HomeMy WebLinkAboutOrdinances Book 10, Page 439, No Ordinance NumberPage 439
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AN ORDINANCE AUTHORIZING 0D DIRECTING T"IE !'.IAYOR AM CITY
TREASURER TO BORROW THE SU1.7 OF SEVL*NTY-FIVE THOUSAND ($75,000.00)
DOLLARS FOR THE USE AND BENEFIT OF THE CITY OF PADUCAH, KENTUCKY,
AND TO EXECUTE A NOTE OR NOTES FOR SAID SU1,1 OR SU1,iS FOR AND ON
BEHALF OF SAID CITY, AM TO PLEDGE THE REVENUE OF THE CITY FOR THE
FIRST ONE-HALF OF THE YEAR 1941 AS SECUiITY THEREFOR.
BE IT ORDAINED BY THE BOARD OF C0131ISSIONERS OF THE CITY OF
PADUCAH, KENTUCKY:
SECTION 1.
The 1,1ayor and City Treasurer are hereby authorized and
directed to borrow on behalf of and for the use and benefit of the
City of Paducah, Kentucky, from any bank, banks or trust companies
organized or exi sting under the laws of the State of Kentucky, or
of the United,States of America, or any of the states or territories
thereof, persons, firms or associations, not exceeding Seventy-five
Thousand (;$75,000.00) Dollars to bear interest at the rate of not
exceeding six M��) per cent per annum; and said sum so borrowed toi
be placed in the General Fund of said city, and said money being
for the purpose of taking care of existing and current obligations:
of said city and to meet the immediate 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 Payor
and City Treasurer of said city. Such note or notes shall bear
interest as prescribed in the first section hereof and shall b e made
in such amounts and for such lengths of t.,me as may be determined
by the 1,Layor and City Treasurer. There is hereby pledged as security
for such note or notes hereby authorized to be executed or any renew-
als thereof, all of the revenues to be collected by the City of
Paducah from taxes for tno fiscal half year ending June 30th, 1941.
SECTION 3.
On account of the fact that there are numerous obligations
and bills now due and unpaid owing by the City of Paducah, and on
account of the further fact that there is insufficient money in the
treasury with which to meet said obligations and available therefor,
and said tunds are necessary for the protection of the public health
and safety, an emergency is hereby declared to ekist and this
ordinance shall take effect from and after its passage.
Passed by the Board of Commissioners, January 17, 1941
Recorded by Rudy Stewart, City Clerk, January 18, 1941.