HomeMy WebLinkAboutOrdinance 121 Pace 1 .
An ordinance to settle and adjust the indebtedness botween the City of
Fayetteville and tho State of Arkansas and to refund the bonds issued
by the town of Fayetteville under the act of March 27th , 1871 and held
by the State in trust for the University of Arkansas .
Be it ordained by the City council of the City of Fayetteville
Arkansas ,
Section 1 . That after the maturity of the bonds issued by the
town of Fayetteville under the act of the General Assembly approved
March , 27th , 1871 to secure the location of the University, it shall be
the duty of tha City treasurer to pay and redeem said bonds to the
extant of the funds in his hands . He shall pay to the treasurer of the
State all funds of the City available for that purpose and shall receive
from the treasurer of State all bonds so redeemed , and all bonds that may
be surrendered to the City of Fayetteville under section 3 of an act
of the General Assembly May , 23d , 1901/ 4
Section 2 . It shall be the duty of the City treasurer to de11
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liver to the City council all bonds redeemed and received by him under
this ordinance and to make a written report to the council of his pro-
coedings herein , which shall be ento red in full on the record of the City
by the recorder . Such report shall show the ntuabor , date and amount of
f each bond redeemed or received by hir. and what amount was paid on each
as interest .
Section 3 . That for the purpose of cancelling and refunding
such part of the said bonds issued under the act of March 27th , 1871 , as
the City may be unable to pay at maturity , there shall be issued nee bonds
of the City of Fayetteville to the amount of twelva thousand dollars , in
accordance with the act of the General Assembly approved May , 23d 1901
Section 4 . Such bond , shall be issued in denominations of five
hundred dollars each , payable to the state of Arkansas , for the use of
the University of Arkansas with interest payable somi-annually on the first
days of January and July of each year until paid , at five percent per
annum , payable twenty years from data or at the option of the City in
fiveyears from date .
MICROFILM
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Page 2 .
Said 'bonds shall be numberad consecutively and signed by the Mayor and re-
corder with the seal of the City affixed , and shall be in the following
form , to wit : -
Nos
CITY OF FAYETTEVILLE
( Coat of arms of the Steta )
STATE OF ARKANSAS .
The City of Fayetteville in the State of Arkansas and United
States of America , acknowlodgas itsself to owe to the Btato of Arkansas
for the use of the University of Arkansas ; five hundred dollars , which
sum the said City promises to pay to the State of Arkansas , in trust for
the University at the office of Treasurer of State , in the City of .
Little Rock , Arkansas , twenty years after date or at the option of the
City of Fayetteville in five years from data , and also interest thereon at
the rate of five percent per annum from date until. paid , interest payable
semi-annually on tha first days of January and July in each year until
the said principal sum shall be paid . This bond is one of a series of
twenty four bonds of like tenor and date amounting in the wholo to
twelve thousand dollars and issued in persuance of an act of the General
Assembly entitled " An act for a settlement between the City of Fayette-
villo , the University of Arkansas and the State of Arkansas" passes by
the logislatura of Arkansas and, approved May 23d 19013 which act res
passed to enable the City of Fayetteville to carry into full effect an
act entitled " An act for the location , organization and maintainance
of the Arkansas Industrial University , with a normal department therein"
passed by the legislature of Arkansas and approved March 27th 1871 .
In testimony whereof the City of Fayetteville in the State of
Arkansas has caused this bond to be sealed with the seal of said City and
the signatures of its Mayor and recorder to be affixed thereto , by author-
ity of an ordinance passod by the council of said City on the 23d day of
June , in the year of our Lord one thousand nine hundred' and two .
MAYOR OF FAYETTEVILLE ARKANSAS
RECORDER OF PAYETT _'VILLE ARKANSAS
Section 5 . Coupons for the semi-annual interest shall be attached
to each bond , numbered to correspond with the bond signed by the Recorder
Page 3 .
and in the following form , to wit : -
x`12 . 50 City of Fayetteville
i
State of Arkansas ,
The City of Fayetteville will pay to the State of Arkansas
twelve dollars and fifty cants at the office of treasurer of State at '
Little Rock Arkansas on the day of 190 for six
months interest on bond No .
RECORDER .
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The ?Mayor shall cause forms for said bonds with coupons attached
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to be prepared and printed .
Section G . The City troasurar shall doliver the bonds herein
provided for , or such number of them as may be necessary , to the treasurer
of State in exchange for the remainder of the bonds of 1871 , unpaid .
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Section 7 . All bonds paid or refunded under the provisions of
this ordinance shall be destroyed and burned in the prasonce of the council .
The reconler shall make a record of all bonds so destroyed or burned show-
ing the date , nLunbar and amount of each and when destroyed .
Soction 8 . The council shall appoint some capable person to j
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accompany the City treasurer to Little Rock and as -;ist in making settle -
ment with the State andcarrying out the provisions of thisordinance
and the : act of May 23d , 1901 .
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Section 9 . That this ordinance take effect and be in force from
and after its passage and publication .
June 23d , 1902 . Ordinance No . 121 .
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