HomeMy WebLinkAboutOrdinance 943 (2) USOLUT
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A ABSOLUTION TPROV1, 11M; FOR THE AFFLI�
CATION OF THE PAOCELDS OF THK SALE OF
SPECIFIC WNDS OF THE CIT eu .$9270000
WATEt WOP.i S REVINUEs LiMEDING A
ig.PfRJVIN 11 BONDEo RUMB1 1M 1 20 8271
ILICLDS.IVL, D tnt br=,mBF&t ij 194s . TO
TSS SEVERAL PURPOS.&S 29A4 'Mi.LUS TAB .
SAI..) BONDS 1NM AUTRO: 1ZM TO BE
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SAS# - the "City Council of the City of Fayetteville,
Arkansas„ did by Ordinance Not 943 adopted on the 29th day of
October-P . 1948# authorize the issuance of 9827,OpO Waterworks
Revenue .Refunding and Improvement fonds for the purpose of
providing for the payment of the cost of construction of
betteZ ents. and improvements to the waterworks system of the
City of Fayetteville# Arkansas and refunding certain valid
and outstanding bonds of the City issued to pay the cost of
the construction of betterments clad improvements to the said
system; and 1p
YRI GRUB# it is desirable to specify and direc't' the
application of the proceeds of the sale of the said $827, 000
of bonds , numbered 1 to 927, inclusive, dated December 1* 1948#
to the several purposes for which the said bond& were authorized
to - be issued$
NOW# . nERMJU, BE IT RESOLUD BY THE . t ITI COUNCIL Of
THE CITY OF FAYETTRF►ILLE# ARKANSASs
1 . That responsive to Sect oui 26 of Ordinance No . 94341
adopted October 29.#. 1948 ' by the City Council of th€+ City of
Fayetteville* Arkansass it is hereby declared that bonds numbered
116 to 136, inclusive, and bonds numbered 137 to 151 , inclusive,
as therein authorrized, in the aggregate principal amount of 636#000
are to be issued.# sold "and delivered as therein provided for the
purpose of refunding the outstanding City of Fayetteville Mater
Improvement District No., 1 Veterans hospital Bonds dated. June 15*
1932$ bonds numbered 2 to 74* inclusive# and bonds numbered 155 to
a Mg Inclusive, as therein authorised, in ;the aggregate. ' principal
amount of $103+000* are to . be. issued, sold and delivered as therein
provided for the purpose of r®funding the outstanding City of
Fayetteville Four Per Gest (4%) Waterworks Bonds dated September 10#.
1948 ; and the rema3h ng bonds as authoilaed by said Ordinance
80 . 943 in the total principal amount of $688,000 are to be
issued, sold and delivered as therein provided for the purpose
of constructing bettermjwts. and improvements to the waterworks
system of said city, and in the issuance , sale and delivery
of the respective bonds as authorised by said Ordinance Mo . 94-3
It shall be shown that the proceeds from the bonds have been,
M
so applied . c
2 . That it is ascertained and declared that the wster�
works system Of the City of $ayetteville , Arkansas , is wholly
Inadequate to ' meet the ordinary needs of the inhabitants of
the City of Fayetteville and is completely without reserves H N
CD
with which to meet emergencies ; that the lack of an adequate
waterworks system constitutes an immediate danger to the life, o°
health and property of the inhabitants of the City of Fayettevillejv
and that it is necessary that , the , City of Fayetteville immediately a
construct betterpyents and improvements to the waterworks system
to protect and preserve the life , health and property of its
Inhabitants * It is , therefore, declared that an emergency
exists , that this resolution is .neeessary for the immediate pre-
servation of the public_ peace , . health and safetyt and that this .
resolution shall take effect and be in force from and after its;
passage . gg
PASSED: December/1t 1948 .
1 APPROVED :
Mayor
( SEAL)
ATTEST :
cry C er