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ORDINANCE #96- 3 --6-4-7,5
AN ORDINANCE APPROVING THE TRANSFER OF
FUNDS FROM DEBT SERVICE FUND TO SOLID
WASTE FUND.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
0SECTION 1. A sum equal to $385,000.00 shall be transferred from the
Debt Service Fund of the City of Paducah; Kentucky, to the Solid Waste Fund of the City
of Paducah, Kentucky. The funds transferred hereby shall be utilized for the
procurement of trash trucks and related apparatus for the City of Paducah, Kentucky.
The funds shall be transferred as funding is needed.
SECTION 2. This transfer of funds is predicated and conditioned upon
the Solid Waste Fund repaying the Debt Service Fund the sum of $385,000.00, together
with interest accruing thereon at the rate of 8 percent. Such repayment shall be made in
quarterly equal payments of principal, plus accrued interest, over a term of two (2) years,
with the first quarterly payment to be made on or before the first day of the first quarter
following the completed remittance of the $385,000.00.
SECTION 3. The Finance Director is hereby directed to effectuate the
foregoing transfer of funds.
SECTION 4. This ordinance shall be read on two separate days and will
become effective upon summary publication pursuant to KRS Chapter 424.
ALBERT JONES,At
OR
ATTEST:
C ERK
Introduced by the Board of Commissioners &ZiaL 1-2) 11-94.
Adopted by the Board of Commissioners %%1q+e--�
1 Recorded by City Clerk
Published by The Paducah Sun
ORD\24312