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HomeMy WebLinkAboutOrdinance 1324 yAFll - 'n •a • ►' ' + It� t' ` P : � At ; 1 . P 12t A 0 ' G :A • • i1 • _ 1 _ t �. n . + • Y i jTj : F . F •, : I a a • a a •. I At ♦IN• 1 F • ♦ a Y ; F40i 4 ♦ e . 4 . ) 1 i vl .Y" 1 1 • • C d 1 : I t . a • i . 1 • t . ' Slfl" Y i 11 i . :. 1 . . ( 0 ( 1 .= t 4 Y il . Page 2 WOREAS after due advertisement for the time and in the manner required by law , bonds in the principal amount of $ 1 ,090 ,000 were offered for sale : on auction bids in the office of the Mayor , Fayetteville , Arkansas on November 26 , 1962 , ai 2 : 00 o4clock P.M. , and at said sale the best bid was that of E. L. Villareal & Compaqy , Hill , Crawford & Lanford , Inc „ Southern Securities Corporation and George K. Baum & Company , Kansas City , Missouri , who offered the price of 105 : 58 cents on the dollar and accrued interest to date of delivery for bonds bearing interest at the.estes set forth in the Notice of . Sale ; and .- this being the best bid said bonds were sold to said firms at said price ; and WHEREAS purism, nt to the authorization in : the ; .notice• of sale the purchasers, have ' elected to convert the '01409.0 _90, 0: og :3.409; ; 3. 3 9., 643OWbonds to an issue , of $1 '6211 ,000 .af. . 34/4%g : 3.4096 , '3- 1/2% and 1% bonds ; hereinafter described ip. ' detail , end the Council has eaatined said conversion ands hasr found the i me .to. be within the provistoua of the Notice of Sale .and- that by virtue of :which the City will pay no gore and receive no less than it vRould - pay and receive if the bonds Vera not convereed ; . ROW, THAREFORE, BE IT ORDAIM . by: the . CiLy,: Gouncil of the City of Fayetteville , Arkansas : Se t onl: That the above described acquisitions , purchases , constructiRn $ improvement and refunding approved by. Che eUctore of the City at' said e*iecti&n be accomplished.. . Section 20 That the sale of $1, 090#000 of bonds, at'this above desozibedlprice to the above 'sei forth Urns and the. conversion of said bonds as set forth above be , and the same hereby are , approved and confirmed. Section 3. That under the authority of the Constitution and laws of the State of Arkansas, including particularly Amendment Page 3 No. 19 to the constitution of the State of Arkansas , City of- Fayetteville fFayetteville General Obligation Refunding . and . Empravetaertt Bonds are hereby authorized and ordered issued in the total principal amount of $1 ; 211 , 000 ,. the proceeds of the sale of which ase necessary to provide sufficient funds for the above described �c• quisitions , Purchases , construction ; improvement and refunding and to pay necessary `expenses incidental to the issuance of she beds and the accomplishing of the said acquisitions , purchases , con• struction , Improvement and refunding , including an amount sufficient to pay interest on the bonds until tax collections are available. The bonds shall be numbered consecutively from ane (1) to twelve hundred eleven (1211) 0 inclusive , and all bonds :.ball be in the denomination of $1000 each. The bonds shell be dated December 10 1962 and interest shall be payable semiannually on January 1 and July 1 . Of each year , commencing July It 1963s The bonds shall bear Interest as follows : Bonds Nos , i to 2759 . iiiel eivem shall bear interest at the ,rate of 39e per annum; Bouch Nei 276 to 3810 . inelu• sive , shall bear interest at the rate of 3.1/4$, per annum} Bonds Nos . 382 to 4579 inclusive , shall bear interest at the rate of 3 . 40% per annum; Bonds Nos . 458 to 1051 , inclusive , shall boar Interest at the rate of 3-1/2% per annum; Bonds Non. 1052 .to 11110 Inclusive . shall bear interest at the rate of 38 per annum;, and Bonds Nos& 1112 to 1211 shall bear interest at the volts of 1% per annum. The principal and interest shell be payable in lawful money of the United States of America upon presentation of the bond or Proper coupon at the office of Bankcf Arkansas , Little Rock , Arkansas , The bonds shall mature on January 1 of each year as follows * but shall be callable as hereinafter set forth: Page 4 YEAR BOND NOS. AMOUNT 1966 1 - 27 $ 27 , 000 1967 28 54 279000 1968 55 82 28., 000: 1969 83 - 112 390000 . 1970 113 . - 143 31 ,000 1991 144 - 175 32 ,000 1972 176 - ' 198 330: 000. . 1973 209 - 241 390000 1974 242 275 34 ;000; 1915 276 - 309 . 94 .000 1976 310- 345 360' 9.00 1977 946 - 381 360000 , 1978 382 - 418 37 ,000• 1979 419 • 457 390000 1980 458 • 498 `' 416OOO 1981 499 - 541 436000 1982 542 584 45Q00 ; 1983 585 • 629 43000 1984 630 • 675 46 ,000 1;985 676 - 724 490000 1986 725 - 775 51, 000 1987 776 - 827 580000 ' 1988 828 - 880 , 530000' 1989 881 - 93S . 550000 1990 936 - 993 58000 19911 994 - 1051 58,000 1992 1052 - 1111 69,000 1993 1112 • 1211 1000000 Section 4. That the bonds shall ' be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. Interest coupons attached to each of the bonds may have the facsimile signature of the ivyor of the City lithographed or printed thereon , which signature shall have thW acme force and effect as if he had personally ai8usd .mach of said coupons . Section 5 . That the bonds and coupons shall be in substantially the following form : UNITED STATES OF AMERICA STATE OF MANSAS COUNTY OF WASRMTON CITY OF FAYETTEVILLE % GENERAL OBLIGATION REFUNDING 6 IgWVZMT BONDS No. $1 ,000 ENOW ALL MEN BY THESE PRESENTS : That the City of Fayetteville in the County of Washington and. State of Arkansas acknowledges itself to owe and for value received promises to pay to bearer the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America on the first day of January , It., and to pay interest ;hereon at the rate of per cent ( %) per aumm from date , semiannually on January 1 and Julylof each year $ coomencing July 1 , 19630 upon presentation and surrender of "the annexed coupons as they severally become due . Both principal and interest of this bound are hereby made payable at Bank of Arkansas , Little Rock, Arkansas . This bond is one of series of twelve hundred eleven ( 1211) bonds . aggregating One Million Two :Hundred Eleven Thousand Dollars ($ 10211 , 000) dated December 1 , 19620 and m=beredrfrom one (1) to twelve hundred eleven ( 1211) , inclusive , all of like tenor and effect except as . to number , rate of interest and maturity , and the bonds are issued for the pumpose of acquffring a site for. ,and constructing and equipping a city ,fail and court building, . acquiriag sites for and constructing and equipping buildings for the housing of fire fighting apparatus , purchasing fire fighting apparatus , constructing and equipping an extension to the existing city hospital , and refunding the outstanding general obligation refunding and 1Wrovement bonds Page 6 of the City dated November 1 , 1959 . z This bond and the series of which it forms a part are issued pursuant to and is full compliance with the Constitution and larva of the State of Arkansas , including partim ally Amendment No : 13 to the Constitution of the State of Arkansas , and pursuant to ordinances of the City Council of said City and an election duly held at which the majority of the legal voters -of the said City voting on the question voted in favor of the issuance of the bonds . Tisa bond and the series of which it formas a part are general obli- gations of the City of Fayetteville , Arkansas , payable from the pro- ceeds of a four (4) mill special tax levied by the City - Council under the authority of .Amendment No . 13 to the Constitution of the State of Arkansas., and the Citq of Fayetteville hereby pledges its full faith , credit and taxing power , including the said four (4j mill special tax , for the payment of this bond and the series of which it forms a part . The City has agreed that all revenues raceved from the said special continuing tax in excess of the amount necessary to insure the .prompt payment of the principal, of , interest .on and Paying Agent ' s fees in cotmection with the bonds as they mature , must be used from time to time on each interest paying date for calling the bonds : for paying .prior to maturity as soon as funds are .;available therefor. . L The bonds of this issue; will be _ callable for ;payment prior to maturity in inverse numerical order at . par aid:, accrued interest as follows : From surplus proceeds of the' .sale' of' the bonds not required for completing the projects and from surplus tax col- lections: on any interest paying date ; from. funds from any source on Page 7 any interest paying date an and after January 1 , 1968 . Notice of the call for redemption shall be published once a week for two (2) weeks in a newspaper published in the City of Little Rock , Arkensaso and having a general circulation throughout the State of Arkansas , giving the number and maturity of each bond being called , the first publication to be at least fifteen (15) days prior to the redemption date , and after the dAtet fixed for redemption each bond3:,so called shall cease to bear interest, provided funds for its payment are on deposit with the Paying Agent - at that tiara . IT IS HEREBY CERTIFIED , RECITED AND DECLARSD that all acts,, conditions and things required to existq happen and be perms formed ' under the Constitution and laws of the State of Arkansas , particularly Amendment No. 13 to the Constitution of the State of Arkansas * precedent to and in the issuance of ttis bond have existed , have happened and have been performed in due time , form and manner as required by law; that the indebtedness represented by this bond and the issue of which it forms a part , does- not ° exceed any consti- tutional or statutory limitation; and that a tax sufficient to pay this bond - and the issue of which it forms a part , together with interest thereon , has been duly levied in accordance with said Amendment No. 13 to the Constitution of the State of Arkansas and made payable annually until all of the bonds and interest thereon have been fully paid and discharged . This bond shall not be valid until it shall have been : authenticated by the certificate hereon duly signed by First -National Bank , Fayetteville , Arkansas . Page 9 (Form of Coupon) No . $ January , On the first day of July , 19 , the City of Fayette- Ville , Whin$ton County, Arkansas , unless the bond to which this y coupon is attached is paid prior thereto , hereby promises to pay to bearer Dollars in lawful money of the United States of America at the office of the Bank Of Arkansas , Little Rock , Arkansas , being six (6) months ' Interest then due on its General Obligation Refunding and Improve- ment Bonds , ; dated December 1 , 1962 and numbered CITY OF FAYETTEVILLE, ARKANSAS BY Mayor . On each bond shall appear the following : CERTIFICATE This is to certify that this one of the twelve hundred eleven ( 1211) bonds of the issue mentioned and described within, FIRST NATIONAL 'BANK, FAYETTBYILLE , ARKANSAS, By (Author Signature Fayetteville , Arkansas 1962 . Page 10 Section 6 . That in order to pay the bonds as they mature , with interest thereon , there is hereby levied upon all taxable real and personal property within the City of Fayetteville , Arkansas a tax of four (4) mills on each dollar of assessed valuation to be collected with the taxes collected in the year 1963 and continuing through the year 1992 , and as long thereafter as may be necessary to pay the prin- cipal of , interst on and paying agents fees in connection with the bonds authorized by this ordinance , being a sum sufficient to pay the principal of , interest on and paying agents fees in connection with the bonds , as they mature , with more than five per cent (5%) added for unforeseen contingencies ; and the City Clerk is directed to trans= mit a copy of this ordinance to the County Clerk of Washington County , Arkansas to the end that said tax may be extended on the tax book$ of the County and collected annually along with the other taxes until the bonds and interest thereon are paid in full . The City covenants and agrees that all of the revenues derived from said four (4) mill tax shall be placed in a separate fund which is hereby created and designated "1962 General Oligation Refunding and Improvement Bond Fund" and shall be used solely for the payment of the principal of , interest on and paying agent ' s fees in connection with the bonds of this issue , as set forth in this ordinance . The amount of said deposit in excess of that insured by the Federal Deposit insurance Corporation must be continuously secured by bonds or other direct or fully guaranteed obligations of the United States of .America . The City covenants that all revenues derived form sa9id . special tax in excess of the amount necessary to insure the pr€ Vt payment of the principal of , interest on and paying agent ' s fees in connection with the bonds , as they mature. , shall be used from time to time on each paying date for calling the bonds for payment prior to maturity Pa;e 11 as soon as funds are available therefor: Section 7 . That for the prompt payment of : the bonds of this issues 74th interest , the City of 'Fayetteville , Arkansas hereby pledges its full faith , credit and taxing . poeoeir, including the tax levied in Section 6 . Section 8 . That in order toley the principal of and interest on said bonds as they mature , there are hereby appropriated out of the proceeds of the tax herein levied , and ff. .such proceeds be not - sufficient , then out of the general revenues , of : the City , the following sums : YEAR BOND ;NOM' PRINCIPAL 21!!MS2 : TOTAL JANUARY 1 Jt)LY U. 1963I . I 82201090.25 $22 ;090. 23 1964 8184934 .50 18";934 . 50: 37 ;869. 00; . 1965 1809340SO . . 18 ,934950 37 ,869 . 00 ; 1966 " '1 . - 27 $27 , 000 18 ,934 : 50 x', 529. 50„ 64:464. 00 1967 . 28 - 554 270000 18.,529 .50 ; 186124. 50 630654 . 00 1966 5.6 - . 82 280000 18', 124 , 50 . : ., 17 ; 704 .50 63,829 . 00 1969 : . ' 83,. -.:. ' 112 302000 17 , 704. 5 0, . 170254. 50 . 64 ,959oM 1970 119 - 143 31 , 000 17, 254 . 50 . . . 16., 789 . 50 658044 : 00 1971 144. x' 17.5 32 , 000 16 , 789. 50. . 16009.. 50. 65.,099. 00 1972 .h .- 208 • 3,30,000 16, 309 . 50 15 ,814 * 60 65 , 124 . 00 1973 209. - `241 33 , 000 15 ,814. 50 15 , 919.50 . 64 , 134. 00 1974 242 275 *'0000 150319 . 50 149809 . 50 64 ,:129 . 00 1975 ' 276 - 309 349000 14 ,809 . 50 14 ,257 . 00 639066 . 50 1976 310 = 345 362000 14 ,257 . 00. ,. 139672 . 00 63 ;929 . 00 1977 346 - 381 36 , 000 13 ,672 . 00 13 ,087 . 00 62 , 759 . 00 1978 382 - 418 37 , 000 13 , 087 . 00 12 ,458 . 00 62 ,565 . 00 1979 419 - 457 39sOOO 12 ,458 . 00 . 11, 795 : 00 .639253 . 00 1980 458 498 41 , 000 11 , 795. 00, 11 , 077 . 50 63 ,872 . 50 1981 499 $41 43 , 000 119077, 50 10,325 . 00 64 .402 . 50 1982 542 - 584 43 , 000 10 , 325 .40 . 99572. 50 629897 . 50 1983 585 629 45 , 000 90572. 50 8,, 785 . 00 • , :63-,357 . 50, 1994 630 - 675 46 , 000 8 . 785 . 00 70980. 00 ' 62 ;765. 00 1985 676 - - 724. 490000 7 ,980. 00 70;12230 . .64 , 102: 50 1986 125. . = .775 519000 7 , 122 ..50, 6 ,230::00 64 , 352 . 50 1987 776 - 827 520000 6 .230.' 00 . 5.,320. 00 63 ,550. 00 1988 828 880 ': 51 00,0 5, 320. 00 4 ; 392 . 50 620712 . 50 1988 881 - 935 55 , 000 40392. 50 3 ,430.00 62 ,822 . 50 1990 . 936 - 993 58 , 000 . 31430. 00 2 ,415 . 00 630845 . 00 1991 994 - 1051 ' 58 , 000 2 ,415 . 00 11400. 00 616815 . 00 1992 1052 - 1111 60 , 000 1 ,400. 00 500. 00 61 ,900. 00 1993 1112 - 1211 100 , 000 500. 00 100,500. 00 Page 12 Section 9 . That the bonds of this issue shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond form in Section g. 'of 'this ordinance, Section 10* That the Treasurer of the City of Fayetteville , Arkansas is hereby ordered and directed to place an deposit with the Back of Arkansas , Little Rock , Arkansas , the' paying agents at least five (5) days before the maturity date of any ' bawd or Interest coupon issued hereunder , an amount from the funds hereian appropriated equal to the amount of such bonds or couponsp for the sole purpose of paying the same , together with the customary paying agent 's fees . Such deposit shall be at the risk of the City and she'll not operate as a payment of the bonds or coupons until s© applied`, This instruction to the Treasurer is irrevocable and may be enforced by mandamus . Section 31. That the Bank of Arkansas In Little Rocca , Arkaneas , is designated as paying agent . Tho ,h eldara ' of a . majority In value of the outstanding bonds at any time way t % am instruImeat duly executed and recorded in the office of the city `clark appoint a new paying agent , who shall have all of the pairers= of the paying agent , originallynamed , and the paying agent herein named may ` resign at any time upon ten ( lp) days ' notice in .writiing mailed to the City Clerk. In the event of a vacancy in the office of paying agent and the failure of the holders of a . majority in .value of the outstanding bonds to take the necessary ' action _ to appdat e new paying agent within thirty (30) days after ' such vatanay reccurs , the City shall forthwith +designate a new paying agent. Page 13 Section 12 . That if default is made and continues for thirty (30) days in the payment of any interest. coupon, the holder of the . bond to which it is attached may declare' the same immediately due and. payable , and the failure of the holder to exercise ' this option upon any default shall not be a 'uaiver of ha right to exercise the option upon any subsequent . defauit , Section 13. That when the bonds herein authorised to be issued have been / executed. by the Mayor and City Clerk and the sisal of the city impressedas herein provided , they shall be delivered to First National° Bank , Fayetteville , Arkansas , which shill authenticate them and delivbr them to the purchasers of the bonds ,upon payment of the purchase price plus accrued interest , ,from December 19 1962 to date of delivery : ' The accrued interest plus such amount of the proceeds of• the sale of the bonds ae shall be necessary to pay interest. on the bonds until the proceeds : of; tha ' special tax here-,. ,- tofore levieddlareTbvallabler.�'shdlllzbendeposited, in the;, Bond • Fund , heretofore. created. .; -The .. balance; 'of ' the .proceeds : of the', bonds shall be deposlteti tin A.'special account to be known as the' $'Construction Fund" .and the funds in the Construction Fund shall " be .usea : for: no . other purpose than acquisitions, purchases , censtruction , and Improvement and refunding described above, and expenses necessary and incidental thereto and to the issuance of the bonds . Any unexpended balance remaining in the Construction Fund after -the` completion of said acquisitions , purchases , construction , improvement and refunding may be used to call the bonds of this issue for pay- ment prior to maturity but , if not so used , shall ' be deposited in the Bond Fund . The City expressly reserves the right to withhold from the first available proceeds of the -special tax not required