HomeMy WebLinkAboutOrdinance 687 ORDINANCE OF THE CITY OF FAYETTEVILLE , ARKANSAS , GIVING AND GRANTING
TO THE BOARD OF IMPROVEMENT OF WATER IMPROVEMENT DISTRICT NUMBER
ONE OF THE CITY OF FAYETTEVILLE , ARKANSAS , THE FULL AND COMPLETE
CONSENT OF THE CIT Y OF FAYETTEVILLE TO THE ISSUANCE AND SALE OF
ADDITIONAL BONDS OF THE 17ATER IMPROVEMENT DISTRICT NUMBER ONE
IN THE SUM OF FIFTY THOUSAND DOLLARS ( 050 , 000 , 00 ) , AND CONSENTING
THAT SAID BOARD OF IM,1'ROVEMENT OF WATER I1VPROVE1,oTM DISTRICT
NULIBER ONE OF THE CITY OF FAYETTEVILLE MORTGAGE THE WATER PLANT
AND ALL THE REVENUES AND INCOME THEREOF TO SECURE THE PAYMENT OF
SAID BONDS AND THE INTEREST THEREON ,
WHEREAS , the Board of Improvement of Water -Improvement
District Number One has requested that the City Council of the
City of Fayetteville , by a proper ordinance give the consent
of the City of Fayetteville to the borrowing of the money hereafter
referred to , and to the mortgaging of the Water Works Plant ,
revenues and property to secure the payment of the money borrowed ;
and ,
WHEREAS , under ordinance Number 642 of the City of
Fayetteville , duly passed and approved November 1 , 1926 , and
duly published as the law requires , the City of Fayetteville
gave its consent to the bo=owing of money by the Board of
Improvement as recited in that ordinance ; and
WHEREAS , it is necessary that the Board of Improvement
borrow additional money to make necessary extensions and to
complete said water works system ; and ,
WHEREAS , the report of the Engineer and the findings of
the Board of Managers and the findings of the Board of Improvement
show that it is necessary that said water works system be completed
MICROFILMED
DATE OCT 4 1978
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ilk
by, making the extensions and completing the construction of additions
to said water works system ; and ,
WHEREAS , the City Council of the City of Fayetteville
finds that it is absolutely necessary to make said additional
improvements and to make the additional extensions contemplated ;
and ,
WHEREAS , it is necessary to enlarge said water plant by
making said additional extensions and improvements ; End,
WHEREAS , there are not sufficient funds on hand belonging
to the City of Fayetteville and to the Board of Improvement of
said District to make said necessary improvements ; and ,
WHEREAS , it is necessary for the Bard of Improvement to
make said additional improvements .
NOW THEREFORE , BE IT ORDAINED by the City Council of
the City of Fayetteville as follows ;
SECTION 1 . The said City Council hereby confirms ,
ratifies and adopts the action of the Board of Improvement of
Water Improvement District Number One looking to the making of
said additional extensions and improvements,, and hereby approves
the plans for the making of said improvements and authorizes the
said Board of Improvement , in so far as the City Council has the
power , to proceed with said improvements and to borrow the money
necessary to make the same .
SECTION 2 . The said Board of Improvement cf Water
Improvement District Number One of the City of Fayetteville , Arkansas
be , and it is hereby authorized , empowered and directed to issue its
bonds amounting in the aggregate , exclusive of interest , to the sum of
Fifty Thousand Dollars ( 050 , 000 . 00 ) , and the City of Fayetteville
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consents to the issuance of said bonds , said bonds to be issued in the
sum of Fifty Thousand Dollars 050 , 000 . 00 ) , and to mature serially
in the years 1942 to 1946 , both inclusive , and said bonds to be
dated June 1 , 1928 , and to mature in the sum of Ten Thousand
Dollars ( 010 , 000 . 00 ) in each year , the interest to be paid semi -
annually .
SECTION 3 . There is hereby appropriated and set aside
for the payment of the obligations of said Water Improvement
District out of the operating revenues of said Water Improvement
District Number One the follolAing sums in the following years ,
said sums to be used in the payment of the interest and principal
of said bonds , to-wit :
NULMER OF DENOMINATION OF ALIT . Atli e TOTAL PENCIPAL
BONDS BONDS PRINCIPAL , INTEREST DUE . AND INTEREST
DUE . �\ DUE .
Dec . 1 , 1928`01 , 250 . 00 01 , 250 . 00
June 1 , 1929 1 , 250 . 00 '; 1 , 250 . 00
Dec . 1 , 1929 12250 00 1 , 250 . 00
June 1 , 1930 1 , 250 . 00 1 , 250 . 00
Dec . 191930 11250 . 00 1 , 250 . 00
June 121931 1 , 250 . 00 1 , 250 . 00
Dec . 191931 19250 . 00 1 , 2.50 . 00
June 1 , 1932 12250 . 00 11250 . 00
Dec . 1 , 1932 19250 . 00 11250 . 00
June 1 , 1933 1 , 250 . 00 11250 . 00
Dec . 1 , 1933 19250 . 00 1 , 250 . 00
June 111934 1 , 250 . 00 10250 . 00
Dec . 1 , 1934 19250 . 00 12250 . 00
June 1 , 1935 1 , 25U . 00 11250 . 00
Dec . 111935 11250 . 00 1 , 250 . 00
June 191936 1 , 250 . 00 1 , 250 . 00
Dec . 111936 13250 . 00 11250 . 00
June 101937 10250 . 00 1 , 250 . 00
Dec . 1 , 1937 1 , 250 . 00 1 , 250 . 00
June 191938 13250 . 00 1 , 250 . 00
Dec . 111938 1 , 250 . 00 11250 . 00
June 1 , 1939 1 , 250 . 00 1 , 250 . 00
Dec . 191939 19250 . 00 1 , 250 . 00
June 1 , 1940 12250 . 00 1 ,2 50 . 00
Dec . 191940 1 , 250 . 00 11250 . 00
June 111941 1 , 250 . 00 1 , 250 . 00
Dec . 111941 1 , 250 . 00 1 , 250 . 00
June 121942 1 , 250 . 00 1 , 25o . 00
1 to 10 010000 . 00 0109000 . 00 Dec . 121942 11 , 250 . 00 11 , 250 . 00
June 1 , 1943 1 , 000 . 00 1 , 000 . 00
11 to 20 11000 . 00 10 , 000 , 00 Dec . 191943 11 , 000 . 00 11 , 000 . 00
Number of DATES MAT . ABET INTEREST TOTAL PRNNCIPAL
bonds DUE PRINCIPAL DUE DUE AND INTEREST DUE
June 1 , 1944 750 . 00 750 . 00
21 to 30 01 , 000 . 00 101000 . 00 Dec . 1 , 1944 101750 . 00 101750 . 00
June 111945 500 . 00 500 . 00
31 to 40 1 , 000 . 00 10 , 000 . 00 Dec . 1 , 1945 10 , 500 . 00 100500 . 00
June 111946 250 . 00 250 . 00
41 to 50 10000 . 00 10 , 000 . 00 Dec . 111946 10 , 250 . 00 100250 . 00
The City Council hereby appropriates and sets aside
out of the revenues belonging to said water works system the
sums above named for the payment of indebtedness made necessary to
make said improvements .
SECTION 4 : The City of Fayetteville which has
heretofore taken part in the operation of the water plant by the
appointment and action of a Board of Managers , hereby consents
to the issuance of said bonds , and in so far as said City has the
power , gives , grants and authorizes the said Board of Improvement of
Water Improvement District Number One to take all necessary steps
for the purpose of issuing said bonds and securing the payment of
the same , and making, executing and delivering a valid mattgage to
secure the payment of said bonds and the interest thereon .
SECTION 5 : This consent does not obligate the City of
Fayetteville itself to pay said bonds or any interest thereon .
SECTION 6 The City of Fayetteville hereby grants
to the holders of said bonds the right and privilege to take over
said plant and operate the same as security for the payment of the
bonds in the event that such action becomes necessary for the protection
of the holders of said bonds and the city hereby consents and
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and gives authority and power to the Trustee and to the holders of sai d
bonds to operate the plant if default be made in the payment of the
bonds and interest , which operation shall continue until all bonds
and interest thereon are paid ; and full power is given by the City
of Fayetteville to the Trustee and the holders of said bonds to
collect rentals and pay the same on the debt , and to operate said
plant , and to make an accounting to the City of Fayetteville and
the Board of Improvement at the end of the operation .
SECTION SEVEN : This ordinance is necessary for the
protection of the health of the inhabitants of the City of Fayetteville ,
and an emergency is hereby declared for the reasons that the
water works system above described is not complete without the
additional contemplated extensions and improvements , and without said
improvements the said system is inadequate and there is great
danger of fire Xor lack of sufficient water pressure ,to some of the
buildings in the City of r'ayetteville , and said improvements are
necessary for the protection of the health and safety of the people
of Fayetteville , and this ordinance shall take effect and be in
full force from and after its passage and publication .
Passed and approved this jjt�!_day��of"^ June , 1928 .
Juayor .
ATTES :
i y Clerk ,
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