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