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HomeMy WebLinkAboutOrdinances Book 17, Page 234, Ordinance Number 70-7-360234 / ORDINANCE NO. 70-7-360 AN ORDINANCE ESTABLISHING A LOCOMOTIVE MEMORIAL TRUST FUND ACCOUNT FOR RECEIVING ALL INTEREST INCOME FROM THE PRINCIPAL OF THE LOCOMOTIVE MEMORIAL TRUST FUND AND FOR DISBURSEMENTS FOR MAINTENANCE EXPENSES OF THE STEAM LOCOMOTIVE MEMORIAL, AND PRESCRIBING PROCEDURES FOR SAID ACCOUNT, AND AUTHORIZING AN INITIAL APPROPRIATION WHEREAS, in 1962 the City acquired from the Illinois Central Railroad Company a steam locomotive engine to be placed in a public place in the City for public viewing, and by public solicitation the sum of $7,500.00 was raised for the protection, preservation and maintenance of said engine; and WHEREAS, the Citizens Bank and Trust Company of Paducah has been designated as Trustee for the principal of said fund, and WHEREAS, the Parks, Playground and Recreation Board was designated as beneficiary of the trust fund created from the $7,500.00, and WHEREAS, the Treasurer of the City of Paducah administers all finances for the Parks, Playground and Recreation Board, and it is found to be desirable that the benefit and income from the locomotive memorial trust fund be administered and accounted for on behalf of the said Park Board by the City Treasurer, NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City Treasurer be,and he is hereby, authorized and directed to establish a Locomotive Memorial Trust Fund Account for receiving all interest income from the principal of the Locomotive Memorial Trust Fund and for making disbursements for all maintenance expenses required for the preservation of the steam locomotive memorial heretofore given to the City by the 1llinois Central Railroad Company, said account to be at the Citizens Bank and Trust Company in Paducah, Kentucky. SECTION 2. That funds in said account be disbursed on the signature of the City Treasurer. SECTION 3. That all receipts and disbursements be strictly accounted for and that no disbursement be made that is contrary to law and unless lawfully authorized by action of the Parks, Play- ground and Recreation Board of the City of Paducah, Kentucky, or its successors. 235 SECTION 4. That the City Treasurer be, and he is hereby, authorized and directed to appropriate from the general fund of the City of Paducah, Kentucky, the sum of $1,767.25 to the Locomotive Trust Fund, which sum is the total amount of interest income 094 1 received from the beginning of said fund to date. SECTION 5. This ordinance shall be in full force and effect from and after its adoption. /' eZ-, L'- '- " � (d- - g, - ,-I - Mayor 0 Passed by the Board of Commissioners July 14, 1970 Recorded by Sarah Thurman, City Clerk, July 14, 1970.