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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) .