HomeMy WebLinkAboutOrdinances Book 13, Page 283, No Ordinance NumberAN ORDINANCE PROVIDI?;G FOR TIIE ISSUANCE OF :.e1,280,000 GEHERAL ODLIGATIOI7
S'S"WER BOI:DS OF TIIE CITY OF PADUCAII, KENTUCKY, ALD MAKING PROVISION FOR TIIE PAY�_�_.'z
OF SAI -2 AS TO INTEREST AND PRINCIPAL AS THE MEWILL BECOi-y DUE.
',MREAS pursuant to an ordinance adopted September 23, 1954, the Board of
Commissioners of the City of Paducah,, in i-icCracken County, Kentucky, as the
legislative body of said city, deemed it necessary that said city incur an indebted-
ness which could not be paid without exceeding the income and revenue provided for
the city for the current year, namely, in the amount of ;;1,280,000, for the purpose
of financing the cost of constructing.a s6wage disposal plant, including the site,
treatment plant, pumping plant, interceptingsanitarysewer, right of way, engin-
eering and construction plans, and in.and by said ordinance ordered an election by
the voters of said city to be held at the general election on November 2, 1954, to
determine whether the indebtedness should be incurred and bonds issued therefor,
and
UHEREAS said ordinance, in full conformity with Section 60.050 of
Kentucky Revised Statutes, specified the amount of the indebtedness proposed to be
incurred, the purpose, and the amount of money necessary to be raised annually= by
taxation for an interest and sinking fund, and a certified copy of said ordinance
was filed with the County Clark of said 's•:cC-racken County at least thirty days pri o7
to said general election date and said ordinance was advertised for the two weeks
next preceding said election by publication in The Paducah Sun-Deiocrat,.the offi-
cial news paper of said city; and
WHEREAS said election on said question was duly* and legally called and
held and the results thereof as canvassed by the County Commissioners of Election
of said county show that more than a two-thirds majority of those voting at said
election voted in favor of the question submitted, and it is necessary at this
time that provision be made for incurring said indebtedness by the issuance of such
bonds to the amount of 5;1,280,000 for the purpose aforesaid, and said City of Paduc
being a city of the second class, may incur indebtedness in an aggregate amount not
in excess of ten per centum of the value of the taxable property in said city, as
determined by the assessment next before the last assessment previous to the in
currinZ of the indebtedness and the indebtedness herein authorized, together with
all other outstanding indebtedness of said city, will not exceed said limitation so
determined;
1101-I THEREFORE, BE IT Ai` 7D IT IS HEREBY ORDAINED BY THE BOARD OF
COi•TTISSIO iERS OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLO'.!SY
SECTIOU 1. That there be created an indeby'edness b the Cite h
r
y o" Paducah,
Kentucky, to the amount of ;11,280,000 for the purpose of financin; the cost of con-
structing a s4wage disposal plant, including the site, treatment plant, purzping
plant, intercepting sanitary sewer, right of way, engineering and construction plan, -
and that said indebtddness be evidenced by General Obli,ation Sewer Bonds of said 1
284
city in the principal amount of 'A,280,000, of the denomination of ;;1,000 each,
numbered 1 to 1,280, inclusive, dated May 15, 1955, bearing interest payable semi-
annually at the rate of four per cent (4,) per annum, or such lesser rate or rates
as may hereafter be determined as a result of competitive bidding for said bonds
as hereinafter provided. Said bonds shall mature serially and in numerical order
j32,000 on iday 15 of each of the years 1956 to 1995, inclusive; provided, it is
determined to be advantageous that said city reserve the right and option of re-
deemins said bonds numbered 161 to 1,280, inclusive, prior to maturity in whole, or
from time to time in part in the inverse order of maturities (less than all of a
single maturity to be selected by lot) on any interest payment date on or after
�P•:ay 15, 1960, by giving notice thereof by publication at least once not less than
thirty days prior to the redemption date in a newspaper of general circulation
throughout Kentucky, and it is hereby agreed that in the event of redemption of any
+of said bonds which are by their terms redeemable said city will pay to the holder
Ior holders thereof upon surrender of the respective bonds a redemption premium in
Ilan amount equal to three per cent of the principal amount thereof if called for
!Iredemption on or prior to Iiay 15, 1965; two per cent of the principal amount there-
(of if called for redemption thereafter and on or prior to •Iay 15, 1970; one per
cent of the principal amount thereof if called for redemption thereafter and on or
prior to 1 -:ay 15, 1975; and one-half of one per cent of the principal amount thereof
if called for redemption thereafter and prior to maturity.
That the interest accruing upon such bonds be evidenced by coupons
attached to said bonds maturing on the dates such interest becomes due; that both
principal and interest be payable in lawful money of the United States of America
at the office of the City Treasurer in the City of Paducah, Kentucky, and that each
of said'bonds be signed by the iiayor and attested by the City Clerk of said city,
and the corporate seal of said city be affixed thereto, and the interest coupons
be e:;ecuted with the facsimile signatures of said Mayor and Clerk, and said offi-
cials, by the execution of said bonds, shall adopt as and for their ohm signatures
their respective facsimile signatures appearing; on said coupons.
S Ci'ICi. 2. That said bonds and coupons shall be in substantially the
following form:
:umber
(corgi .of Bond)
UKITED STATES OF ALERICA
COI-LONITERALTH Or, I E7TUCKY
COUI7TY OF L c CRACKM!
CIfI Og' PADUCAH
G;�-' RAL OBLIGATIOII 33 -VM -R BOPID
a 000
Iii OW ALL IyIIEN BY THESE PRESENTS that the City of Paducah, in i<cCracl_en
County, Kentucky, hereby acknowledges itself to owe and for value reccivad promises
to pay to bearer hereof the sum of One Thousand Dollars (',?1000) on tiic fifteenth
da; of !.lay. 19_, with interest thereon at the rate of per cent
( 5j per annum from date hereof until paid, except as the provisions herein-
after set forth with respect to prior redemption may be and become applicable here-
to, payable Idovember 15, 1955, and semi-annually thereafter on the fifteenth day of
!,ay and ilovember in each year, all such interest as may accrue on and prior to the
maturity of this bond to be payable on presentation and surrender of the coupons
hereto attached as they severally become due. Both principal 'hereof and interest
hereon are hereby made payable in lawful money of the United States of America at
the principal office of The City Treasurer, in the City of Paducah, Kentucky and
-or the prompt payment of this bond, both principal and interest, as the same become
clue, the full faith, credit and resources of said city are hereby irrevocably pledget
This bond is one of a series numbered consecutively from 1 to 1,2$0, in-
clusive, issued by said city for the purpose of financing sewer system improvements,
in full compliance with the Constitution and general laws of the Ccmmonwealth of
Kentucky, and is authorized by two-thirds of the voters of said city voting at an
election legally called and held for that purpose in and for said city and pursuant
to ordinances duly and properly adopted by said city.
Said City hereby reserves the right and option to call and r.edeem said
bonds numbered 161 to 1,2$0, inclusive, prior to maturity in whole or from time to
time in part in the inverse order of their maturities (less than all of a single
maturity to be selected by lot) on any interest payment date on or after Lay 15,
1960, and should said city exercise such right and option notice thereof identify-
ing the bonds to be redeemed will be published at least once in a newspaper of
general circulation throughout Kentucky not less than thirty days prior to suchre-
demption date, and it is hereby agreed that in the event of redemption of any of
said bonds which are by their terms redeemable said city will pay to, the holder or
holders thereof upon surrender of the respective bonds a redemption premium in an
amount equal to three per cent of the principal amount thereof if called for redemp-
tion on or prior to i:ay 15, 1965; two per cent of the principal amount thereof if
called for redemption -thereafter and on or prior to i-iay 15, 1970; one per cent of
the principal amount thereof if called for redemption thereafter and on or prior to
Hay 15, 1975; and one-half of one per cent of the principal amount thereof if called
for redemption thereafter and prior to maturity. All of such bonds thus called for
redemption and for the retirement of which funds are duly provided will cease to
bear interest on the redemption date.
It is hereby certified and recited that all acts, conditions and things
required by ]azi to exist, to be had or to be done precedent to and in the issuing
of this bond, did exist, have happened, been done and performed in regular and due
form and time as required by law; that the indebtedness of said city, including
this bond, does not e::ceed any limitations imposed by law, and that provision has
been made for the collection of a direct annual tax sufficient to pay the interest
hereon as it falls due, and also to create a sinking fund to pay and discharge the
principal hereof when the same matures.
IPI WITNESS ZMREOF said City of Paducah has caused this bond to be signed
its Iiayor, attested by its City Clerk, and its corporate seal to be hereunto
fixed, and the coupons hereto attached to be executed with the facsimile signa-
res of said P•Iayor and City Clerk, which officials by the execution_ hereof do
opt as and for their own proper signatures their respective facsimile signatures
pearing on said coupons, all as of the fifteenth day of flay, 1955.
ttest
QForw of Coupon)
wrber
i. ayor
205
206
On the fifteenth day of 19 the City i
iientuck�> 'aducah,
frill pay J o_ r to Dearer
Dollars t.} ) at the office of t e City Treasurer in the City of
Paducah, ktucky, for interest due that day on its General Obligation Sewer Bond
dated 1•,ay 15, 1955, I?wnbered
Attest:
City Clerk
riayor
SECTION 3 That for the purpose of providing funds required to pay the I
interest on said bonds promptly when and as the same falls due and to create a
i
sinking fund to pay and discharge the principal thereof at maturity there be and
there is hereby ordered levied in each of the years 1955 to 1994, inclusive, upon
all the taxable property within said city in each year while any of said bonds are
outstanding a direct annual tax sufficient for that purpose.
That principal and interest due at any tim^ vAlen there are insufficient
funds on hand from the foregoing tax levy be paid from the currect funds of said
city:and reimbursement therefor shall be made out of the taxes hereby provided when
the same shall have been collected.
SECTIOit 4. That the bonds Hereby authorized be executed as herein provided
and as and when so directed by supplemental resolution adopted by the Board of
Commissioners the City- Clerk shall cause notice for bids for the purchase of the
bonds hereby authorized to be published in the official newspaper of said City of
Paducah, such publication to be made at least once not less than seven days prior
to the date specified in the notice for consideration of such bids. The City
Treasurer is hereby= authorized to receive and receipt for the proceeds derived from
the issuance o_" said bonds and such proceeds shall be used only for the purpose
herein authorized and provided.
S'ECT� That H. Marren I•iiddleton, Attorney, is hereby authorized and
directed to institute appropriate proceedings in i•-cCracken County Circuit Court for
the validation of said bonds as provided and required by Sections 66.210 and 66.220
of Kentucky -Revised Statutes.
SECTIOIt 6. If any section, paragraph, clause or provision of this
ordinance shall be held invalid the invalidity of such section, paragraph, clause
or provision, shall not affect any of the remaining provisions of this ordinance.
SECTIO-` 7. All ordinances, resolutions and orders, or parts thereof, in
:ow.'lict with the provisions o; this ordinance are, to the extent of such coIflict,
Ieroby repealed.
SECTION 6_ This ordinance shall be introduced and remain on file for
-public inspection for at least one geek 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.
Introduced by the Board of COMMissioners 'arch 72, 1955
?assed by the Board of Commissioners 1, arch 30, 1955
D
ecorded by Sarah Thuxman, City Clerk, I -arch 30, 1955.
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