HomeMy WebLinkAboutOrdinance 923 ORDINANCE N0. 923 �a3
AN ORDINANCE PROVIDING FOR IRE ISSUANCE OF BOO, S FOR THE PURPOSE OF CONSTRUCTITC,
ADDITIOIl6 TO AND IRODELI ?G TIE CITY HOSPITAL AND PUFCHASITiC F1-RE FI ;iTING APPF.RATU•S Cn
AND FOR THE PURCHASE OF A SITE FOR AND BUILOITIGS FOR TITS HO' SIBj 0?
FIRE FIGHTING APPARATUS . D
d7HEREAS , by ordinance duly passed on the 28th day of April ,, 1967, end &LLy arrnnd: d on z
the third day of Lay; 1947 , thara urra submiLved to tbo T;.aldfied el. :t•:xa of t1:13 City z
of Fayettsville , Arkansas , the question_ whather it would issua bends to the e::ttint of m
^75,000 of t1t:o and onshelf par cent ( 2-�) bor_ds for _the purpc.s of c�rstmacting Oddi-•
tions to and remodeling the City Hospital, and the quastion .:tetii.r it would issua bonus
to the extent of X50,000 of trio and ons half ' per cert (2z% ) bonds for the purpcon pf
purchasing fire fighting apparatus and for purchasing a site for and corstracting
buildirgs for the housing of firs fighting apSarstus , rith the provision thai, if the
vote should be favorable to both issues , they vrculd be cocbinsd in owe i.asuc ; ani
WHEMAS, due notice of ths :election was given as required by lay., and at said election
656 votes rare cast in favor of said issue of $75,000 of bonds and 87 votes rarc c :,t
against it and 709 were cast and 709 ware cast in favor of said issue of 350,0^0 of
bonds and 36 votes vow cast against it ; and
IIHEREAS, the vote being favorable to both said issims, they are combined in one issua
of 8125,000 of tro and . one-half per cent (2j% ) bonds ; and
WHEZEAS , after dus advertisement for the time and in the manner gaquired by law, duly
published in a newspaper having a bona fide circulation in ti:e Citi' of Fayetteville ,
maid bands nese offered for sale at public auction at the Council Ohamb3r,' City Admi.nia•-
trati n Building, Fayetteville , Arkansas , at 8 :00 P.H. on the 12th day of August , 1903
and at said sale of the City National Bank of Fort Smith, Arkansas , bid and offa;ed
the price of 106 cents on the dollar and acrued interest, and this being the best bid
said bonds were sold to City l'iational Bank of Feet Smit: : , Arkansas , at that price , and
UHEREAS, the said City National Bank of Fort Smith ; Arkansas , has elected to eontas-t
said bonds into an issus of $135,000 of trio per cent (2%) bonds on which the city hill
receive and pay substantially the same as upon .4125, 000 two and ons-half per cent (2-1,3 )
bonds, said conversion being according to to Urr •.mrsal Bond Value Tables :
NOW THEREFORE BE IT ORDAINED BY TIE CITY COUNCIL OF THE CITY OF "rAYET-TEVILLE :
Section 1. The Mayor and City Clerk are hey < by autha•ized and directed to executa th3
bonds of this City, bearing interiast at the rate of trio per centwm ( 2%) per annum, dated
September 1. 1947 their numbers , dsncminati : ns and maturities to dna as follova :
Nos . of Bonds Demoninations Amount Futurity Sept. 1
1�•3 13000 3; 000 1950 -
4
9506 500 Soo
5-7 1 ,000 3,000
8 500 500 1951
9-11 1, 000 3,000
12 500 500 1952
1345 11000 3,000
16 500 500 1953
17-19 12000 3=000
20 500 500 1956
21-23 13000 3,000
24 2547 100,00 500 1955 MiCKOFILMED
3 ,000 - DATE OCT 6 1978
REED
cSdc"fi'on'.3 . Trf !d&faulft -` s } mad'e : for 'thirty 'd'ays in the payment 'otaany `interest coupon .
tttie .tiol'derco`f "ttie lioiid 'to ' et*hich3-I't 'is °attached =may declare th'e ;ame 'immediafe'ly due
acidl pay 18.240 •
Section 4. The Mayor and City Clerk arehereby authorized and dire:ctadwhen they have
executed said bonds , to turn them over to the City Nati.>nal. Bank of Fort Smith, Ark-
ansas , the purchaser, upon receipt of the purchase price of One hundred Tirty Thousand
Dollars $130,000) and accrued interest in cash , and the procaeds of Said bonds shall
be used only for the purpose of constructing additi )ns to and remodalin€ the City hos-
pital and purchasing fire fiChting apparatus and fo^ purchasing .a site for and .
constructing buildings for the housing of fire . fighting apparatus .and th3 expenses
of issuance ; provided, however, that for the purpose of providing for the interest
that hill become due on the bands . on Marcia 1 , 1945, and September 19 194% bating '
beforethe first installment of the tax herein levied sooill be collected and avail-
able , there shall be and there is hereby set aside out of the proceeds the sum of
; 2 , 700. 00 and the City Treasurer is hereby directed to deposit said sum with the Union
Natiional Bank of Little Rock , Arkansas , and the saiddbposit shall be held by the Bank
in trust and applied and used solely for the purposes for which the appropriation is
hereby made , such deposit to be made at the sole risk of the City and not to operate as
a payment of the interest until so applied . After the improvement is completed, any
surplus remaining shall beused only for payment of the bonds .
Sectian 5. In order to pay the, beards as they mature with interest thereon, there is
hereby levied upon all real and personal property within the City of. Fayetteville ,
Arkansas, a tax of two mills for each of the years 1947 to 198 inclusive, being a
sum sufficient to meet; said bonds and interest as _ the,- mature ; with five per cent
added for unforeseen contingencies ; and the City Clerk is directed to. transmit a
certified copy of this section of this Ordinance to the County Clerk of ',9ashing-
ton County, to the end that said taxes may be extended on the tax books of said
County and collected annually along wi +h other taxes ,until the said bonds and
interest thereon are paid in full .
Section 6. For the prompt payment of the bonds of this issue, the City of Fay-
etteville hereby pledges its full faith, credit and taxing power, including the
tax levied . in Section 5 .
Section 7 . In order to pay said bonds as they mature , there is hezet.,y appropriated
out of the proceeds of the tax hereby le�ried , and if such proceeds he not sufficient,
then out of the general revenues of the City, tie follo-ecnv sums to pay the prinitipal
and interest of said bonds as they mature :
FiAR BOND BOND INTEREbfi
PRINCIPAL MARCH I SEPT'G"BEA 1 TOTAL
1948 S 75W-' 4-350 $7 7�
1949 3500 1350 . 1350 2700
1950 3500 1350 1350 6200
1951 3500 1315 1315 6130
1952 3500 1280 1280 6060
1953 3500 1245 124.5 .5990
1954 3500 1210 1210 5920
1955 3500 1175 1175 5850
1956 3500 1.40 li40 5780
1957 3500 1105 1105 5710
1958 4000 1070 1070 6140
1959 4000 1030 1030 6060
1960 4000 Son 990 5980
28 5000 5L)3 7.9r
29-31 1,000 3000
32 500 500 1957
33-36 19000 4,000 1958
37-40 13000 4,000 1959
41-44 12000 4, 000 1960
45-48 19000 42000 1961
49-52 1 ,000 44000 7.962
55-90 1 ,000 4, 000
57 500 500 1963
58-61 1,000 4, 000
62 500 500 1964
63-66 1,000 4, 000
67 500 500 1965
68-71 13000 49000
72 500 500 1966
73-76 10000 4,000
77 500 500 1967
78-81 13000 4,000
82 500 500 1968 -
83-86 12000 4, 000
87 500 ` ; 500 1.969
88-91 1, OOd. 4, 000
92 500 500 1970
93-97 1, 000 5,000 1971
98-3-M.I 1, 000 5,000 1972
1W- 2:07 X1 ;000 5,v00' 1973
ax 1, ,000 5,000 1974
` 113- 117 1,000 5,000 1975
Irv : 118-122 ' 15000 5,000 1976
123-127 1 ,000 5,000 1977
128-132 10000 5,000 1978
133-137 12000 5,000 1979
138-142 1,000 5,000 1980
143 19000 5,000 1981
Section 2. Said bonds shall be in substantially the following forma
UNITED STATES OF AM✓RICA
STATE OF ARKWTSAS
CITY OF FAYETTEVILLE
TWO PER CENT HOSPITAL EXTrTISION
FEE, HOUSE AND FIRE 9PPARATUS BOND
N0 .ft
1
KNOW ALL MEN BY THOSE PRFSENTSe
That the City of Fayetteville iE, the County of Wzshington, State of Arkansas ,
acknoaledggas itself to ora and for valuo roceirad promises to pay to bearer,
the sum of dollars in lawful
money of the Units S tss of _rice cr tF�first day of Ssptbmbar, 19 $
with interest thereon from the first day of Soptember, 191x , at the rate of
two per centum 2%) per annum, payable en the fi st day of =inch, 1948 , and
semi-annually thereafter on the first d:sy of S,p'.�mber 2.nd March- of each year,
on presentation and surrender of the auncaod intsrest coupans as they severally
mature . Both principal and interest ea; this bond are hereby made payable at the
office of the Union National Bank in the City of little Rock, Arkansas
1961 ipoo 950 950 59100
i b? LL:O 910
1963 4500 870 870 6240
1964 4500 825 035 2150
3.965 4500 780 780 2020
1966 4500 735 735 5970
1967 4500 690 690 5880
1968 4500 645 645 5790
1969 4500 600 600 5700
1970 4500 555 • 555 5610
1971 5000 510 , 510, 6020
1972 5000 46oi 460 5920
1973 5000 410 410 . 0800
19111 5000 360 360 5720
±975 . 5000 310 310 5626
1976 5000 260 26o 5520
1977 5000 210 210 5420
X978 5000 160 160 5320
1979 5000 13.0 110 5220
.1.980 5000 60 60 5120
.1981 1000 10 10 1020
1 3G6 2i6� ox 1 ,�`1 Qbt`5�-
Section 8. The bonds of this issue shall be subject to call for redepmption , at the
option of the City, in lawful money of t}ie *United States of America, in inverse num-
erical order , on any interest paying date on and after lzoptetfter 1 , 1952, at par and
accrued interest, out of any available funds, including proc3eds of new refunding bonds .
In the event the City shall desire to exercise such right of redempti )n, "notice of
the .all for redemption shall be published by the Oity .:leek once a creek for two weeks
before the date fixed for such redemption in a nevrspapar of general circulation pub-
lished in the City of Little Rock, Arkansas; and having a gernord. circulation through-
out the Stats of Arkansas , and after the redemption date mentioned in the notice the
bowl or bonds so called will cease to bear interest; provided funds for their payment
are on deposit at the place. of payment at tzat time <
Section 9. It shall be the duty 'of the City Treasurer to deposit with the Union
National Bank, Little Rock, Arkansas , the playing agent, at least tno days before the
maturity date of any bond or interest coupon issued hereunder, an amoialt from the
bunds paying the sam°, together with the paying agent' s fes of 121f for each $100
par :slue" of bards and -250 for each $100 par value of cpnpnss . "uch deposit shall be
at the sole risk of the City and shall not operate as a payment of the bonds or cou-
pons until so applied.
Section 10 . It is ascertained and declared that hospital and fire fighting facilities
in this City are inadequate to protect the health and safety of the citizens of the
City and that improving and adding to the hospital and fire fighting facilities is
essential to the health and safety of its citizens . It is . Cher^fore, declared tha an
emergency exists, and that this ordinance is necessary forthe immediate preservation of
the public peace, health and safety and t'rat this ordinance shM take effect and be
in force fres and after its passage .
Section 11 . All ordinancesin conflict with this ordinance are hecaby repealed.
Passed Sept . 8 , 1947
;This =is one ,of `a !series of LOne 1Hundred IFoty Three(. 43 .Bonds , aggoregating one-
LrYL moir, ...... . ..., , , :
lhundred _thirty ifive rLthousandLdollas (( $ 1-35,,.000 . 00) , all of -like 'tenor and' effect , .uUy Lmc
i.m .vi 414U G' Xluub
cexcep't ;as ito (denominations ,and Lmatur t� ies, inumbered if--rom ll tto 11`43, iinclusive , i. sires
jissued ;for ithe !purpose (of (constructing Radditions ito and )remodeling Athe City ♦Hos,
1pitai, rand ♦purchasing }faire £ighting ,apparatus jin ;sa_ d ,cityy, Land tthe ,said city cof
1Fayettevillle Thereby (convenants>l,that.riri;Y,the. ,.issuing)lofsithis)(bond tit_hasa.proceedind in
jin Eaccordande iwith ithe !provisions (of ithe /Amendment lwhickliwas eadopted as !Amendment
iNo . 31`5 ito 'the (Constitution (of ithe 'State (df JArkansas, ;nowlAmendment JNo . 11+3y, ,and lin
,accordance twi Eh tthe )laws (df said £State Earid tender (ordinance; of,' the. City Council ofl
:said (Citty Eand jin !pursuance (of can Eeledfion cldi3ly theld at -.which tthelmajority rof tthe
legal voters of said city voting at said election voted in favor of the issue of
said bonds ; that all thingsnecessary to the - validity of this bond under the laws
of the State of Arkansas , and particularly under said Amendment to the Constitution
and said Act , having existed, have happened and . have been performed as raquired by
lav; that a tax sufficient to pay the bonds aforesaid has been fuly levied in
accordance with said Cons tituti )nai Amendment, and made payable annually until
the last of the principal and interest of said bonds has been fully paid and dis-
charged; and that the indetedness ' represcnted by this bond has been fully paid and
discharged ; and that the indebtedness represented bythis bond and the issue of
vih, ch it forms a part does not exceed any constitutional or statutory limitations .
For the prompt payment of this bond and all others of this issue the interest
thereon, the said City of Fayetteville hereby pledges its full faith , credit and
taxing power, includin,7 two mills of the five mill tax authoiiaed to be levied by
said Amendment to the 3onttitution, and levies by 0rdinanoe No . 923. of the City
of Fayetteville , passed and approved onthe 8th day of geptember, 1947 •
The bonds of this issue are subject to call for redemption ;, at the option of the
City in lawful money to the Lnited States of America ; in inverse numerical order,
on any interest paying date on and after September 1 , 1952 , at part and accrued
interest , out of any available 'funds, including proceeds of new refunding bonds .
In the event the City phaiL desire to exercieV such right of redemption, notice
of the call for redemptior, 'shall be bublished 6T the City Clerk once a rook for
trio reeks before the data fixed for such sledenption in a newspaper of general cir-
culation published in 'the' City of Little Rock , Arkansas and having a general cir-
culation throughout the State of Ark , nsas , and after the redemption data mentioned
in the notice , the bond or bonds so called will cease to bear interest ; provided
funds for their payment are on deposit at the place of payment at that time .
Vhis bond shall not be valid until it shall have been authenticated by the certi-
ficate hereon d'u3.y signed by the union National Bank of Little Rock, Ark, ansas
IN 'r/ITNESS WORR049, the City of ltayettevi ll® has executed this bond by the hands of
its layor and City Clerk and attested it with its corporate seal, and has caused
as of .the first day of September, 1947 •
CITY OF FAYETTEVILLE
Attest: By
City Clerk Mayor
To each of said bonds are attached coupons for the semi -annual interest in the follow-
ing form :
No .
iaarch
Passed and approved this 8th day of September 1947
