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HomeMy WebLinkAboutOrdinance 1217 BOOK 530 399 _" -U: v ORDINANCE NO* z71/ ST 29 I I u4 tlil 19 9 LLOYD ricGc,irJcLL Mr., r AN ORDINANCE SUBMITTING AT THE GINRRAL IIEE[?K IN THS CITY OF FAYSTT$VILIZ ON NOVIMMR 3 , 1959 , TSR gUSSTION OF ISSUING BONDS FOR THE PURPOSS OF REFUNDING THE OUTSTANDING BONDS OF THS CIMS HOSPITAL AND FIRE FIGHTING APPARATUS ISSUE DATSD SIPTEMm 10 1947s DRVRLOPING AND IMPROVING THE MUNICIPAL FLYING FISID , AND ACQUIRING A SITE FOR AND CONSTRUCTING AND EQUIPPING A CITY LIBRARY , UNDIR THS PROVISIONS OF AMNDMBNT N0. 13 TO THS CONSTITUTION OF THE STATE OF ARKANSAS ] PRESCRIBING OTHER MATTERS RELtTING THZMTO; AND DSCIARING AN RNERGRNCYa WHRREAS� the City of Fayetteville is a city of the first olass; and WHSRSA i the City has outstanding an issue of Hospital and Fire Fighting Apparatus Bonds dated September 1, 1947; and WHEREAS the City Council has determined that it would be in the beat interests of the City to develop and improve the municipal flying field and to acquire a site for, construct and equip a city library; and WHSRSAS /it has been determined that the estimated cost to the City of developing and improving the municipal flying field 1 L° will be ;250, 000 (it being contemplated that an agency of the United States Government will participate in the cost of developing and improving the flying field, which participation will be over and above the above not forth cost to the City) ; the estimated cost to the City of acquiring a site for, constructing and equipping of a city library will be 4225 , 000; and the amount necessary to refund all outstanding bonds of the City ' s said September 1 , 1947 issue will be ;75, 000 ; which estimates include necessary expenses incidental to the improve - ments and to the issuance of bonds; and WHERIASJthe refunding of the outstanding bonds of the September 1 , 1947 issue will be in the best interests of the City and its inhabitants and will permit the levying of a smaller over- all tax than would be the case it said bonds were not refunded ; NOW , TMWORZ , BE IT ORDAINED by the City Council of the City of Fayetteville , Arkansas :. DATE,�utau wk REEd,,R��� BOOK 530 400 Page 8 Section 1. That there be submitted to the electors of the City at the general election to be held on November 3, 1959 the question of issuing bonds in the following amounts and for the following specified purposes, to-wit: $250, 000 for the developing and constructing of a municipal flying field, $225. 000 for acquiring a sites constructing and equipping of a city library; $ 75. 000 for the purpose of refunding the out- standing bonds of the City's Hospital and Fire Fighting Apparatus Band issue dated September 1 . 1947, which refunding bonds will be issued only in the event bonds are approved for one or both of the purposes above specified (being flying field and library) . Section 2. That the bonds shall be dated as of the first day of November. . 1959, with interest thereon to be payable semi-annually on January 1 and July I of each year commencing July 1 , 1960s and the bonds shall mature on January 1 of each I ear as follows, but shall be callable for payment prior to maturity on such terms as the City may specify in the notice of the public sale of the bonds: $15. 000 in each of the years 1969 and 1904 $16, 000 in 1965 $17. 000 in each of the years 1966, 1067 and 1968 $18, 000 in each of tho years 1969 and 1970 $19s000 in 1971 MAN in 1972 $21 , 000 in 1973 $22, 000 in 1974 $24, Doo in 1975 $25. 000 in 1976 $26. 000 In-1977 $27, 000 in 1978 $29s000 in 1979 euoK 530 401 Page 3 $900 000 in 1980 $31, 000 in 1981 $33, 000 in 1982 $34, 000 in 1983 $37, 000 in 1984 $390000 in 1985 The band© shall be sold at Public sale and shall bear interest at such rate or rates as are accepted by the City at the sale ($75, 000 of the bonds, being the amount necessary to refund the outstanding bonds of said September 1, 1947 issue, must beam interest at a rate not to exceed 2% per annum) and may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest, Any conversion shall be in accordance with the Universal Bond Values Tables and upon such terms that the City receive no less and pay no more than it would receive and pay if the bonds were not converted, The conversion shall be subject to the approval of the City Council and must be upon such torahs that the average rate of the converted bonds ie not more than 3/4 of 1175 less than the average rate set forth in the bid of the purchaser and the average maturity cannot be shortened by more than 12 months. The $71L 000 of refunding bonds will be issued only in the event the issuance of bonds is approved for the developing and improving of the municipal flying field or the acquiring a site for, constructing and equipping of a city library, or both of said purposes, if bonds are approved for both of said purposes', the said improvement bonds and the refunding bonds will be . combined into a single issue with the maturity dates and amounts set forth above, In the event bonds are approved for only one of said purposes, the improvement bonds for said purpose and the refunding bonds will be issued with the same maturity dates but for proportionately less amounts, Section S. That the questions shall be placed on the ballot for the election In substantially the following form, BO BK 530 402 Page 4 Vote on each measure by placing an " )r in the square opposite the measure either for or against, For an issue of bonds in the amount of $9501 000 for the purpose of paying the cost to the City of developing and im- proving the municipal flying field tit being contemplated that an agency of the United States Government will participate in the coat thereof which participa- tion .{{ will be over and above the cost to the City). : . : . . . . . . . . : . . : a : : . . . : . : . . . : . . : : �I Against an issue of bonds in than amount of $250, 600 for the purpose of paying the cost to the City of developing and ima proving the municipal flying field (it being contemplated that an agency of the United Mates Government Will participate in the cost thereof which participa- tion will be over and above the cost to the City)* -* * For an issue on bonds in an amount of not to exceed $225, 000 for the purpose of acquiring a site for, constructing and egaipping a city library. 0 0 0 0 9 0 0 0 a 6 0 4 0 9 a 0 L� Against an issue on bonds in an amount of not to exceed $225, 000 for the purpose of acquiring a site for, constructing and equipping a city library. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t.._...1 U the bonds for both purposes are approved by the electors, they will be combined into one Woue to- gether with refunding bonds in the amount of $75, 000 to refund the outstanding bonds of the City's Hospital and i; ire Fighting Apparatus Bond Issue dated September 1, 1947, which combined issue of bonds will mature aerially on January 1 in each of tha years 1983 to 1035, Inclusive, and the City Council will levy a continuing annual tax of 3- 112 mills for tha purpose of paying the principal of and interest on the bonds. In the event bonds aro approved for only one of said purposes, tha Improvement bonds for said purpose and the re- funding bonds will be issued with the same maturity dates but for proportionately less amounta. In the event only bonds for developing and improving the flying field are approved, the City Council will levy a continuing annual tax of 2. 2 mills, and in the event only bonds for acquiring a site sock 530 4C3 Page 5 for, constructing and equipping a city library are approved, the City Countil will levy a con- tinuing annual tax of 1 . 8 mills . The bonds that are issued will bear interest at a rate acoept- able to the City and may be sold with the privi- lege of conversion to a rate or rates of interest lower than the rate accepted by the City at the public sale of the bondse The bonds shall be callable for payment prior to maturity upon the terms specified In the notice of the public sale of the bonds . Section 4 . That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now provided for municipal elections, so far as the saws is applicable , and the Mayor of the City of Fayetteville is hereby authorised and directed to give notices of such election by an advertisement published weekly once a week for four times in a newspaper published in the City of Fa33etteville , Arkansas and having a bona fide circulation therein, the last publication to be not less than ten days prior to the date of the elect&on, and only qualified voters of the City of Fayetteville , Arkansas shall have the right to vote at said election on said question. Section 5 . That the results of said election shall be proclaimed by the mayor and his proclamation shall be published on* time in a newspaper published in the City of Fayetteville, Arkansas and having a bona fide circulation theresin, which proclamation shall advise that the results as proclaimed shall be canclusive unless attacked in the courts within thirty days after the date of such Proclamation, Section 6 . That the Flayor is authorized to advertise, according to the terms of Amendment No . 13 to the Constitution of the State of Arkansas , the public sale of the proposed bond issue . Section 7. That a copy of this ordinance shall be given to the Washington County Board of Blection Commissioners so that the necessary election officials and supplies slay be provided . Section 8. That all ordinances and parts thereof in con. flict herewith are hereby repealed to the extent of such conflict . Section 9 . That it is hereby ascertained and declared that sooK 530 4.04 Page 6 there is ars Immediate and urgent need for the developing and improving of the Runicipal flying field and the acquiring of a site for, con- structing and equipping of a city library, in order to protect and prowte the health, safety and welfare of the City and its inhabitants , and that said improvements can be accomplished only by the issuance of bonds . It is , therefore , declared that an emergency exists and this ordinance beim necessary for the ' mediate preservation of the public peace , health and safety shall be in forge and take effect iaesediately from and after ita paste . PASSM : 1959 . APPItWED s jai Myer ATTEST: \HHuUutrrr r "Ity clerk `�o`O JAY[ To j 7 - : A7 T�wAdlAi� ; � h1�`Yj ` BOOK 530 405 ^, r. CERTIVICATS F, The undersl,gned , City Clerk of Fayetteville , Arkansas, hereby certifies that the foregoing papa numbered I to 6 , inclusive , are a t and correct copy of Ordinance No , /a7�*/7 passed at a session of the City Council of Fayetteville , Arkansas, held at the regular meeting pl a of the Council at all slack �L.mii on the ��day of ._, 1959, and that said ordinance is of record in Ordinance Record ]soak No . , page' ,04&W min y/ possession. Given under my hand and seal this 0 ��day of 1959 . (SIAL) l .P' °.°° �}a °pa y cv as n "oil n CERTIFICATE OF RECORD STATE OF ARKANSAS ) Washington County r ss. I, Lloyd McConnell, Circuit Clerk and Ex-Officio Recorder for Washington County, do hereby certify that the annexed or fore, going i strument was filed for record in my office on thea,`/day of. . . . . .y.�C.t4A.�. .�. 1�9:�atj o'ctock.r•.W, and the same Is duly recorded in F7} .... . . . record . X3.0 at page. .Y 9 Witgess my hand and seal this . 9d.y of C cult Clerk and €x•Offico Reyoder