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HomeMy WebLinkAboutOrdinance 458 MiCR0FILAjiD DATE ocr 4 ' . 60Lft ORDINANCE N0 , 48 Rte--- — AN ORDINANCE OF TIM; CITY OF FM.TTEVILM , AMANSAS GIVING AND GRANTING TO BOARD OF IMPROVEI NT OF WATER IMPRO'P.MTTT DISTRIOT N0 . ONE OF TIM, CITY OF FAYI TT.^'.VILLE , ARKA'iSAS FULL PC IER ATID AUTHORITY TO TAKE T'IR NEE ISARY STrPS TO ISSLEZ BQM19 OF TIM- DIST:LICT, A11D TO MORTGAGr TIM4 PLANT OF Tim Id?ROMWENT DIST'?IOT, TO SsCURM TIC: PAMF3TIT 01" MY I1iDEBT7,jD?1„SS DOR.RT '.;^il FOR To 'URiw7s OF KESPING SAID PLANT IN GOOD 11'. PAIRo AND UP TO A PROPER STAITDARD OF EFFICIEI'.CY PID TO 11.'.10; ADDITI:)TIS AT?D R7Mfi=iASNTS TO TIh ..ArM PLANT, AND TO DO ALL OTHER NZGDSfii:ZY T,`Ilid'S or inpir.ms TO =P iiI7 :,AT^iM PIATTT U_' T) TIM Pi?0? 3R STATE "111MA- Sp the Board of Improvement of Water Improvement District No . One has requested that the City Oouncil, by proper resolution, or ordinance , give its consent to the Board of Improvement of Later Improvement District No. 1 for the making of the improvements described in the resolution of the Board of Improvement of said District, passed and approved by the said Board on the 3rd day of July, 1922 ; and Ya ER^AS , the City Council finds that it is absolutely necessary to make said improvements described in said resolution which said reolution is hereby adopted cnd made a part hereof, as though set out in full in this ordinance - and "i+ffERMS, it is necessary to improve and enlarCe said water plant as set forth insaid resolution of said Board of_ Improvement; and TjHEIMW$ there are not sufficient funds on hand belonging to the City of Fayetteville, which can be used for the purposes named, or sufficient funds on hand belonging to 'the later Improvement District available for that purpose ; and ViM MAS, the Legislature of the State of Arkcnsas , 4 Act No. las of the General Assembly of 1907 , approved February 21, 1907 confirmed the purchase of the l'aater i*iorka and plant of the Fayetteville �:ater Co. , giving and grant- ing to the Board of Improvement of dater Improvement Dist3tt No. One full and complete power and ownership over said rater Plants and 15IEREAS, the estimated cost of said repairs, together with the contin- gencies and incidentals , will be Forty Thousand Seven hundred and Sixty-eight Dollars and Seventy-five . cents 040, 768 . 75 ) N019p TIER13FOREO BE IT OP.DAITED by the City Council of the City of . Fayetteville, ae . £ollows : } Sec . 19 . Said City Council hereby confirms , ratifies, and adopts the resolution of the Board of Improvement .of dater Improvement District No. 1 passed and approved the 3rd day of July, 1922 and which is made a part of these minutes. Sec . 2 . That the City Council of the Ctiy of Fayetteville hereby consents and gives its full and complete assent to -the making of said improvements by the Board of Improvesents of said ';later Improvement District No . 1 . Ordinance I4.58--2 Seca 3. That the Board of Coi=issioners of Veater Imiprovement District No . One of the City of Fayetteville , trkansas be and is hereby authorized, empowered, and directed to issue its bonds , amounting in the aggzegate , exclusive of interest, to the =a of 450, 000. 00- and that said bonds .be-. of the denomination and amounts to be fixed - by the Board of Commissioners of Later Improvement District No . 1 of the City of Fayetteville ,, said bonds to cover as to ma;:urity a period of . t-rfelve years . Sea . 4. . There is hereby appropriated and set aside for the payment of the obligations of the . Improvement District out of the operating expenses of said nater Improvement District No. One , .the following ewes : For the year ending Ju&a 30, 1923, 64,000. 00 n n n 1924 $33, 946900 . n ❑ n 1925, $5, 880. 00 +r n u 1926' , 5,700. 00 n n 1927s K9520.00 1928, ,4662280. 00 . n n n 1929, 47 , o4o. 00 n " " 1930; a6,740. OQ . e n + 1931, w7 ,440. 00 19322 ,v7oOSO* 00 1933: o6272o.0O .1934, ;66, 360. o0 The City Council hereby appropriates and sets aside the sums above named for the . payment of the. indebtedness made necessary to make said improvements . See. 5. The City of Fayetteville which has heretofore and is nor. operat- ing the water plant of the City of Fayetteville, hereby consents and insofar as said City has the power, giv es, grants and authorizes the Board of. Improve- Later Improvement Distriat .No. 1 to take all necessary legal steps and proceedings for the .pur,:)ose of making . a legal., binding and valid mortgare. and pledge Sor the purposes nod in this Ordinance , and that of, the resolution of the Board', of Improvement of ;rater •Improvement District P(o. 1. sec . 6. The City of Fayetteville does not undertake ar* agree to pay amp. , interest on its own obligations , nor , to pay arV interest on the' obligations of the iaater Improvement District No. l of the City of Fayetteville ; not having the povier to pay any such interest, but does hereby Sive full power,, and. its full consent without restrictionsand limitation, except, as, provided bylaw, to the execution of all proper parsers necessz:ry to, enable said cater Improve- ment District No . 1 to secure the funds necessary for making -said improveiient, and the said City of Fayetteville hereby obligates and binds itself to male the pziyments from thb operating revenues of the water plant and on the dates. set forth above . Sec . 7 . The Mayor and City Clerk are hereby authorized and empowered to 4.xecute and .acknowled.r;c any- aerne meat., that may be neoesszazj for the par pose of carr,mrin�g into effect this ordin":nce . Sec . 8 . This ordinance being necessary for the immediate preservation of the . public heath and safety , etc 7 /3 /22