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HomeMy WebLinkAboutOrdinance 892 a 1:'7 GRDii• A1`:Ca PROVIDIN,(1 Ft;n T'3 CDl':STI?ti^`1101.i OF ADDITIOINS , EX'iti?•i3IO'?S , . .idD lY 1 OV?.1F. TS, TO T3_ ST ;3R SY.`I•_�:6 0 TM CI � ,n_i ,'; L n T'. 0 'r'hYi•. 1 � i.L': , ,+� ..U!fi' A.`i ; Tai.; 15SUiu CG OF SIS.EIt R V51� J=' BOidi)S ; PRi;SCIiIPii?G Tri"DUTIES 00; 'r•, CI11 ' T::_ OrF'IC"sL> IN COYNNd ICTION THLi=�A'dTfl ; AND PHOVIDING ICOR TME . .,3CUI'I013: 0" al Lscr%r'df 1_.C?3.r':V'EMT FOR TIG ? :Yl _i:Id`P OF 'IGi1-aC ; i:it`•.li1.E ri0:i3 mnf. Ci nl (1: per cent ) SNai1;F? RI-J'7FUiUm 130114D5 Di,!UD P?OVG. I) A 1, 1935 , IN ii;? ;iL,_ __ .' B OF , 37 , 000. '?HCR :AS , The public interest and necessity require that certain addi- tions, e: tensions, and improvee:ents be made to titre Sewer Syste:i ovmed and operated by the City of Fayetteville ,. 'ransas, and th4t certain Taal property be acquired for such purpose ; and . �7iiER13AS, the City Council of said CJfty has uaused to be made by a duly qualified engineer plans and specifications for said addition, exten- sions, and improvements, an estimate to of the cost of the construction of the sac , c�nd of the real Property necoasaiy to be pux�.;hased, and estivate of the reasonable rates necessary to be charged for service by said System attar 33rd ei;Idliien^, , ext:: nsions , and ia;)rovo,•aentc have been :rade , and an estimate of the revenues of : lie , all of which have been heretofore duly filed •rith the City Clerk; and Wiff, M ., such plans provide for the construction of .gcsage treatment plants , pwaping stations , :and other appurtenances incidental thereto., reference to such plans avid specifications being Hereby =do for a more detailed description ; and also for the pumheise of a small tract of real property on which part of said additions , ext..11sions , and improve_aents rill be situated; and . 4MMEAS , the City Council has exaed.ned and &' ,:proved :; i:i plans and estimtes and finds and declvses that it is for the hest inerrst of the City that said. additions, extensions , and i.aprovements 1>E made and that said mal property be purchased; and i'MI2'3iiS , said City rias outstanding non-redeemable four per cent (11 Ier cent ) set:ver revenue bonds dated November 12 1935, in the principal sur of ,;37 , 000 number 19 through 55 :aaturinc frau November 15 1946 through ?`IUVU7.1ber 1, 1960, secured by the revenues fro:r the pxe5cntIy e:csting sewer system, but for which the said City nota holds surplus sewer revenue funds sufficient for piyvent of principal and interest in full , except fox- the swa of approximately $7 , 000 and i%.1L'sii3, Said City of Fayetteville in order to provide sufficient funds with which to pay all costs of this herein described conteimlated construction, including the purchase price of tirx said real property, engineering, le ;al apd oti,.er necessary exnen^es , togeth!ar wit interact to a date six laonths subsequent to tl:e es til mated da.lte of completion a= the constructi.ori, 'lid on Januar-j 23, 191;6, offer at public sale its ;?125, 000 of tY.o per cent ( 2 per cont) mel:'C x' re Venae 110!1:.5 PStCi rat S<'i7.d .",F�Ic f , R. Stephens Inve:tmaLla : ' Coracpanp bid and cffen:d the price of 102 . 30 cents on the dollar+ and accrued intcre,^t With the privilege of con ,r>rting to an issue of $133, 000 of l:onds wore :;old i;o 1 . ii. Stephens Invest ant co an at thaL px•i cc ; and MICROFILMED. DATE OCT b 1978 REEL X i Gluinance 892--2 1i::Cl'1 : , The maid W. $ii,E;p}u)nr lINOu^ tlUhit :i0A1>fin hw^ eleeted tq ' convert said bonds into a ! issue. of 343, 000 of one and one--half per cent < 1 bonds Wh1L'h1 tale v14;/ {vlll IAC ' i ✓-3 and pay m ibs anti,111y the snzo ih a C ^ A L sena as upon i125, 'C00 of tl';o per cent (2;S ) bonds , ,aid conversion being according to the Universal ;old Value Tables . IIGi7 THFIUEFO_n1 pi; ? T F0 :;B L L., �,� � . _ , , O td IV by th se-i-11 Ci +., CUl .Il� 1 of tho it,T of F t'!Ynttevilie , ArkansBS a.; fo:atr u . Section 1. That the cost of the consti^sctfon of said additions , exbsneions , and ilorove.-nont:, and t.i � o; shalt of said r:>al property esti— mated by said engincur, is found and declpred to be the .. wa of w413^., 320. Section 2 . That said additi c)I-ts , e xtensiom . and 7U2':i'dCC:'3I1t3 tiC coilsted and said real pI'D[N_'r ty be p),rchaSed accoidi.n„ to ti.:E: plans and sped :ications hereto ore filed with Cap, City ilerk. Cid construction and the custody, operation and riaintenance of said Sev;cr System and the collection of revenues tiiemfrom for the solwice Tendered thereby :0:0111 be effected and supervised by Lire Seller Coadttce of thlco :r,eWcers composed of V. W. Adkisson, "Webb e7illi.ams , Allen Danks , appointed by tho layor at a regular meeting of the. counoil on ripril 1 ' 2 1945, istlich appointrzentu are hereby ratified and confirhaed. Me Counuil Lay remove .-My n amber of the Co,'2'tdttee with or aithout ca)1.s^e and r.,ay appoi.n't ills s1iCC3S502' 11'1 Cabe Of death, removal, or resipiation. The tarsus of the canstr• ,tion and our— chase shall be fisted by t:le Sesser Coclittec , arld it shall mite all contracts ' or agreements necessary or incidental to the serforvallco of its duties , and the execution of its peters . Section 3. That the rates to be charged for selrer service heretofore fisted by CvwUnaneo No. 8919 passed and approved on the 4th day of :starch, 1946 shall never be reduced so long as any of the . bonds h rein autloriaed to be i:; sued are Outstanding and, if necessary, shall be increased• Sec tion it. . The Treasurer of the City shall be the custodian of the revenues deriver, frrom the Sy stem arid shall give oond for the faithful di:scrsarge of his duties as such custodian (such bond to be fixed and . approved by this `'ouncil ) . Me Trl=urer of the City shall deposit all revenues 01' the System, as 'collected, in a separate fund, to be ' adIinis— tored as follows : (a) Smver 0;)eration anti 711aintenance fund: An amo•:nt :sufficient to nay the reasonable ;;ont. hly expenseof operatio;i, IepaS. r, and hairtonance shall c+e (tedueted 'I"01'.1 the monthly =avenues as they acenie and Sh , i. be 'Used t0 })sly such expenses ; (b ) Sower Revenue Liond )'und : Sill the revenues rewst nilhc' aft9Z• the pc;rmint ::et Forel i777) shl-111 , cn;s'tituie the no .lr✓emu .:; of, the Sys twa and. - 3aall be ,•)i:1;t at !:iehlt!,ly .i T?t(:I•\rpl 5 into t(1(3 . Sevier Revenue ,`.iond Fund to provi.d(! for "if: payr;::n't of 'tile interest on and n iic! pal of the SalU U�itG tat Sri T� 'li)i:-•}'<di]c EtiS!<;;�,le foots per cent (µ`5 ) server revuh'ltte bo::_... an ;ind Lite: e the extent that the GuIr!)l a-+ ovop?.:{ f holUm due t0 _u:s e!5!, r:. , er.' : fund r!O.: helm by the City and which will be ,placerj in escro : as hezeinaffier provided may be insufficient _`or the 7,ai;2 pa;n:tnntg t e Tci r,rI., ta of 'the intarest On aid the prl.nCi.pa.i. of tie Lunn . hclYll.hi aut110rized in . BCCDI•danCe h1tF'i the 1011 J1';i.id SCihedill(: : C i N E!'rS T � �vs YEAR :fi 117CIrAL JA..TU-AIU' JULY TOT;%T i - 1 1946 a 3997 .50 r 997 .50 1947 5,000 997 .50 96o. 0o 63557 .50 1948 S,000 960. OU 922. 50 6, 882 .50 19149 52000 922 .50 885 . 00 6, 807 . 50 1950 5, 000 885. 00 847 . 50 6, 732 .50 1951 5,000 t+47 . j0 . 810. 00 6, 6 1 jv 1952 5, 000 810.00 772. 50 63582 . 50 1953 50000 772. 50 735 . 00 6,507 .56 1954 5;000 735• oo 697 :50 6, 432 . 50 1955 5, 000 697 . 50 66o. 00 6, 357 .50 1956 5, 000 660. 00 (-22. 50 6, 282 .50 195'7 5, 000 622 .50 585.00 6, 207 .50 1958 5,000 585. 00 547 . 50 69132 .50 1959 1960 ,,05-47 . 58 c�0 510. 00 <, 057 . 50 5, 000 510. 00 472 . 50 51982 . 50 1961 53000 472 .50 435.00 5, 907 . 50 1962 54000 435. 00 397 .50 5, 832 .50 1963 5, 000 397 . 50 36o. Go 5,757 .50 1964 6, 000 360. 00 315. 00 6, 675. 00 1965 6, 000 315. Ua 274. 40 6, 585 .00 1966 6,000 270. 00 225. 00 6,495 • oo 1967 6,000 225• oo 1x0. 00 6,405. 00 1968 6, 000 150. 00 335. 00 6, 315 . 00 1969 6, 000135.00 90. 00 6, 225.00 1970 6,000 9o. 00 45• oo 6, 135.00 1971 6, 000 45 . 00 6, , 0454;00 the necessary fiscal agency shares for ma'.ing such j:ayments ; and a margin for safety. Such margin, together with any unused surplus of the same carried fomard from' Lhe preceding fiscal year, shall in no event exceed ten porcentun of all other amounts required to be paid into blip Sea,er revenue world .Fund under the provisions or t_u.s section.; (c ) Sewer Revenue Surplus Fund . In the event that a surplus rem eEns a-i�eerhe req:urVments of sub-paragraphs ( a) and ( b ) have been met, such surE�lu:: or zny pait thereof. uw,y be used at the oltion of the City for the rederaption of the outstand- ing bonds as hereinafter provided . All bonds redeemed shall forthwith be cancelled and shall not again be issued. The City .:lay use suet, surplus or any part thereof in its discretion to =o•ode a fund for Dirt2;er e:;tenSion:- 9 betiznnents , artt1 add,_ tions to the Syst>m, provilei that an amount reasonably ;u£1'ioi- ent for , opemtlort repair, :end maintenan.Ce , and for depreciation for an cnmldnr, peniad of not less than tvelve months ha:; Elis' been reserved. Section. Al . soarer rrvc nuea r.Y:ic oj'ved i=;- the City Treas,.rer shall_ be deposited by him in :S"c11 de �- ositoi or dcpositori.e_ as may )a lamlfi y designated froe 'Imc- i1) t :Umi : ; suiject, .• Ol'i -Y:.`r, 4,0 t?1F ,JVdnj OI Sc?CL1Z y of such deposi'ter'y as nc,i ^" -'_�:.� ''t^_= be r'aq '2d by i f�.1 d' 4y, air aw. posits made by thr<j Tr;aa:. ;.•er a ;w•]?, 4R in a name of the City and be so designated ao to indicate t :c p-= L_ :ular Bund to which the revenge belong. �-^ — Ordinance 892--4 rection 6. Ti4at : e `s t ' s: > 11 !.e t d fisc y y" � C u ?Urt i•: ::il Lai' basis . The first fiS al ycesar sha11 coriacrtce upon t;_e 1st day of January, 1946 and .hall and one year 't ereefter. Soction 7 . That revenue bonds of tits City (herein smiled Fonds ) be issued in the total waount of Cmo Hundred Thaq rty-t`wee Thousand ;lollazs ( ; '73, COO ) i that said Bonds be desiLnated "City of Fayettcn'ville , i:I_tian5as , Setsor Revanue Bonds" s be dated January 1, 191,6, be of the derowination of u1, 000 each, nxubarod and :': itnrinrr on J.11unryr 1St of eanh year Is folloAus : "OS . OF B014DS YE 1E \ 1 - 51 Inclusive 51000 1947 6 — 109 It 5, 000 1948 11 - 15, it 5, 000 1949 16 - 20, If 59000 195o 21 — 25, It 5,000 1951 26 - 30; " 53000 1952 31 - 354 520ao 1953 36 - 4o, " 5, 000 1954 41 - 45, " 5,000 1955 46 - . 50, 5, 000 1956 51 - 55, 5, 000 1957 56 - 602, „ 5 , 000 1958 61 - 65,. " 5, 000 1959 66 a 70, 5, 000 1960 71 - 75, 5, 000 1961 76 - 8o, "' 5, 000 1962 81 - 35, " 59000 1963 . 86 - 91 , 6, 000 19614 92 97 ; 63000 98 - 103, 6,000 1966 104 - 1091 " 6, 000 1967 110 - 115, " 6, 000 1968 116 - 121 * " 6, Doo 1.969 ° 122 - 127 , " 6,000 1970 128 - 133 ` " 6, 000 1971 that the bonds bear interest at the rate of one and onns-half per cent WOO per annum, payable semi-annually on the lst day of Januar•)r and July of each year, be signed by the ::.a,.yor and be sealedAth the corporate seal of t!l City and attested by the City Wior,L of the City, and that the interest on the Bonds be evidenced by coupons t^:ereto attached, . the coupons to be Signed by said :mayor and City Clerk by Meir f8csiilile si ^naturec, and :laid :?a'y'oI' and City Cleric shall by the e:ecutior. of the Bonds ado?t as and for their m.-n proper sirn:ltures their f2.0 i .". 1C a7ji3CLring on vvid coupons ; that the Bonds and coupons '.ra payable in such funds as at the tine ox' the rosoective payments are legal tender for th<: pay.sent of debts due the Goverment at the office of the City Tmacurer of is crty vilAc , at ?<ayetceville, Arkansas . Bonds of this Series sit:11 be stioject to :Y ciertgtior ifoc+c maturity, 1'raa time to tire , at the o?•tion of the ity, in inverse nu erical order, at ^ar 2nd accrued interest; at 'ny pr?._?C.1!.` J.-7�';�.1.^.;: d .t3 on after J ^nl:alj 17 1949,. only from surplus r'nv4?nucr derivV,:ii frrxn th,x on- r;,t'L or. .;f System • wa Sys m in excess of the a^fount rEot;J. 7C(l i:o be i(ai:a .Tito `thp S i:4" eV. f ;:, BO}ta L'L`nd, Orl?finance rind oil uld' ziter JaYe,:ary 1, 19563 f1lO slaCh surplus or any available funds . 110tice, of the call for the redealpt'oll sin 1 1:e publ" shed I:y the City, Clan; of 't}L City once a v{Oeii for tF'!O zeeS W D:m the date of sut,`- l 1'ed�;n7tjon in a nc rs„ap=r of ganarzl circ zl.c.iion_ in the ity OF Little itoc' , .'l= __ n"a:: , and t1aV'i P.(" S Eine Tal Ci r:alb.d!tiCn 'iar041,': ElOut t[le. =}tats: of lirkc'l??u Huy .d at the date .^.:antfoned in the call , bond or bonds so cV l'l.ed l,i.11 cease to bear inten;st; };rovidud funds for theiraril` rt aIti on dc2posit at hat time. The Donds, together frith interest thereon, shall be payac,i.� only out Of the Sewer Revenue !.ond }•'Mild :AD he1•0i"bel'C.`,'. (Ief1':ed, 277E :ia.11 be valid claim of t?e hal!ier tho-Inii0f on).v ahai liGt t!w JJIY@1' !«?vCYI`,AC v0R(,`. -uY?:I 8?:a t:1B a;nount of elle revenue pledged to ; aid funs. :,1: _C: 33 a.",!!i'.iY:'' O ^.:j, -i r•� v .c.., u 7 1 , e is hereby pledged for the payrlent of tle said, 'gala?Ice Of a_)prJL;n:>:t:ly ;7 ,000 necessary to retire in full the sa:ld o wstalldlil^ iron:L?CIEe1:ILb1C four ;:C.` L'e7lt MQ sel,ar ravenue bonds and for tha equal and ratable pa371a3nt of tile. Bonds and shall lie used for no other purpose than to pay the said balance of approxi.;nately ;;7 , 000 and to pay the principal of an`r interact on the Bondsas the save accrue . Section 8 . That said tronas and coupons be in substantially t?la follOv ing forms : UNITED STATES OF AI) ERICA � STATE OF ARK,!ASPS COUNTY' OF VIASHINGTO19 CIrf OF FAYETTEVILLE lL YPF.' CENT SM;ER REvBASUB B(>I.;'D KNOiiV ALL M"7111 BY TlisSr PRESENTS : That the City of Fayetteville , in the '.1Ounty Of ii sf112 tCn,_ State of Arkansas , hereb7 ackno}:Zedci e itself to oltie , and for value received promises to pay to bearer the su✓n of Dollars (,P on the 1st :jay Of Ja+'marr, ly , rrlth ,interest at the rate of one and one II he`1f cer cent (l`, per cent ) per ennhca, ;):Mable sclld-annually or. the, 1st day of Jaru:ary W-1d July of each year, ul)on presentation ,2+!d surn:ndcr of the annexed C011nJn:> 8N. t1Cy Saver;_11y bccUale (1710 . klOt:"1 !7I'111:;1}i£:_ hereof and interest hereon shall `_e ;r..l cable i;l coca su :: es at Lht4 tivc paylnents are 1e 311 'tender for the payulent of dcbEs ciuelctne Unitedf VIC II,,oil ii:ih?71Ca at t11E) office Of t e Tr: aSiI,I[:Z' Or the City Of 1Fayett�vi'' lei at Fayetteville, Arl:a?lsas . This is one of a series of ane `rrndztd thirty-thee (133 ) lwll%e aggregating One Hundred thirty-three ^h .>;:,nd l1011zs;l ( s 133, 000) , ; 71 of li to : tenor except aS t0 denO a?.naiaons ami :.!a turi tiei, and nL` bered `r0^ One (l ) to One Hundred i'i7irty-three (133 ) , both i.ncludsive , dated JsAnunzwy 1, 1946, i and issued f r the . pl7rposa Of I):'Ov.i..;'ln,^ fOr Rile iiayi7E!nt 01. the Oo:>t Of Con- struetion 02' addition, extrne'7ons , and j - t4, t0 t:7. E21,E.' gv-s t•C,r1 Of the City of Fayetteville, Arkansas; . This bond and the series of 7y17icf1 it fords c Pa rt are iseued in accbr- ' dance wLth the provisions of Act 132 of tale rerillaL cession of 'Rise Ge7ural Assembly of the State Of Arkansas fc.• the yea.- 1 1 _9_ 3 and do not con; U: an indEbteaness o+: seid City ':Ji.thi l :uiy Cat titllt9Onai or statuLOly 1i ti titian, and are payable solely from the net revenuers from said oils nED2' System remaining fi 6 ._. • GTikinatlCe ;i0 . '�i � after deduction of i VW, roasonable Ori Ghly iJCnu3u 0� OI)iand t '3721 rag as`ld malintsnanCe . said net revenueseav`i?rT11eeen Sordet Gr''und" cr �att d r'ay as V. special fund . and identified as nrclinance k�o. 892 , adopted by the City Comlci ! of said City on the day of , lrljb under' rrilich U.u.t.. k;oni i.r, au`nn' funds toeld x. i. ssuedg 'to supplement to the extent of approu lately ar? ; ' in esclror: by First Ida: ionai k3ank., Fayet4eVil7.es e rka_lsa:= , J. Paw tP:ey inat'drO l:.l'•^ )1'iriQi Ural Of a'1:: i113i.exL'iit of 11071-1Y'-de9iaak)1e fOiil' :t.G T_ CO'Clt SBYi2 x• rdvsnue bondr: of t14? City Of Neyettevilli: , ilr kanSaS , •Y�'-A�'i} (4 ) o to fi t ivc ( 5:) both kdovcuber 1 , 1, 3: s nlunben;ri from nineteen (1it y i to .1960; ;aa.tur? criaL"ly on klove7a er 1 in the years 194 = inclusive , thI ries of r;kli..^.I"l it f=:Is •:est. zeld i to pay "this Bond and i11C1U8lve , - I1 IS ii�Ri?BY CER'i iIF s Risjnj Dg 104D Ji4CLARED that 011 acts, condi. tiorss and things r ,quired to exist, hanxn, and be perforrned pursuant to and in �- been oerforxTepi the issushlce of this Bond have c)d st ulx�dvb, ill a}ixlrled + that snf i iciert of ^Me in due times form, and manner, as _ q S tem ?:as been income and revenue to bo derived fraa the orJer. tion of said ys pledged to and rr ill be set aside into :aid snegial fund for ";he pavnent of the princi:ial of and intex^est on said bori. Bonds =of this series are subject to re.1. t 'ti.on before maturity, fro7n time to times at the onti_on of the City, in invorse 1111MOaic.a rr crp atcry 1.1r and accrued interests at ani i:rincipal-payin date on 1949 ,. true fr°"' surplus ravenues derived from file aperrtion Of the System in excess of tale r.:lount required tc Le paid into the Sercer u vence 3andL7 E 'und , and on and after J::sluary 1, 1956P irox. such Surplu-- or any Valls- ' .0 fluids * Notice of .the Call for the redemption. SNO., be published by the City Clerk of the C'�t4 once a wee"' for tr7o weeks before the date of such redemption inane:+srJa?er of ,eneral circulat_. on os d in tale �i �y of Little Rocks Arkansas , and having a *legal circulation throu? lout the State of Arkansas , and ai'irr t.".s d °.te -enti. ar..'d 1.n :;rce cal_lg t?le bond or bonds so called will cease to sear iris=::est5 pro'rided funds to their pay- ment are on deposit "' t t 1" ' titre ' : ;�rkansas by its City IPI tI`rk' nJ :'tii`:R Uk g Said City y of aj e'tteville , s lrl ' s : ale:) Cler't': has e ilLS'Cd tilt )Uliei. to :.' r>i;,ned by tho ?yon th_ reox v.itkl the corporate see) of. said }+it}- and att-Bs"Wzdeb! tl;c ,iL r Cler_:, and has causad . tvie coupons ku:reto av �C .le tC )e �atofntilL�l t da •�ted 1Qtof Janfaca^x-y ,im v signatures of s id iavcr and City ' ler'r:, all 19460 (k.:ayor) (Seal) Attest by City Glerke (Forel. of Coupon) _ .� Juiy the Cit of Fa•�etteville , 'iEashington on the lst d1Y Of Janaal'y, 19 , y County, Arkansass promises to pay to beaver oul of the �jy; C City Treasurer er .the bond to which this coupon appertains , at the office Of the City Tx+:asurar of Fayetteville , at FaYetteville , t?. ra<i??Sas; 111 S;1Cfl flindr> as at t'14' 4JLrn OI nay. )rant hareof are legal tender for the nay ' eilt °f debts due t1Yie United Sta es olla. s (6 ) , of --:ae:i.ea ) the sum Of er cent)°e: er being interest due on its one and one-. «Jlf per Cent (12 p Revenue Bonds dated the: 1st day of January, 19462 and mlmJered 7 Urdinance Ro. Bq) %--7 urtlils:: the Bond to i;;1i Qh it appert: i n� is sooner etdleu for _)ay_aellt (city jlerk ) ( The coupon attau.,wd to eaC4 bond will be for si .i ;a011t:lls interest in tie sn:a of +07 . 70 ) Section 9• 2ifter the bonds have been excepted as herein provided, they shall be delivered to 104 it: ;;tephens lnvestrwrht Co:apany of :,i ttl:_ Do ',, +=r�tL?t]Sa:, upor; the payutiant in cash Uf 'ti:e 3'urc:iase 7I^_ce O.. 4'1') ? P`• 1 accrued interest to date delivery to do Cit a' for� t9F• rs • OQ and 01' ueliv City easu.rer a our1L of i y all be .] losi d the It .paid Sll'a :iih ' Oj 'tE3 in the Pil'.•it f?aa:i Unc11 L•an:;, ':'iyette ':il!O , Ari<c^S1Sa5, i.n t.rust, recured as its other trust funds aryl s�;:e•Urod , u%Yl dis— t:urEr= l by it solely in payment of the cost of said addlti or:s , e ten^ion:; , and imorove:n :ntsi including eneineeri. rife, alhd Other e;^;onsos ircidr_nt to the construction, but only on walrant3 or voui:hers 3irned by the Chri+-n�n of the Sevier *o:a,-aittee anci by the City Treasurer briefly cpeeifyin.-V the Purpose of the expenditsre , acooiapanied by a certificate signed by the consulting: e.i ;i— neer for such construction that an obligation in a stated amount has boon incurred Oil aCi:Ji:t of the dost of the ' construction and to whom such orbliga— tioll is O::eC.l , except that no such eerz:l.f este v tall IX: D:aq fired before jlay— went of the engineerini; Sees . Any unexpended balance remaining shall otd.<1 to the 'amity Trot ;surer for the <;ccount of the City and deposited by him in the Sevier Rcvenuc bond fund hereinbefore defined. 1-ialert tiie iutlds are so da_�osi.ted, tale irethsulYrr shall take fro:s the Bank an agreement to apply tl.e , .rile as pro;r_ded in this Section. j Section 10. ;dothin;; fir. this ordinance s la).1 be construed to erevenL the issuance by the City of additional bonds payable fro:a the rev::;:zee Of the Sys &-nii to finance or payJ the Costs of Constniectinr any f x. , anther e-. �„-L...on, bcttnrmne lt, or addition tothe systeah; provided, howsysr, that the City shall not authorize or iSS'ue aTW sizell additional bonds so lorl(y as «rY of 'the non— redeemable i ru er cent (l ) s ster ver rsue bonds dated ?dove ::er 1 , 1 ;35, or arty of the bonds of this :aeries tu•e outstanding +.unless ti . -rosy revenues derived from t lc SysV :n for the fisC. cal year then next precedUnt shall have been sufficient to provide for all cost:: oz u?:era Lion, reozi. r, and maintenc.nce of tie System and leave a balance equal to, a.t least 120 per. cent ,• of the un ai;(T gate of (a) the prircipal and interest ?a:,ra nt for such ynar.• on total. ' bonds then outstanding and the fiscz-.1 e.i;cncylr: ctlarges therefor; and ( e ) an amount of principal of issua of 3uc_`1 additional bonds ;txa :*may im � Stan zd; for one year co^luted by dividirt, Vile i^ tal- e_nount of s ::cil i ^sue b ;: the number of ears tc the final. nst%Lilty date of such bonds . Section 11. It is covenanted and 'a,rreod by the City ::it_1 tile• !holcl_�! r or i older I of t're tends , or any of then, t`—t it :iil.l Yx faig„ifully an.: punctuhvl ly perform all duties viitlh refeyv: nce to ttl:' 3y;;tot, rcqui.zed by the Cor> titnti on and Statutes Of t:1- St'tt: Of i -• mnsa9 , including makein�-- avid collecting of ra;:conable and suff'.cient ra.tias lavif:hll )' established for services rendered by the ]yStfzm, Oegregatilrlr tale .L'Venue of tale Sy3tem and j • its appli.catiOn to the rooq octi ve fund herein. Created • Sedion 12. The City viill :nainteir, the System in good condition and operate the same in an efficient manner and at a reasonable cost. a Section 13 . So long r•.a any of the bonde are outstanding, the City 1;_11 not _aortga�;e : Pledge , Or Otherwise encllaber the Systt.m orreof, any p�.i•t the ^� Or any raven, therefrom (e: cit as hereinbefore provided ) , and till not sell Ordinance 982---5 The Bonds , together vrith interest thereon, shall be payable only out of the Sevier Revenue Bond Fund as hereinbefore defined, and shall be valid claim of the molder thereof only against the Sewer Revenue Bond Fund and the amount o the revenue pledged to said fund, which amount of said revenue is hereby pledged for the payment of the said balance of approximately ;;7 , 000 necesse:ry to retire in full the said outst€:ndinr nonredeemable four per cent sever revenue bonds and for the equal and ratable payment of the Bonds and shall be used for no other purpose than to pay the said balance of approxiru ely , 7 , 000 and to pay the principal of and interest on the Bonds as the same accrue . Be That said bonds and coupons be in substantiLtlly the folloving forms : ( Page 52 , Council Book 2 ) 9 . After the bonds have been exectued as herein orovided , they shall be delivered to 'ii . P. . Stephens Investment Company of Little Rock , krkansas upon the payment . in cash of the purchase price of ;;127 , 075 . 00 and accrued interest to date of delivery to the City 1•reasurer for the account of the City. Said sura shall be deposited in the First notional flank, Fcyetteville , Arkansas , in trust, secured an itsother trust funds are secured , and dis- burned by itx solely in payment of the cost of said additions , extensions , and in.prove;acnts , includinE• ongineering and other expenses incident to the construction, but only on warrants or vouchers signed by the Chairman of the Sewer Cocunittee and by the Ci Ly Treasurer briefly specifying the our- pose of the expenditure , accoaapanied by a certificate signed by the consult- int; engineer for such construction that an obligation in a stated amount has been incurred on account of the cost of the construction and to whom such obliEation is ovred, except that no su :h certificate shall be required ' before payment of the engineoring fees . Any unexpended balance remaining shall be paid to the City Treasurer for the Account of the Oity of Fayette- ville and deposited by him in the Sewer revenue Bond Fund hereinVefore defined . : hen the funds are so deposited, the Treasurer shall take from the lank an agreement to a?ply the sine as provided - in this Section. - . 10 . Nothing in this ordinance shall be construed to . provent the issuance by the City of additional bonds pny.:ble from the revenues of the Systom to finance or lx.y the coots of constructing arty further exyension , betterment, or addition to the :'ystd;m; provided , however, that the City shell not authorize or issue any such additionci bonds so long- as arty of the nonredeemable four )er cent sever revenue bonds dated November 1 , 1935, or any of the bons of this series are outstanding- unless the gross revenues derived from the System for the fiscal year then next preceding- shall have been sufficient to _provide for all costs of operation , rep;Ar, and maintenance of the System and leave a balance eaur. l to at least 120 per centum of the a[. greg-ate of ( a ) the principal and interest payment for such year on total . bonds then outsLandinr and the fiscal a ency ' s chargees therefor; ( b ) one year interest on Lhe tot., ]. issue of such additional bonds proposed to be issued ; ( c ) an amount of principal of such additione: l bonds for one year computed by dividin ; the total a:aount of such issue by the number of years to the final maturity dete of such bombs . . 11 . . It is covenanted and at reed by . the City with the holder or holders 0 Ordinance 892- -6 of the Bonds , or any of them, that it will faithfully and punctually perform_ all duties with reference to the System required by the Constitution and statutes of the State of Arkansas , including making and collecting of reason- able and sufficient rates lawfully established for services rendered by the System. SeCregatini, the revenue of the System anti its aoplication to the respective funds herein created. 12 . The City will maintain the System in good condition and operate the same in an efficient manner and at . a reasonable cost . 13 . So lone as any of the bonds are outstanding, the City will not :aortgcge , pledge , or otherwise encumber the System or any part thereof, or any revenue therefro:a (except as hereinbefore provided) , and will not sell , lease , or otherwise dispose of any substantial portion of the same . fly . The City will keep proper books of records and accounts ( separate from all other records and accounts ) in which coirplete and correct entries shall be made of all transactions relatinC to the System. The City will furnish to any holder or purchaser of any of the Bonds at the time outstand- ing at the written request of such holder or purchaser, nor more titan 30 days after the close of each six months ' fiscal period, complete operatint• and income stateraents of the System in reasonable detail covering such six months ' period, and not more than sixty days after the close of each fiscal year, com- plete financial statements of the system and the City covering such fiscal yet:r, certified by the City ' s auditors . 15. Any purchaser of twenty-five per centum in aF•.. ;reg.ate principal .:mount of tine 13onds at the time then outstandint- or any holder or holders of twenty-five per centu:a of said "-Mount of outstandin fonds shall have the right at all reasonable times to, inspect the .":ystcm mid all records , accounts , and data of the City rclatinf thereto . 16 . The City further covenants cmd ap.rees that if default is made in the payment of any bond or coupon or if the Jity fails to meet any )rnkinp fund requirement, the holder of such bond nay declare that bond irarrediately due z. nd payable , and such bond sha11 thereupon be im:aediately due and payable and in default. 17 . If there be any defoult in the payment of either the interest on or principal of any of the Bonds , the holder or holders of any of the Bonds may by proper suit compel the perfor:a,nce of the duties of tine officials of the City, as sat forth in said Act 132 of the regular session of the Ceneral i.ssembly of the State of :irkansas for tine year 1933• If there be default in the payment of the principal of or interest on the bonds, any court having jurisdiction in any proper ation may appoint a receiver to administer the System on behalf of tine City and the holders of the bonds , witin power to charCe and collect ( or, by mandatory injunction to cause to be charged and collecteci ) rates sufficient to provide for the payment of the i;onds and interest thereon and for the payment of the orperatin, expenses and to apply the income and orovenues in conformity r. ith said Act and this ordinance pro- viding for the issuance of such Bonds . • 16 . That to guarantee payment of the City ' s outstanding, ,'37 , 000 four per cent Sewer Revenue Bonds dated ?Iovember 1 , 1935, as they mature , the :'ayor and ::ity :3lerk be and they are hereby authorised to execute for the Ordinance 892--7 City and in its name an agreement placing moneys and bonds of the United States of ?mrica all out of surplus sower revenue funds in escrow orth First T!ati-onal Bank, Fayett,ville , Arkansas as follows : AGREM, NT PLACING ;'0 *::YS A*!D BOTTDS OF UNITED STA ES OF A!.M- ICA OUT OF SUR- PLUS REV^T! E FUNDS Ir! PSCRO:`r f:IT! FT.RtT HATIOYAL P.ANK , rkYSTTPVILL'i , ARKATTSAS , A%D PROVIDI'':C FOR T}P' PP-.Tf7NT OF :37 ,000 40T?RRD7r111AR1j? 4% S'Vv'PZ RT:V'3Ti1T`: OT TDS OF T1.7 CITY OF FAY7TT711I1,TFr , ARK0SAS DAT?D TTOV'adBIM 1, 1935 . K.T`Ou:` i:LL t.F-31 BY T "r.SF PRESENTS : This Agreement, nade this 1st day of April 1946 by and betv;een the City of Fayetteville , Arkansas , hereinafter referred to as "City" and First Nat' l . Bank, bayetteville , Arkansas , hereinafter referred to as "Agent" . bITNESSTH: That, VvIFEMA,92 The City has outstanding non-rodeernable 4% Sewer Revenue Bonds dated November 1 , 1935 in the principal sura of 5937 , 000 numbered 19 through 55 maturing frau November 1, 1936 through November 1 , 1960, as follows : Bond No . Princioal Amt. Due Date Novel 19 , 20 22000 1946 21 , 22 29000 1947 23324 2, 000 1948 24;26 2 , 000 1949 27 , 28 20000 1950 29 , 80 2 , 000 1951 3102 2,000 1952 3304 20000 1953 35 , 37 , ince 3,000 1954 38 ,40, inc . 3, 000 1955 41 ,43 3, 000 1956 44-46 " 3,000 1957 47-49 3 , 000 1958 50-52 " 3, 000 1959 53-55 " 3, 000 1960 P.t!D i: !1 :?"i:^: , In order to pay all costs of contemplated additions , extensions , and improve.aents to its Setter System, the City ha.s sold an issue of •9125 , 000 two per cent Sewer 24venue L'onds but converted by the purchaser to an issue Of 1133, 000 one and one-half per cent ^e-ver Revenue Aonds on which the City rill receive and pay substantially the same sum os upon •;125 , 000 tv. o oer cent �)onds , said conversion being according to t; Tc Universal "ond. Ve1ue 'Fables ; end ,MEEP. W! , the City has authorized the Lssu�mce and delivery of the said 1 ;:133, 000 one and one -half Der cent "ev,^r Revenue Bonds , and Or:linance 892--P, .11uREAS , The City desires to guarantee the payment of the interest on and principal of said outstanding ,;37 ,000 nonrodee:aable four per cent Seraer Revenue bonds a.s they mature from surplus Server revenue runds now in its hands , and from future collections of sever revenue charges ; T• M. , THFJZE: OR!: , The City does hereby transfer, assign. L.nd set over to the j.;rent cash in the swn of ;x7 ,440 . 00 an d the folloviing bonds of the United States of i.merica, to-r,it : PAIR VALUS D'3SC11IPTIO'.' iix 3, 000 J{13729K ) U .S . TMJs,MJ_tY 111011D #13730L ) Dated April 15, 1943 1113731A ) Due : Sept . 15 , 1952 , Optional 9115150 102000 U . S . P.`MT' BO".1 Scries F Issued : Nov . , 1945 Due : 12 yrs . from date Bond T11o , X238545F 59000 U .S . SA '/.T. ,'.rS 13.11;D—Series F Issued : April 1942 Due : 12 yrs , from date Bond No . V7(Y)27F 5 ,000 ILS . $AVT'?0S P,0"7-`'eries F Issued : Sept . , 1943 Jue : 12 yrs . from date 1?ond 1!o . V157826F 5 , 000 U . S . Fi•.'VI 'C S BO'dJ-^cries F Issued : Sept . , 1943 Jue ': 12 yrs . from date Bond No . V1578271;' 10,000 U .S ; STAfr'S Pi.VIVGS DON, -Series F Issued : April , 1943 Due : 12 yrs , from date Bond No. X147653F 13000 U . .^• . ;.'1T' CS l 0'!D-Series F Issued : February, 1944 Due : 12 yrs . from de: te Bond i!o . '.'7101.116F 1, 000 U . . t- VI r^ n0?'J-9ories F Issued : February, 1944 Due : 12 ,yrs . from date 1.ond "!o . ',r, 7101P31 1 , 000 Mle SAM%Tn!^) I10TID-Series F Issued : Feb . , 1944 Due : 12 yrs . from date Mond No . ! '710189P' 1 , 000 U . ` Sf. VINCS F,,)TUD-Series F - - ^ Issued Feb . 1944 Jue : 12 yrs . from date Fund Ho. ::1710208F 5, 000 U . S . F-AVIt'!G.`i :Vw Issued : i,pril , 1942 :Tae : 12 yrs . from d a to Bond No . V70028F The City directs the rtCent to pay at maturity and upon oresentation to it the interest onand principal of the above-des ::ribcd -$37 , 060 of four oer cent nonredeemable "ever ifevenue Londs ; and in order to orovide sufficient funds therefor, and for all other payraente provided herein , the City directs the Arent to use first tine Fula in cash transferred to it hereupder and •r,hen t: ,at sura beco:aes insufficient to make any payment as directed , then at its discretion to s 11 sufficient of the bond's of the United States of -merica assi:•ned and transferred hereunder and out of the proceeds : therefrom to to :aake such paymont and hold any surplus resultinf- therefforn as a part of the sum in cash to apply on future pay:.rents as directed herein . It is contemplated thz• t the sum in cash :end the bonds of the United States of 4-merica- transferred and assinod hereunder mny ne insufficient to m..ke all payments a, s directed herein and in order to orovide further for these pay.nerrts , the City afxees to transfer to the Alront, upon its demand , out of the sey.er revenue; of the City , but only out of the sovior revenues of the 'City, additional sums in cash as needed to enable the AE-rent to pay at maturity tyre interest on and arincioLl of tine said nonredeemable four per cert "ewer Revnue i:onds and to azi6 any other pz:y:;:ents directed herein . The City lAll i::mredi:; ceiy deliver to the t:Fent f'or o::y;aent as above diret''ted as soon as presented to its amity irez:surer ali coupons and bonds Of tine .^.aid issue of non redcema:ule four per .cnt ;Serer ievenue :.ends . The Uent accepts zn holds in trust for ttte payment of interest on z:nd arinci- pal of the above-described nonwedeemztIL four per cent flower Revenue Bonds the sum in cash and the !rends of tiro United Stz.tes of •.raerica transferred, assiUned, z,nd set over unto it ; and the j!uont hereby aCrees to ;gay the interest on and arincipal of the slid nonredeemable four per cent Sewer iievonue Bonds at raturity anti upon presentation to it ; to make suoh payments first from the sum in cash held by it to the e:ctent that the said su:n is sufficient z.nd „hen it becomes insufficient to make a payment es he ein directed, then in its best jucd;-lent to sell only enout-h of the bonds of the United States of r.incrien held by it hereunder to arovide funds necessary to crake such _ ayaent an: to add to the stun in cash any suralus resultinr from the sale of the bonds of the United estates of raericz to apply on future pzsyrrnts a.s heroin directed . The lzCent aCrees to account to the .:ity on each interest-paying? date for all moneys spent hereunder z ncl for the sun in cash and for the bonds of the United States: of iimerica held by it hereunder and, upon payment by it to cancel z nd return to the City all cor.toons and - bornis of the nonrcdeemairle four nor cert sayer revonue issue . lror its services hereunder, tine Aron' agrees to nerve without charge . IN tirITr15"R i.L^.'t 0i , The City hz.s c;:uscd this aF-ree;aent to be executed by its Payor and attested by :its City C1crk and the ;iC~cnt Inas caused this ar-ree- :aent to be executed by its Pr•Osident z:ncd 'Sccreta.iry tine clrte first above written . CITY OF 1;hY`;TT ;'J . Lt,3 , Co G • T. Sander.^, , Liayo J . �. . 1:IcGehee , City clerk