HomeMy WebLinkAboutOrdinances Book 9, Page 29, No Ordinance NumberP:,GE 29.
AN ORDII42-TICE AUTHORIZING AIM DIRECTIIIG THE IZIYOR AI?D
CObII:ISSIOIWER OF PUBLIC FII,TLYCE TO BORR017 THE SUM OF FIFTY THOUSAPH)
(;'50,000.00) DOLL PS FOR THE USE AILD BENEFIT OF TIIE CITY OF Pr;DUCAH
%PID TO E,�T,,CUTE A IIOTE OR ;TOTES FOR SAID SUIS OR SULTS FOR .IID. OId
BE14-AL-P OF SAID CITY AVD TO PLEDGE THE REVErUES OF THE CITY FOR
THIS' FIRST ONE HLLF OF THE YEAR 1928 AS SFCURITY TIMEFOR.
BE IT ORDAINED BY THE DO:.P.D OF COLMISSIOR"ERS OF THE
CITY OF PADUCAH, KEIT UCKi.
SECTION 1.
The Mayor and Commissioner of Public Finance are hereby
authorized and directed to borrow on behalf of and for the use
and benefit of the City '8f 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 pledged to the General Fund of said City.
Said money being for the purpose of taking care of exisitr_g deficit
and to meet immediate demands against the City.
SECTIOI? 2.
A note or rotes shall be executed for such loan or
loans, which shall bear the signature of the City of Paducah by
the Mayor and Commissioner of Public Finance of said City and
shall be due.ar.d payable on or before the 5th day of July, 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
June 30, 1928.
SECTION 3.
On account of the Fact that there is not enough of funds
available at the present •4ime to meet current bills and pay rolls of
the City, an emergency is hereby declared to exist and this ordinar_c
shall take effect from and after its passage.
PASSED BY THE BOI:RD OF CO„YI ISSIO,TERS 11I.RC11 19th, J
RECORDED BY HUNT CROSSLAIID, CLLFK, 1IARCH 20th, 1928.
SIGI?ED . r�4
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