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HomeMy WebLinkAboutOrdinance 1043 i I ORDINANCE N0 . j AN ORDINANCE AMENDING � ORDINANCE N0 , 1040 OF THE CITY. -OF • FAYETTEVILLE ,. ARKANSAS , PASSED AND _APPROVED ON ,,DECEMBER , 15 , _ 1952 . WHEREAS , Section 4 of the cdinance authorizing the issuance of additional water revenue bonds set out the bond form , which included the terms under . which the bonds could be called for payment prior to maturity , and since the passage of said ordinance the buyers '. : _ of the bond issue have agreed to liberalize the terms of the call by granting the City additional rights to call the - bonds for, payment prior to maturity , and it will , be necessary to . amend said Section 4 in order to make the additional privilege . available to the City ; now , therefore , BE IT ORDAINED by the City Council of the City of Fayetteville , Arkansas : SECTION 1 , That Section 4 of Ordinance No : 1040 of the City of Fayetteville , , passed and approved- on December 15 , 19523 be and the same is hereby amended to read as follows : SECTION 4 . That said bonds and coupons be in sub- stantially the following form : UNITED STATES OF AMERICA STATE . OF ARKANSAS , . ., COUNTY OF WASHINGTON CITY . OF FAYETTEVILLE .3 3/4% ' Waterworks Revenue Bond of 1952 No . $ 1000 KNOW ALL MEN BY THESE PRESENTS . % That the City . of Fayettevil'le,; in he ' County of` ' Washington , State of Arkansas , ' for value receibed hereby promises to pay , solely `.from ,.tkie , special"fund 'provided therefor as hereinafter set forth , to bearer , the sum of ONE THOUSAND DOLLARS on or before the first - day of December , 1983 , with interest thereon at the rate of three and three - fourths per centum ( 3 3/4% ) per annum from date until paid , payable on June 1 , 1953 , and semi-annually thereafter on the first day of June and December of each year , upon presentation and surrender miaOSLMED 1918 GATE 6 • of the annexed coupons As ' they severally become due . Both principal hereof and interest ' hereon shall , be payable in such funds as at the time of :�the respective payments are legal tender for the payment of debts due. the United States of America , at the office of The Peoples National Bank of Little Rock , Arkansas , or of the Continental Illinois National Bank & Trust Company of fteago , Illinois . . This bond is one of a series of bonds aggregating Four Hundred Fifty Thousand Dollars . ( $450 ;000 ) 2 all of like tenor and effect except as to numbers and provisions for caIl for payment before maturity, dated December 1 , 1952 , numbered from 1 to 450 , both inclusive , and issued for the purpose . of pro- viding funds for - the payment of the cost : of betterments and , improvements to the waterworks system of the City of Fayette - ville , Arkansas (hereinafter called the " System" ) . This bond and the series of which it forms a part are issued -pursuant to and in accordance with the provisions of Act No . 131 of the regular session of the General Assembly of the State of Arkansas for the year 1933 , as amended by later Acts of said General Assembly , and do not constitute an indebtedness of said City of Fayetteville within any consti- tutional or statutory limitation . Said bonds are . payable solely from the 1952 Waterworks Revenue Bond Fund , as set up by Ordinance No . . 1040 . of the City of Fayetteville , approved December 15; ` 1952 , .:under authority of which' this bond. is� issued , and in said ordinance the-, said City of, Fayetteville has fixed and has covenanted and agreed to maintain rates for water services which shall be , sufficient at all times to provide for the payment of the principal of and interest on the bonds as the same become due and payable , to provide for the creation of a separate depreciation fund for necessary replacements to said System , and to provide for the payment of the reasonable expenses of operation and maintenance of said System . This bond is expressly made negotiable under said Act No . - 131 and is issued with ' the intent that the laws . of the State of Arkansas shall govern the construction thereof . All, of the bonds of this issue are callable for redemption and payment prior to maturity in the order of their numbering upon terms of par and accrued interest . if called for payment from surplus waterworks revenue , on any interest paying date. on and after December 1 of the. year set opposite their respective numbers , as follows : BOND NOS . YEAR ( both inclusive ) . 1 to 9 1956 10 to ,19 1957 20 to • 29 . 1958 4o Sto to . 50 1960 63 to 762 4 1962 87 to 98 19675 to 86 4 ' •99 to 111 . 1965 x112 to 124 = . �`k , : ` k . .. . 1966 i M1 125. -td, f38-- -f . 1967 139 to 152 1968 153 to 167 1969, ; , 168 to ' Ai8 ' .- 183 to 198 . 1971 199 to 215 1972 216 to 232 . 1973 233 to 250 1974 251 to 269 . 1975 ' 270 to 289 1976 290 to 309 1977 310 to 330 1978 . 331 to 352 1979 353 to 375 1980 376 to 399 1981 400 to 424 1982 425 to 450 : 1983 All of the bonds outstanding upon the respective dates hereinafter set out are callable for payment in the order of their numbering ' from funds from any source on any interest paying date during the respective periods upon terms, of par and accrued interest . plus the respective premium of . the face amount of each bond then being called , as hereinafter set out , to-wit : On December 11 1959 , to and including June 1 , 1962 , at a premium of 4 3/4%; on December 1 , 1962 , to and including June 11 1967, at a premium of .3 1/28; and on and after December. 1 , 1967 , at a premium of 2 1/2,% . In .the event the City decides to call any bond or bonds for payment prior to maturity , it. shall publish notice of the call in some news- paper of general - circulation throughout the State of Arkansas and published in the City of Little Rock , Arkansas , � once a week . for two weeks .commencing . not less . than thirty days . prior to the redemption date, giving the number and maturity of each bond being called , and each bond so called shall. cease to bear interest after the date fixed for its redemption, provided funds for its payment are on deposit with the paying agent at that time . IT IS . HEREBY CERTIFIED, RECITED AND DECLARED that all conditions , acts and things required to exist , to be performed , and to happen precedent to and in the issuance of this bond have existed , have been performed and have happened in due time , form and manner as required by law , and that sufficient of the income and revenue which is deemed to be derived from the operation of said System has been pledged to . and will be set aside into said special fund for the payment of the principal of and .interest on said bonds , and that the amount of this bond , together with - all other obligations, � of said - ', ., ' City , does not exceed any limit prescribed by the Constitution or the statutes. - of the State of Arkansas . This bond shall not be valid until . it shall have been authenticated by the certificate hereon , duly signed by The Peoples National Bank of Little Rock , Arkansas , IN WITNESS WHEREOF , the City of Fayetteville , Arkansas , by its City Council , has caused this bond to be signed by the Mayor and City Clerk thereof and sealed with the corporate seal of said City, and has caused the coupons hereto attached to be executed by the facsimile signature of said Mayor , who by the execution of this bond does adopt as and for his own proper signature his facsimile signature appearing on said coupons , and this bond shall be dated as of the first day of December , 1952 . ( Seal ) CITY OF . FAYETTEVILLE , ARKANSAS Attest : By _ . Mayor City Clerk i ( Form of Coupon) ' No . $18 . 75 On the first day of June 19_, the City of Fayetteville , Washington Coun�y, bRrkansas , the the bond to which this coupon appertains is sooner called for/payment , promise's to pay to bearer the sum of Eighteen and 7500 { Dollars , solely out of the fund specified in the bond to which this . coupon appertains , at the office of The .Peoples National Bank of - Little Rock , Arkansas , or of the Continental Illinois National -Bank & Trust . Company . of Chicago , Illinois , in such funds as at the . time of payment hereof are legal tender for the payment of debts due the United States of America , . being interest then due on its 3 3/4% Waterworks Revenue Bond of 1952 dated December 1 , 1952 , and numbered CITY OF . FAYETTEVILLE , . ARKANSAS By Mayor ( All coupons shall be for six months ' interest . , The Mayor ' s signature may be lithographed or engraved .-) On the back . of , said bonds' is to appear the following: - CERTIFICATE . 1 This is , one` ,of the 450 -bonds aggregating. $450 , 000 described within ' .. THE PEOPLES NATIONAL BANK " ` OF . LITTLE ROCK, . ARKANSAS , .Trustee ' " By Trust Officer , Little Rock , Arkansas SECTION 2 . That Subsection ( 1 ) of Section 16 of ' said Ordinance No .. 1040 be and the same is hereby amended to read as follows : SECTION . 16 ( 1 ) . The bonds authorized hereby shall be callable for payment before maturity according to . the terms set out in the bond form as amended . SECTION 3 • Thatall ordinances 'or.: parts of ordinances in confllct0he'rewith`-ace hereby repealed ; and this ordinance shall be in full force and effect from and after its passage . . SECTION 4 . That the City Council • hereby . finds and declares that there is an immediate and urgent need for additional capacity for both the supply and purification of water in order to safeguard the lives . - health and property of the citizens of the City of Fayette - ville , Arkansas ; fterefore , an emergency exists and this ordinance , being necessary for the immediate preservation of the public peace ; health and safety , . shall take effect and be in , force . from and after its passage . Passed : 1953 , AP Mayor Attest : - + VlfCity Clerk ' CERTIFICATE I, the undersigned , the duly elected, qualified and acting City Clerk within and for the City of Fayetteville , Arkansas , do hereby certify that the above and foregoing is a true copy of an ordinance passed by the City Council of said City at a. �l meeting 'of said Council held on , 11 2„EZ -3 , 19531 at the City Hall in said City , at which meeting a quorum as provided by law was present and voted for . said ordinance . IN TESTIMONY WHEREOF ; I have hereunto set my hand and . seal of office this 7{1 a'�Lik 3 , , 1953 : C Y Cider ( Seal )