HomeMy WebLinkAboutOrdinances Book 9, Page 263, No Ordinance NumberPage 263
AN ORDINANCE AUTHORIZING AND DIRFCTITIG TTIF T.IAYOR AND I
70T'T"IS£IOD1R OF PUBLIC FINANCE TO FORRO'.'f TTi- SUTA OF FIFTY THOUSAND i
($50,000.00) DO"LARS FOR THP USE AND BENEFIT OF THF CITY OF PADUCAH,
%ND TO EY.FCUTF A NOTE OR NOTES FOP, SAID SUB4 OR SUT.tS FOR AM ON BEHALF
)F SAID CIT-(, AND TO PLErGE THE RPVFNUES OF THE CITY FOR THE, FIRST
SNE -HALF OF THE YFAR 1929 AS SECURITY THEPEFOR..
BE IT 'ORDAIi?ED BY THS BOAP.D OF COi'::i.iIS` IOITFR£ OF THE
ITY OF PADUCAH, KFNT"'CKY;
SECTION 1.
The Minyor and Commissioner of Public Finance are hereby
i
authorized and directed to borrow on behalf of and for the use and
benefit of the City of Paducah, Eentucky, from any bank or banks
within said city, not excee ing Fifty Thousand ('50,000.00) Dollars,
to bear interest at the rate of six (6a) percent per annum; said
sum so borrowed to be placed in the General Fund of said City. Said
money being for the purpose of taring care of existing deficit and
to meet the irrmediate demands against the City.
SECTION 2.
A note or notes shall be executed for such loan or loans,
which shall bear the signature of the City of Paducah by the T:Iayor
and Commissioner of. Public Finance of said City and shall be due and
payable on or before the 5th day of July, 1929, 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,,vear ending June 30, 1929.
SECTION 3.
On account of the fact thnt there are numerous bills and
obligations now due and unpaid, owing by the City of Paducah, and on
ac-!ount of the fact that there is insufficient money in the treasury
with which to meet said obligations, an emergency is hereb�r decl- red
,to exist and this ordinance shall take effect from arld after its
passage.
Signed�s_.�rrr�r/
Mayor
Passed by the Board of Commissioners ILarch 4, 1929
Recorded by ]aunt Crossland, Clerk, March 5, 1929