HomeMy WebLinkAboutOrdinances Book 11, Page 192, No Ordinance Number177 ORDINANCE REP 7 ?I
1,1, 1- 'I 0T"7I !T 7"'" T ::!"'T
A'! ELEC T101T
TO -',-E HELD ON THE I'TEXT REGULAT CLiCTI OJT DAY, NOVENIEm 4,
1947, TO DETERT,-INE THE O.UESTION OF :JrHETHEF THE CITY OF PADUCAH
;HALL ISSUE AND SELL BONDS OF SAID CITY IN THE A7,10UNT OF ;TOT
EXCEEDING FIFTY THIOUSAIIII) (;,$50,000.00) DOLLARS, GLARING INTEREST
AT 7HE RATE OF KOT EXCEED111a T,,'O AND 011TE-HALF (2 1/2;,) PERCENT
PER A-NNU.'J, PAYABLE SE14I-ANNUALLY, 2011 THE PURPOSE OF PROVIDING
FUNDS TO DEFRAY ME COST OF T.!AKING A SURVEY AND APPRAISAL
'): ALL REAL AND PERSONAL PROPr,-?Tf IN SAID CITY SUBJECT TO
LOCAL TAXATION AND FOR USE BY THE CITY ASSESSOR ARD ALSO FOR 11 . 3E
EY THE BOARD OF EQUALIZATION WHEN VALUING SAID PROPERTY FOR
TAXATION PURP03ES A�:D E',----'ALIZIJTGr THE ASSESSIZITTS THIEREOU,
AN"D FOR THE b,',1-PLO)9.'ENT OF ALL 1TECESOARY PORSOIRIEL AND TUE
.A.C'^UI31TION OF ALL NECESSARY E",UIPNr-11T A1:7) SUPPLIEST, -) 7 r KE
SAID SURVEY AND Ai-PRAISAL AND 20-'l Al'�-'1'Tj-11iO3E-' 1T--CE6jARY
01 I:TCID:,,e!,TAL T!iEPETO; PRESCRILI.-: 7P'F T-"R;.13 AILD CONDITIONS
UPON SAID FONDS SHALL L—T? I33UZD hND SOLD; PROVIDING FOR
THE PAYI-IT-71TT OF THE PPINICIPAL A:TD INTEREST OH SAID BONDS; A14D
iROVIDING FOR THE CREATION OF A SINIUNG FUIJD FOR THE PAW-'ENT
OF SAID BONDS AS AND :ZON THEY NATURE", ',`EiICH .'IAS ADOPT---D Bf THE
B1ARD OF IONERS OTT AUGUST 12, 1947.
!`IHEREAS, by reason of the willingness of real estate dealers e
contractors fo undertake the work of making a survey and appraisal c
all real estate in the City of Paducah subject to taxation for the
rurpose of recommending to the City Assessor and the Board of Equal-
ization those values which would be fair and equitable, and by reasc
of the -seat reduction in the expense which the city would be requii
to incur by having the appraisal made without employing engineers as
contemplated under the provisions of the ordinance wherein there has
been submitted to the vote of the people the question of whether
bonds not exceeding Fifty Thousand (;,'50,000.00) Dollars shall be
issued to defray the cost of makin- such appraisal, it is deemed
advisable by the board of Commissioners to accept the offer of local
real estate dealers and contractors to make said appraisal rather
than to submit the question of issuing bonds to a vote of the people
NOi.7 'THEREFORE, EE IT ORDAINED BY THE EOARD OF C0'.I10ISSIONERS OF
7TE CITY OF PADUCAH, I(ENTUC.1a:
SECTION 1.
That an ordinance entitled: "AN ORDINANCE ORDERI1-!G AIT ELEC
TIF",UALIFIED VOTERS OA,' THE CITY OF' PADUCAH, KENTUCKY, To L -E
()IT T117 NEXT REGULAR ELECTIOId DA.C, NOVE1,1133ER 4, 1947, TO DETCrU-,[1,TE
193
QUESTION OF WHETHER Til: CITY OF PADUCAH SHALL ISSUE AND SELL nONDS
05 SAID CITY IN THE AMOUIIT OP NOT EXCEEDING PIvTz THOUSAND (150,000 00)
DOLLARS, BEARING INTEREST AT THE RATE OF NOT EXCEEDING IWO AND OW
HALF (2 1/29) PERCENT PER ANNUM, PAYABLE SUMI-AZXUALLY, POR THE
PURPOS3 Or PPOVIDINi FUNDS TO DEFRAY THE COST OF T.'AKINr, A SURVEY S:a
AiPRAISAL OF ALL REAL AND PERSONAL PRO.PiRTY IN SAID CITY SULJECT TC
LOCAL TAXATION FOR UAE BY TILE CITY ASSE.,.;OR AILD AL3C ?OR USE BY
BOARD OF ElUALIGATION :lF. 1 VALUING SAID PROPERTf FOR TAXATION
PURFOSES AND EQUALIZING THE A83ES3PSN TS THEREON, AND FOR THE
S1..FLOY17E; T OF ALL NECESSARY PERSOMIEL AND THE ACQUISITION OF ALL
NECESSARY EQUIPMENT AND SUPPLIES TO LAKE SAID SURVEY AND APPRL13AL
AND FOR ANY OTHER PURPOSES NECEaSARY OR INCIDENTAL THERETO; ERE—
SCRIEING THE TERVS AND CONDITIONS UPON IHICH SAID BONDS SHALL BE
ISSUED AND SOLD; PROVIDING FOR THE WMENT OF THE PRINCIPAL AND
INTEREST ON SAID BONDS; AND PROVIDING vOR THE CREATION OF A SIivKII?G
: UND FOR THE PAYMENT OF LAID BONDS AS AND WHEN THE.f MATURE", which
was adopted by the Board of Commissioners on August 12, 1947, be
and the same is hereby repealed.
SECTION 2.
This ordinance shall be in full force and effect from and after
Its adoption.
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� T•ia y6r -
Fassed by the ward of Commissioners, October 4th, 1947
Recorded by larch Thurman, City Clerk, October 4th, 1947.