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HomeMy WebLinkAboutOrdinance 939 ORDINANCE NO . An Ordinance authorizing the City Mater Plant of the City of Fayetteville, Arkansas to borrow One Hundred Thousand Dollars ( $100 , 000) for the - purpose of purchasing equipment , supplies , extending and enlarging the water system of the City of Fayetteville and Iffinroving the4 £ire protection; pledging revenues and providing for repayment of said indebtedness and for other purposes . Whereas , in view of the rapid growth of the City of Fayetteville and the resultant increased demands on the water system of the City of Fayetteville , it has become necessary to extend, expand and enlarge said water system, and Whereas , new areas have been annexed to the City of Fayetteville and in- many instances are without adequate water for domestic use and fire protection. NOI7, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS : Section 1 . The City Mater Plant of the City of Fayetteville, Arkansas is hereby authorized to borrow One Hundred Thousand Dollars ( $100, 000) to be used for the purposes hereinablve set forth . Section 2 . The Mayor and City Clerk are hereby authorized to execute a note or notes evidencing said indebtedness which shall be payable solely out of revenues of said water plant ; which note or notes shall bear interest from date of execution until paid at the rate of 4 % per annum, with interest computed on unpaid balances , aggregate principal and interest payment to be in the sum of Four Thousand Dollars ($4, 000) per month , beginning on the 10th day of the month after execution of said note or notes and continuing until the entire amount of principal and interest shall be paid in full, with the right reserved by said ?'later Plant to pay any part or all of said indebtedness at any time before its regular maturity. Section 3• Revenues of the City Plater Plant of the City of Fayetteville , Arkansas are hereby pledged for the purpose of securing payments as provided in Section 2 hereof , subject to any other pledges , outstanding at the time of this ordinance . _ Section 4 . In the event a bondissue now under consideration for the building of a dam on Clear Creek and for other purposes is approved by the qualified electors of the City of Fayetteville , the refunding of the indebtedness herein authorized shall be included as a part of the total of said proposed bond issue and upon receipt of the proceeds of the sale of said proposed bond issue , the indebtedness herein authorized shall be immediately paid in full . Section 5 . If any part , section, paragraph , sentence, clause , phrase or word of this ordinance shall be declared invalid, it shallGnot thereby MiCROF(LMED DATE OCT A±olg REEL i 7j 2 affect the remaining portions of said ordinance; it being the intent of the Mayor and City Counci;, aforesaid , that said ordinance would have been passed and approved with said invalid portions stricken . � rtC� ) f� l �t NBrEW � N Section 6 . All ordinances and parts of ordinances e ereby repealed and ✓ it appearing that the City of Fayetteville now has the opportunity to purchase equipment and supplies presently needed for the protection of the public health , peace and safety, an emergency is hereby declared to exist and this ordinance shall be in full force and effect fromandafter its passage and approval . Passed and approved this .24(a.lkday of July, 1948 • Mayor Attest : City Clerk Q ORDINANCE NUMBER 939 B01 !1 1031 ii CE240 d+ ' AN ORDINANCE AUTH'ORCEZING THE CITY [NATER PLANT OF THE CITY OF - FAYETTEVILLE , O ARKANSAS TO' BORROW OIIE HUNDRED THOUSAND DOLLARS ( " 1002000 ) FOR THE PURPOSE R-j OF PURCHASING EQUIPIv NT ,SUPPLIES , E7TENDING AIM ENLARGING THE '%NLTER SYSTEM OF THE CITY OF FAYETTEVILLE AND IMPROVING THE FIRE PROTECTION ; PLEDGING REVENUES AND PROVIDING FOR REPAYMENT OF SAID INDEBTEDNESS AND FOR OTHER PURPOSES . 1'IHEREAS , in view od the rapid grlvth of the city of Fayetteville and the resultant iincreased demands on the water system of the City of Fayetteville , it has be come necessary to extend , expand and en - large said water systBm , and 101HEREAS , new areas have been annexed to the City of Fayetteville and in many instances are without adequate water for domestic use and fire protection . NOW , THEREFORE , BE IT RESOLVED BY THE CITY COUYCIL OF THE CITY OF FAYETTEVILLE , ARKANSAS : Section 1 . The City Vater Plant of the City of Fayetteville , Ark- ansas is hereby authorized to borrow One Hundred Thousand Dollars ( $ 100 , 000 ) to be used for the purposes hereinabove set forth . Section 2 . The Mayor and City Clerk are hereby authorized to exelmyj cute a note or notes evidencing said indebtedness which shall be payable solely out of revenues of said water plant ; which note or notes shall bear interest from date of execution until paid at the rate of 4% per annum , with interest computed on unpaid balances , .aggregate principal and inters &t payment to be in the sum of Four Thousand Dollars ( $4 , 000 ) per month , beginningon the loth day of the fifth month after execution of said note or r notes and continuing untilthe entire amount of principal-and interest shall be paid in full , with the right reserved by said Water Plant to pay any part or all of said indebtedness . at any time before its regular maturity. Section 3 . Revenues of the City Water Plant of the City of . Fayette - ville , Arkansas are hereby pledged for the purpose of securing payments as provided in Section 2 hereof , subJect to any other pledges , outstanding at the time of this ordinance . Section 4 . In the eventa bond issue now under consideration for the . luilding of a dam on Clear Creek and for other purposes is approved by the qualified electors of the City of Fayetteville , the refunding of the indebtednsee herein authorized shall be included as a pabt of the total of said 'proposed bond issue and upon receipt of the proceeds of the sale of said proposed bond issue , the indebtedness herein authorized shall be im- mediately paid in full . Section 5 . If any part , section , paragraph , sentence , clause , " phrase or word of this ordinance shall be declared invalid , it shall not thereby affect the remaining portions of said ordinance ; it being the intent " of the Mayor and -City Council , aforesaid , that said ordinance would have been passed and approved with said invalid portions stricken Section 6 . All ordinances and parts of ordinances in conflict herewith are hereby repealed and it appearing that the City of Fayetteville now has the opportunity to purchase equipment and supplies presently needed for the protection of the public health , peace and safety , an emergency is XXX hereby declared to exist and this - ordinance shall be in full force and effect from and after its passage and approval . Passed and approved this 26th day of July , 1948 . t _ Approved G . T . Sanders Mayor .. - Attest : J . VI . McGehee City Clerk . This is to certify that the above is a true and correct copy ,of' . Ordinance 939 , as it appears on page 1850 in Book " E". ','of the y ' 'r proceedings of the City Council: RECORDS �- FILED FOR Cler .. ' tea- � 1 . _._.. if .__._.. ..._ M . ` L E 'll�ri/ • �' d ' BSEP 1948 CIRCUIT C"CRK AND RECOr UFR . c� ;Il O KJ C`d �J • 1 r m O CERTIFICATE OF RECORD STATE OF ARKANSAS County of Washington J I, Richard B. Greer, Circuit Clerk and Ex-Officio Recorder for the County aforesaid, do hereby certify that the annexed and foregoing instrument of writing was filed for record in my office on the-------------------11----------------day of---------Se_P--t-- --------------- A. D., 194--8- at---10 ; 15 O'clock----- AAI., and the same is now duly recorded with the acknowledgments and certificates thereon in Record IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said court, 8 this------------ 13_�y of-------------Sept------------------ 194---- ---- ------------- Circuit LGlerk and Circuit Clerk and Ea-Officio Recorder.