HomeMy WebLinkAboutOrdinances Book 11, Page 43, No Ordinance Number43
AN ORDINANCE AUTIIORIZING AND DIRECMIG THE MAYOR A D CITY
TREASURER TO bORRO: THE SUN: OF, FIFTY THOUSANDC150,000.00)
DOLLARS FOR THE USE: A34D EMEFIT OF T. -IC CITY OF PADVAH, KENTUCKY,
AUD TO EXECUTE A NOTE OR NOTES 110R :;AID SU..' OR S:;i.iS FOR AND ON
EMIALF 0-Y SAID CITY, Ail; TO PLEDGE T -'E P.EVENUES OF THE ('l -,Y FOR
FIRST ONE-I'AL OF THE Y"AR 1947 AS SECURITY THEREFOR
RE IT ORDAINED BC '::E ZOARD OF TILE CITY
OF PADUCAH, KENTUCKY:
SECTIO`; 1.
The 'iayor and City Treasurer are hereby authorized and
directed to borrow on behal_' of and for the use and benefit of the
City of Paducah,='.entucky, from any bank, banks or trust companies
organized or existing under the lams of the State of Kentucky, or c
the United States of America, or any of the states or territories
thereof, persons, firms or associations, not exceedin.- Fifty
Thousand (.50,000.00) Dollars to bear interest at the rate of not
exceeding Three (3,%) per cent per annum; and said sum so borrowed
to be placed in the General "und of raid City, and said money
bein!* for the purpose of takin, care of existing and current
obligations of said city and to meet the immediate demands against
the city.
SEC TIOi: 2.
A note or notes shall be =xecuted for such loam or loans,
which shall bear the siznature of the City of Paducah by the ;::a,yor
and City Treasurer of said city. Such note or notes shall bear
interest as prescrit;ed in the first section hereof and shall be m
in such amounts and for such lengths of time as may be determined
by the ;:ayor 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
June 30t -h, 1947.
SECTION•3.
On account of the fact theb there are numerous
oblif,ationn and bills now due and unpaid owinr, by the City of
Paducah, atx] on account of the further fact that there is
Insufficient money in the treasury with which to meet said
ot,li-ations and available therefor, and said funds are necessary
for the protection of the public health and safety, an emergency
Is hereby declared to exist and this ordinnuce stL.11 take effect
from arr] after its adoption.
-45' -� _ _4L° ��
-
Passed by the ;.oard of Commi. ion< arch 18th, 1.947
Recorded by ;;arch Thurman, City :lerk, :.r.,rch 18th, 1947.