HomeMy WebLinkAboutOrdinances Book 9, Page 120, No Ordinance NumberPAGE 120
AN OHDIMT NCE P13OVIDING FOR TIM ISSUING OF REFUNDING BONDS
OF TIMI? CIYY OF PADUCAH, KP`T`PUCKY IN TIE SUTA Or, Tt7I:TTTY THOUSAND
(•.20,000.00) A. TSARS FOR TH^ PURPOSE OF REFUNDING BOIIDS OF 1,210E AIMUNT
IS,'UED TD THE NM ORLEANS & OHIO RIVER RAILROAD THE FIRST DAY OF AUGUST,
1883.
t°JiiTs'PEAS, there are outstanding bonds. of the City of
Paducah, Kentucky, bearing date of August 1, 1883, and maturing on the
first day of August, 1928, to the amount of Twenty Thousand (20,000.00)
Dollars, which mere issued to the New Orleans & Ohio River Railroad, and
.`.TH REAS, said bonds are legal, valid and binding
obligations of the City of Paducah, Kentucky, and there was no provision
made by the creation of a sinking fund, or otherwise, for the retirement
og said bonds at the time they were issued, and it is noir necessary that
said bonds be refunded, 1101:7, TH791 FORE,
BE IT ORDAINED BY 7I3% BOARD OF CO?14TISSIONr,RS OF THE CITY
OF PADUCAH, KENTUCKY:
SECTION 1.
That bonds of the City of Paducah, Kentucky be issued in
the sum of Twenty Thousand ('20,000.00) Dollars for the purpose of retiri
a like amount of bonds issued to the New Orleans & Ohio River Railroad
on the first day of August, 1883; that said bonds shall be in the denom-
ination of One Thousand ($x.000.00) Dollars each, numbered from one to
twenty, inclusive, and shall bear date of August 1st, 1928 and bear
interest at the rate of four and one-fourth {4._ ) per cent per annum from
date, payable semi-aihnually upon the first day of February and August
respectively, of each year. Said bonds shall mature as follows, to -wit:
the first ten bonds, amounting to Ten Thousand (010,000.00) Dollars, shall
mature on the first day of August, 1938, and Ten Thousand (S)10,000.00)
Dollars on the first day of August, 1948: Said 'ponds shall be signed by
the r5ayor and Commissioner of Public Finance and the coupons may bear the
fac simile signatures of said officers, and said bonds shall be in
substantially the following form, to -crit:
UNITED ST ='_ OF AMERICA
STATE OF KENTUCKY
CITY OF PAP,UCAH
SIX (G�.) PER CrNT Pr-Tju DING BOND
I010.7 ALL ;:ETT BY TITESE PRESENTS: That the CiL-y of Paducah,
in tie County of McCracken, State of Kentucky, acknowledges itself to owe,
and for value received, hereby promises to pay to bearer of tris bond,
upon the first day of August, 1938 (1948) the sum of One Thousand
("'1000.00) Dollars in lawful money of the United States of America, with
PAGE. 121
interest thereon at the Mate of Four and one-fourth (Qh5G) per cent
per annum, payable semi-annually upon the first day of February and
August of each year until the payment of the principal hereof, upon
presentation and surrender of the proper conpons therefor hereto
attached'. Both principal and interest hereof are payable at the
UNITED : TATES MORTGAGE & TRUST COi.:PANY OF NE1.7 Y071K CITY.
This bond is one of a series of twenty bonds of
(like denomination, tenor and effect, numbered from one to twenty
both inclusive, aggregating Twenty Thousand (020,000.00) Dollars
lin amount and is issued under authority of the General Laves of the
State of Kentucky, and by virtue of an ordinance duly passed by the
Isoard of Commissioners of the City of Paducah, Kentucky on the 6th
day of July, 1928, entitled, "AN ORDINANCE PROVIDING FOR THE ISSUING
OF REi UNDING BONDS OF THE CITY OF RDUCAH, KENTUCKY IN TM?. ''UMI OF
T".T'IITY THOUSAND (.?20,000.00) DOLLARS FOR THE PURPOSE OF REFUNDING
BOUD: OF LIKE AMOUNT ISSUED TO THE NT!1 ORLEANS & OHIO RIFER RAIL-
ROAD THE FIRST DAY OF AUGUST, 1883."
It is hereby certified and recited that all acts,
conditions and things required by la -a to be done,.precedent to and
in the issuance hereof, in order to make this bond a legal, valid
and binding obligation of the City of Paducah, Kentucky, have been
done, have happened and been performed in regular and due form of
law; that the debt to refund, for which these bonds were issued,
was a legal, valid and binding obligation of the City of Paducah,
Kentucky; that this issue of bonds, together with all other out-
standing indebtedness of said City, is not in excess of any
statutory or constitutional limitation of indebtedness; that pro-
vision hasbeen made for the levy and collection of an annual tax
sufficient to pay the interest hereof, and to create a sinking fund
to redeem the principal at mpturity; that the full faith, credit
and revenues, and all the real and personal property of said City
are hereby irrevocably pledged for tree prompt payment of this bond
and interest as the same mature.
IN '.'IITI+ 2SF "'HEREOF the City of Paducah,
McCracken County, Kentucky, has caused this bond to be signed by the
Mayor and Commissioner of Public Finance; the seal of the City to be
affixed, and the coupons*to bear the fac simile signatures of said
officers at Paducah, Kentucky, this the day of 1928.
ERNEST LACKEY, Eayor
of the City of Paducah,
Kentucky.
ROS" RUTT?'R, Commissioner of
(SEAL) Public Finance.
PAGE 122
PTO.
a
Upon the first day of Yebruary (August) 19 , the City
of Paducah, McCrac!.en County, Kentucky, will pay to the bearer, at the
UNITED STATES 1TORTGAGE & TRUST COT,;PANY OF NEI7 YORK CITY, the sum of
I `v- ,.being six months interest then due on its
Refunding Bond No._ , dated lg
ERNEST LACKEY, Nayor of the
City of Paducah, Kentucky
ROSS RUTTER,Commissioner of
Public Finance*.
SECTION 2.
There shall be levied upon all the taxable property
in the Oity of Paducah, Kentucky, beginning with the year 1929, and each
year thereafter until maturity of said bonds, a tax sufficient to pro-
duce a sum that udll pay the interest upon said bonds as they mature, and
there shall also be levied upon all the taxable property in the City of
Paducah, Kentucky, and at the some time, a tax sufficient to pay -said
bonds as they mature; same to be covered into the sinking fund of said
City for such purpose.
SECTION 3.
The proceeds of the sale of the aforesaid issue of bonds
Shall be used only for the purpose of taking up and retibing said out-
standing bonds, and should said bonds when sold realize more than par and
accimed interest, such surplus, if any, shall be paid into the sinking
fund provided for the retirement of said bonds as aforesaid':
SECTION 4'.
The Commissioner of Public Finance is hereby authorized
to sell said bonds at a price not less than par and accrued interest,
and when said bonds are duly executed, the same shall be delivered to the
purchaser or Du_rchasers upon paying to the Commissioner of Public Finance
the amount bid therefor'.
SrCTION 5.
This ordinance shall take effect and be in force from and
after its passage.
Signed _
11YOR
Passed by the Boar!. of Commissioners July 6th, 1928
Recorded by '?unt Crossland, Clerk, July 7th, 1928
a..l