HomeMy WebLinkAboutOrdinances Book 17, Page 897,Ordinance Number 71-12-591897
ORDINANCE NO. 71-12-591
AN ORDINANCE AUTHORIZING THE CITY MANAGER TO BORROW $80,000.00
JOINTLY FROM THE CITIZENS BANK AND TRUST COMPANY, THE PEOPLES FIRST
NATIONAL BANK AND TRUST COMPANY, AND THE PADUCAH BANK AND TRUST COMPANT
FOR USE IN CONSTRUCTION OF A SWIMMING POOL AND BATH HOUSE FACILITIES IN
NOBLE PARK, AND AUTHORIZING THE CITY MANAGER TO EXECUTE A NOTE OR NOTES
FOR SUCH LOAN
WHEREAS, the City of Paducah has heretofore borrowed the sum of
$100,000.00 from the above named banks for use in the construction of a
new swimming pool and bath house facility in Noble Park, and
WHEREAS, the City of Paducah is required to repay the entire
amount plus interest by December 31, 1971, and
WHEREAS, the City of Paducah has sufficient funds only to retire
permanently the sum of $20,000.00, plus interest, and will need to re -
borrow the sum of $80,000.00 for an additional one year period,
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 $80,000.00 from the three local banks,
through the Citizens Bank and Trust Company, and he is further authorized
to execute a note or notes as may be required from time to time to
obtain the said $80,000.00, said note or notes to bear a maximum amount
of interest of 5% per annum on outstanding balances, and said indebtedness
shall be due and payable on December 31, 1972.
SECTION 2. This ordinance shall be introduced and remain on file
for at least one 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 ten (10) days thereafter, provided, however, that the
funds authorized to be borrowed herein shall not be obtained prior to
January 1, 1972. /
Mayor J —
Introduced by the Board of Commissioners December 14, 1971
Passed by the Board of Commissioners December 28, 1971
Recorded by Sarah Thurman, City Clerk, December 28, 1971.