HomeMy WebLinkAboutOrdinances Book 13, Page 479, No Ordinance Number_. AN ORDINANCE AUTHORIZING THE CITY MANAGER AND THE CI^lY TREASURER TO
INVEST FROM THE SURPLUS ACCUMULATION III THE SINKING FUND OF THE CITY
OF PADUCAH, KENTUCKY, F -)R THE USE AND BENEFIT OF SAID FUND, THE SUN OF
$110$,000.00 IN SERIES "J" UNITED STATES TREASURY BONDS, PROVIDING THE
TER•iS AND CONDITIONS UPON -WHICH SAID INVESTS ENT SHALL BE I•iADE
WHEREAS, as shown by the letter of Oscar K. Talmage, City
Treasurer, dated January 16, 1956, there was a cash balance in the
sinking fund for the payment of the bonded indebtedness of the city
as of December 31, 1955 the sum of W03,685-37, and
WHEREAS, the City Treasurer in said letter recommended that the City
invest ;?10$,000.00 of the sinking fund money in Series "J" United States
Treasury bonds, and
111HEREAS, if such investment is made there will remain 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 IRS 92.200 the
City is authorized to invest in bonds of the United States any surplus
in the sinking fund which cannot apply 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 cost.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COI-IIISSIONERS
OF THE CITY OF PADUCAH, KEMUCKY:
SECTION 1. That the City Manager bnd the City Treasurer be,
and they are �,iereby, authorized to invest from the monies in the sinking
fund of the City the sum of j108,000.00 in Series "J" United States
Treasury Bonds for the use and benefit of the sinking fund. The City
Treasurer shall be charged with the care and custody of the bonds
so purchased and placed tbo the sinking _^und 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.
�d
=layor
Passed by the Board of Comunissioners January 17, 1956
Recorded by Sarah Tiitu man, City Clerk, January 17, 1956.