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HomeMy WebLinkAboutOrdinance 1566 I ORDINANCE NO . ISL AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF AMENDMENT NO . 49 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL UNDERTAKING IS DESCRIBED IN THE ORDINANCE) ; PRE - SCRIBING OTHER MATTERS PERTAINING THERETO ; AND DECLARING AN EMERGENCY . WHEREAS the City of Fayetteville , Arkansas@ (called " City" ) is a city of the first class under the laws of the State of Arkansas and has •not issued any bonds under Amendment No . 49 to the Constitution of the State of Arkansas (called " Amendment No . 49 " ) ; and WHEREAS the City is located in Washington County , Arkansas and Washington County has not issued any bonds under Amendment No . 49 ; and WHEREAS for some time the City has engaged in a study of the ways and means of securing and developing industry and •financing the same , in order that the City and its inhabitants may receive the public benefits flowing therefrom , including , without limitation , alleviation of unemployment , obtaining of additional employment , obtaining of additional payrolls and other benefits ; and WHEREAS it has been determined that there should be undertaken at this time a program of securing and developing industry consisting of the acquisition of lands and the constructing of improvements and facilities thereon and the making of expenditures necessary or desirable for the full utilization of the lands , improvements and facilities , and the sale , lease or other disposition of portions thereof from time to time , including disposition of a portion to the University of Arkansas pursuant to an arrangement calling for use by the University as the site for facilities for industrial research , teaching and other activities essential and desirable for securing and developing industry (called the " Project " ) ; and i Page 2 WHEREAS it has been determined that the estimated amount that will be needed by the City is $199 $9@ and that the only feasible method of financing the Project available to the City is the issuance , subject to the approval of the electors.� of bonds under Amendment No . 49 in that amount ; NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of the City of Fayetteville , Arkansas : Section 1 . That a special election be , and the same is hereby , I r7 j }1 0 Ll O 942 (i called to be held in the City on the day of 1967 , at which election there will be submitted to the electors of the City the question of issuing General Obligation Industrial Development Bonds under the provisions of Amendment No . 49 in an amount not to exceed 44-;, 89;094 for the purpose of securing and developing industry (the Project has been heretofore described) . The bonds will be dated December 1 , 1967 with interest thereon payable semiannually on June 1 and December 1 of each year , commencing June 1 , 1968 , at the rate or rates accepted by the City at the public sale of the bonds , and the bonds shall mature annually on December 1 in each year as set forth in the following schedule , but shall be subject to redemption prior to maturity in such manner and upon such terms as shall be specified in the Ordinance authorizing the issuance of the bonds : Page 3 YEAR AMOUNT 1970 $ 0 0 �j2 �orlJ 1971 9 , 00 '33 , t)U'D 1972 30 1973 00 3b� o0� 1974 _ 3 , 2, q � o00 1975 34. ' 0 �8 00� 1976 3 , 100 'D Dv 1977 A �L121 Oo 7 1978 39 , 00 p7 (J 1979 41 , 0 )4 � + Dp0 1980 43 , _ .0 _-4 r7 oOn 1981 4`5 , 0 0 `tyr o00 1982 47; 0 ; 0C> 0 1983 4 , 0 0 $•3 pp O 1984 5 0 0 ' 0 pO 1985 54,; 0 0 :g 000 1986 S 10 0 p J.. 0� S 1987 590,E 0 0 00 O 1988 61N-6-0—&e-00 0 1989 0' 0_& g 0MO 1990 . , 0 0 pO�J 1991 7 ,. 0 0 3r OpID 1992 7 ' , Q0 �7 (at�(YC) 1993 7 ; 00 �7 �� ppr0 1994 8003Z � � � 1995 8 0 74 . Tpo 1996 88 , 0 0 Cf o I p O�D 1997 9�21 0, -97Oa P — i i Section 2 . That the question shall be placed on the ballot for the special election in substantially the following form : i i I I Page 4 Vote on measure by' placing an "X " in the square above the measure either for or against: For the issuance of bonds under Amendment No . 49 to the Constitution of the State of Arkansas in the principal amount of not to _ exceed �l , 5$0;6$0' . L/ Against the issuance of bonds under Amendment No . 49 to the Constitution of the State of Arkansas in the principal amount of not to _ exceed Jq-, 5-08 ,-080- L/ It is proposed to issue City of Fayetteville , Arkansas (called " City" ) General Obligation Industrial Development Bonds under Amendment No . 49 to the Constitut�' or} %5L,-G9@- for f tMd tate of Arkansas in the principal amount of not to exceed $-1 5L,080- for the purpose of securing and developing industry (called " bonds " ) . The bonds will be dated December 1 , 1967 , interest thereon shall be payable June 1 and December 1 of each year commencing June 1 , 1968 , at the rate or rates accepted by the City at the public sale of the bonds and the bonds will mature annually on December 1 in each of the years 1970 to 1997 , inclusive , but shall be subject to redemption prior to maturity in such manner and upon such terms as shall be specified in the Ordinance authorizing their issuance . The program of securing and developing industry to be financed out of the proceeds of the bonds will consist of the acquisition of lands and the constructing of improvements and facilities thereon and the making of expenditures necessary or desirable for the full utilization of the lands , improve - ments and facilities , and the sale , lease or other disposition of portions thereof from time to time , including disposition of a portion to the University of Arkansas pursuant to an arrangement calling for use by the University as the site for facilities for industrial research , teaching and other activities essential and desirable for securing and developing industry . If the electors approve the issuance of the bonds , there will be levied by the Board of Directors and there will be collected a continuing annual tax of five (5 ) mills on the dollar of the assessed valuation of the taxable real and personal property in the City for the purpose of providing for the payment of the principal of and interest on the bonds . Page 5 Section 3 . That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now or hereafter provided for municipal elections , so far as the same may be applicable , and the Mayor shall give notice of the election by an advertise- ment published once a week for four consecutive weeks in a newspaper having a bona fide circulation in the City , with the last publication to be not less than ten ( 10) days prior to the date of the election , and only qualified electors of the City shall have the right to vote . Section 4 . That the results of the election shall be proclaimed by the Mayor , and his proclamation shall be published one time in a newspaper having a bona fide circulation in the City , which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of the proclamation . Section 5 . That the Mayor is authorized to advertise , according to the terms of Amendment No . 49 , the public sale of the bonds . Section 6 . That a copy of this Ordinance shall be given to the Washington County Board of Election Commissioners so that the necessary election officials and supplies may be provided , Section 7 . That there is hereby found and declared to be an immediate need for the Project in order that the City and its inhabitants may receive the public benefits referred to above , and that the issuance of the bonds is necessary therefor . It is therefore , declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public health , safety and welfare , shall be in force and shall take effect Page 6 immediately upon and a erits passage . PASSED �, 1967 . APPROVED : Mayor ATTEST : O ' y erk (SEAL) i i l CERTIFICATE The undersigned , City Clerk of Fayetteville , Arkansas , hereby certifies that the foregoing pages number 1 to 6 , inclusive , are a true and compared copy of an Ordinance passed at a regular session of the Board of Directors held at its regular meeting place in the City at o' clock _ . m . , on the day of 1967 , and that the ordinance is of record in Ordinance Record Book page .. now in my possession . GIVEN under my hand and seal this day of , 1967 . City Clerk (SEAL) i ORDINANCE N0 , 1566 AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF AMENDMENT N0 , 49 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PUR- POSE OF SECURING AND DEVELOPING INDUSTRY ( THE PARTICULAR INDUSTRIAL UNDERTAKING IS DESCRIBED IN THE ORDINANCE ) ; PRESCRIBING OTHER MATTERS PERTAINING THERETO : AND DECLAR- ING AN EMERGENCY . WHEREAS the City of Fayetteville , Arkansas ( called "City" ) is a city of the first class under the laws of the State of Arkansas and has not issued any bonds under Amendment No . 49 to the Constitution of the Std of Arkansas ( called "Amendment No . 4919 ; and WHEREAS the City is located in Washington County , Arkansas and Washington County has not issued any bonds under Amendment No . 49 ; and WHEREAS for some time the City has engaged in a study of the ways and means of securing and developing industry and financing the same , in order that the City and its inhabitants may receive the public benefits flowing there- from , including , without limitation , alleviation of unemployment , obtaining of additional employment , obtaining of additional payrolls and other benefits ; and WHEREAS it has been determined that there should be undertaken at this time a program of securing and developing industry consisting of the acquis- ition of lands and the constructing of improvements and facilities thereon and the making of expenditures necessary or desirable for the full utilization of the lands , improvements and facilities , and the sale , lease or other disposition of portions thereof from time to time , including disposition of a portion to the University of Arkansas pursuant to an arrangement calling for use by the Univer- sity as the site for facilities for industrial research , teaching and other activities essential and desirable for securing and developing industry ( called the "Project" ) ; and WHEREAS it has been determined that the estimated amount that will be needed by the City is $1 , 600 ,000 and that the only feasiblc method of financ- ing the Project available to the City is the issuance , subject to the approval of the electors , of bonds under Amendment No . 49 in that amount ; NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of the City of Fayetteville , Arkansas : Section 1 . That a special election be , and the same is hereby , called to be held in the City on the 17th day of October, 1967 , at which election there will be submitted to the electors of the City the question of issuing General Obligation Industrial Development Bonds under the provisions of Amendment No . 49 in an amount not to exceed $1 ,600 ,000 for the purpose of securing and developing industry ( the Project has been heretofore described) . The bonds will be dated December 1 , 1967 with interest thereon payable semiannually on June 1 and December 1 of each year, commencing June 1 , 1968 , at the rate or rates accepted by the City at the public sale of the bonds , and the bonds shall mature annually on December 1 in each year as set forth in the following schedule , but shall be subject to redemption prior to maturity in such manner and upon such terms as shall be specified in the Ordinance authorizing the issuance of the bonds : YEAR AMOUNT 1970 $ 32 ,000 1971 339000 1972 342000 1973 363000 1974 37 , 000 1975 38 ,000 1976 409000 1977 422000 1978 43 ,000 h ,iC.00FILMED, DATE OCT � p M REEL Page 2 YEAR AMOUNT 1979 $453000 1980 472000 1981 499000 1982 515000 1983 53 , 000 1984 55 ,000 1985 582000 1986 609000 1987 632000 1988 652000 1989 689000 1990 705000 1991 739000 1992 769000 1993 792000 1994 82 , 000 1995 86 , 000 1996 90 , 000 1997 959000 Section 2 . That the question shall be placed on the ballot for the special election in substantially the following form : Vote on measure by placing an "X" in the square above the measure either for or against : For the issuance of bonds under Amendment No . 49 to the Constitution of the State of Arkansas in the principal amount a of not to exceed $1 , 600 ,000 . . . . . . . . . . . . . . . . . . Against the issuance of bonds under Amendment No . 49 to the Constitution of the State of Arkansas in the principal r amount of not to exceed $1 ,600 , 000 . . . . . . . . . . . . . . . . I.J It is proposed to issue City of Fayetteville , Arkansas ( called "City" ) General Obligation Industrial Development Bonds under Amendment No . 49 to the Constitution of the State of Arkansas in the principal amount of not to exceed $1 , 600 , 000 for the purpose of securing and developing industry ( called "bonds" ) . The bonds will be dated December 1 , 1967 , interest thereon shall be payable June 1 and December 1 of each year commencing June 1 , 1968 , at the rate or rates accepted by the City at the public sale of the bonds and the bonds will mature annually on December 1 in each of the years 1970 to 1997 , inclusive , but shall be subject to redemption prior to maturity in such manner and upon such terms as shall be specified in the Ordinance authorizing their issuance . The program of securing and developing industry to be financed out of the proceeds of the bonds will consist of the acquisition of lands and the constructing of improvements and facilities thereon and the making of expenditures necessary or desirable for the full utilization of the lands , improvements and facilities , and the sale , lease or other disposition of portions thereof from time to time , including disposition of a portion to the University of Arkansas pursuant to an arrangment calling for use by the University as the site for facilities for industrial research , teaching and other activities essential and desirable for securing and developing industry . If the electors approve the issuance of the bonds , there will be levied by the Board of Directors and there will be collected a con- tinuing annual tax of five ( 5 ) mills on the dollar of the assessed valuation of the taxable real and personal property in the City for the purpose of providing for the payment of the principal of and interest on the bonds . Page 3 Section 3 . That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now or hereafter provided for municipal elections , so far as the same may be applicable , and the Mayor shall give notice of the election by an advertisement published once a week for four consecutive weeks in a newspaper having a bona fide circulation in the City , with the last publication to be not less than ten ( 10 ) days prior to the date of the election , and only qualified electors of the City shall have the right to vote . Section 4 . That the results of the election shall be proclaimed by the Mayor, and his proclamation shall be published one time in a newspaper having a bona fide circulation in the City , which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty ( 30 ) days after the date of the proclamation . Section 5 . That the Mayor is authorized to advertise , according to the terms of Amendment No . 49 , the public sale of the bonds . Section 6 . That a copy of this Ordinance shall be given to the Washington County Board of Election Commissioners so that the necessary elec- tion officials and supplies may be provided . Section 7. That there is hereby found and declared to be an immediate need for the Project in order that the City and its inhabitants may receive the public benefits referred to above , and that the issuance of the bonds is necessary therefor. It is therefore , declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public health , safety and welfare , shall be in force and shall take effect immediately upon and after its passage . PASSED September 12th , 1967 . APPROVED: JPJ 60 MAYOR ATTEST : CLERK ( SEAL ) r ' STATE of ARKANSAS 1 I ss. County of Washin hereby certify that I am the (General Manager) of THE NORTHWEST ARKANSAS TIMES, a daily newspaper having a second class mailing privilege, and being not less than four pages of five columns each, published at a fixed place of business and at a fixed (daily) intervals continuously in the City of Fayetteville, County of Washington, Arkansas for more than a period of twelve months, circulated and distributed from an established place of business to subscribers and readers generally of all classes in the City 6 County for a definite price for each copy, or a fixed price per annum, which price was fixed at what is considered the value of the publication, based upon the news value and service value it contains, that at least fifty percent of the subscribers thereto have paid cash for their subscriptions to the newspaper or its agents or through recognized news dealers over a period of at least six months ; and that the said newspaper publishers an average of more than forty percent news matter. I further certify that the legal notice hereto attached In the matter of was published in the regular daily issue of said newspaper for---/ _PrUtive insertions. as follows : The first insertion on the .___� --_ day of A/3Z 19-6g- 7 the second insertion on the _____ day of — 19 the third insertion on the --_—__—__ day of _ 19— and the fourth insertion on the __-____- . . day of __-_____._!_— '19 _ Sworn to no subscribed before me on this —/T--4 day of —_— Nota ublic My Commission Expires : Fees for Printing ' 'r ) Cost of Proof Total OROINAM" MO. 1Y{ STI T'TON t . That a S P 6 tic'.n mlame e . thr e s Pffi n;ied L : r Rale n the C '.t QQ the lith day of October, 198'1, at UNDRR ]' , which election there will be sub- CON 49 MitA the Question to the electors of the City Question of ]oiling General OF B Obligation Industrial Development P0012 0T S G AND Bonds under the provisions of G Y (T�$7E� Amendment No. 49 In an amnunt P VMUSTRIAL Ilf not to exceed 51,700,0(10 for the pur- DESCRIBFM IR . lines of securing and developing in- 'RM PRESCRI13- dustry ( the Project has heen 'DS6 PERTAIN. , heretofore described). The bonds Df6 AND DECLAR- ,will be dated December 1, 19g7 1NG A� �py�ICY• with interest thereon PVable i►dl�W Ag QIP at }petw semiannually On June I ar& Der a cl A91grY_ (gellai under) a camber 1 of each year, com- a d of Vt 1" e1W under m mincing Jlaae 1, 1988, at the rely has not the RIaOa tK ArkYRee slid or rat" accepted by the City at 1aOiad 19 the tstlee the public sale o[ the bonds, and AmendmlRt N0. V b 1Ag Gorier]- the bonds shall mature annually tution of the auto of A}kaner. on December I in each year as ed tcalled AmaWment NO. 4Y a� forth In the following schedule. WFUSREA8 the City to located in but shall be subject to redemption Washington County, Arkansas and Prior to maturity in such manner Washington County has not Issued and upon such terms as shall he any bonds under Amendment No. Specified In the Ordinance author 49: and ]zing the faauance of the bonds: WHEREAS fnr some time the YEAR AMOHNT City has engaged In a study of 1970 392,0011 the ways and means of securing 1971 38.000 i and developing industry and fi. 1972 34000 nancing the sane. in order that 1973 341 000 the City and Its inhabitants 1naY 1974 17000 receive the public bmefifs floW- 1975 36000 ing tharefmm, Including, without 1979 40000 limitation, aPeviatlon of unem- 1977 42,000 Plnyleent, obtalning of additional I 1979 . 43.000 emPI03ment. obtaining of addi- ' 1979 45.000 lineal payrolls an dottier benefit; - 19M 47000 and 1981 49,000 WHEREAS it has been deter- 1992 51,(00 mined that there should be under- 1983 taken at this time a program of 1994 53'000 55,000 scouring and the acquisition industry 1995 59000 fans and the the aequing o of 1987 80000 Janda and the cotutrlities he inn- 1987 65000 and the and facilities thereon 19X8 and the m r ingdes M expenditures th to ll 1999 70 M neceaatio or desirable for the full 1990 70,000 utilization of the lands, improve . 1991 73000 leant r mdiefacilities. and She sale, 1992 76000 lease he other dense 0 m Por- 1993 79,000 tion thereof from time t time, m- 199t Kilos) eluding dispoUniversity Ark perinsas Pear-to Me 86,000 the University of Arkansas ng 1997 90,000 quant to m e University m the /9q7CT 95000 for use by the University o the Bll be l 1. That the question site for facilities for industrial re- shall be Placed on the ballot for search, teaching and other adds]- the special following en m svtvtan- cutt cae and and desirable for x- tiallY the foi]owing form curing and developing industry (calleH the "Project"); and vote On measure by plating an WH WHEA FA9 it has been deter- mea u the aquafo above the mined that the ed by the amount insecure either far or against; that will be needed by the City is e0t 0 end that the Only feoFort f- , tr t bods hTe ect method of lithe City the Pros- I IW(Ifi AmendmaW Nq ep eu available j to the Cttp fa the L- i thence, subject o the alis un et ' the emetnrs. of bands under Amendment H R 49 in that amount; NOW, Thv the Board BE iT OR- DAINED by the Roard of Dlrer- ton of t`fe City of FaYeKecllie. Ar- kanaaa'