HomeMy WebLinkAboutOrdinances Book 10, Page 897, No Ordinance NumberA
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ATI ORDINATICE AUTIiORIZING 11TE CITY MANAGER TO ITIVEST
FROM THE' SURPLUS ACCUI7ULATIONS IN TIE SINNING FUTID OF THE
CITY OF PADUCAH, XMITUCKY, A17D 1"OR THE USE AND BEIIEFIT OF SAID
FUND, THE SUM (7 T17ENTY-FIVE THM;AID U:;25,000.00) DOLLARS Ili
TREASURY BONDS OF THE UNITED STATES OF Ai.,ERICA, AiID PROVIDING
THE TERI.IS AIM CONDITIONS U201I V.MICH SAID II4VES`PiL1ii,T OnALL LE
i IADE
PIHEREAS, there is now deposited in the sinking fund
for payment of the principal of the bonded indebtedness of the
City of Paducah, Kentuc;cy, the sum df '.32,030.000 which sum
will Le increased to a -proximately ;;64,000.00 after all franchise
taxes have been collected for the year 1943; and,
i HWiEAS, as shown bj an ordinance adopted by the board
of (,ommi:;sioners on April 20th, 194.3, and of record in Ordinance
Book No. 10, page 852, there will e levied upon all real estate
and personal property subject to taxation in the City, an ad valore
tax at a rate sufficient for payment of the interest accruinZ upon
all outstanding bonds during each of the years referred to in the
aforesaid ordinance, and by reason of the postponement of the
principal maturities of said outstanding bonds, there has accumulat
and will hereafter accumulate during said period a surplus in the.
sinking, fund and a surplus not required for the retirement of bonds
and,
l''::;?EREAS, under and pursuant to the provisions of Section
92,200 of the Kentucky Devised Statutes of 1942, the City of Paduce
is authorized to invest in bonds of th@ United States ariy surplus
of the sinking fund which cannot be applied to the extinguishment
of the ourstanding bonded indebtedness and interest chargeable
to the sinking fund; and,
4'✓i1LREAS, the surplus accumulatlion of the sinking fund
cannot be applied to the extinguishment of any oart of the bonded
indebtedness of tine city on fair terms and at a reasonable price;
NOW, THEREFORE, RE IT ORDAINED BY TiiE i OARD OF CO'.31:IaSIOTV;;RS
OF THE CI'1".0 OP PADUCAH, KENTUCKY:
SECTION 1.
That the "ity Linnager be and lie is horoby authorized
to invest .f;-om the surplus accurnul.ations in the s1111i:in- fund of
.tho City of Paducah, Kentucky, for the use and LC11Cf it of said
fend, tho sum of 'fwcnty-('Ivo Thousand (�:"5,000.00) Dollars in
^';, Trononvy bonds of the Unitcd .;tatos So?-ios "G" o
(:=) of
aald bonds to 1)o of tho donom:inaLion of „10,000.00 and one (1)
I
of the demonination of .;;5,000.00, all of said bonds to be due
and payable twelve (12) years from the date of ii3sue and bearing
interest at the aforesaid rate, payable semi-annually, and said
bonds to be redeemable in cash six (G) months after the date of
i�
i+ issue and upon one (1) month's notice. The City Treasurer shall
be chanred with the care and custody of the Treasury fonds so
purchased and belongin- to the sirikin,v fund.
SECTION 2.
This ordinance shall be in full force and effect
from and after :its adoption.
EIV 'or Protem r,or� ian
stoner
Passed by the Board of Commissioners, Sept. 14, 1943
Recorded by Rudy Stewart, City Clerk, Sept. 15, 1943