HomeMy WebLinkAboutOrdinance 873 AN Olt )JT'di:riC ;1 ;;;: OR SS
FOR t 'Pili I >UPa ; 1; „ ?','rL)S rn, r,
r to ` Y TIT,,; I17 OF FJ Yf TT 'JIi,
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OR I : PU�m .; ITtIIN OR t;ITHOUT TFP's
O.. i O. ,t 1 ,; L.t.:.ia , : 01 1 .I . CITY is!IJ t ^ JYi?tr; .,
TO i .! 1 117
VI ' EITi's;'4, By ordillarce duly passed on the 2rch de' of Jul 1 '42 there ?IaS
subaiittedto fixe gi :il:i.fied electors of the _'ia of F' Y, W
question rvh th?; _. ,, should issue W100, 000 cf bOc,ds at a rate lof ilnterest9roorle
0
to exceed 'koros:^pe•r cent, but convertible 'to -s lor;er rate of interOst on such
teras that the C.Uy should pad and receiv substanti 11y lite sane mount of
money as upon a three per bond issue , for the purpose Of the acquisition
of the land necessary, and the construction s:nc: equipment of a flying field
oi' ai.rpOrt within or without the corporato lim_i.'ts of the City ; and
1';1m R1ij:1S , due notice of the election was gi.ven as required by lair, Md .est ,:>.•rld
election 406 vole- s v-ere cast in favor Of said "bond issue ,
cast aaiand 308 votes were
nst it, and
1711M10 , after due advertisement for the ti.rtr and in the. manner required by
lay, duly published in a newspaper having a bona fide circulation in the city
of 1'ayetteV1e , said bonds Isere offered for sale at public auction , atthe .
office Of its Mayor at 3 : 00 o ' clock p . m. on the 22nd ' day of September, 1942 ,
and at said sale a syndicate composed of hill. , Cratrford, Lanford , Inc . ,
Southern Seeuri't .es Company, Cherry-Villareal L Company, and !. allory :;illia:ns
Co,apany, all. Of Uttle Rock, Arkans. .s, bid and offered the price of 105 .$6
cents On the dollar and accrued interest to date of delivery, and this being
the best bid, said bonds were sold to said purchasers at that price ; and ,
s,'IICRSASi tile Sa:i.d purchasers have elected to cos vert said bonds into the
issue of , 109,500 o.f bonds , more fully described hereinafter, on which the
council finds tilat 'the City trill receive and ;gay substantially the same sur.'
as upon ].00, 000 of three per cent bonds a:t t:;a price bid, said conversion
beim according to tile _ Universal Bond value T hies .
PrOr; , TIE'T2iso.is, BE IT OEWI???ii) BY T:IC CIT'=" C0!7i4"CII. OF' F .YT-1MVILLC
, i:illfi•.rrSli :
1 . The T3ayor and City clerk are hercloyu ,horized and dire
execute the bonds of flus ! itycted to
t, daed September 1 , 1942 , their numbers,
denominations , brd maturities to be as
set out : .{.Oa , but callable as hereinafter
Nos , of Bonda Denominations
1 „Taturity
2-6 inclusive 1000 5000 ept 1 , 1945
7 5001945
8-12 , inclusive 500 1946
�3 lobo 5000 1946
500 500 1947
14-18 , iz?elusive 1000 5000
19 1000 1947.
Woo 1948
20-241 iiic].usiva lDUO 6000
25-30, 1-1 1000 6000 1948
31-36, lobo 1949
37-lt2, JI 500 .6500 MICROFILMED 19781950
OCT 6
DATE 1951
REEL)�
+J-1-t3",'- -nC1nG1Ve 1000 bi.r. D Sept. �1. 1952 `
�_. _ . . 49 500 1953
50-55 , inclusive 1000 6;; r-' 1953
56 500 1954
57-62 , inclusive 1000 69✓o 1954
63 500 1955
64-69, inclusive 1000 £ 0 1956
70 500 500 19.56
71-76, inclusive . 1000 6000 1957
77 500 500 1.957
70-03 , inclusive 1000 6000 1958
84-90, it 1000 7000 1959
91-97 " 1.000 7000 1960
98-104 ° 1000 7000 1961
105-111 " 1000 70-JO 1962
112-114 " 1000 3000
Bonds numbers 1-69, inclusive , naturinC on Seutenbor 1 each of the
years 1,045 to 1955 , inclusive , shall Bear interost fron ueotember 1 , 1942 ,
at the rate of tyro per cent per annum until m. turity, and bonds nonbers
70 to 114, inclusive , naturinF on 3eptembor 1 of each of the years 1956
to 1962 , inclusive , shall bear interest from >eotember 11 3.942 , et the rate
of tivo and one-fourth per cent per annum until rmeturity .
2 . Said bonds shall be in substantially the following form :
( Pago , 565 , Council Dook D )
3. If default is made for thirty day^ in the payment of any interest
coupon, and the holder of the "bond to which it is att:x:hed may declare the
sane imaediately due and payable , "
4. The 14:yor and Gity Clerk are hereby authorized and directed, vhen
they have executed said bonds , to turn * hem over to th:= purchasers , upon
receipt of the purchase price. of ;,105, 060 and accrued interest in cash, and
the proceeds of said bonds shall be used for no purpose except for the pur-
pose of the acquisition of the land neccssa: iy , and the construction and
equipment of a flying; field or airport rithin or v,ithout the corporate
limits of the Qity, and the expenses of issuance ; provided , hovever, that
for the purpose of providing for the interest that :,ill becone due on said
bonds on ::larch 1 , 1943, being- before the first instalL:,ent of the "tax herein
levied will be collected and available , t1-1e1 : shall to and there 5.s hereby
set aside out of the proceeds the Olin of .x1 , 150 , and. the City 'Treasurer is
hereby s�st �s ' a � clax rL;�>dnxt zzsaxzw � c, directed to depositsaid
sum witl ` the Union ?lational Dani: of Little i?o:k , :lrlta:ns ,s , and the said
deposit shall be preserved by said bank and applied and used solely for tho
purposes for v+hick the appro.-)nation is hereby made , such deposit to l;e at
the sole risk of the City and not to oper. te as e payment of the interest
until so applied . The conotructi.on fund shall be reimbursed fron the bond
fund to the extent of said :;'1, 150 Then sufficient tares over and above the
amount necessary -t.o pay the next ma.turinlr interest sh; il hi=ve been collectc*d • "
5 • In order to pay the bonds es they mature , vi.th interest thereon,
there is hereby levied upon all. real and personal property within the City
PASSED AND APPROVED THIS 30th DAY OF SEPTEMBER , 1942