HomeMy WebLinkAboutOrdinance 871 ✓ ORDINANCE NUMBER
AN ORDINANCE CALLING AN ELECTION IN THE CITY OF FAYETTEVILLE ,
ARKANSA$ sTO VOTE UPON THE QUESTION CF ISSUING BONDS FCR ACQUIRING LAND FOR
BUILDIPTG AND IUIPPIMG AN. AIRPORT FOR SAID CITY.
W=EAS , •the City of Fayetteville , Arkansas , is a City of the
first class and is authorized by Amendmemt No . 13 to the Constitution to issue
bonds for certain purposes , by and with the consent of a majority of the
qualified electors of. said Municipality , voting on the question at an election
held for the purpo"" e ; and
WHEREAS , there is .urgent need for the construction of additional
airport facilities and the acquiring of land . for the same to serve the needs
of the City ; said airport to be located outdide the corporate limits of said
City and 'it has been estimated that the acquisition of the land and the con-
struction will reasonably cost the sum of 4$ 100 , 000 .00 ; and
WHEREAS , it is the opinipn of the members of the City Council
that it is for the best interests of the City of Fayetteirille to issue bonds
under said Amendment No . 13 in order to . secure the money to supply the City
With these very urgently neede-Uracilities ;
NOW , THEREFORE , BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FAYETTEVILLE , ARKANSAS :
SECTION 1 . That -a special election is hereby called to be held
in said City on the 25th day of August , 1942s for the purpose of voting upon
the question of issuing $100 , 000 ,00 in improvement bonds dated Septemberils
1942 , bearing irterset at the rate of not to exceed 311 per annum ; and manuring
serially on September 1 of each year as follws :
$4 , 500 ..� in each of the years 1945 to 1948 . inclusive;
59000 - in each of the years 1949 to 1952 , inclusive ;
5 , 500 in each of the years 1953 to 1955 , inclusive ;
6 , 000 in each of the years 1956 to 1958 . inclusive ;
6 , 500 in the year 1959 ; and
7 ,000 in each of the years 1960 to 1962 , inclusive:'
Said bands shall bear interest at the rate df not to exceed ( 3% ) per. centum ,
per annum ; interst payable semi-annually on the first day of March and
September of each year , and the bonds may be sold with the privilege of con-
version to a lower rate of interest upon such terms that the City will receive
no less and pay no more than it would receive and pay if the bonds were not
converted ; and the bonds may contain provision making them callable at any
time after ten ( 10 ) years from date of issuance , on the payment of par plus
accrued interest . And in order to provide for payment of the principal and
interest of the . said bonds , a special and direct tax , suffivient to. pay .the
principal and interest of said bonds , not in excess of three -and one -half ( 3�)
mills on the dollar , in addition to all other taxes , shall be levied by the
Cit Council of the City of Fayetteville on the real and personal taxable
prorty within the City of Fayetteville .
SECTION 2 . These bonds shall be issued for the purpose of
securing money for the acquisition of the land necessary , and the construction
and equipment of a flying field or airport within or without the corporate
limits of the City ; and the money secured from the sale of said bonds shall
never be used for any other purpose , except that the expense of the bond issue
may be paid from said funds ;
SECTION 3 . Said election shall be held and condubted and the
vote thereof canvassed and the result declared under the law and in the manner
now provided for municipal elections , so far as the same may be applicable ,
and the Mayor of the City of Fayetteville is hereby authorized and directed
to give notice of such election by an advertisement published weekly , once a
week , for four times in Northwest Arkansas Times , a newspaper published in the
City of Fayetteville and having a bona fide circulation therein , the last
publication to be not less than ten days prior to the date of said election , .
and only qualified voters of the City of Fayetteville shall have a right to
vote at said election .
S'E'CTION 4 . The result of said election shall be proclaimed
by the Mayor and his proclamation shall be published one time in said news -
paper and the result of said election as proclaimed by the Mayor shall be conci
elusive unless attacked in the ourts within thirty days after the date of
such prd)clamation'e M11CROF1LMED
DATE OCT 6
REELi91g
SECTION 5 . In the event the result of the election is in favor
of the bond issue and the tax for said bond issue , the Mayor shall proceed to
advertise the sale of the bonds as required by said Amendment No . 13 to the
Constitution of the State of Arkansas .
SECTION 6 . It is hereby ascertained and declared that because
of the fact that there are not adequate facilities for the landing of modern
large and fast flying airplanes needed in these times of war for the protection
of the citizens of Fayetteville , it is necessary for the preservation of public
peace , health and safety that this ordinance shall become effective 7,.' ithout .
delay , an emergency is declared and this ordinance shall be in force' , and take of
effect immediately upon and after its passage •
Passed , and approved July 20th , 1942 . -
Approved ritho I 1 0 '
Mayor
Attest
y er s .