HomeMy WebLinkAboutOrdinances Book 9, Page 366, No Ordinance NumberPage 366
AN ORDINANCE AUTIIORIZING AIM DIRECTING THE MAYOR AND
COP, 1AI^'IONFR OF PUBLIC FINA.I!CE TO BORROVI THE SUI,I OF TV!O HUIIDRED AND
FIFTY THOUSAND (9,`7250,000.00) DOTMARS FOR TITE USE AND BTNBFIT OF THE
CITY OF PADUCAH AND TO EXECUTE A NOTE OR NOTES FOR SAID SUI( OR SUMB
FOR AND ON BEHALF OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE
CITY FOR THE LAST HALF OF THE YEAR 1929 AS SECURITY TIV REFOR.
BE IT ORDAINED BY THE BOARD OF CO?'"ISEIONRRS OF THE
CITY OF PADUOAH, KFP;TUCKY;
SECTION 1.
The Mayor and Commissioner of Public Finance are h(-reby
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 exceecing Two Hundred and Fifty Thousand
($250,000.00) Dollars, to bear interest at the rate of six (6/)
per cent per annum, said sum so borrowed to be placed in the General
Fund of said city. Said money being for the purpose of taking
caro of existing obligations and to meet immediate 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 Mayor
and Commissioner of Public Finance of said city and shallbe due and
payable on or before the 31st day of December, 1929, and bearing
interest as prescribed in thF 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 31st
1929.
SECTION 3.
On account of the fact that th.re are numerous bills and
obligations now due and unpaid, owing by the City of Paducah, and
on account of the fact that there is insuffucient money in the
,yreasury with which to meet said obligations, an emergency is
hereby declared to exist and this ordinance shall take effect from
and after its passage.
Signed l [o
Mayor
Passed by the Board of Commissioners July 2%', 1929
Recorded by Iiunt Crossland, Clerk, July 23, 1929