORROW THE SUM (r FIFTY THOUSAND
($50,000.00) DOLLARS FOR THE USE AND BENEFIT OF TIF. CITY OF PADUCAH,
AND TO EXECUTE A NOTE 03 NOTES FOR SAID SUM OR STJS FOR AND ON
BEHALF OF SKID CITY, AND TO PLEDGE TIE REVENUES OF THE CITY FOR THE
LAST HALF Or, THE YEAR 1928 AS SECURITY THEREFOR. I
BE IT ORDAINED BY THE BOARD OP CO.'.MISSION`RS OF THE
CITY OF PADUCAH, KENTUCKY -
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized and directed td 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 Fifty Thousand (550,000.00) Dollars,
to bear interest at the rate of six (60) per cant per annum, said
sum so'borrovied to be placed in the General Fund of said City. Said
money being for the purpose of taking care of existing deficit and
to meet the immediate demands against the city.
SECTION 2.
A note or notes shall be executed for such loan or
loans, vihich shall bear the signature of the City of Paducah by
the Mayor and Commissioner of Public Finance of said City and shall
be due and payable on or before the 5th day of November, 1928, and
bearing interest as prescribed in the first section hereof, and
there is hereby pledged as security for such, all the revenues
collected by the city from taxes for the fiscal half year ending
December 31st, 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,
and on account of the fact that there is insufficient money in the
treasury with v:hich to meet said obligations, an emergency is
hereby declared to exist and this ordinance shall take effect from
and after its passage.
Sionedc �o
MAYOR
Passed by the Board of Cormaissioners, July 5,1928•
Recorded by Bunt Crossland,Clerk, July 6th, 1928
Oji '-