HomeMy WebLinkAboutOrdinances Book 10, Page 852, No Ordinance Number852
AN ORDINANCE RATIFYING THE ACTION (' 1HE CITY MANAGER
INVESTING FROM THE SURPLUS ACCUMULATIONS IN TIIE SINKING FUND
OF THE CITY OF PADUCAH, KENTUCKY, AND FOR THE USE AND BENEFIT OF
SAID FUND THE SUM OF FIFTY THOUSAND ($50,000.00) DOLLARS IN
TREASURY BONDS OF THE UNITED STATES OF AMERICA
WHEREAS, there is now deposited in the sinking fund for
payment of the principal of the bonded indebtedness of the City
of Paducah, Kentucky, the sum of $61,695.78; and,
WHEREAS, the bonds of the City of Paducah on which the
principal will become due and payable during; the next twelve (12)
years are in amounts as follows:
1944 ...............$11,000 1950 ...............$27,000
1945 ............... 11,000 1951 ............... 16,000
1946 ............... 68,500 1952 ............... 16,000
1947 ............... 4,000 1953 ............... 16,000
1948 ............... 72,000 1954 ............... 16,000
1949 ............... 2,000
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AND WHEREAS, pursuant to ordinances heretofore adopted
by the Board of Commissioners, the City of Paducah is required
to levy upon all real and personal property subject to taxation
witJin the City a rate of taxation which will be sufficient to
pay into the sinking fund during each of the next twelve (12)
years the following amounts;
1944 ...............$48,133.33 1950 ...............$23,500.00
1945 ............... 48,133.34 1951 ............... 35,000.00
1946 ............... 39,333.33 1952 ............... 35,000.00
1947 ............... 27,833.33 1953 35,000.00
1948 ............... 25,833.34 1954 ............... 35,000.00
1949 ........ .23,500.00 1955 ............... 35,000.00
AND WHEREAS, there will also be levied upon all real
and personal property subject to taxation ih the City, an ad valorem
tax at a rate sufficient for payment of the interest acenuing upon
all outstanding bonds in each of said years, and by reason of the
postponement of the principal maturities, there has accumulated
and will hereadter accumulate during said period a surplus in the
sinking fund and a surplus not required for the retirement of
bonds; and,
WHEREAS, under and pursuant to the provisions of erection
92,200 of the Kentucky Revised Statutes of 1942, the City of Paducah
is authorized to invest in bonds of the United States any surplus
of the sinking fund which cannot be applied to the extinguishment
of the outstanding bonded indebtedness and interest chargable to
the sinking fund; and,
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WHEREAS, the surplus accumulation of the sinking fund
cannot be applied Eo the extinguishment of any part of the bonded
indebtedness of the city on fair terms and at a reasonable price;
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NOW THEREFORE, BE IT ORDAINED BY 'DEC BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, ILENTUCKY:
SECTION 1.
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That the City of Paducah ratify and confirm the action
of the City Manager in the investment, for the use and benefit of
the sinking fund, the sum of :,50,000.00 in 22„ Treasurt bonds
of the United States Series "G"
each of said bonds being in the i
denomination of $10,000.00, due and payable twelve (12) years
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from the date of issue, and bearing interest at the aforesaid rate)
payable semi-annually, and said rrpgnmxA�xi H�x¢}xarso7x.z,zRr
bonds being redeemable in cash prior to maturity at the option
of the holder and after one monthis notice. The City Treasurer
shall be charged with the care and custody of the Treasury
Bonds so purchased and belonging to the sinking fund.
SECTION 2.
This ordinance shall be in full force and effect
., it from and after its adoption.
Mayor
Passed by the Board of Commissioners, April 20th, 1943
Recorded by Rudy Stewart, City Clerk, April 21st, 1943.