HomeMy WebLinkAboutOrdinances Book 9, Page 234, No Ordinance NumberPAGE 234
AN OF. rIUA TTOE AUTTIOP IZTPG ATTD IP -C TWG T i IRI YOF r TT
I` '101T F OF PUBLIC T"ITLT'.CE TC BORPO7! TILT' -ULT Or FIFTY THOUSAND
000.00) POLIARS FOR TFI' USF AND BRNFFIT OF THE CITY OF PArUCAH "PTD _
TO V fl7CUTE A I'^T" 01' TOTES FOR CA.ID SUM OR FTTIAS FOR AND ON BEHALF OF S!=D "
13ITY, AND TO r'I."PGE TTIE T 'VFITUF.c OF THE CITY FOR THE FIrn ONE IIALF OF THE
1 AR 1929 AS SECURITY TLT"^rrOR.
BF IT ORDA IVIED BY TITS BOARD OF COi,17,:I° :•IOTTFRS OF TIE j
CITY OF PALUCAIi, KENTUCKY:
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
lauthorized and directed to borrow on behalf of and for the use and benefit
Of the City of Paducah, Kentucky, from any b^nk or banks within said
city, not exceeding Fifty Thousand (,";50,000.00) Dollars, to bear interest
at the rate of six (60) percent per annum, said sum so borrowed to be
placed in the General �.. s of said city. Said money being for the
purpose of taking care of existing obligations and to meet immediate
demands against the city.
SECTIOTT 2.
A note or notes shall be executed for such loan or loans,
l';hich shall.benr the signature of the City of Paducah by the h"ayor and
Co:lnissicner of Public Finance of seid city, and shall be due and payable
on or before the 5th dny of July, 1929, and bearing interest as prescribe
in the first rection hereof, and there is hereby pledged as security for
ouch all the revenues collected by the city from taxes for the fiscal
hplf yeer ending June 30, 1929.
SECTION 3.
On account of the fact that there are numerous bills and
obligations now due and unpaid, or:ing by the City of Paducah, and on
account of the fact that there is insufficient money in the treasury
with which to meet said obligations, an emeJ enpy is hereby declared to
exist and this orfinance shall take effect from and after its passage.
SIGTTFD T a
t n C
PA"FED FY M, BOAP.D 0- CO"' IF'- I07717S J? r^T: 1-Y 7, 1929
RECORDED BY BUNT CRO£FLAND, OLT'.RK, JAITUi RY 8, 1929