HomeMy WebLinkAboutOrdinance 589 ORDINANCE N09 589
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~ AN ORDINANCE PROVIDING FOR TFL; ISSUING OF FMIDING BONDS BY TF4: CITY OF
FAYETTEVILLE , ARYAWSAS .
1YIfuREAS, on the date of the ' adoption of Amendw.nt No . 11 to the
Constitution of the State of Arkansas , the CiV of Fayetteville was
indebted in the sum of $773534.47 0£ which 576, 000. 00 is still outstand.
ing and is now to be funded; and
WHEREAS , the said City has contracted to soll to Messrs . . M.W. Akins
is Gompany . for the price of x;73, 020, 80 its bonds bearing interest at the
rate 5% per anniun, as hereinafter described and set forth :
THEREFORE, BE IT ORDA!T%TrD BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE , AR3iANSAS :
1. That the Mayor and City Clerk be authorized and directed to
execute the bonds of this city bearing interest at the rate of 5% per
annum, their numbers , amounts , ,and maturities to be as follows :
NO . OF BONDS DENOMITIATION AMOUNT MATURITY
1 to . 3 inc , $1000 MOO Aug. 1 , 1926
4 6
7 9 1927
n
10 12 it 28
29
14 13 500 16 1000 500 . 29
17 3000 30
500
18 20 1000 .3000 30
21 500 31
22 24 1000 500 31
25 500. 3000 32
26 29 1000 41000 32
30 33 10004000 33
34 38 4317 1000 4000 34
42 1000 4000 35
43 46 500 500 36' .
47 1000 4000 37
00
48 51 1000 00 40 0 37
52 500 . 500 38
53 57 1000 5000 38
58 62 M000 . 50� 39
63 ¢7 1000 5000 40
68 5W 41
69 74 1000 6000 , 41
75 80 .1000 6000 43
Section 2 . That said bowls shall be in the follrre;ing forms
United States of America
State of Arkansas
City 01 Fayattevillo, Arkansas
No 5H Functing Bor_d
. . .lc,;OFIL/d�
RAE I.. 4j8
Ordinance 569--2
KNOpi ALL MEN BY THESE PRESENTS :
That the City of Fayett..ville in .the County of e;ash
State of Arkansas, acknovington, in therledges itself to care and for value received
p101 .5es to pay to bearer the sum of
Of the United States of America, Dollars in lawful money
interest thereon from the first Is
of Dec��o19Au att19 the raG with
5% per annum, paof
yable semi-annually on the 1st day of February and
August of each year commencing August 1, 1926, on presentation and
surrender of the annexed coupons as they severally mature . Both the
principal and interest of this bond are hereby made payable a.1; the
Chase National Bank, in the City Of New York, and State of New York,
This Bond is one of a series of 80 bonds aggregating 576, 000, all
of like tenor and effect, exc pt as to denominations and maturities, and
numbered from 1 to 80, inclusive , issued for the purpose of funding the
indebtedness of the City of Fayetteville existing at the time of the
adoption of Amendment No , 11 to the Constitution of the Stat3 of Arkansas ;
and the said City of Fayetteville hereby convenants that it is a City of
the 1st Class of the State of Arkansas , and that in the issuing of this
bond it has proceeded in accordance with the provisions of said Amendment
No . 11 and in accordance with the lars of the State of Arkansas , including
the provisions of Act No. 210 of the Acts
Of the General Assembly of the
!'- tate of Arkansas for the year 1925, entitle 'An Act to Facilitate the
Funding of the Debts of Counties , Cities , and Incorporated Towns ,, , approved
March 23, 1925, arid under Ordinances of the City Council of the City of
Fayetteville and resolutions of its Board of Public Affairs duly adopted ;
that said sum of $761000 vias justly due and owing by the said City of
Fayetteville on the date of the adoption of said amendment, and was still
due and owing when this bond was issued, and that all things necessary to
the validity of this bond under the laws of the State of Arkansas , and
particularly under the said Amendment to the Constitution and the said
Act, have been done , have happened and have been performed as required
by law; and that a Tax sufficient to pay the bonds aforesaid has been
levied in accordance .:ith the provisions of said constitutional amendment
and, Act, and payable annually until the last of said bonds been fully paid
and discharged. For the prompt payment of this bond and 4the interest
thereon, the said City of &TOtteville hereby pledges its full faith, credit
and taxing power, including the three mill additional tar authorized by said
Amendment No. 11 to the Constitution and applicable solely to the payment
Of this bond and the other bonds issued to pay indebtedness outstanding at
the time of ado
. tion of this anendment. This bond will not be valid until
authenticated by the Certificate of the American Southern Trust Company of
Little Rock, Arkansas .
IN WITN^SS 1"TrTt2OF the City of Fayetteville has executed this bond
se the hands of its ;day or and . Ciiy Clerk : nd attested it vdth its corporal;:
seal , and has caused the coupon^ thereto at•cached to be authenticated by
the fee simile signature of its Maycr on this 1st day of ,Becember, 1925.
CITY OF F'AI'E2TTEVILLE
ATTEST : BY. . . . a , , Mayor
. . , City Clerk
(SEAL )
TA each of Said ?10ndS am 2ttaohed C l3D thee:1S �Othe2L
yL -a *1u31 interest
in the following form :
Not
la etteville • On the ist day of FebruaryirAugust, the Cit}* of
y , ricansas promises to pay to bEa; er ..
Chase ?dational Bank in the City of 11 w York, F1. Y. , being sixsDolmonthsatn the
then due on its funding bond dated December 1, 1925, and s-'Lx on
. >
. . , Mayor
( The signature of the L.ayor to the. coupors
lithographed or engraved ) , attached to said bonds may be
( The 13t coupon will be for 8 months interest due Aug. 1, 1926, aicounting
to $33 . 33 for each ','x1000 bond and $16 . 67 for each $3500 bond ) ,
Upon the filing of said bonds shall appear the .following certificate ;
Tris is to certify that this is, one . of the 80 bonds of. this issys
mentioned and described within.
AL'1MICAN SOUTW2TI TRUST C0_%"fNY
Little Rock, Ark * BY ' . .
. . . . . . . . . .
when 3v Thayeaycr anedtile City Clerk are hereby authorimed and directed
Purchasers, upon receipt of the bonds , to turn the same over to t}±e said
City Clerk will draw their warrant chhase pri.ce , and the said Mayor and
use the same only in the na Lai•nst the proceeds of said Londet:i
on the date of the adoption Ofnsaid tendment �4eS� of t?tis city oad,ng
been audited . and allo;red by the Board of Public Affairs such
and�thedFinC.
Committee of this Council ,
ce
4. In order to pay the said bonds there is h. reby levied uponall
real and personal prop, within the City of, 1�ayettFville a tax of 2 . 5
mills per . annum for each of the years 1925 to . 1942 , inclusive , being a sum
sufficient ee scot said bon ris and interest as , they matazz.e, 4Je , e added
for unforeseen contingencies ; and the City Clerl: is dir�eted to transmit a
to
copy of this Ordinance to the County Clerk of yiashington County,
to the . end that . said. taxes may be extended upon. tine tax books of said
County and collected annually along; with the other ttaxe books
file said
bonds and interest are paid in full .
ated out5. In order to pay said bonds as they m,. tue , the: is hereby aapropri-
Sufficie of the proceeds of the tax. hereby levied, and if such proceeds be not
sufficient, then ,out of the General Revenues of the City, the following sums
�O pay the Principal and interest of said bondsas they y' the . :
YEAR TOTAL:
BOND PRINCIPAL BOND I I'MRFST
192b 57358 . 33
1927 6575. 00 3000' Aug, 1, 192bv2533. 33, Aug. lr 1926
1928 6425= 00 ' 27 1825. 00 Bob . 1, 1927
1929, etc . Page 1129, .Council Book B0� 26 131825. 00, Aug• 1, 1927
Ordinance 589...4
6. . It is hereby ascertained and declared that by reason of the heavy
indebtedness hanginf, over this City of siiich >962000. 00 for which bonds are
to be issued is evidenced by past due city, warrants which could be used in
the payment of taxes , fires , and other accounts due the City, so that its
revenues and credit are seriously threatened, it is unable toprocure and
maintain prope_ facilities for the extinction of fires , proper police pro-
tection and proper safeguards for the public health and for these reasons ,
it is hereby declared that an emergency exists and that this ordinance is
immediately necessary .for the preservation of the public peace , health , and
safety, and that the sane shall take effect and be in force upon its passage :
Deco 21 , 1925
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