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HomeMy WebLinkAboutOrdinances Book 16, Page 299, No Ordinance Number299 / ORDINANCE CALLING ELECTION AN ORDINANCE OF THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, CALLING AN ELECTION TO BE HELD ON THE NEXT GENERAL ELECTION DAY, NOVEMBER 7, 1967, SUBMITTING TO THE QUALIFIED VOTERS OF SAID CITY, THE QUESTION OF WHETHER THE CITY SHOULD INCUR AN INDEBTEDNESS THROUGH THE ISSUANCE OF VOTED BONDS OF THE CITY IN THE SUM OF NOT EXCEEDING ONE MILLION TWO HUNDRED SEVENTY THOUSAND DOLLARS ($1,270,000) FOR THE PURPOSE OF ACQUIRING CERTAIN PROPERTY KNOWN AS THE FOREST HILLS HOUSING PROJECT, FINANCING IMPROVE- MENTS THERETO AND TO PROVIDE FOR THE INITIAL OPERATION THEREOF; AND SPECIFYING THE AMOUNT OF MONEY NECESSARY TO BE RAISED ANNUALLY BY TAXATION FOR AN INTEREST AND SINKING FUND WHEREAS, it is desirable, necessary and for the best interests of the City of Paducah, Kentucky, that said City incur an indebtedness in the sum of not exceeding One Million Two Hundred Seventy Thousand Dollars ($1,270.000) through the issuance of voted bonds of said City for the purpose of acquiring certain property known as the Forest Hills Housing Project in said City (hereinafter sometimes referred to as the "Forest Hills Project"), to finance improvements thereto and to provide for the initial operation thereof, and WHEREAS, the acquisition of said project would be a municipal project available to the residents of said City, and WHEREAS, the cost thereof cannot be paid out of the City's current funds and revenues, and an indebtedness of that amount would exceed the income and revenues provided for the City for the current year and therefore cannot be legally incurred without being submitted to the voters of the City at a general election, and WHEREAS, it is desired that the question of the incurring of said indebtedness through the issuance of City of Paducah Voted Public Facilities Bonds shall be submitted to the voters of the City at the next regular electi to be held on November 7, 1967. NOW, THEREFORE, THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY, DOES ORDAIN AS FOLLOWS: SECTION 1. That it is hereby found and determined that it is necessary and in the best interests of the City of Paducah, Kentucky, and of its inhabitants that the City acquire the Forest Hills Project referred to in the preamble hereof, finance improvements thereto and provide for 300 the initial operation thereof to the extent necessary and that it is advantageous and to the best interests of the City and of its inhabitants that the foregoing be financed by the issuance of City of Paducah Voted Public Facilities Bonds, provided that the creation of said indebtedness and the issuance and sale of such proposed Bonds are approved by the voters of the City at a general election; and the Board of Commissioners estimates that the total cost of the foregoing will not exceed One Million Two Hundred Seventy Thousand Dollars ($1,270,000). SECTION 2. That an election is hereby ordered and called by the Board of Commissioners of the City of Paducah, Kentucky, to be held at the next general election on November 7, 1967, for the purpose of having the voters of said City determine by vote whether an indebtedness of not exceeding $1,270,000 shall be incurred and whether Bonds shall be issued for the purposes aforesaid and according to the provisions hereinafter set out in the Notice of Election contained in Section 3 hereof. SECTION 3. That.the City Clerk is hereby authorized and directed to advertise a Notice of Bond Issue Election, such advertisement to be made in compliance with Section 424.130(1)(d) at least one time, not less than seven nor more than twenty-one days prior to the election day of November 7, 1967, in THE PAUDCAH SUN -DEMOCRAT, which is the newspaper having the largest bona fide circulation which is published in the.City of Paducah, Kentucky, and is the newspaper published in said City meeting the requirements of KRS 424.110-120, for publications required by such statutes to be made with reference to official actions of the City of Paducah, Kentucky, such Notice of Bond Issue Election to be in substantially the following form: - NOTICE OF BOND ISSUE ELECTION Notice is hereby given that an election will be held in and for the City of Paducah, Kentucky, on the General Election Day of November 7, 1967, to determine whether or not said City shall incur an indebtedness of not exceeding One Million Two Hundred Seventy Thousand Dollars ($1,270,000) through the issuance of City of Paducah Voted Public Facilities Bonds evidencing said indebtedness, in an amount not exceeding such amount of indebtedness, which, with all existing indebtednesses.of said City does not and shall.not exceed the sum allowed by the Constitution and laws of the Commonwealth of Kentucky.. The purpose of said: indebtedness is to acquire certain property known as the Forest Hills Housing Project, to finance improvements thereto and to provide for.the initial operation thereof. If authorized, said Bonds, with interest, will be paid off within a period of not exceeding twenty-five (25) years from the date of issue, and the Board of Commissioners of the City shall levy and collect an annual tax upon all taxable property within said City, to the extent needed and to the extent that funds are not otherwise provided, at whatever annual tax rate is necessary to pay the interest on said indebredness as it falls due and also 301 to conctitute a sinking fund for the payment of the principal thereof within said period of not exceeding twenty-five (25) years. To the extent that such interest on and principal of such Bonds may be paid from sources other than such special tax, such special tax shall not be levied. The amount of money necessary to be raised annually by taxation for an interest and sinking fund shall not exceed the sum of $104,500.00. The question which will be submitted to the voters of said City at said General Election shall be in substantially the following form: CITY OF PADUCAH, KENTUCKY VOTED BOND ISSUE QUESTION Are you in favor of the City of Paducah, Kentucky, incurring an indebtedness of not exceeding $1,270,000 by the issuance of Voted Bonds of said City not YES ( ) exceeding that amount, for the purpose of financing the acquisition of the existing Forest Hills Housing Project, financing improvements thereto and to provide for the NO ( ) initial operation thereof? This Notice is given pursuant to an ordinance of the Board of Commissioners of the City of Paducah, Kentucky, introduced and given its first reading on 1967, and given its second reading and final passage on , 1967, to Vaich ordinance reference is hereby made for further details. (Signed) SARAH THURMAN, City Clerk, Paducah, Kentucky SECTION 4. That the question to be submitted to the voters of said City at said General Election shall be in substantially the form set out in the above Notice of Bond Issue Election. SECTION 5. That provision will be made upon the right side of the ballot following said question for votes favoring the incurring of said indebted- ness to be designated by the word "YES", and for votes opposing same to be desig- nated by the word "NO". SECTION 6. That the City Clerk shall certify said 'question to the County Clerk and other proper election officers conducting said election, which questions will appear upon the bailor as set out above. Said City Clerk shall further request said County Clerk and other proper election officers to cause to be published in the aforesaid newspaper, a copy or summary of the face of the respective voting machines showing the bailor labels in place, such publication to be made at least once not less than three days before the election, as required by KRS 424.290. A'fte'r the election, said City Clerk shall obtain and preserve at least four specimen copies of the Ballot Form used plus at least four copies of the newspaper publication of the Notice of Bond Issue Election and of the newspaper publication of the Ballot Form. 302 SECTION 7. That if two-thirds of the votes cast on said question at said election are in favor of incurring said indebtedness, the Board of Commissioners shall then provide by Ordinance for the mode of creating and paying said indebtedness, including the date of the Bonds and all other detail in connection therewith, and shall provide by ordinance for the levy and collection of an annual tax upon all taxable property within said City, to the extent needed and to the extent that funds are not otherwise provided, sufficient to pay the interest on said indebtedness and to create a Sinking Fund for the payment of the principal within such period of not exceeding twenty-five years from the time of incurring said indebtedness (which will be the date of the Bond Issue). Said annual tax shall be levied at the same time as other taxes and shall be in addition to all other taxes. The proceeds of the tax when collected shall be kept in the City Treasury as a separate fund, to be inviolably appropriated to the payment of the principal and intere of said indebtedness. To the extent that such interest on and principal of such Bonds may be paid from sources other than such special tax, it is hereby determined that such special tax shall not be levied. SECTION 8. That if such'Bonds are so approved at said election, none of said�Bonds shall be actually issued, sold and delivered until their issuanc has been approved by a court of competent jurisdiction pursuant to the provisions of KRS 66.210-220. SECTION 9. That such bonds shall bear interest at a rate or rates not exceeding the legal maximum of six percent (6%) per annum, payable semi- annually from the date of such Bonds, may be callable upon such terms as the Board of Commissioners of the City may determine, and shall be dated, sold and delivered as soon after said election as is possible and feasible, considering the necessity of validating the Bonds pursuant to KRE 66.210-220, printing the Bonds and selling and delivering same. SECTION 10. That all ordinances, resolutions and orders, or parts thereof, in conflict herewith, are to the extent of such conflict, hereby repealed. SECTION 11. That if any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of such section, paragrap , clause or provision shall not affect any of the remaining provisions of this ordinance. 303 SECTION 12. That this Ordinance shall be introduced at a meeting of the Board of Commissioners of the City and remain on file for at least one week for public inspection in the completed form in which it shall be put on its final passage, and if adopted, shall be in full force and effect ten days thereafter. SECTION 13. That this Ordinance shall be published as required by KRS 66.050(1), as amended. That the City Clerk shall file a certified copy of this Ordinance with the County Clerk of McCracken County at least thirty days prior to November 7, 1967, the date of the General Election referred to in this Ordinance, and the County Clerk shall be thereby requested to cause the question of incurring the indebtedness referred to and issuing the Bonds referred to to be printed upon the ballots to be used in the City precincts at said General Election. i Mayor Introduced by the Board of Commissioners on August 22, 1967 Passed by the Board of Commissioners'on September 13, 1967' Recorded by Sarah Thurman, City Clerk, on September 13, 1967.