HomeMy WebLinkAboutOrdinances Book 9, Page 182, No Ordinance NumberPAGE 182
AN ORDINa110E AUTHORIZING AND DIRECTIPTG THE MAYOR AND
IOPTER OF PUBLIC FITU'. ?CE TO BORP.00; THE 5 UM OF T".''1EIITY-FIVE TIIOUS!IID
(:"25,000.00) DOLLARS FOR THE USE AND BTIIPFIT OF THE CITY OF PADUCAH, AND
TO _- I-,:CUTI: A MOTE OR ITOTES FOR SAID SULf OP. ',TR(S FOR AND ON BEHALF OF -SAID
CITY, AND TO PL'DGE THE REVENUES OF TILT CITY FOR THE LAST HALF OF THE
)"AR 1928 AS SECURITY THER-POR.
B77 IT ORDI_IITED BY THE BOARD OF COI+�fiISSIOI?Ei ," OF TIM CITY
OF PADUC%.H, _ 711TUCKY:
SECTION 1.
The I:Iayor and Commissioner of Public Finance are hereby
aut',orized and directed to borrow oil behalf of and for the use and
benefit of the City of Paducah, Kentucky, from any bank or banks within
said city, not exceeding.Tlaenty-five Thousand (025,000.00) Dollars, to
bear inte est at the rate of six per cent per annum, said sum so borrowed
to be Dlaced 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,
which shall bear the si3na..ture of the City of Paducah, b,- the L:ayor
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 -31, 1028'.
S ECTIOTT 3.
On account of the fact that there are numerous bills and
obligations norj due and unpaid, orcin; by the City of Paducah, and on
account of the fact that here is insufficient money in the treasuty
,,lith which to meet said obligations, an emergency is hereby declared to
exist and. tris ordinan shnII tako e£^ect from and after its passage.
SIGNED_
-my( R
PA:'',ED BY TIE BOARD OF S1 --:PT VBLR 24th, 1928
RTCORU":D P.Y, I;UNT CROS1-Lff,_;ID,CL?'.RY., S7'FT is ' R 25th, 1928
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