HomeMy WebLinkAboutOrdinances Book 15, Page 804, No Ordinance NumberAN ORDINANCE AUTHORIZING AND DIRECTING THE MAYOR AND THE CITY
TREASURER TO BORROW A SUM OR SUMS OF MONEY NOT IN EXCESS OF $130,000.00
for the use and benefit of the City of Paducah, Kentucky,. in the
CONSTRUCTION OF THE NEW CITY HALL BUILDING; TO EXECUTE A NOTE OR NOTES
FOR SAID SUNT OR SUMS FOR AND ON BEHALF OF THE CITY, AND TO PLEDGE THE
SUM OF $130,000.00 OWING TO THE CITY BY THE URBAN RENEWAL AND COMMUNITY
DEVELOPMENT AGENCY OF PADUCAH, KENTUCKY, AS SECURITY THEREFOR
WHEREAS heretofore and in 1965. the City of Paducah, Kentucky,
pursuant to the terms of an ordinance adopted by its Board of Com-
missioners on January 5, 1965, did borrow the sum of $130,000.00 from
Citizens Bank and Trust Company of Paducah, Kentucky for money advanced
toward the construction of the new City Hall building•, and to secure
said indebtedness pledged as security the sum of $130,000.00 then and
now owinP to the City by the Urban Renewal and Community Development
Agency of said City, and all.of said indebtedness became due on
December 31, 1965, and
WHEREAS it is necessary that said indebtedness in the sum of
$130,000.00 he paid.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The Mayor and City Treasurer are hereby authorized
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,
orr•anized 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, not exceeding $130,000.00, to
bear interest at the rate of not exceeding Three Percent (3%) per annum.
SECTION 2_ A note or notes shall be executed for such loan or
loans, which shall hear the signature of the City of Paducah, Kentucky,
by its Mayor and City Treasurer. Such note or notes shall bear interest
not to exceed the amount as prescribed in the first section hereof,
shall he made for such amount as may be determined by the Mayor and
City Treasurer, '•ut not to exceed the sum of $130,000.00, and said
note or notes shall he due and payable not later than December 31, 1966.
There is herebv pledged as security for such note or rotes the sum of
$130,000.00, or so much thereof as may be necessary, that is now owing
to the City of Paducal: by the Urban Renewal and Community Development
Ar•ency of said City, and said Mayor and City Treasurer are hereby
authorized to execute any and all instruments necessary to secure
such pledr*e.
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SECTION 3, All sums of money borrowed by the City of Paducah
under the terms of this ordinance shall be used to pay the aforesaid
indebtedness owina. to Citizens Bank and Trust Company of Paducah,
Kentucky.
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 January 3, 1966
Recorded by Sarah Thurman, City Clerk, January 3, 1966.