HomeMy WebLinkAboutOrdinances Book 15, Page 1168, No Ordinance NumberAN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND CITY
TREASURER TO BORROW $5;,000.00 FOR THE USE AND BENEFIT OF THE CITY
OF PADUCAH, KENTUCKY FOR THE CONSTRUCTION OF SANITARY SEWERS AND
SEWERS FOR THE RELIEF OF EXISTING SANITARY SEWERS FOR THE CITY OF
PADUCAH, KENTUCKY; TO EXECUTE A NOTE OR NOTES FOR SAID SUM FOR AND
ON BEHALF OF SAID CITY, AND TO PLEDGE AS SECURITY THEREFOR THE SUM
OF $55,000.00 FROM THE PROCEEDS OF THE SALE OF "CITY OF PADUCAH VOTED
SEWER BONDS", WHICH BOND ISSUE WAS APPROVED BY THE VOTERS OF THE CITY
OF PADUCAH, KENTUCKY AT A REGULAR ELECTION ON NOVEMBER 2, 1965, AND
AUTHORIZED BY THE BOARD OF COMMISSIONERS OF SAID CITY ON APRIL 26,
1Q66 BY ORDINANCE RECORDED IF ORDINANCE BOOK 15, PAGE 917
WHEREAS, by an ordinance adopted by the Board of Commission-
ers of the City of Paducah, on July 20, 1965 and recorded in
Ordinance Book 15, page 670, an election was ordered to be held
on the regular election day, November 2, 1965, on the question
as to whether or not the City of Paducah should incur an indebt-
edness in the sum of $2,500,000.00 for the construction of sanitary
sewers and sewers for the relief of existing sanitary sewers, and
WHEREAS, said question was decided in the affirmative,
more than two-thirds of the qualified voters who voted having
cast their votes in favor of the incurring of said indebtedness,
and
WHEREAS, pursuant to said election the said Board of Com-
missioners by ordinance adopted the 26th day of April, 1966 and
recorded in Ordinance Book 15, page 917 authorized the issuance
of bonds to be known as "City of Paducah Votes Sewer Bonds" in
the principal sum of $2,500,000.00, and
WHEREAS, in anticipation of the sale of said bonds and the
commencement of said sewer construction the City of Paducah has
employed consulting engineers, acquired certain rights-of-way, and
has taken other steps necessary and incidental thereto, and by reason
thereof certain necessary and incidental costs and expenses in the
amount of approximately $85,000.00 have been incurred, and
WHEREAS, a sum of $55,000.00, or a substantial portion
thereof, is noir needed by the City to pay said necessary ex-
penses, and it is the said Board of Commissioners' intention for
the City of Paducah to loorrow said sum of $55,000.00 for the pur-
pose of paying such expenses and to use and pledge as security
therefor the sum of $55,000.00 from the proceeds of the sale of the
aforementioned "City of Paducah Voted Sewer Bonds".
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
1169
SECTION 1. The Mayor and City Treasurer are hereby auth-
orized and directed to borrow, on behalf of and for the use and
benefit of the City of Paducah, Kentucky, from any bank, banks,
or trust companies organized or existing under the laws of the
State of Kentucky, or of the United States of America, or any
of the states or territories thereof; person, firm or association
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the sum of $85,000.00 to bear interest at the rate of not exceeding
35.. per annum.
SECTION 2. A note or notes shall be executed for such
loan which shall bear the signature of the City of Paducah,
Kentucky by its Mayor and City Treasurer. Such note or notes
shall beat interest not to exceed the amount as prescribed in
the first section hereof, and said note or notes shall be due
and payable not later than December 31, 1966. There is hereby
pledged as security for such note or notes the sum of $85,000.00
from the proceeds of the sale of "City of Paducah Voted Sewer
Bonds" in the authorized principal amount of $2,500,000.00
which were approved by the voters of the City of Paducah at a
regular election on November 2, 1965 and authorized by the
Board of Commissioners of the City of Paducah by an ordinance
adopted April 26, 1966 and recorded in Ordinance Book 15, page
917, and said Mayor and City Treasurer are hereby authorized to
execute any and all instruments necessary to secure such pledge.
SECTION 3. All hank drafts, cashier's checks or other
checks, constituting all sums of money borrowed by the City of
Paducah under the terms of this ordinance shall be made payable
to the City of Paducah and shall be endorsed by the City Treasurer
for and on behalf of said City and deposited in Peoples First
National Bank and Trust Company of Paducah, Kentucky in an account
designated "Sewer Construction Fund" which account was authorized
by Section 8 of the aforementioned ordinance of April 26, 1966;
and said sums shall be used and applied to payment of fees for
consulting engineers, acquisition of certain rights-of-way, and
other necessary and incidental expenses incurred in connection with
the construction of sanitary sewers and sewers for the relief of
existing sanitary sewers.
SECTION 4. This ordinance shall be in full force and effect
from and after its adoption.
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Passed by the Board of Commissioners December 13, 1966
Recorded by Sarah Thurman, City Clerk, December 13, 1966.