HomeMy WebLinkAboutOrdinances Book 13, Page 289, No Ordinance NumberAN ORDINANCE AUTHORIZING THE CITY MANAGER AND THE CITY
TREASURER TO INVEST FROM THE SURPLUS ACCUMULATION IN THE SINKING
FUND OF THE City OF PADUCAH, KENTUCKY, FOR THE USE AND BENEFIT
OF SAID FUND, THE SUM OF $144;000.00 IN SERIES J BONDS OF THE
UNITED STATES OF AMERICA, AND PROVIDING THE TERMS AND CONDITIONS
UPON WHICH SAID INVESTMENT SHALL BE MADE
WHEREAS, as shown by the letter of Oscar K. Talmage, -City
Treasurer, dated March 29, 1955, there was deposited in the Sinking
Fund for the payment of the bonded indebtedness of the City of
Paducah, Kentucky as of December 31, 1954, the sum of 6'233,321.55, and
WHEREAS, Series G. bonds of the United States of America
in the sum of $50,000.00 heretofore purchased for the Sinking Fund
of the city will mature on April 1, 1955, and there will be retained
in the Sinking Fund at all times a sufficient amount for the payment
of the bonded indebtedness of the city on the date of the maturity
of all outstanding bonds, and
WHEREAS, under and pursuant to the provisions of KRS
92.200 the City of Paducah is authorized to invest in bonds of the
United States any surplus in the Sinking Fund which cannot be applied
to the extinguishment of the outstanding bonded indebtedness and
the indebtedness chargable to the Sinking Fund, and
WHEREAS, the surplus accumulation in the Sinking Fund cannot
be applied to the extinguishment of any part of the bonded indebtedness
of the city on fair terms and at a reasonable price.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUC AH, KENTUCKY;
SECTION 1. That the City Manager and the City Treasurer
be, and they are hereby, authorized to convert into cash for deposit
in the Sinking Fund of the city the proceeds from the
$50,000.00 in
Series G United States bonds that will mature on April. 1, 1955;
and that they be and are hereby authorized to then invest from the
Sinking Fund the sum of $144,000.00 for the purchase of $200,000.00
in face value of Series J United States Treasury bonds for the use
and benefit of the Sinking Fund of the city. The City Treasurer
shall be charged with the care and custody of the bonds so purchased
and belonging to the Sinking Fund and all interest paid on said
bonds shall be paid into said fund.
SECTION 2. This ordinance shall be in full force and effect from
and after its adoption.
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e Mayor
Passed by the Board of Commissioners April 12, 1955
Recorded by Sarah Thurman, City Clerk, April 12, 1955.