HomeMy WebLinkAboutOrdinances Book 10, Page 159, No Ordinance NumberPage 159
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OF PALXC__?i, L..: r.UC1-, :
SECTIO=: 1.
Tilat the :;ayor and City Treasurer be and they are hereby
authorized, and empowered to borrow from any bank or trust company
organized under the laws of the United States or of the State of
:ontucky, or of any other sVto or tcr: itory of the United States
up to the sum of One-'ut_jred and S_.vonty-f .ve Thousand (Q75,00).00
Dollars, or so much tnercof as -tag,* he _ asde3 for the use and benefi
of the City of ann.cah; and to execrate a note or notes bearing
interest at not o::ceedin G,, per annum from date, for said sum or
sums so to _e borro ed for and on Lehalf of said City of Paducah,
and to e._ecute i__ like :canner all renewals or extensions thereof.
I':,e revenue and income of the City of Paducah for the first Fiscal
one-half of the year 1540 are hereby pledEed as security for such
loan or loans.
SECTIM 2.
It : e_nE necessary to procure funds upon said loan in..edi ntely
in order to meet and 'efray accrued an:' accruing ex_auncc and
oil_,tions of the Cit;; of Paducah and to preserve and .,ai twin
its credit, and to prevent, preserve and _protect the public _salt-_
ann .,__oty of said City, an over envy is hereby :eclared to exist
and t!Qs ordinance snail to in full force a__a effect from and
after its adoption.
Iayor
Passed by the ?card of Commissioners, J-nuary 3rd, 1940.
Recorded by Rudy Stewart, City Clerk, January 4th, 1940.
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