HomeMy WebLinkAboutOrdinances Book 15, Page 1216, No Ordinance NumberAN ORDINANCE AUTHORIZING ARID DIRECTING THE MAYOR AND CITY
TREASURER TO BORR09 $130,000.00 FOR THE USE AND BENEFIT OF THE CITY
OF PADUCAH, KENTUCKY, FOR OPERATING EXPENSES; TO EXECUTE A NOTE OR
NOTES FOR SAID SUI'."! FOR AND ON BEHALF OF SAID CITY; AND TO PLEDGE
AS SECURITY THEREFOR THE STPI OF ;;130,000.00 from THE FRANCHISE TAXES
DUE AND OWING TO THE CITY OF PADUCAH, KEN^lUCKY
WHEREAS, the assessments and amounts of the franchise taxes
now due and owing the City of Paducah, Kentucky, have not yet been
received from the Department of Revenue, Frankfort, Kentucky, and the
receipt of same from the Department of Revenue is now overdue, and
WHEREAS until said assessments fixing the amounts due are
received from said Department of Revenue the City of Paducah cannot
prepare and submit tax bills for the collection of said franchise
taxes, and
WHEREAS it is estimated that the amount of the franchise taxes
will be in the sum of $130,000.00, which sum is now needed by the
City of Paducah to pay its norma]. operating expenses, including
salaries to employees, and it is the intention of the Board of Commiss-
ioners of the City of Paducah to borrow said sum of $;130,000.00
for the purpose of pavin, such expenses and to use and pledp-e as
security therefor the said franchise taxes in the estimated sum of
,x,130, 000.00.
NOW ^lIIEREFORE,BE IT ORDAINED BY THE BOARD OF COI`T•ISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Da or and City Treasurer are hereby authorized
and directed to borrow, onbehalf of and for the use and benefit of the
City of Paducah, Kentucky, from any hank, banks or trust companies
orpanized or existinp 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 the sum of $130,000.00 to bear interest at
the rate of not exceeding 3', per annum from the date of the note until
it is paid.
SECTION 2. A note or notes shall be executed for such
loan which shall bear the sirnat-ure of the Cite of Paducah,
Kentucky by its mayor and City Treasurer. Such note or notes
shall hear 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 April 3, 1967. There is hereby pledged
as security for such note or notes the estimated sum of s111130,000.00
to be received from the franchise taxes now due and owing• to the
City of Paducah, Kentucky.
121.7
SECTION 3. All hank drafts, cashier's checks or other
checks, constituting all sums of money borrovied 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 Citizens Bank and
Trust Company in the general operating fund account, and said sum
J shall be used and applied to the payment of operating expenses for
the City of Paducah, Kentucky, including salaries to employees of said
City.
SECTION y.. This ordinance shall be in full force and effect
from and after its adoption.
Mayor
Passed by the Board of Commissioners December 27, 1966
Recorded by Sarah Thurman, City Clerk, December 27, 1966.