HomeMy WebLinkAboutOrdinance 1598 ORDINANCE NO .
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 DEVELOP-
ING INDUSTRY (THE PARTICULAR INDUSTRIAL UNDERTAKING
IS DESCRIBED IN THE ORDINANCE) ; PRESCRIBING 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 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 constricting 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 (called the " Project' ) ; and
WHEREAS it has been determined that the City will need to furnish
not to exceed $ 550 , 000 and that the only feasible method of obtaining the funds
needed by the City is the issuance , subject to the approval of the electors , of
bonds under Amendment No , 49;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of the
City of Fayetteville , Arkansas :
MICROFILMED
DATE OCT 1 1 1978
REEL 1
Section 1 . That a special election be , and the same is hereby ,
called to be held in the City on the 4th day of June , 1968 , 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 $ 550 , 000 for the purpose of
securing and developing industry the Project has been heretofore described) .
The bonds will be dated July 1 , 1968 with interest thereon payable semiannually
on January 1 and July 1 of each year , commencing January 1 , 1969 , at the rate
or rates accepted by the City at the public sale of the bonds , and the bonds
shall mature annually on July 1 in each year as set forth in the following sche-
dule , 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
1971 $ 18 , 000
1972 19 , 000
1973 20 , 000
1974 21 , 000
1975 22 , 000
1976 23 , 000
1977 24 , 000
1978 25 , 000
1979 26 , 000
1980 27 , 000
1981 28 , 000
1982 29 , 000
1983 30 , 000
1984 31 , 000
1985 32 , 000
1986 33 , 000
1987 34 , 000
1988 35 , 000
1989 36 , 000
1990 37 , 000
i Section 2 . That the question shall be placed on the ballot
i
' 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 of not to exceed $ 550 , 000
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 $ 550 , 000 . . .
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 $550 , 000 for the purpose of securing and develop-
ing industry (called "bonds " ) . The bonds will be dated
July 1 , 1968 , interest thereon shall be payable January 1 and
July 1 of each year commencing January 1 , 1969 , at the rate or
rates accepted by the City at the public sale of the bonds
and the bonds will mature annually on July 1 in each of the
years 1971 to 1990 , 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 ex-
penditures 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 , in '
the furtherance of the industrial program (the " Project " ) . The
City is applying for and anticipates that it will obtain grant
funds from agencies of the Government of the United States
of America which will be used together with funds furnished
by the City for the accomplishment of the Project . The amount
to be furnished by the City will depend upon the amount
received as grant funds . If $ 550 , 000 in principal amount of
bonds are issued , there will be levied by the Board of Directors
of the City and there will be collected a continuing annual tax
of two ( 2) 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 and if a smaller amount of bonds is issued , the Board of
Directors will determine the smaller amount of millage necessary
to be levied and collected for the purpose of providing for the
payment of the principal of and interest on the bonds that are
issued and will levy and collect that smaller amount :
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 1968 .
APPROVED :
ATTEST ,
Mayor
City Cler
(SEAL) .
