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HomeMy WebLinkAboutOrdinance 722 ORDINANCE NU:dB1_� -'�`�" AN ORDINANCE OF THE CITY OF FAYETTEVILLE , ARKANSAS , GIVING AND GRANTING TO THE BOARD OF IMPROVE:dENT OF WATER IAPROVB: iE!,T DISTRICT NUaBER ONE OF FAYETi'EVILLE?ARKAASAS , THE FULL AND COMPLETE CONSENT OF THE CITY OF FAYET'1'E- VILLE , TO THE ISSUANCE AND SALE OF ADDITIONAL BONDS OF WATER IMPROVEMENT DISTRICT NUMBER ONE IN THE SUM OF FIFTY-FOUR THOUSAND ( $54 , 000 . 00 ) DOLLARS , AND C014SENTING THAT SAID BOARD OF I.'dPROVEMEidT MORTGAGE SAID WATER PLANT AND ALL THE PROPERTY OF SAID DISTRICT , AND ALL THE REVS NES AND IN- COME FRO9 THE OPERATION OF SAID 'NATER PLA"T , 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 hereinafter refered to , and to the mortgaging of the Water Works plant , revenues and property of said Improvement District 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 , 19262said City gave its consent to the borrowing of money by the board of improvement as recited in that ordinance ; and , Whereas , said city ,by it ordinance Number 687 , duly passed and approved on the 11th day of June , 1928 , said City gave its further consent to the bor- rowipg of an additional sum of money, as recited in that ordinance ; and , WHEREAS , the City Council finds , that it is necessary to secure and acquire additional water supply for the use of said city and its inhabitants , and to construct a dam or dams for the impounding of said water for such use , and to make other and additional improvements necessary to the supplying of said water to said City and its inhabitants ; and , WHEREAS , there is not sufficient funds on hand belonging to the City of Fayetteville and to the Board of Improvement of said District to make said necessary improvement and to supply said additional water ; and , Wbereas , it is necessary that additional water supply be provided as soon as possible , and that said board of improvement secure and provide the same without delay , NOW , THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYEY .LE- VILLE , ARKANSAS , 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 improvement , and to the acquiring of said additional water supply, and to constructing and installing the necessary dam or dams , ind equipment expedient for said purpose , in so far as said city council has the power to proceed with such improvement and to borrow the money necessary to such purposes . SECTION 2 . The said Board of Improvement of Water Improvement District Number One , of the City of Fayetteville , Arkhnsas , be and it is hereby authorized , empowered and directed to issue its bonds , aggregating �e , exclusive of interest , ime the sum of Fifty-four Thousand Dollars , ( 54 , 000 . 00 ) , and the City of Fayetteville consents to the issuance of said bonds , which shall mature seriall in the years 1931 to 1935 , both in- clusive . Said bonds to bear interest at five per cent ( 5/co' ) per annum , and payable semi -annually. Section 3 . There is hereby appropiated and set aside for the payment of the obligations of said bonds , out of the operating revenues of said Vlater Improvement District Number One , for the payment of said bonds and interest thereon as same become due and payable and in the years and at the times and in the amounts .indicated in a schedule of the maturities of said bonds , to-wit : L1 90i3D VOS. PITR-APRIL 12t . 1030 XnTsn"f M E? � PRINCIPAL TUA 4 TO PAX Oct . lot, 1930 $1950 .00 1 to 9 $1000 .00 %ach.Aprl lot 19a2 $1350000 09000 .00 $11# 700400 Inclwivo +•, Oct . lot , 2951 1105900 ` : 1,0 to 18 . x000 .00 Each, Apr . lot, 1932 11*5 . 00 9000000 11, 980 .00 Inciu7ivo 1 / Oct .. lot, X931' 1 900600 . / r 19 to 50 $1000 .00 SaohsApr . lots 1938 900000 1Q000000 13,800400 rneluJivo Oct . 1st , 1933 1600 . 00 1p 81 to 42 01000000 zach Apr , lst # 1934 800 . 00 , 12000 . 00 13;200 .00 Oct . lot, 1OZ4 300000 43 'to `54 010OOoOO Each, Lprl lots 1935 3OG . 00 1200000.0 12 .6o0e00 - . . .. . . TOTAL - $8550.00 $64000 .00 082x550900 4V The City Council hereby appropiates and sets aside , out of the revenues belonging to said Water Works System , the sums above named , for the payment of the indebtedness made necessary to make said improvements . SECTION 4 . The City of Fayetteville which has heretofore taken part in the operation of said water plant ,by the appointment of a board of man- agers ,hereby consents to the issuance of said bonds , and in so far as said City has the power , gives , grants and authorizes said Board of Improvment of Water Improvement District Number One , to take all necessary steps , for the purpose of issuing said bonds , and of securing the payment of the same , by the execution and delivery of a valid mortgage upon the property of said Improvement District , subject to any prior mortgages thereon, and by pledging the income and revenue thereof , subject to any prior pledges of same , to the end that said bonds and the interest shall be promptly paid at maturity thereof as above set out . SECTION 5. This consent does not obligate the City of Fayetteville to pay any of said bonds or 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 , in the event such action becomes necessary for the protection of the holders of said bonds or the interest thereon , which right and priv- ilege shall continue so long as any default exists in the payment of said bonds and interest . And they shall have the right and privilege to collect rentals from the operation of said plant , and to pay the same on said bonds and interest , but shall make an accounting to the Board of Improvment and to the City Council , at the end of their said operation of said plant . SECTION 7 . Due to the probability of the water supply being , at times , inadequate to supply water to said City and its inhabitants , and to protect the property of the City against loss and damage by fire , and the great damage to the health and safety of the people of the City, without the additional water supply and the improvement herein contem - plated , the Council finds , and here declares an emergency to exist , and this ordinance shall take effect and be in force from and after its passage and publication . Passed and approved this the 31st day of March 1930 . Approved : �jCJ `/ "� Mayor . Attest : lerk . Ll ( seal )