HomeMy WebLinkAboutOrdinance 893 ORDIT11iINC71 wo . 893
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BE IT OPJ)I: In`i7 BY T' ln CITY .1O!1°?CIT, OF T7,C,T-T. 0�' �
F 1zA7v"'ICT?Jli ,i , , iv ,.-i: r•
1 . Section 9 of Ordinance Nbl 892 of the 1ity of Fayetteville , Pxkansas
is hereby aaended to read as follows :
"After the bonds have been executed as herein _provided, they shall be delivered -
to t# e 1L. Stephens Investiaent Company of Little Rock , ixlcc; nFlas upon the payment
in cash of the purchase ;)rice of ;x127 , 37$ . 00 ::nd accrued interest to date of
delivery to the City Treasurer for the account of the City . Said funds shall
be deposited as provided by recti .n 5 of Ordinance No . 92 ; th;> t is to say,
in a lawfully desiCna.Led de^ository, in the name of the i:ity and desiFnr-:ted,
"Sevier Construction fund') , in trust , secured ss its other trust funds are
secured , and disbursed solely in payment of the cost of said additions ,
extensions , and improvements , including engineering and other expenses inci-
dent to the construction , but only on v:arrants or vouchers sir-ned by the
chairman of the Sevier Coivaittee and by the City Tre .:surer briefly specifyin
the purpose of the expenditure , accompanied by a certifice-te silmed by the
consulting engineer for such constriction that an obligation in a stated
amount has been incurred on account of the cost of the construction and to
1,hom such obli, e:tion is ov+ed , except that no such certificz.te shall be
re .,uired before payment of the enrineerinr foes . L:ny unexpended bal. nce .
re;aaininc shall ix ;add to the City 'Treasurer for the account of the City
and de )ositod i: : him in the :fewer Revenue :fond Lund hereinbefor= defined.
„hen the funds are so de ?osited, the Trea.surcr shell take from the Penk, or
Banks , an E reement to apply the same as orovided in t .is Section . "
2 . It a )pearinf that the proceeds of sale of the Revenue -)onds autho-
rized I;y Ordinanco No . 892 of the City of layetteville , f:rIcEnsPB should be
available a.nd ready for deposit shortly � fter A )ril 5 , 19469 and t: :at said
proceeds should Le deposited in accord; nee with tho orovisions of this
ordinc:.nce ; on emerrency is hereb., declared to exist and this ozdin nce
shawl be in full force and effect fron and after it:)ril 5, 1, )46.
April 1 , 1946
MICROFILMED
DATE OCT 6 1978
REEL