HomeMy WebLinkAboutOrdinances Book 12, Page 763, No Ordinance NumberE
763
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AN ORDINANCE AUTHORIZING THE CITY TREASURER TO INVEST FROM THE SURPLUS
ACCUMULATIONS IN THE SINKING FUND OF THE CITY OF PADUCAH, KENTUCKY, FOR THE USE
AND BENEFIT OF SAID FUND, THE SUNT OF u90,000.00 IN TREASURY BONDS OF THE UNITED
STATES OF AMERICA,.AND PRESCRIBING THE KIND OF BONDS IN WHICH SAID INVESTMENT
SHALL BE MADE
WHEREAS under letter dated April 22, 1952, Mr. Oscar K. Talmage,
the City Treasurer, has reported a cash balance of approximately $90,000.00
in the Sinking Fund as of December 31, 1951; and
WHEREAS said Treasurer estimates there will be enough income
derived from the 1952 collections to take care of current obligations;
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF CONIiISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Treasurer be and he is authorized to
invest from the surplus accumulations in the sinking fund of the City of
Paducah, Kentucky, for the use and benefit of said fund the sum of X90,000.00
in Series F. United States Treasury bonds, said bonds to mature at such time
or times as to enable the City of Paducah to have available said sinking fund
money which, together with the amounts hereafter paid into the sinking fund,
will be sufficient for payment of the bonded indebtedness of the City of Paducah
as and when the same shall become due. The bonds in which the investment
shall be made shall be in such denominations as the City Treasurer may
determine and said Treasurer shall file with the Board of Commissioners
after said investment is made a report in writing stating the number of bonds
purchased, their denominations and serial numbers and the dates of maturity.
SECTION 2. Thb City Treasurer shall be charged with the care and
custody of the Treasury bonds so purchased and belonging to the sinking fund.
SECTION 3. This ordinance shall be in full force and effect from
and after its adoption.
I Mayor
Passed by the Board of Commissioners April 29, 1952
Recorded by Sarah Thurman, City Clerk, April 29, 1952
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