HomeMy WebLinkAboutOrdinances Book 9, Page 70, No Ordinance NumberPAGE 70
AN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND COMMISSIONER
OF PUBLIC FINANCE TO BORROW THE SUM OF FIFTY THOUSAND ($50,000.00)
DOLLARS FOR THE USE AND BENEFIT OF THE CITY OF N DUCAH AND TO EXECUTE A
NOTE OR NOTES FOR SAID SUM OR SU14S FOR AND ON BEHALF OF SAID CITY AND TO
PLEDGE THE REVENUES OF THr CITY FOR THE FIRST HALF OF THE YEAR 1928 AS
SECURITY THEREFOR.
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BE IT ORDAINED BY THE BOARD OF COM?AISSIONERS OF THE CITY OF
PADUCAH, KNTUCKY:
SECTION 1.
The Mayor and Commissioner:of Public Finance are hereby author-
ized and directed to borrow on behalf of and for the use and benefit of
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the City of Paducah, Kentucky, from any bank or banks within said City,
not exceeding Fifty Thousand ($50,000.00) Dollars, to bear interest at
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the rate of six (6p) 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 existing deficit and to meet the immediate
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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 shall be due and payable
on or before the 5th day of July,. 1928, and bearing interest as pre-
scribed in the first section hereof, and there is hereby pledged as
security fob 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 are numerous bills and
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obligations now due and unpaid, owing by the City of Paducah, and on
Account of the fact that there is inusfficient money in the treasury
with which to meet said obligations, an emergency is hereby declared to
exist and this ordinance shall take effect from and after its passage.
Passed by the Board of Commissioners April 23, 1928
Recorded by Hunt Crossland,Clerk, April 24, 1928
Signed��.• e_�s Mayor