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HomeMy WebLinkAboutOrdinances Book 13, Page 183, No Ordinance Number183 / AN, ORDII?ASCE OF THE BOARD OF COIw;ISSIOIIERS OF THE CITY OF PADUCAH, KENTUCKY, CALLIi;G AL ELECTION AS TO INCURRII!G Ai? INDEBTEDNESS, THROUGH THE ISSUANCE OF BONDS OF THE CITY, IN THE A1,01fl-dT OF 61,280,000.00, FOR THE PURPOSE OF FINANCING THE COST 07 C0113TRCTING A 3161AGE DISPOSAL PLANT, IP!CLUDIi?G `P1IE SITE, TREATI EidT PLAIT, PU1YIi:G PLAIT, I?'TERCEPTIIIG SANITARY SEI: ER, RIGHT OF iIAY, EIMNEERING AND CONSTRUCTION PLAT;S WHEREAS, it is desirable and necessary for the best interest of the City of Paducah, "Kentucky that the City incur an indebtedness in the amount of ,A,280,000.00 through the issuance of bonds _"or the purpose of financing the cost of constructing a sewage disposal plant, including the site, treatment plant., pumping plant, intercepting sanitary sewer, right of way, engineering and construction plans, and WHEREAS, said sum of ;,1,280,000.00 can not be paid by the City out of its current- funds and revenues, and WHEREAS, the addition of said sum of ;31,280,000.00 to the indebtedness of the City will not exceed the debt limit of the City, and 19HEREAS, it is desired that the question of incurring of said indebtedness, through the issuance of bonds, shall be submitted to the voters of the City. liOi'i THEREFORE, BE IT ORDAINED BY TILE BOARD OF COI.M.SSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That an election is hereby called by the Board of Commissioners of the City of Paducah, Kentucky, to be held at the general election on November 2, 1954, for the purpose of having the voters of said city vote on the question of whether or not the City shall incur an indebtedness of :x1,280,000.00 for the purpose of financing the cost of constructing a sewage disposal plant, including the site, treatment plant, pumping plant, intercepting sanitary setter, right of way, engineering and construction plans, and whether the City shall issue therefor its bonds in the total sum of ;)1,280,000.00, bearing interest at a rate or rates of not exceeding 41% per annum, payable semi-annually, from date of issue and maturing at the rate of :x32,000.00 each year for a period of forty (40) years beginning in 1956 and ending in 1995. SECTION 2. If the issuance of said bonds are authorized, the Board of Commissioners of the City shall, beginning in 1955 levy and collect whatever annual tax upon all property subject to taxation within the City is necessary to pay the interest on said bonded indebtedness as it falls due and also to provide a sinking fund for the payment of the principal thereof as same matures. 184 SECTION 3. The question which shall be submitted to the voters of 3ity shall be in substantially the following form: BOND ISSUE QUESTION ARE YOU IN FAVOR OF AUTHORI MIG THE CITY OF PADUCAH, KENTUCKY TO INCUR AN INDEBTEDNESS OF 1,280,000.00 AND ISSUE ITS BONDS THEREFOR, PAYABLE AT THE RATE OF 02,000.00 EACH YEAR, FOR A PERIOD OF FORTY YEARS, BEGINNING IN THE YEAR 1956 AND ENDING IN THE YEAR 1995 ARID BEARING INTEREST AT A RATE OR RATES NOT EXCEEDING F UR (4%) PER CENT, PER ARNIM, PAYABLE SEIZ -ANNUALLY, UNTIL PAID, AND ALL TO BE PAID, BOTH PRINCIPAL AND INTEREST, OUT OF TAXES TO BE LEVIED BY THE CITY AMIUALLY DURING SAID PERIOD OF FORTY YEARS BEGTI;NING WITH THE YEAR 1955 AND ENDING WITH THE YEAR 1994, UPON ALL REAL AND PERSONAL PROPERTY SUBJECT TO TAXATION WITHIN THE CITY IDI ORDER TO PROVIDE FUNDS FOR THE PURPOSE OF FINANCING TAE COST OF CONSTRUCTING A SEIUAGE DISPOSAL PLANT INCLUDING THE SITE, TREATMENT PLANT, PUM)ING PLANT, INTERCEPTING SANITARY SM -M, RIGHT OF WAY, ENGINEERING AND CONSTRUCTION PLANS? ision shall be made upon the right side of the ballot, following the tion for votes in favor of incurring the said indebtedness to be ;nated by the word "Yes" and for votes opposing same to be designated ae word "No". SECTIOPI !.. If two-thirds of the votes cast on the question are in favor of incurring the indebtedness, the Board of Commissioners shall then issue bonds of the City, shall provide by ordinance for the method of creating and paying the indebtedness evidenced by the bonds and shall provide for the levy and collection of an annual tax upon all taxable property within the city sufficient to pay the interest on the indebtedness and create a sinking fund for the payment of the principal in a period of not more than forty years from the time of incurring the indebtedness. Said levy and collection shall be in accordance with the provisions of Section 66.050(2) of the Kentucky Revised Statutes. SECTION 5. That the City Clerk shall file a certified copy of this ordinance with the County Court Clerk of I•icCracken County, Kentucky at least thirty days prior to the next regular election date of November 2, 1954, with instructions to the County Court Clerk to cause the question set out in this ordinance to be printed upon the ballots to be used in the city precincts in the general election. The election shall be held under the general election laws. A certified copy of this ordinance shall also be published in the official newspaper of the City of Paducah for at least two weeks immediately preceding the election to be held on the 2nd day of November, 1954. SECTION 6. That all motions, resolutions or ordinances of parts thereof in conflict with the provisions of this ordinance be, and the same are, hereby repealed. 125 SECTION 7. This ordinance shall be introduced and remain on file for public inspection for at least one (1) week in the Completed form in which it shall be put upon its final passage, and if adopted shall be in full force and effect ten (10) days thereafter. Mayor introduced by the Board of Commissioners September 14, 1951E Passed by the Board of Commissioners September 23, 1954 Recorded by Sarah Thurman, City Clerk, September 23, 1954.