HomeMy WebLinkAboutOrdinances Book 9, Page 433, No Ordinance NumberPage 433
AN ORDINANCE AU`PHORIZING AND rNPOVIERING TNT' CITY OF PADUCAH
TO BORROW UPCN THE CREDIT AND RESOURCFS OI" THE CITY TNF "UM OP rl':'O
HUNDRED Tl'.'ENTY-ONE & 12/100 (} 221.12) DOLLARS.
VIHERFAS, in the action of Southern Roads Company vs Sallie
Parkins and the vity of Paducah to cover the value of certain street
improvements abutting her property in the southwest corner at the
intersection of Ytyers and Clements Streets, it is recited that the
City of Paducah has received from Sallie Parkins tre sum of Fifty
($50.00) Dollars to be credited upon said judgment, and the judgment
of the court being that the City of Paducah shall pay the amount of said
tax bill, Two Hundred Thirteen & 1,7/100 (ti 213.13) Dollars, together
i
with interest amounting to Thirteen & 14/100 (7:13.14) Dollars and cost
as taxed in the case amounting to N'olvr?-"f—our & 85/100 ($$44;85) Dollars,
and that said Fifty (7!50.00) Dollars so credited reduces the amount
of said claim to Two Hundred T,,•renty-one & 12/100 ($221.12) Dollars; and
there being no funds appropriated or available out of the current income
and taxes of the city to pay the some during the present year, said
tax bills which. -.,ere the iasis of said action hiving been incurred in a
previous year, and it being further provided by Section 3130, Kentucky
Statutes, that in such contingency an emergency exists and the city
may borrow upon the credit and resources of the city such sums as may
be necessary to satisfy said judgments, and it appearing from said
judgment that it is necessary to immediately provide the sum of Two
Hundred Twenty-one & 12/100 ($221.12) Dollars with which to pay said
judgment, NO'.':', THrRFFORE,
BE IT ORDA INET' BY THF BOARD OF COMMI17IONLRS
Or' THE CITY 01 PI!DUCAH, KrYIUCKY;
SECTION 1.
That the City of Paducah is hereby authorized and empowered
to borrow from any bank or trust company in said city of Paducah the sum
of Two Hundred Tvrenty-one & 12/100 (K221.12) Dollars for the purpose of
satisfying the judgment and interest in the case of Southern Roads
Company vs Sallie Parkins and the City of Paducah for Two Hundred
nventy-one & 12.100 (7,221.12) Dollars, and the credit and resources of
the city are hereby pledged as security for such loan or loans and any
renewals thereof, and the ?g,ayor and Commissioner of Public Finance are
authorized to execute such note or notes as may be necessary to effect
such loan and any renewal thereof upon such time and terms as may be
necessary, but said original note or notes shall mature on or before the
first day of January, 1930.
SECTION 2.
On account of the fact that it is necessary to raise the
money at once in order to preserve and protect the credit and resources
Page 434
of the City of Paducah, an emergency is hereby declared to exist
land this ordiiianoe shall take effect and be in force from and after
lits passage.
Signed
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Passed. by the Board of Commissioners November 12, 1929
Recorded by Hunt Crossland, Clerk, November 13, 1929.