HomeMy WebLinkAboutOrdinances Book 11, Page 184, No Ordinance NumberAN ORDINANCE AUTHORIZING AND DIRECTING THE I.;AYO;t A7 1 -D CITY
'.TREASURER TO BORRO'N THE SUM OF FIFTY THOUSAND (:450,000.00)
DOLLARS FOR THE USE AND BENEFIT OF ME CITY OF PADUCAH, _isNTUCKY,
A -D TO EXECUTE A NOTE OR NOTES FOR SAID SUI:: OR STIM,; FOR AND ON
PETTALF OF AID CITY, AND `M PLEDGE THE REVENUES OF THE CITY FOR
T'4E LAST ONE-HALF OF THE YEAR 1947 A;, SECURITY THEREFOR
BE IT ORDAINED Ef THE BOARD OF CCI:il.:IZSIOIIERS OF THE
CITI OF PADUrAH, KENTUCKY:
.:;ECTIOI.T 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, from any bank, banks or trust companies
organized or existing under the laws of the State of Kentucky, or o
the United States of America, or any of the states or territories
thereof, persons, firms or associations, nor exceeding Fifty
Thousand (;;50,000.00) Dollars to bear interest at the rate of not
exceeding three (3) percent per annum; and said sum so borrowed
to be placed in the general Fund of said City, an'd said money
being for the purpose of taking care of existing and currect
obligations of said cit,,, and to meet the immediate demandsagainst
the city.
SECTION 2.
A note or notes shall be executed for such loan or loans,
which shall bear the si,nat•,re of the City of Paducah by the :ayor
and City Treasurer of said city. ..such note or notes shall bear
interest as prescribed in the first section hereof and shall be madl
in such amounts and for s ch lenCths of time as may be determined
by the Wa,yor and City 'Treasurer. There is hereby pledged as
security for such note or notes hereby authorized to be executed
or any renewals thereof, all of the revenues to be collected by
the City of Paducah from taxes for the fiscal half year ending
December 31st, 1947.
SECTION 3.
On account of the fact that there are numerous
obligations and bills no': due and unpaid owing by the City of
Faducah, and on account of the further fact that there is
insufficient money in the treasury with which to meet said
obliCatLons and available therefor, and said funds are necessary
for the protection of the public health and safety, an emergency
in hereby declared to exiat and this ordinance shall take effect
from anc' after its adoption.
,ior
Passedby the -card of Commissioners, cJeptember 23, 1947.
Recorded by .,arch Thurman, City Clerk :enteraber 23, 1947.