HomeMy WebLinkAboutOrdinances Book 16, Page 292, No Ordinance Number292
AN ORDINANCE AUTHORIZING THE CITY MANAGER AND SENIOR TREASURER TO
BORROW A SUM OR SUMS NOT EXCEEDING $20,000.00 FOR THE USE AND BENEFIT OF
THE CITY OF PADUCAH IN THE CONSTRUCTION OF ONE-HALF OF THE PROPOSED
MUNICIPAL PARKING LOT AT THE SOUTHWEST CORNER OF THE INTERSECTION OF
THIRD STREET AND KENTUCKY AVENUE; TO EXECUTE A NOTE OR NOTES FOR ANY
AMOUNTS UP TO SAID SUM; TO ESTABLISH A SPECIAL ACCOUNT, AND TO PLEDGE
PROCEEDS FROM A PROPOSED MUNICIPAL PARKING LOT REVENUE BOND ISSUE AS
SECURITY THEREFOR
WHEREAS the City of Paducah has contracted with the Urban Renewal
and Community Development Agency for the purchase of a tract of land
between 3rd and 4th Streets on the south side.of Kentucky Avenue for
municipal parking lot purposes, and
WHEREAS the City of Paducah has entered into a lease agreement
with the Urban Renewal and Community Development Agency for the lease
of one-half of the proposed site for immediate development of municipal
parking lot facilities, and
WHEREAS construction has been authorized and contracts have been
entered into for the purchase of parking meters, limestone and asphalt
paving, and
WHEREAS the City intends to finance the purchase of the site and
the total construction through a revenue bond issue, and
WHEREAS the City has a current need for development funds for the
portion to be constructed at.this time, and
WHEREAS the Citizens Bank & Trust Company of Paducah, Kentucky
has offered to loan the City up to $20,000.00 for the immediate con-
struction of said lot at interest rates of 3z% per annum,
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City Manager and Senior Treasurer be, and they
are hereby, authorized to borrow from the Citizens Bank & Trust Company
of Paducah, Kentucky, up to $20,000.00 for six (6) months from this date,
at interest rates not exceeding 3z1/. per annum on unpaid balances, for
the use and benefit of the City of Paducah in the construction of one-
half of a proposed municipal parking lot at the southwest corner of the
intersection of South 3rd Street and Kentucky Avenue.
SECTION 2. A note or notes shall be executed for such loan or
loans which shall bear the signature of the City of Paducah by its City
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Manager and Senior Treasurer. Such notes shall be made for such amounts
as may be determined by the City Manager and Senior Treasurer, not
exceeding the total sum of $20,000.00.
SECTION 3. Any sums borrowed shall be placed in a special account
to be known as "Parking Lot Construction Account", and sums shall be
disbursed from said account for labor, material and equipment used in
said construction as is now or may hereafter be authorized, including
reimbursement to the City for all force account labor, material and the
use of equipment of the City used in the project and properly accounted
for.
SECTION 4. As security for said loan, the City pledges sufficient
revenues from its proposed $125,000.00 Revenue Bond Issue to repay all
principal and interest due on said notes.
SECTION 5. This ordinance shall be in full force and effect from
and after its adoption.
Mayor
Passed by the Board of Commissioners September 13, 1967
Recorded by Sarah Thurman, City Clerk, September 13, 1967.