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 )