HomeMy WebLinkAboutOrdinances Book 9, Page 138, No Ordinance NumberPAGE 138
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR
AND COMMISSIONER OF PUI-.LIC FINANCE TO BORROVI THE SUM OF FIFTY THOUSAND
(50,000.00) DOLLARS BOR THE USE AND BENEFIT OF THE CITY OF PADUCAH,
AND TO EXECUTE A NOTE OR NOTES FOR SAID SUM OR SUMS FOR AND ON BEHALF OF
SAID CITY, AND TO PLEDGE THE REVENUES OF THE CITY FOR THE LAST HALF OF
T!HE YEAR 1928 AS SECURITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF COIRBISSIOIIERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1;
The Mayor and Coimnissioner 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 Fifty Thousand ($50,000.00) Dollars, to
bear interest at the rate of six per cent per annum, said sum so borrowed
to be placed in the General Fund of said City: Said money being for thej
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, which shall near the signature of the City of Paducah by the
Mayor and '-�omnissioner of Public Finance of said City and shall be due
and payable on or before the 5th day of November, 1928, and bearing
I 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 31, 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 wit:
which to meet said obligations, an emergency is hereby declared to exist
and this ordinance shall take effect from and after its passage.
Signed -�/"
MAYO)i
Passed by the Board of Commissioners August 9,1928
Recorded by Hunt Crossland,C]erk, August 10th,1928