HomeMy WebLinkAboutOrdinances Book 10, Page 346, No Ordinance NumberPaZe 3
AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE TNVESTISXT
BY THE CITY OF' PADUCAH, KENTUCKY, FOR THE USE AND BENEFIT OF ITS
S: LAKING FUND, BY PURCHASING) WI0 THE SURPLUS ACCUMULATION OF MONIES
IN SAID SINKING FUiM THE FUNDING BONDS TO BE ISSUED BY SAID CITY
UNDER AND PURSUANT TO AN ORDINANCE AUTHOSIZIOn THE ISSUANCE AND
SALE OF SAID FUNDING BONDS IN THE AGGREGATE SUM OF P64,000.00,
THE PROCEEDS OF WHICH ARE TO BE USED FOR THE ?XY-',!EiiT A2!!)
OF NOTES AGAINST THE CITY OF PADUCAH, KEN[`UCKY-, IN A LIKE Ai-iOUNT
NOW OUTSTANDING AS VALID OBLIGATIONS AGAINST SAID CITY
WHEREAS, under an ordinance introduced at a regular meeting
of the Board of Commissioners on the 17th day of September, 1940, the
City of Paducah, Kentycky, proposes to issue funding bonds in the
a-7regate sum of 064,000.00, or in such amount as may not exceed the
amount of indebtedness found by judgment of the Court to be a legal
and binding obligation of the City of Paducah, and consisting of a
floating indebtedness of said city; and
WHEREAS, on January 1st, 1940, there was deposited in the
sinking fund created for the purpose of retiring the balance of the
ndebtedness incurred by the City of Paducah under issued of votedil
bonds the sum of 4176,436.97, and that, on said date, the aforesaid
sinking fund balance was available for debt service on the
following voted bonds:-
(1) Fund for school improvement bonds el06,620.73
(2) F,-Lqd for principal on other
municipal bonds 62,265.21
(3) Fund for interest in other voted bonds 1,551.03
Total 176,436.37
A",U) 4IwHEREAS, the City of Paducah is required to levy
annually a sufficient tax for payment of the accruing interest
and the principal of said bonds at the maturities thereof, and
said sum of $176,436.37 consists of a surplus accumulation of
money in the sinking fund over and above the amount which mill be
required for a period of twenty years, the life of the aforesaid
furdinq bond issue, in order to promptly pay the interest and
principal on the aforesaid voted bonds payment from said fund
during said period; and,
'..'HEREAS, said sinking fund surplus has accumulated and
will continue to accumulate and will not be required for use during
said period by reason of the fact that the largest payment to be
made by said city for retirement of the interest and princ!pal upon
the aforesaid voted bonds is the final payment of 0586,330.00 which
will not becovo due until the year 1962; NGW, n2hypo&E,
BE IT ORDAINED BY TfT BOARD OF COW&ILSIONERS OF THE CITY
Page 347
OF PADUCAII, KENTUCKY:
i
SECTION 1.
That if the aforesaid funding bonds in the sum of
$64,000.00, or any part thereof, shall be issued and sold, that the
City of Paducah, Kentucky, for the use and benefit of its sinking
fundurchased at
p par said bonds, or any part thereof winch may II
be issued and sold, by the use of a sufficient amount of the surpl�is
accumulation of money in its said sinking fund for that purpose. j
SECTION 2.
This ordinance shall be introduced at a regular meeting
of the Board of Commissioners and remain on file .for not less
than One (1) week for public inspection in the completed form
in "hich it shall be put upon its final passage, and if adopted
it shall be in full force and effect ten (10) days thereafter.
:da yor
Introduced September 17th, 1940.
Passed by the Board of Commissioners, September 24, 1940
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Recorded by hudy Stewart, City Clerk, September 25, 1940
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