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Home My WebLink AboutOrdinances Book 17, Page 619, Ordinance Number 71-6-475619 ORDINANCE NO. 71-,8-475 AN ORDINANCE AUTHORIZING THE CITY MANAGER TO BORROW $100,000.00 JOINTLY FROM THE CITIZENS BANK AND TRUST COMPANY, THE PEOPLES FIRST NATIONAL BANK AND TRUST COMPANY AND THE PADUCAH BANK AND TRUST COMPANY FOR USE IN CONSTRUCTION OF A SWIMMING POOL AND BATHHOUSE FACILITIES IN NOBLE PARK, AND AUTHORIZING THE CITY MANAGER TO EXECUTE A NOTE OR NOTES FOR SUCH LOAN WHEREAS, the City of Paducah intends to build a new swimming pool and bathhouse facility in Noble Park, and WHEREAS, current city funds are insufficient to fully finance such construction, and WHEREAS, the additional sum of $100,000.00 will be necessary to finance the construction of a new pool and related facilities, and WHEREAS, the three local banks, Citizens Bank and Trust Company, The Peoples First National Bank and Trust Company, and The Paducah Bank and Trust Company, have entered into a participating agreement to jointly provide $100,000.00 for a loan to the City of Paducah, Kentucky, and WHEREAS, THE Citizens Bank and Trust Company has been designated as agent to administer the loan, disperse and collect the proceeds, NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City Manager be, and he is hereby, authorized and directed to borrow the sum of $100,000.00 from the three local banks through the Citizens Bank and Trust Company, and he is further author- ized to execute a note or notes as may be required from time to time to withdraw needed moneys up to a maximum amount of $100,000.00. Said note or notes shall bear a maximum amount of interest of five percent (5%) per annum on outstanding balances and shall be due and payable on December 31, 1971. SECTION 2. An emergency is declared to exist and this ordinance shall therefore be introduced and remain on file for at least one (1) week for public inspection in the completed form in which it shall be put upon its final passage, and if adopted shall be in full force and effect immediately thereafter. -� Mayor 1 Introduced by the Board of Commissioners May 25, 1971 Passed by the Board of Commissioners June 1, 1971 Recorded by Sarah Thurman, City Clerk, June 1, 1971.