HomeMy WebLinkAboutOrdinances Book 9, Page 83, No Ordinance NumberPAGE 83
AN ORDPT.ANCE AUTHORIZING AND EMPO"7FRING THE CITY OF
• PADUCAH TO BORRO,"! UPON THE CREDIT AND R7SOURCES OF THE CITY, THE
SUM OF EIGHT THOUSAND T1.10 HUNDRED SEVEN AND 30/100 ($8207.30)
DOLLARS.
'JHLREAS, iii an action in the McCracken Circuit Court,
which was decided at the April term of said Court, 1928, there was
rendered a judgment against the city of Paducah in an action of
Luther Carson, et al vs, the City of Paducah, et al, whereby the
City is required to pay the amounts hereinafter and in the title
hereof indicated, and
'—FREAS, no provision has been made for taking care
of said judgment and there are no funds appropriated out of the
current income of the City for the present year i*mnediately available
or the payment thereof; and it is provided by Section 3130 of the
Kentucky Statutes that in such contingency an emergency exists and
he Cite may borrow on the credit and resources of the City such
sums as may be necessary, and it appearing from the report of the
iuditor of said City that the sum of Eight Thousand Two Hundred
Deven and 30/100 (:8207.30) Dollars is necessary to meet the amount
ow due under said judgment, NO"! THTREFORE,
BE IT ORDI� INI-D BY THE BOARD OF COi;iLSISS-ONEHS OF THE
ITY OF PADUCAH, KLNTUC1-Y:
SECTION 1.
That the Cite of Paducah is hereby authorized and
mporrered to borrow from any bank or trust company in the City of
aducah, the sum of Eight Thousand Two Hundred Seven and 30/100
$8207.30) Dollars for the purpose of satisfying the amount of the
udgment now(lue in the case of Luther Carson, et al vs. the City
�f Paducah and McKelvey Construction Company, and the credit and
resources of said City are hereby pledged as security for such loan,
or any renewal thereof, and the I+aycr and Commissioner of Public
Finance are authorized to execute such note or notes as may be
necessary to effect such loan and upon such time as may be necessary,
but not to extend however, beyond the first day of January, 1929,
a
SECTION 2.
On account of the fact that it is necessary to raise
money at oncein order to preserve and protect the credit of the City
of Paducah, an emergency is hereby declared to exist and this
ordinance shall take effect and be in force from and after its.
.I
passage;
Passed by the Board of Commissioners 1928
Recorded. by Hunt Crosc-land,Clerk, �9 2 1928
Signed
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