HomeMy WebLinkAboutOrdinances Book 10, Page 680, No Ordinance Number680
AN ORDINANCE AUTHORIZING AND DIRECTING THE 14AYOR AND CITY
TREASURER TO BORROW THE SUM OF SEVEI:TY-FIVE THOUSAND 075,000.00)
DOLLARS FOR THE USE AND BENEFIT OF THE CITY OF PADUCAH, KENTUCKY,
APID TO EXECUTE A NOTE OR NOTES FOR SAID SUM OR SUMS FOR AND ON
BEHALD OF SAID CITY, AND TO PLEDGE THE REVENUES OF THE CITY FOR
THE FIRST ONE-HALF OF THE YEAR 1942 AS SECURITY THEREFOR
BE IT ORDAINED BY THE BOARD OF COP,IKISSIONERS OF THE CITE OF
PADUCAH, IENTUCKY:
SECTION 1.
The Mayor 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, fron any bank, banks or trust companies;
organized or existing under the laws of the State of Kentucky, or of
the United Sates of America, or any cf the states or territories
thereof, persons, firms or associations, not exceeding Seventy-five
Thousand (475,000.00) Lollars to bear interest at the rate of not
exceeding six (6�) per cent per annum; and said sum so borrowed to
be placed in the General Fund of said city, and said money being
for the purpose of taking care of existin7, and current obli.-ations
of said city and to meet the immediate demands against the City.
A note or notes shall be executed for such loan or loans,
which shall bear the signature of the Gity of Paducah by the i�iayor
and City T'reasi.rer of said city. Such note or notes shall bear
interest as prescribed in the first section hereof and shall be
made in such amounts and for such lengths of time as may be
determined by the ','ayor and City Treasurer. There is hereby
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pledged as security for such note or notes hereby authorized
to be executed or any renewals thereof, all of the revenues to be
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collected by the City of Paducah for taxes for the fiscal half
year ending June 30th, 1942.
SECTION 3.
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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 funds are necessary for the protection of the public health
681
and safety, an emergency is .hereby delcared to exist and this
ordinance shall take effect from and after its passage.
mayor
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Passed by the Board Of Commissioners, March 10th, 1942
Recorded by Rudy Stewart, City Clerk, ;,larch 11th, 1942.
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