HomeMy WebLinkAboutOrdinances Book 10, Page 983, No Ordinance Number983
AN ORDINANCE AUTHORIZIIi : 1—i) Dli, C'L'_.r_: Y_.; ... :) ; A.1D Ci'IY
TREAJUREP, TO 2ORRO1.7 THE SUM 0t' FIFTY 49IOUSAUD (•`„50,000.00)
DOLLARS FOR TIZE USE AND BEN'EFIT OF THE CITY Oil' PADUCAH, KE;n0:_'
A:ID TO EXECUTE A :TOTE OR I:OTES FOR ..AID SUM ON JUI.13 VOR A;JD 011
BEHALF 'OV SAID CITY, AND T- PLEDGE TIi---' I,uVL;i1Ui a Oil' ME C IT'i ir'OR 'I:ij
FIRST ONE-HALF 01” THE YEAR 1944 AS SECU1,ITf 'PIi REFOR
BE IT ORDAINED L f Tj:Z BOARD OF COMM,I36IOXER3 OF Ti!E
CITY OF PADUCAH, K_E:1TUCKY:
SEC TIOJf 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 Paduca h, Itentucky, from any bank, banks, or trust compani,
or-,anized or existing under the laws of the State of Kentucky, or
the United States of America, or any of the states or territories
thereof, persons, "ir.-as or acoociations, not exceedin; i"ifty
Thousand ( 50, OOO.CO) Lollars uo 'bear lntel,ca t at thio ra to of not
exceedinC Three (5;) per cent per annum; and said sum so borrowed
to be placed in the ''aneral fund of said C -1 -by, and said r.oney
being for the purnose of tahinZ care of cxistin-, and current
obli_-ations of said city and to meet the immediate domands aainst
the city.
SECTION 2.
A note or notes shall be executed for such loan or loans,
which shall bear the sinnature of the City of iaducah by the N.,ayor
and City Treasurer of said city. Such note or notes shall bear
interest as prescribed in the first section hereof and shall ce mace
in such amounts and for such lenot'czs of tire as r1y be determined
by the Payor and City Treasurer. There is hereby pledged as
security for such note or notes hereby authorized to be e xeciited
or any renewals thereof, all of the revenues to be collected by
the City of Paducah from taxes for the fiscal hall year ending
June 30th, 1944.
On account of ti;e fact that there are numerous
oali-ations 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 t'•e treasury with tiil:ich to meet said
obli7ations and available therefor, and said funds are necessary
for the protection of the public health and safety, an emergency
4
is hereby declared to exist and
Pansed by the `oard o: 011t'71:310?ler3, April 11, 1944
Recorded by Rudy oteerart, city Clerk, ipril 11, 1944.