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HomeMy WebLinkAboutOrdinance 1653 � • • , f f � ORDINANCE NO ./A AN ORDINANCE PROVIDING FOR THE ISSUANCE OF WATERWORKS AND SEWER REVENUE BONDS , SERIES 1969 , BY THE CITY OF FAYETTEVILLE , ARKANSAS FOR THE PURPOSE OF FINANCING THE COST . TO THE CITY OF CONSTRUCTING EXTENSIONS , BETTERMENTS AND IMPROVEMENTS TO THE WATERWORKS AND SEWER SYSTEM OF THE CITY; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS ; PRESCRIBING OTHER MATTERS RELATING THERETO ; AND DECLARING AN EMERGENCY . WHEREAS the municipally owned waterworks and sewer facilities of the City of Fayetteville , Arkansas (the " City " ) are operated as one municipal undertaking and will be herein sometimes referred to as the " System; and WHEREAS extensions , betterments and improvements to the System are necessary and the City has had prepared by John E , Mahaffey & Associates , Inc . and L , 'M . McGoodwin , Consulting Engineers , Fayetteville , Arkansas preliminary plans and estimates (the " Engineering Reports " ) , and the Board of Directors and officials of the City and the Waterworks and Sewer Department have studied the Engineering Reports , conferred with the consulting engineers and otherwise investigated the extensions , betterments and improvements re - flected therein (collectively referred to as the " improvements " ) and the methods of financing them , all from the standpoint of the best interest of the City , its inhabitants and the users of the System; and WHEREAS it has been , and is hereby , determined that the improve - ments reflected by the Engineering Reports (copies of the Reports being on file in the office of the City Clerk and to which reference may be had for the details of the improvements and the estimates of cost) should be accomplished , and that there should be issued at this time $ 940 , 000 in principal amount of Waterworks and Sewer Revenue Bonds , Series 1969 (the " bonds " or the " bonds of this issue " ) ; and MICROFILMED DATE OCT 1 1 1978 REEL_ f � 1 Page 2 WHEREAS the City has outstanding at this time $ 4 , 420 , 000 in principal amount of Waterworks and Sewer Revenue Refunding Bonds dated June 1 , 1963 issued under and secured by the provisions of Resolution 7 - 63 , adopted and approved on April 8 , 1963 ( " Resolution 7 - 63 " ) and $ 4 , 300 , 000 in principal amount of Waterworks and Sewer Revenue Bonds , Series 1966 , dated September 1 , 1966 , issued under and secured by the provisions of Ordinance No . 1508 , adopted and approved August 8 , 1966 ( "Ordinance No . 1508 " ) (both outstanding issues being collectively referred to as the " Outstanding bonds " ) ; and WHEREAS the bonds can be issued on a parity of security with the Outstanding bonds provided the conditions set forth in Section 19 of Resolution 7 - 63 (and Section 14 ( 2 ) of Ordinance No . 1508 ) have been complied with and the Board of Directors has determined that those conditions have been complied with and that , therefore , the bonds will be issued on and will rank on a parity of security with the Outstanding bonds . NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of the City of Fayetteville , Arkansas : Section 1 . That the improvements be accomplished . In this regard , the appropriate officials of the City be and they are hereby authorized to execute all contracts and instruments and take all action necessary to accom - plish the construction of the improvements and to carry out the authority con- ferred by this Ordinance and to evidence the exercise thereof . Section 2 . That under the authority of the Constitution and laws of the State of Arkansas , including particularly Act No . 131 of the Acts of Arkansas for the year 1933 , as amended , Act No . 132 of the Acts of Arkansas for the year 1933 , as amended , and Act No . 297 of the Acts of Arkansas for the year 1937 , as amended , and the decision of the Supreme Court of the State of Arkansas in Harrison v . Braswell , 209 Ark . 1094 , 194 S . W . 2d 12 (1946) , City of Fayetteville , Arkansas , Waterworks and Sewer Revenue Bonds , Page 3 Series 1969 , are hereby authorized and ordered issued in the aggregate principal amount of $ 940 , 000 . The bonds shall be dated February 1 , 1969 and interest thereon shall be payable on August 1 , 1969 and semiannually thereafter on February 1 and August 1 of each year . The bonds shall be initially issued as fully registered bonds (registered as to principal and as to interest) and the principal and interest shall be payable at the principal office of Republic National Bank of Dallas , Dallas , Texas . The bonds will bear interest at the rate of 5 1/2 % per annum for the first six months (due August 1 , 1969 ) , at the rate of 5 3/4 % per annum for the next six months (due February 1 , 1970) , and at the rate of 6 % per annum thereafter until paid . The bonds shall be numbered and shall mature as set forth in the following schedule , unless the principal is prepaid as hereafter provided , and the bonds shall be in the varying denominations reflected by the schedule (with there being one bond for each year in the denomination of the entire principal maturity for the year) : YEAR BOND NOS , PRINCIPAL AMOUNT (August 1) 1970 R- 1 $ 25 , 000 1971 R- 2 16 , 000 1972 R- 3 17 , 000 1973 R- 4 18 , 000 1974 R- 5 19 , 000 1975 R- 6 21 , 000 1976 R- 7 18 , 000 1977 R- 8 20 , 000 1978 R-9 23 , 000 1979 R - 10 21000 1980 R- 11 11000 1981 R- 12 51000 1982 R- 13 41000 1983 R- 14 81000 1984 R- 15 8 , 000 1985 R - 16 91000 1986 R- 17 91000 1987 R - 18 15 , 000 1988 R - 19 17 , 000 1989 R- 20 19 , 000 1990 R - 21 22 , 000 1991 R- 22 21 , 000 Page 4 1992 R- 23 18 , 000 1993 R- 24 24 , 000 1994 R- 25 32 , 000 1995 R- 26 31 , 000 1996 R -27 30 , 000 1997 R- 28 31 , 000 1998 R- 29 32 , 000 1999 R- 30 35 , 000 2000 R - 31 38 , 000 2001 R-32 352 , 000 Payments of interest and prepayments of principal made in respect of any bond may be made to the registered holder thereof or his designated agent , without surrender of the bond , and all such payments shall fully discharge the obliga - tions of the City in respect of such bond to the extent of the payments so made . The Paying Agent is to keep a duplicate record of all payments made , and upon request the registered holder of any bond shall present the same to the Paying Agent so that proper notation of the payment can be made on the Payment Record attached to the bond . The City agrees that as soon as reasonably possible after the receipt by the City of the written request of the registered holder of any bond and upon receipt by the City of the expenses to be incurred by it or a showing to the City , to the satisfaction of the City , that expenses will be paid upon request , the City will prepare and execute negotiable coupon bonds , payable to bearer but registrable as to principal only or as to principal and interest , in the denomination of $1 , 000 or $ 5 , 000 each , as requested by the registered holder , in substantially the form of coupon bond hereafter in this Ordinance set forth , in the aggregate principal amount equal to the unpaid principal amount of the registered bond , with coupons annexed thereto maturing after the date to which interest on the fully registered bond shall have been paid . The City will cause such coupon bonds to be authen - ticated by Republic National Bank of Dallas , Dallas , Texas (the " Paying Agent " ) and delivered to the registerbd holder of the fully registered bond upon surrender and cancellation of the fully registered bond . The City shall at the time of Page 5 any such written request for an exchange of a fully registered bond for coupon bonds deliver to the Paying Agent a Certificate certifying the principal amount then unpaid on the fully registered bond and the date to which interest on the fully registered bond shall have been fully paid . Any fully registered bond so surrendered shall be cancelled and delivered to the City . The Paying Agent shall be fully protected in relying on any certificate or ordinance or resolution delivered to it under the provisions of this Section . The coupon bonds received . in exchange shall contain the designation of the fully registered bond and in addition shall be numbered consecutively from 1 upwards ; for example , the designation shall be " R-1 -1 " , etc . There shall be no exchange privilege from coupon bonds to fully registered bonds . Section 3 . 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 . The facsimile signature of the Mayor may be used upon compliance with the provisions of Act No . 69 of the Acts of Arkansas for the year 1959 . Interest coupons attached to the coupon bonds shall be executed by the facsimile signature of the Mayor . The Mayor ' s facsimile signature shall have the same force and effect as if he had personally signed the bonds or coupons . The bonds shall be executed by the manual signature of the City Clerk . The principal of and interest on the bonds shall be payable solely out of the Bond Fund (hereafter referred to) and shall be a valid claim of the bondholders only against the Bond Fund and the revenues pledged to the Bond Fund which revenues (being net revenues derived from the operation of the System) are hereby pledged and mortgaged for the equal and ratable payment of the principal of and interest on the bonds , and the Outstanding bonds which rank on a parity of security , and the Bond Fund shall be used for no other purpose . The principal of and interest on the bonds shall not constitute an indebtedness of the City within any constitutional or statutory limitation . Section 4 . The fully registered bonds shall be in substantially the following form : ' Page 6 (Form of fully registered bond) UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF WASHINGTON CITY OF FAYETTEVILLE , ARKANSAS WATERWORKS AND SEWER REVENUE BOND SERIES 1969 No . R- $ KNOW ALL MEN BY THESE PRESENTS : . That the City of Fayetteville , Washington County , Arkansas , a municipality duly existing under the Constitution and laws of the State of Arkan- sas (the " City " ) , for value received , promises to pay to Republic National Bank of Dallas , Dallas , Texas or assigns (the " Payee " ) the principal sum of DOLLARS on the first day of August , 19_ in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the United States of America , and to pay interest on the principal amount of this bond from time to time remaining unpaid in like coin or currency , at the rate of 5 1/2% per annum for the first six months (due August 1 , 1969 ) , at the rate of 5 3/4% per annum for the second six months (due February 1 , 1970) , and at the rate of 6% per annum thereafter (commencing with the interest payment due August 1 , 1970) until paid , payable semiannually on February 1 and August 1 of each year . Payment of principal and interest shall be made at the office of Republic National Bank of Dallas , Dallas , Texas (the " Paying Agent " ) . Payments of principal and interest , including prepayments of principal as hereafter provided , shall be by check mailed to the Payee and payments other than the final payment at maturity shall be made without the necessity of the Payee surrendering this bond and all payments so made shall fully discharge the obligations of the City to the extent of the payments so made . The Paying Agent shall keep a record of all payments and the Payee may at any time submit this bond to the Paying Agent for completion Page of the Payment Record as to all payments theretofore made . Upon final payment of principal and interest , this bond shall be submitted to the Paying Agent for cancellation and surrender to the City . This bond is one of an issue of bonds aggregating Nine Hundred Forty Thousand Dollars ($ 940 , 000) in principal amount , issued initially as fully re - gistered bonds , designated " City of Fayetteville , Arkansas Waterworks and Sewer Revenue Bonds , Series 1969 " , dated February 1 , 1969 (the " bonds " ) . The bonds are being issued for the purpose of financing the cost of constructing extensions , betterments and improvements to the Waterworks and Sewer facilities of the City (which are operated as one system and herein referred to as the "System " ) and paying necessary expenses incidental thereto . The bonds are issued pursuant to and in full compliance with the Con- stitution and laws of the State of Arkansas , particularly Act No . 131 of the Acts of Arkansas for the year 1933 , as amended , Act No . 132 of the Acts of Arkansas for the year 1933 , as amended , Act No . 297 of the Acts of Arkansas for the year 1937 , as amended , the decision of the Supreme Court of the State of Arkan- sas in Harrison v . Braswell , 209 Ark . 1094 , 194 S . W . 2d 12 ( 1946) and pursuant to Ordinance No . __ adopted and approved on the day of February , 1969 (the " authorizing ordinance " ) . The bonds are not general obligations of the City , but are special obligations payable solely from net revenues derived from the operation of the System . There is presently outstanding an issue of City of Fayetteville Waterworks and Sewer Revenue Refunding Bonds , dated June 1 , 1963 issued under Resolution 7 -63 adopted and approved on April 8 , 1963 ( " Resolution 7 - 63 " ) , and an issue of City of Fayetteville Waterworks and Sewer Revenue Bonds , Series 1966 , dated September 1 , 1966 , issued under Ordinance No . 1508 adopted and approved on August 8 , 1966 ( " Ordinance No . 1508 " ) (both outstanding issues being collectively referred to as the " Outstanding bonds " ) , and the bonds are being issued on and shall rank on a parity of security with the Outstanding bonds . Provision is made for an amount of the net revenues derived from the Page 8 operation of the System sufficient to pay the principal of and interest on the bonds and on the Outstanding bonds to be set aside in a special fund for that purpose identified as the "Waterworks and Sewer Revenue Refunding Bond Fund " (created by Section 5 of Resolution 7 -63) with reference being hereby made to the authorizing ordinance (and to Resolution 7 -63 and Ordinance No . 1508) for a detailed statement of the nature and extent of the security , the rights and obli- gations of the City and the registered holders of the bonds and the terms and con- ditions upon which the bonds are issued , including , without limitation , the covenant of the City to fix and maintain rates for water and sewer services which shall be sufficient at all times to at least provide for the payment of the reason- able expenses of operation and maintenance of the System , the payment of the principal of , interest on and Paying Agent' s fees in connection with the bonds and the Outstanding bonds , as the same become due , and to maintain the other Funds at the required levels . As provided in the authorizing ordinance , this bond is exchangeable at the expense of the registered holder , at any time , upon notice to the City and upon surrender of this bond to the City at the office of the Paying Agent , for negotiable coupon bonds , payable to bearer but registerable as to principal only or as to principal and interest , in the denomination of $ 1 , 000 or $ 5 , 000 each , in the aggregate principal amount equal to the unpaid principal amount of this bond , and in the form of coupon bond provided for in the authorizing ordi- nance . The bonds shall be subject to redemption prior to maturity as follows : ( 1 ) In the case of excess funds from the proceeds of the sale of the bonds in the Construction Fund after the construction of the improvements has been completed and in the case of surplus revenues derived from the operation of the System , as set forth in the authorizing ordinance , the bonds shall be subject to redemption prior to maturity from funds from those sources , in whole or in part , on any interest payment date , at a price of par and accrued interest Page 9 with the redemption to be in inverse order of maturity (if less than all of a single maturity , then the principal amount of the fully registered bond for that maturity shall be prepaid in multiples of $ 1 , 000 , or if there are exchange coupon bonds for that maturity , then the exchange coupon bonds are to be redeemed in inverse numerical order) ; and (2) In the case of funds from any other source the bonds shall be subject to redemption prior to maturity , in whole but not in part , on any interest payment date at a price of par and accured interest . In the case of registered bonds (fully registered or exchange bonds registered as to principal only or registered as to principal and interest) notice of redemption shall be given at least 15 days before the redemption date by mailing to the registered holder of each bond a notice specifying the redemption date and the number and maturity of the bonds being redeemed (in the case of a partial prepayment of a maturity the notice shall specify the bond which is being partially prepaid and the amount of principal being prepaid) . In the case of exchange bonds (payable to bearer or registered as to principal only) there shall be published a notice of the redemption one time in a newspaper published in the City of Little Rock , Arkansas and having a general circulation throughout the State of Arkansas giving the number and maturity of each exchange coupon bond being called with the publication being at least 15 days prior to the redemption date . After the re- demption date each bond called for redemption (and in the case of a partial prepayment the amount of the principal being prepaid) shall cease to bear interest provided funds for the redemption are on deposit with the Paying Agent at that time . The fully registered bonds may be assigned , and upon assignment the assignor shall promptly notify the City at the office of the Paying Agent by registered mail , and the assignee shall surrender the bond to the Paying Agent for transfer on the registration records and verification of the endorsement made on the payment record attached hereto of the portion of the principal hereof and interest hereon paid or prepaid , and every such assignee shall take this bond subject to this condition . Page 10 It is hereby certified that all conditions , acts and things required to exist , to have happened and to have been performed precedent to and in the issuance of this bond do exist , have happened and have been performed in regular form , time and manner; that the indebtedness represented by the bonds does not exceed any constitutional or statutory limitation; and that sufficient revenues derived from the operation of the system have been pledged for and will be applied to the payment of the principal of and interest on the bonds to make those payments as the same become due . This bond shall not be entitled to any benefit under the authorizing ordinance or be valid or become obligatory unless it shall have been authen- ticated by the Paying Agent completing the Certificate appearing hereon . IN WITNESS WHEREOF , the City of Fayetteville , Arkansas has caused this bond to be executed in its name by its Mayor and City Clerk (with the facsimile signature of the Mayor but with the manual signature of the City Clerk) , thereunto duly authorized , and its corporate seal to be affixed , all as of the first day of February , 1969 . CITY OF FAYETTEVILLE , ARKANSAS By facsimile signature Mayor ATTEST: City Clerk (SEAL) Page 11 CERTIFICATE This bond is one of the fully registered bonds that is part of an issue of City of Fayetteville , Arkansas Waterworks and Sewer Revenue Bonds , Series 1969 , dated February 1 , 1969 , aggregating $ 940 , 000 in principal amount . REPUBLIC NATIONAL BANK OF DALLAS DALLAS , TEXAS By_ (Authorized Signature) (Form of Assignment) For value received , the registered owner last listed below sells , conveys , transfers , assigns and delivers this bond to the assignee last listed below: Registered Owner Assignee Page 12 PAYMENT RECORD Name of Paying Principal Agent Authorized Principal Balance Interest Official and Due Date Payment Due Payment Date Paid Title August 1 , 1969 _ February 1 , 1970 August 1 , 1970 February 1 , 1971 August 1 , 1971 February 1 , 1972 August 1 , 1972 February 1 , 1973 August 1 , 1973 February 1 , 1974 August 1 , 1974 February 1 , 1975 August 1 , 1975 February 1 , 1976 _ August 1 , 1976 February 1 , 1977 Doge 13 Principal Principal Balance Interest Due Date Payment Due Payment Name of Paying Agent Authorized Official and Date Paid Title August 1, 1977 February 1, 1978 _______________- August 1, 1978 February 1, 1979 - August 1, 1979 • February 1, 1980 ____ _ August 1, 1980 _ _ February 1, 1981 ___ August 1, 1981 __ February 1, 1982 August 1, 1982 February 1, 1983 _ _ _ August 1, 1983 _ _ _ February 1, 1984 _ _ _ ___ _____________- August 1, 1984 _ A _ February 1, 1985 August 1, 1985 __ __ _______________- February 1, 1986 Page 14 Due Date August 1, 1986 February 1, 1987 August 1, 1987 February 1, 1988 August 1, 1988 February 1, 1989 August 1, 1989 February 1, 1990 August 1, 1990 February 1, 1991 August 1, 1991 February 1, 1992 August 1, 1992 February 1, 1993 August 1, 1993 February 1, 1994 August 1, 1994 February 1, 1995 Name of Paying Principal Agent Authorized Principal Balance Interest Official and Payment Due Payment Date Paid _ Title r . Page 15 Principal Principal Balance Due Date Payment Due Name of Paying Agent Authorized Interest Official and Payment Date Paid Title August 1, 1995 February 1, 1996 August 1, 1996 February 1, 1997 August 1, 1997 February 1, 1998 August 1, 1998 February 1, 1999 August 1, 1999 February 1, 2000 August 1, 2000 February 1, 2001 August 1, 2001 I I• , • • S Page 16 and WHEREAS the coupon bonds, interest coupons to be attached thereto and the Certificate to be endorsed thereon are all to be in substantially the following form, with necessary variations, omissions and insertions, to -wit: 1 1' Page 17 UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF WASHINGTON CITY OF FAYETTEVILLE, ARKANSAS WATERWORKS AND SEWER REVENUE BOND SERIES 1969 No. R- - KNOW ALL MEN BY THESE PRESENTS: That the City of Fayetteville, Washington County, Arkansas, a municipality under the laws of the State of Arkansas (the "City") for value re- ceived," promises to pay to bearer, or if this bond be registered to the registered holder hereof, on August 1, 19`, the principal sum of DOLLARS in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay in like coin or currency interest on the principal amount at the rate of 5 1/2% per annum for the first six months (due August 1, 1969), at the rate of 5 3/4% per annum for the second six months (due February 1, 1970), and at the rate of 6% per annum thereafter (commencing with the interest payment due August 1, 1970) until paid, payable semiannually on February 1 and August 1 of each year. The principal and interest is payable at the principal office of Republic National Bank of Dallas, Dallas, Texas (the "Paying Agent"). This bond is part of an issue of. bonds aggregating Nine Hundred Forty Thousand Dollars ($940, 000) in principal amount, designated "City of Fayette- ville, Arkansas Waterworks and Sewer Revenue Bonds, Series 1969", dated February 1, 1969 (the "bonds"). The bonds were initially issued as fully regis- tered bonds but this bond is one of several exchange coupon bonds issued in exchange for and in lieu of a fully registered bond pursuant to the exchange privilege contained in the authorizing ordinance (hereinafter identified). The bonds are issued pursuant to and in full compliance with the 1 Page 18 Constitution and laws of the State of Arkansas, particularly Act No. 131 of the Acts of Arkansas for the year 1933, as amended, Act No. 132 of the Acts of Arkansas for the year 1933, as amended, Act No. 297 of the Acts of Arkansas for the year 1937, as amended, the decision of the Supreme Court of the State of Arkansas in Harrison v. Braswell, 209 Ark. 1094, 194 S.W.2d 12 (1946) and pursuant to Ordinance No. adopted and approved on the __ day of February, 1969 (the "authorizing ordinance"). The bonds are not general obligations of the City., but are special obligations payable solely from net revenues derived from the operation of the System. There is presently outstanding an issue of City of Fayetteville Waterworks and Sewer Revenue Refunding Bonds, dated June 1, 1963 issued under Resolution 7-63 adopted and approved on April 8, 1963 ("Resolution 7-63"), and an issue of City of Fayetteville Waterworks and Sewer Revenue Bonds, Series 1966, dated September 1, 1966, issued under Ordinance No. 1508 adopted and approved on August 8, 1966 ("Ordinance No. 1508") (both outstanding issues being collectively referred to as the "Outstanding bonds"), and the bonds are being issued on and shall rank on a parity of security with the Outstanding bonds. Provision is made for an amount of the net revenues derived from the operation of the System sufficient to pay the principal of and interest on the bonds and on theOutstanding bonds to be set aside in a special fund for that purpose identified as the "Waterworks and Sewer Revenue Refunding Bond Fund" (created by Section 5 of Resolution 7-63) with reference being hereby made to the authorizing ordinance (and to Resolution 7-63 and Ordinance No. 1508) for a detailed statement of the nature and extent of the security, the rights and obligations of the City and the registered holders of the bonds and the terms and conditions upon which the bonds are issued, including, without limitation, the covenant of the City to fix and maintain rates for water and sewer services which shall be sufficient at all times to at least provide for the payment of the reasonable expenses of operation and maintenance of the System, the payment of the principal of, interest on and Paying Agent's fees in connection with the bonds and the Outstanding bonds, as the same become due, and to maintain the , Page 19 other Funds at the required levels. The bonds shall be subject to redemption prior to maturity as follows: (1) In the case of excess funds from the proceeds of the sale of the bonds in the Construction Fund after the construction of the improvements has been completed and in the case of surplus revenues derived from the operation of the System, as set forth in the authorizing ordinance, the bonds shall be subject to redemption prior to maturity from funds from those sources, in whole or in part, on any interest payment date, at a price of par and accrued interest with the redemption to be in inverse order of maturity (if less than all of a single maturity, then the principal amount of the fully registered bond for that maturity shall be prepaid in multiples of $1,000, or if there are exchange coupon bonds for that maturity, then the exchange coupon bonds are to be redeemed in inverse numerical order); and (2) In the case of funds from any other source the bonds shall be subject to redemption prior to maturity, in whole but not in part, on any interest payment date at a price of par and accrued interest. In the case of registered bonds (fully registered or exchange bonds registered as to principal only or registered as to principal and interest) notice of redemption shall be given at least 15 days before the redemption date by mailing to the registered holder of each bond a notice specifying the redemption date and the number and maturity of the bonds being redeemed (in the case of a partial prepayment of a maturity the notice shall specify the bond which is being partially prepaid and the amount of principal being prepaid). In the case of exchange bonds (payable to bearer or registered as to principal only) there shall be published a notice of the redemption one time in a newspaper published in the City of Little Rock, Arkansas and having a general circulation throughout the State of Arkansas giving the number and maturity of each exchange coupon bond being called with the publication being at least 15 days prior to the redemption • •1. • I I • Page 20 date. After the redemption date each bond called for redemption (and in the case of a partial prepayment the amount of the principal being prepaid) shall cease to bear interest provided funds for the redemption are on deposit with the Paying Agent at that time. This bond may be registered as to principal alone or as to principal and interest and may be discharged from such registration, in the manner, with the effect and subject to the terms and conditions endorsed hereon and set forth in the authorizing ordinance. Subject to the provisions for registration endorsed hereon and contained in the authorizing ordinance, nothing in this bond or the au- thorizing ordinance shall affect or impair the negotiability of this bond and this bond shall be deemed a negotiable instrument under the laws of the State of Arkansas and is issued with the intent that the laws of the State of Arkansas will govern its construction. It is hereby certified that all conditions, acts and things required to exist, to have happened and to have been performed precedent to and in the issuance of this bond do exist, have happened and have been performed in regular form, time and manner; that the indebtedness represented by the bonds does not exceed any constitutional or statutory limitation; and that sufficient revenues derived from the operation of the System have been pledged for and will be applied to the payment of the principal of and interest on the bonds to make those payments as the same become due. This bond shall not be entitled to any benefit under the authorizing ordinance or be valid or become obligatory unless it shall have been authenticated by the Paying Agent completing the Certificate appearing hereon. Page 21 IN WITNESS WHEREOF, the City of Fayetteville, Arkansas has caused this bond to be executed in its name by its Mayor and City Clerk (with the facsimile signature of the Mayor but with the manual signature of the City Clerk), thereunto duly authorized, and its corporate seal to be affixed, all as of the first day of February, 1969. CITY OF FAYETTEVILLE, ARKANSAS By a acsimile signature Mayor ATTEST: City Clerk (SEAL) Page 22 On each bond shall appear the following: CERTIFICATE OF AUTHENTICATION This is one of the exchange coupon bonds that is part of an issue of City of Fayetteville, Arkansas Waterworks and Sewer Revenue Bonds, Series 1969, dated February 1, 1969, aggregating $940,000 in principal amount . REPUBLIC NATIONAL BANK OF DALLAS DALLAS, TEXAS By (Authorized Signature) (Form of Interest Coupon) $ No. February, On the first day of August, 19, the City of Fayetteville, Arkansas, unless the bond to which this coupon is attached is paid prior thereto, hereby promises to pay to bearer, solely out of the special fund specified in the bond to which this coupon is attached, DOLLARS in such coin or currency as at the time of payment is legal tender for the payment of debts due the United States of America, being six (6) months' interest then due on its Waterworks and Sewer Revenue Bond, Series 1969, dated February 1, 1969, and numbered R- - CITY OF FAYETTEVILLE, ARKANSAS Byfacsimile signature)_ Mayor • Page 23 PROVISIONS FOR REGISTRATION AND RECONVERSION This bond may be registered as to principal alone on books of the City, kept by the Trustee under the within mentioned Indenture as bond registrar, upon presentation hereof to the bond registrar, which shall make mention of such registration in the registration blank below, and this bond may thereafter be trans- ferred only upon an assignment duly executed by the registered owner or his attor- ney or legal representative in such form as shall be satisfactory to the bond regis- trar, such transfer to be made on such books and endorsed hereon by the bond registrar. Such transfer may be to bearer, and thereafter transferability by de- livery shall be restored, but this bond shall again be subject to successive regis- trations and transfers as before. The principal of this bond, if registered, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. Interest accruing on this bond will be paid only on presentation and surrender of the attached interest coupons as they re- spectively become due, and notwithstanding the registration of this bond as to principal, the appurtenant interest coupons shall remain payable to bearer and shall continue to be transferable by delivery; provided, that if upon registration of this bond, or at any time thereafter while this bond is registered in the name of the owner, the unmatured coupons attached evidencing interest to be thereafter paid hereon shall be surrendered to said bond registrar, a statement to that effect will be endorsed hereon by the bond registrar and thereafter interest evidenced by such surrendered coupons will be paid by check or draft of the bond registrar at the times provided herein to the registered owner of this bond by mail to the address shown on the registration books. This bond when so converted into a bond registered as to both principal and interest may be reconverted into a coupon bond at the written request of the registered owner and upon presentation at the office of said bond registrar. Upon such reconversion the coupons representing Page 24 the interest to become due therafter to the date of maturity will again be at- tached to this bond and a statement will be endorsed hereon by the bond regis- trar in the registration blank below whether it is then registered as to principal or payable to bearer. Manner of : Signature of Date of Registration: Name of Registered Owner : Registration; Bond Registrar • . • • • • • • • Page 25 Section 5. That it is hereby expressly found and declared that the provisions of Section 19 of Resolution 7-63 (and Section 14 (2) of Ordinance No. 1508) pertaining to the issuance of parity bonds have been fully met and com- plied with and that, therefore, the bonds of this issue shall rank on a parity of security with the Outstanding bonds. In this regard, the required Certificate of the independent certified public accountant shall be filed in the office of the City Clerk prior to the delivery of the bonds of this issue. Section 6. The City covenants, reaffirms and agrees that all revenues derived from the operation or ownership of the System shall be kept separate and apart from other Funds of the City. To that end the following special Funds have heretofore been created and are hereby reaffirmed: (a) Waterworks and Sewer Fund (b) Waterworks and Sewer Revenue Refunding Bond Fund (the "Bond Fund") (c) Waterworks and Sewer Revenue Refunding Bond Reserve Fund (the "Revenue Fund") (d) Waterworks and Sewer Contingency Reserve (the "Contingency Fund") (e) Waterworks and Sewer Repair and Replacement Fund (the "Repair and Replacement Fund") (f) Waterworks and Sewer Surplus Revenue Fund (the "Surplus Revenue Fund") Section 7. The City covenants, reaffirms and agrees that so long as the bonds or Outstanding bonds or interest on either remain outstanding and unpaid, the entire income and revenues derived from the operation or owner- ship of the System shall be set aside as collected and deposited in the special Fund known as the "Waterworks and Sewer Fund" and there shall be disbursed therefrom each month such sums as are reasonable and proper for the costs of operation and maintenance of the System. All revenues of the System not actually required to pay the costs incurred as permitted by this Section shall be deposited in the other Funds heretofore created and herein reaffirmed, each of which shall have priority thereto in the order listed in the preceding Section. Page 26 Section 8. On the first business day of each month, there shall be set aside and deposited into the Bond Fund not less than (a) the amounts required to be paid into such fund by Resolution 7-63 and Ordinance No. 1508 (for the Outstanding bonds) plus (b) the amounts required for the payment of the principal and interest on the bonds as the same become due in accordance with the following schedule, and to pay the Paying Agent's charges: I Page 27 INTEREST YEAR BOND NOS. PRINCIPAL FEBRUARY l AUGUST 1 TOTAL (Aug. 1) 1969 $ 25,850 $25,850 1970 R- 1 $ 25,000 27,025 28,200 80,225 1971 R- 2 16,000 27,450 27,450 70,900 1972 R- 3 17,000 26,970 26,970 70,940 1973 R- 4 18,000 26,460 26,460 70,920 1974 R - 5 19,000 25,920 25,920 70,840 1975 R - 6 21,000 25,350 25,350 71,700 1976 R- 7 18,000 24,720 24,720 67,440 1977 R- 8 20,000 24,180 24,180 68,360 1978 R- 9 23,000 23,580 23,580 70,160 1979 R- 10 2,000 22,890 - 22,890 47,780 1980 R- 11 1,000 22,830 22,830 46,660 1981 R- 12 5,000 22,800 22,800 50,600 1982 R- 13 4,000 22,650 22,650 49,300 1983 R- 14 8,000 22,530 22,530 53,060 1984 R- 15 8,000 22,290 22,290 52,580 1985 R- 16 9,000 22,050 22,050 53,100 1986 R- 17 9,000 21,780 21,780 52,560 1987 R- 18 15,000 21,510 21,510 58,020 1988 R- 19 17,000 21,060 21,060 59,120 1989 R- 20 19,000 20,550 20,550 60,100 1990 B.- 21 22,000 19,980 19,980 61,960 1991 R- 22 21,000 19,320 19,320 59,640 1992 B.- 23 18,000 18,690 18,690 55,380 1993 B.- 24 24,000 18,150 18,150 60,300 1994 R- 25 32,000 17,430 17,430 66,860 1995 R- 26 31,000 16,470 16,470 63,940 1996 R- 27 30,000 15,540 15,540 61,080 1997 R- 28 31,000 14,640 14,640 60,280 1998 R- 29 32,000 13,710 13,710 59,420 1999 B.- 30 35,000 12,750 12,750 60,500 2000 R- 31 38,000 11,700 11,700 61,400 2001 R- 32 352,000 -10,560 10,560 373,120 Page 28 For greater clarity, not less than the following amounts shall be deposited into the Bond Fund in addition to those required to be made therein by Resolution 7-63 and Ordinance No. 1508: (a) On the first business day of each month 1/6 of the next succeeding interest payment and Paying Agent's charges to become due on the bonds; (b) On the first business day of each month beginning August 1, 1969, 1/12 of the next maturing principal payment and Paying Agent's charges on the bonds; and (c) Such additional amounts if any be necessary, to provide sufficient funds for the interest due August 1, 1969. No further payments need be made into the Bond Fund when the amount contained therein and in the Reserve Fund is at least equal to the aggregate principal amount of the bonds and Outstanding bonds then outstanding, plus the amount of interest then due or thereafter to become due on all such bonds All money paid into the Bond Fund shall be held by the City in trust for the holder or holders of the bonds, the Outstanding bonds, and the coupons apper- taining thereto, and the City shall not have any beneficial interest or right in such money. All money deposited in the Bond Fund shall be used solely for the purpose of paying interest on and the principal of the bonds, the Outstanding bonds, together with the Paying Agent's fees, and for no other purpose. Section 9. The required level of the Reserve Fund shall be increased to $560,000. At the option of the City, all or any portion of the required increase may be deposited into the Reserve Fund out of the proceeds of the sale of the bonds or the increase (or the part not deposited out of bond proceeds) may be deposited out of revenues over the five-year period ending February 1, 1974 with not less than 20% of the increase (or the part not deposited out of bond pro- ceeds) to be deposited during each of such five years. The Reserve Fund shall be maintained at $560,000 and shall be used for no purpose other than to prevent a default in the payment of the principal of Page 29 and interest on the bonds and the Outstanding bonds. In the event moneys from the Reserve Fund are utilized for the aforesaid purpose, the Fund shall be restored to $560,000 from the first moneys in the Waterworks and Sewer Fund available for the purpose. Section 10. There is now on deposit in the Contingency Fund the sum of not less than $100,000. The Contingency Fund shall be maintained at that figure and shall be used only to the extent necessary to meet any emergency arising out of or affecting the continuous operation of the System as a revenue producing undertaking for which there are no other funds available or for preventing the default in the payment of principal of or interest on the bonds or Outstanding bonds, or performing any covenant of the City for which there are no other funds available. In the event moneys from the Contingency Fund are expended for those purposes, or any of them, the Contingency Fund shall be restored to $100,000 from the first funds available in the Waterworks and Sewer Fund. Section 11. There is now on deposit in the Repair and Replacement Fund the sum of not less than $50,000. The money in the Repair and Replace- ment Fund shall be used solely for the purpose of paying the costs of replace- ments made necessary by the depreciation and/or obsolescence of the System and in the event moneys from the Repair and Replacement Fund are expended for those purposes, or any of them, the Repair and Replacement Fund shall be restored to $50,000 from the first funds available in the Waterworks and Sewer Fund. Section 12. The deposits required to be made into the Reserve, Con- tingency, or the Repair and Replacement Funds by virtue of the preceding sections shall be made on the first business day of each month. If in any month the City shall for any reason fail to pay into the Funds the amounts required by Sections 8, 9, 10 and 11, amounts equivalent to such deficiency shall be set apart and paid into the Funds from the first available and unallo- cated revenues of the System for the following month or months (having the Page 30 priority of application in the order the Funds are listed in Section 6), and such payments shall be in addition to the amounts hereinabove provided to be other- wise paid into the Funds during such month or months. Section 13. Any revenues remaining in the Waterworks and Sewer Fund after the payments required by Sections 7 through 12 hereof shall be set aside and deposited into the Surplus Revenue Fund and may be used to call bonds and Outstanding bonds for redemption or for the construction of improvements and betterments to the Systems, or for any lawful purpose. Section 14. The provisions of Sections 4, 10 through 20 and 23 of Resolution 7-63 are hereby made applicable to the bonds and shall inure and appertain to the bonds to the same extent and with like force and effect as if set forth in full except that a financial statement (required by Section 16) shall also be filed with the Paying Agent. Any reference to "bonds" or "Water and Sewer Revenue Refunding Bonds" as contained in said Sections shall mean the Outstanding bonds and the bonds of this issue. The intended effect of incorporating of those provisions of Resolution 7-63 herein, shall be to make those provisions fully applicable to the bonds of this issue and the language of Resolution 7-63 shall be construed and interpreted to accomplish that intended effect. In this regard, however, it is expressly covenanted: (1) So long as any of the Outstanding bonds, or any of the bonds of this issue, or any bonds subsequently issued on a parity herewith, are out- standing and unpaid, principal and interest, the City shall always continuously and efficiently operate the System as a revenue producing undertaking and shall always charge and maintain in effect (and shall increase the same from time to time if and to the extent necessary) rates for the services of the System which will produce revenues at least adequate for the operation and maintenance ex- penses of the System, for making the required deposits into the Bond Fund for the purpose of paying the principal of, interest on and Paying Agent's fees in connection with the bonds, and the Outstanding bonds, maintaining the Reserve • Page 31 Fund at the required level ($560,000), maintaining the Waterworks and Sewer Contingency Reserve at the required level, maintaining the Waterworks and Sewer Repair and Replacement Fund at the required level, and discharging all other monetary and other obligations of the City under Resolution 7-63, Ordinance No. 1508 and under the authorizing ordinance; (2) The provisions of Section 19 of Resolution 7-63 pertaining to the issuance of additional bonds shall be applicable with the result that the bonds of this issue shall be included with the Outstanding bonds and with any bonds then proposed to be issued insofar as the 133 1/3% coverage requirement for parity bonds is concerned; and (3) The investment provisions of Section 23 of Resolution 7-63 are intended to be applicable to any funds available for investment (except moneys in the Construction Fund created by Section 9 of this ordinance which contains express provisions) and shall be considered part of the particular fund out of which moneys are invested, with earnings credited to the fund and losses charged against the fund, except, of course, when earnings in the Reserve Fund, the Contingency Reserve and the Repair and Replacement Fund increase the amount in the particular fund in excess of the required level of the particular fund the excess may be transferred into the Waterworks and Sewer Fund. Section 15. That the bonds shall be subject to redemption prior to maturity as set forth in the bond forms appearing in Section 4 hereof. In this regard it is expressly understood that the redemption of the Outstanding bonds and the redemption of the bonds of this issue is entirely separate so that there need be no proportionate or pro rata redemption of bonds and that the bonds of any issue may be redeemed, in accordance with the applicable redemption pro- visions pertaining to the particular issue, in whole or in part without any redemption of any of the bonds of any other issue. Section 16. That when the bonds have been executed and the seal of the City impressed as herein provided, they shall be delivered to the Paying I Page 32 Agent, which shall authenticate them and deliver them to the order of Republic National Bank of Dallas, Dallas, Texas upon receipt by the Paying Agent, on behalf of the City, of the sum of Nine Hundred Forty Thousand Dollars ($940,000) plus accrued interest from February 1, 1969 to the date of delivery of the bonds (the "total sale proceeds"). The Paying Agent shall disburse the total sale proceeds as follows: (a) The amount of the accrued interest shall be deposited into the Bond Fund; (b) Any amount specified, if any be specified, in a Letter of Instructions signed by the Mayor and delivered to the Paying Agent, as an increase in the Reserve Fund shall be deposited into the Reserve Fund (in this regard Republic National Bank of Dallas, Dallas, Texas is hereby designated as an eligible depository for all or any portion of the Reserve Fund with this designation being made pursuant to the provisions of Section 4 of Resolution 7-63); and (c) The balance of the total sale proceeds shall be paid into a special fund of the City which is hereby created and designated "Series 1969 Water and Sewer Construction Fund" (the "Construction Fund"). The Construction Fund shall be maintained in a depository or depositories, designated from time to time by the Board of Directors of the City, that is a member of the Federal Deposit Insurance Corporation (Republic National Bank of Dallas, Dallas, Texas is hereby designated as one of the depositories which shall be eligible for the deposit of all or any portion of moneys in the Construction Fund) • The moneys in the Construction Fund in excess of the amount insured by the Federal Deposit Insurance Corporation, unless invested as hereafter specified, shall be con- tinuously secured by bonds or other direct or fully guaranteed obligations of the United States of America, or bonds issued by the City, including this Series. The moneys in the Construction Fund shall be disbursed for the payment of the cost of accomplishing the improvements, paying necessary expenses and making Page 33 necessary expenditures incidental thereto, paying engineering fees, paying legal fees, and paying any expenses of the City incurred in the authorization and issuance of the bonds. Each disbursement shall be by check or warrant signed by the City Treasurer and the Manager of the System which shall reflect in respect of each payment: (1) The name of the person, firm or corporation to whom payment is due; (2) The amount to be paid; and - (3) The purpose by general classification for which the obligation to be paid was incurred. When the improvements have been completed and all authorized expenditures from the Construction Fund have been made, if there be any remain- ing balance in the Construction Fund, the City Treasurer and the Manager of the System shall file a Certificate with the depository of the Construction Fund, with a copy of the Certificate to be filed in the office of the City Treasurer, stating that the improvements have been accomplished and that all authorized expenditures have been made and specifying the disposition to be made of the remaining balance in the Construction Fund. In this regard, any remaining balance may be used for redeeming bonds or may be transferred to the Bond Fund. Upon receipt of the Certificate the depository of the Construction Fund shall transfer or disburse the remaining balance as directed in the Certificate. Moneys in the Construction Fund may be invested and reinvested, as directed by the City Treasurer or Manager of the System, in direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America, or in Certificates of Deposit of the Paying Agent which shall mature not later than the dates that the moneys in the Construction Fund will be needed for the accomplishment of the improve- ments, as shall be determined by the City in its sole discretion. Investments shall be deemed at all times a part of the Construction Fund and any earnings shall be credited to the Construction Fund and any losses shall be charged to the Construction Fund. Page 34 Section 17. Title to any exchange coupon bond (references in this Section 17 to "bond" shall mean exchange coupon bonds), unless such bond is registered in the manner herein provided, and to any interest coupon shall pass by delivery in the same manner as a negotiable instrument payable to bearer. The City shall cause books for the registration and for the transfer of the bonds as provided in this Ordinance to be kept by the Paying Agent as Bond Registrar. At the option of the bearer, any bond may be registered as to principal alone on such books, upon presentation thereof to the Bond Registrar, which shall make notation of such registration thereon. Any bond registered as to principal may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed on the bond by the Bond Registrar. Such transfer may be to bearer and thereafter transferability by delivery shall be restored, subject, however, to successive registrations and transfers as before. The principal of any bond registered as to principal alone, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative, but the coupons appertaining to any bond registered as to principal shall remain payable to bearer notwith- standing such registration, provided, that if upon registration of any such bond, or at any time thereafter while registered in the name of the owner, the unmatured coupons attached evidencing interest to be thereafter paid thereon shall be surrendered to said bond registrar a statement to the effect will be endorsed thereon and thereafter interest evidenced by such surrendered coupons will be paid by check or draft by said bond registrar at the times provided therein to the registered owner by mail to the address shown on the registration books. Each of the bonds when converted as aforesaid into a bond registered as to both prin- cipal and interest may be reconverted into a coupon bond at the written request of the registered owner and upon presentation at the office of said bond registrar. Page ?s Upon such reconversion the coupons representing the interest to become due thereafter to the date of maturity will be attached to the bond and a statement will be endorsed thereon by said bond registrar in the registration blank on the back of the bond whether it is then registered as to principal or payable to bearer. No charge shall be made to any bond holder for the privilege of registration and transfer hereinabove granted, but any bond holder requesting any such registration or transfer shall pay any tax or other governmental charge required to be paid with respect thereto, if any be applicable under governing laws to the particular registration or transfer. As to any bond registered as to principal, the person in whose. name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any bond shall be made only to or upon the order of the registered owner thereof, or his legal representative, and neither the City, the Paying Agent nor the Bond Registrar shall be affected by any notice to the contrary, but such registration may be changed as herein provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums so paid. The City, the Bond Registrar and the Paying Agent may deem and treat the bearer of any bond which shall not at the time be registered as to principal, and the bearer of any coupon appertaining to any bond, whether such bond be registered as to principal or not, as the absolute owner of such bond or coupon, as the case may be, whether such bond or coupon shall be overdue or not, for the purpose of receiving pay- ment thereof and for all other purposes whatsoever, and neither the City, the Bond Registrar nor the Paying Agent shall be affected by any notice to the contrary. Section 18. That this ordinance shall not create any right of any kind, and no right of any kind shall arise hereunder pursuant to it until the bonds shall be issued and delivered. Section 19. That if any provision of this ordinance shall for any Page 36 reason be held illegal or invalid, such holdings shall not affect the validity of the remainder of the provisions of the ordinance. Section 20. The City agrees to pay the following Paying Agent's fees: (1) A semiannual fee of $50.00 for the payment of principal and interest of all fully registered bonds; (2) A fee of 12 1/2 cents per coupon and $1.25 per bond for the payment of principal and interest of $5,000 denomination exchange coupon bonds; and (3) For services as registrar as to principal only (effective upon submitting of initial bond for registration) : (i) A minimum annual charge of $25.00 for the registration of not to exceed 25 bonds in any one year and (ii) 50 cents for each additional bond registered or discharged from registration in any one year. Section 21. That the Mayor is hereby directed to publish for one insertion in Northwest Arkansas Times which is hereby found and declared to be a newspaper published in Fayetteville, Arkansas, and of general circulation therein, this ordinance, to which shall be attached a notice signed by him in substantially the following form: Page 37 NOTICE Notice is hereby given that the Board of Directors of the City of Fayetteville, Arkansas, has adopted the ordinance herein- after set out; that the City contemplates the issuance of the Waterworks and Sewer Revenue Bonds described in the ordinance; that any person interested may appear before the Board on the,/ day 1969, at7,tOO o'clock /.m., at the usual meeting place of the Board held in Fayetteville, Arkansas and present protests. At such hearing all objections and suggestions will be heard, and the Board will take such action as is deemed proper in the premises. DATED this�"G day o�, 1969. Page 38 Section 22. That all ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 23. That it is hereby ascertained and declared that the waterworks and sewer facilities of the City are inadequate for the present and for the foreseeable future and that by reason of such inadequacy the lives, property, and welfare of the City are in jeopardy. The hazard can be alleviated by the construction of the improvements but the bonds must be issued in order to obtain necessary funds for accomplishing the improvements, It is, therefore, declared that an emergency exists, and this ordinance being necessary for the immediate preservation of the public peace, health and safety, shall take effect and be in force from and after its passage. PASSE ,1969 (SEAL) CERTIFICATE The undersigned, City Clerk of the City of Fayetteville, Arkansas, hereby certifies that the foregoing pages, numbered 1 to inclusive, are a true and perfect copy of Ordinance No. /h -J l adopted at a session of the Board of Directors of the City of Fayetteville, Arkansas, held atG 11�&an said City, at_1% o'clock 7?. .m., on the ___ day of , 1969, and that said ordinance is of record in.Ordinance Record Book No. _ at page now in my possession. GIVEN under my hand and seal on this = day of 1969. (SEAL) NOTH F; tared bond and in addition shall be num- Notice Is hereby given tha4-rhe Board arced eagsecvtively from 1 upwards; for A of Directors of the (ltr or- Fayetteville. example, the dea!gnatlo° shall he Arkansas. has etlbpte:l the ordinance "R-1.1", etc. There shall be no exchange hernnafter set out: that the dly conlem- yrn'ilege from coupon bonds to fully - plates the issuance or the W'aterwotks registered bonds T of Al KANSAS and Sewer P,evenue Bands described in Section 3. The I bonds shall be executed SS the ordinance: that any person inter- on behalf of the City by the Mayor and JJ esma y ay appe4t' battle has Board on City Clerk and shall have impressed unty of Washington Me 17th day or Februar', 1969. at 1:30 thereon the stet of the Cab". The fattim- Of e! the p.m., at the usual meeting place liup sl COfSP of theW Mayor may be used ka the andrd e in otesis. te, Ar- Amrfaabf t .110 the provisions of kensaa and present pmteals. At such Act Ni a of tM ACb of Ark=ms for hearing all objections and suggestions the year 13U. llternt Coupons attached ----.- - ---a--------- ------------------.. , hereby certify that I will be heard. and the Board will take to the c ipm baerrtYgll be eaeClltee the (Gene l Manager) of THE NORTHWEST ARKANSAS TIMES such adlm as L deemed proper In the by the faolsnlfe signature of the Mayor. g ) , promises. The Mayor. facsimile signature shall ail,v newspaper having a second class mailing privilege, and being not DATED this 3rd de of February. 1969, has', the $ f*'N. and' effect ea If he Garland Mew., Jr., AlgNor had Denonali AWIld the bonds or mu-� than four pages of five columns each, published at a fixed place of ORDINANOt. NO. 1123 nnesmanual bonds shall be executed by Smess and at a fixed (daily) intervals continuously in the City of AN ORDINANCE, 4ROVIDING FOP,gnafun at the City Clerk. THE ISSUANCE QV WATERWORKS The prtadeal Of sad Interest on the vetteville, County of Washington, Arkansas for more than a period AND SEWER RB UE BONUS SF.- bonds shalt bun payable solely out of the RIEB 1962. BY CITY OF FAY- Bond Fund (hereafter referred to and twelve months, circulated and distributed from an established place of F.TTErJltLE. ARKANSAS FFOR THE "hell be a valid elaim of the bondhdden meS3 to subscribers and readers generally of all classes in the City PUtPOSE OF p9htAaiTNG m cos'r only against the Bond Fund and the TO 'fl' C a,t cottaanRt•1TNG Ex- avenues pledged to the Bond Fund ounty for a definite price for each copy, or a fixed price per annum, TENSIONS, SYIT'B ENfe AND IM- which reveaue (being net revenues dc-i. PROVEMISNIB To THE WATER- raved from the operation of the SyatgD)�lch price was fixed at what is considered the value of the publication, WORKS AND SEWER SYSTEM OF THE are hereby pledged and mortgaged forked upon the news value and service value it CITY: PROVIDING FOR THE PAY- the equal and ratable payment of the P contains, that at least fifty 7. W.NT OF THE PRINCIPAL OF AND p^ncipal of and Interest on the bonds, rcent of the subscribers thereto have paid cash for their subscriptions INTEREST ON 1744 BONDS; PRE- and the Outstanding bonds which rank SCRIBING OTHER MATTERS RELAT- an a Mete of security, and the Head the newspaper or its agents or through recognized news dealers over a 1NO THERETO: AND DECLARING Fund hshall used for nIntereest °on ineriod of at least six months; and that the said newspaper publishers an AN EMERGENCY.of \\HEREAS the municlmRy owned was bounds shall not connnute an Indexed-erage of more than forty percent news matter. lerwmts and newer nicip ll of the City ness of the City within any constitutional or statutory limitation. of Fayetteville, Arkansas (the "at..") . ¢bon 4. The hilly registered bonds further certify that the legal notice hereto attached in the matter of are operated one soeipl under- shall be in substantially the following taking and will be herein samaumu ID tormv fred to as Its 'System; and Enron of Nly registered bond) WHEREAS extensions betterments UNITED STATES OF AMERICA er improvements to the system are STATIC OF ARKANSAS____l_'(J_�r.!___ ....,acv and the sty has Nun pre- ___" - - _ __---- _-__---- _------------------------------- rvl br John E. Mahafrey A Associates. OOVNTY OF WAlJ.E, ON And L. )I. Nc(loedwin, Conau pre. C1TL OF FAYETrEVILLE, ARKANSA. urea. fix ev!sti tea um pa- WATF.RWORK9 AND SEWER as published in the regular daily issue of said newspaper for...J • ,Air plane and , wall Me flu. Die- l ht LNUE .BOND SERIES 19M .ring Repanz ':, and the Board of K°' P.- g- -- � insertions as follows: ', to -s and afEclals of the City and XNOR' ALL MEN BY THESE \\'alrvwortttband Sewer Department PRESENTS, c • summa i mguenng Reports, That the al t Fa ettevlate Will The first insertion on the -. _. -6(5 - day of '.reed wits the consulting engineers InVon Saab' ugo. a municipality otherwise r*altgatel the e x t e n- duly existing IfJlaer the Constitution mind betterii a Improvements re- laws of the fm of Arkansas (the . second insertion on the --------------------day -___.-____---__- 19____. • run Iberei,, leetively referred to CID), " for vale. received, promlni to _ __.. _ _ day of Pr "m)prnvgllnts') and the metA pay to Republic National Bank of Dab, d Pr'.:: he l them, all from the stand- Mel pr'Indpu sum a g^s the • Payaa„) , third insertion on the _. day of ---------------------- • of Is best Intthe ace of the Clly, •r. . DOLL�a — -- - - - 19---- . o..•,...: and the users of the S's on the first day of August, 18._......-dA A� beenarid is hereby Stan Yom or ea an At' of the ofUStod M- d the fourth insertion on the _ __ day of -._ __ 1 tie ion ODnamenls rc Nate, M Amerlle l et the tape pay- - Prnmic rmR I l,' ' chap be duel tender edr the s of . o rvr ° " d 1-li due the United ee States of s and to pay blood t nt lies rPp tes n'nomt of this bond front nn:e valuing unpaid Si like cum ,.. - it the rate o of Si;met per coot :: for , the fins a rrlonl hs (due , :inter at the rate of nda der worn to and subscribed before me on this -----------------------day of _-_--.----___. ..r nnfaw for the second six . r ,,. Feb1. ruary a 1 and M Par annum ih~R ,p ry t,c rmenCinR with the interest __ --19 G_/- August 1. 1970: until paid. :lannwllY on Febnran' 1 tied each Naar Payment of pfl . - arrest shall be made at the - Eepnmic National Bank g net• Not Public r , Alias Texas /the "Paying S. .. ... menu ry of,nMip"1 and Interest, , !I 19 pmts of principal U' .- cutter .Peed, shall be by cheep ..•d m raer a and payments other My Commission Expires: iFir final payment at maturity smell Ir tv:ll .-f the nec't,itv of tile rn drr nq t' i; M nd and gel I. the extent record The Paying c1 Ar. o"� a Heard t all time pay - IA • ee may al Any time' Fees for Printing t..s r,md to the Paying Agee) -----$ __.. .. •nation r the Payment Read I 'all pavmeMh teereretdmalt. n" final iem-pfte , weipalal and rn-I Cost of Proof _-.__ $ _____.___ I. :� bo"e fan' be s Mrea to Agentt for cancellation and o ' the city. Total ----------$---------------------- TII p F • n a:*r; molt an' leeae of beads ' ':1 YW 1 rtl'J le lu sA'. None 1Rundred Forty ThoW-I ED by the Board or I proctors of the I and r'ollars ($9t,mo) In - febtdpalI ate CS flhetbnle. Arkansan: amomlt- issued barely ea fully eatsry sect,rwi 1.'That the Improvements be I tared lands. designated. "Clay of su'rnn:pllshed. In th's rr¢Ar' r -.e ap ettevme, Arkansas Waerwert. and Sew- , ..', - - er En ry ul. cn,9da (the .Do969"). doNd The a bands are Ming issued for lIe purpose f IInsn, n: the east of eonaruoI ng ex- -.r. on, b. it.' ,, ....:s n..Pnents _. ties 1'• _ .d Af' one A to as the • -II. ^m ::Presmu as .a c e -r u • A. " ""n v ..''I ,i rsuaet to and • ln,ca : 'T ti- nr 'I tip V. tie Constitution gene ' irkan0s. Par- ., ..e Acres of AP v d ).n [.., _ f ti,e A.1 kA suns f -,r Ibe .roar 1?II, an amended, Of Arkancas for the year 193r as amend- Act No. 132 M the Aete of Arkansas for ad, and the decision Of M Hamwme Court I the year 1936, or amended, Act No. 297 ._ 'a a.. ,. I State of Arkansas Ia Harrison v. Braswell. 2119 Art. 1091, 194 8. W. 2d 12 11946). City of Fayetteville, Arkansas. Waterworks and Rawer Revenue Bands. ■cries 196$, are hereby authorized and ordered issued in the aggregate princi- pal amount of IS40,R00. The bonds shall be dated Febroary 1, 1969 and interest .here- on shall be payable on August 1, 1969 and semiannually thereafter on February 1 and August 1 of each year. The bonds shall be Initially Issued as fully registered bonds (registered as to principal and a1 to intemtI and the principal and In- terest Shull be payable at the principal office of Republic National Bank of Pal - Interest llat the rota of as, texas. The bonds will a 5$ per cent per annum for the lint six month, (due August 1, 1969). at the rate of 5% per cent per annum far the next six months (due Felnvary 1, I9i0i. and at the rate of R per cent per annum thereafter until paid. The bonds shall be numbered and shall mature as eel forth In the following schedule, unless the rind l is the d prepaid epai a. hereafter' provided, and shall be In the 'varying denominations reflected by the sd'edule (with then be- ing one bond for each year in the denom- inetlon of the entire principal maturity for the year): Principal Year Bond Nos. Amount (August 1) 1970 R -t $ 25,0)11 1971 R.2 16.11110 1972 R3 17.000 17,000 1973R-4 1974 R-5 19,000 19F. R-6 21. 19.000 1976 R.7 1911 R-2 20,000 1979 .R-9 23, 1990 R-11 I'" 1980 1981 R-12 - 3,000 1982 R-1 4.000 1984 R-14 8.000 I9R4 R-15 9,0IB 190.5 R-16 9,000 I9RIi R-17 logs R -1R 15,1100 198th R-19 17000 1999 R-20 19.000 1900 R-21 22,010 9991 R-22 28,000 1992 R-23 18,000 1993 R-24 21.000 1994 R-25 31.r.o 1999 R-26 1996 R-21 31,000 1997 R-20 I'MR R-29 32,000 moo A-30 35.000 21000 R -3l 52,000 l R-32 352,1100 Payments of Interest and Drcany bots nd of principal m made In respect or any $der themade the ragent, without thereofther of his designated , agent, s without sh It the bond, and all such liga- ments shell y discharge rsthe Ob and Rom of the extentCity f In respect of such bond to P yinga the to keep so made. The Paying Agent is to mad. red upon record of all payments made, and bond shall the registereda holder any bond shall present Methe same to the Paying Agent that ➢roped t of the pent ment can be made on the City agrees atattached to the reas. The pity agrees that as sour as thereasonably pos- sible writ after "qua receipt by s City of the of any request an the registered ipholder of any bond and upon receipt by the City of the expenses to M Incurred by f ti a fshowing to the Cl e. toexpense! thf lahsl9etlid of the qity,ues Nht wilt paid upon repneg, the City cwill and able to negotiable coupon bonds, pay- able to bearer but principal as to prin- cipal Ithe only as to principal 1. And rntere,h iha denomination or $ 000 or each$hold- As requested l by the registeredofc upld- on bin ereafterial substantially the foOcoupon bond In hereafter In this Ordinanceipset equal io the unpaid teprincipal principal amount of equal the unpaid wihamount of the registered Wbond, with coupon, an- nexed thereto maturing n after the registered to which be on the fully rtill caul have been paid. The City nti- rated such coupon bonds loaauthenti- cated Dal- las, by RTexas Nati(the Bank iDal and Dallas. ver Texas e 'Paying Agent') and delivered tthe ond upon holder of the fully registered on bond upon surrender and cancellation of the fully registered or such. The City shall fator the time of any such request far an ponexchangee de a fully registered bond for coupon fonds deliver to the Paying am a Certificate Midcertion the principal gired untbond then the un- paid on the fully resistercd bond and the tered bond i Any hilly nx shall be can City. The R Wofected be )samaras or abler the pre resonant bonds eenteb the d t on the fully regls- �'e been fully Raid. Agent on a of the Acts w Arkans.- me year i 1937, as amended, the decision of the Supreme Court of the State of Arkansas in Harrison v. Burwell, 209 Ark. 1094. I 196 R.W. 2d 12 (1946) and pursuant to Ordinance No. 1653 adopted and approved on the 3rd day of February, 1969 (the "authorizing ordinance'), The bonds are not general obligations of the City, but are special obligations payable solely them net revenues derived from the oper- ation of the System. There Is presently outstanding an issue of City of Fayette- ville Waterworks and Sewer Revenue Refunding Bonds, dated June 1. 1969 Issued under Resolution 7.63 adopted and approved on April 8, 1964 ("Resolution 7hR"). and an issue of City of Fayette- ville Waterworks and Sewer Revenue Bonds, Series 1966, dated September 1. 1966, Issued under Ordinance No. 1509 adopted and appeared on August 8. 1966 ('Ordinance No. 1W") (both oautand- ing issues being collectively referred to as the "Outstanding bonds"), and the bonds are being Issued on and shall rank on a partly of security with the Out. standing bonds, Provision is made for an amount of the net revenues derived from the operation of the System suffi- cient to pay the principal of and interest on the bonds and on the Outstanding bonds to be set aside in a special fund for that purpose Identified as the "Wa- hereby made to the authorizing ordi- nanc (and to Resolution 7-U and Ordi- nance No. 1508) foe a detailed statement of the nature and event of the security. the rights and obligations of the City and the registered holders of the bonds and the terms and conditions upon which the bonds are issued, including, without lim. nation, the covenant of the City to fix and maintain rates for water and sewer services which shall be sufficient at all times to at least provide for the pay- ment of the reasonable expenses of operation and maintenance or the Sys- tem. the pament of the principal of, in- terest on and Paying Agent's fees In connection with the bonds and the One standing bonds, as the same become d..r and to maintain the other Funds at the required levels. As provided in the authorizing o nance. this bond is exchangeable at expense or the registered holder, at a, time, upon notice to the City and non. surrender of this bond to the Oity at the office of the Paying Agent, for negotiable coupon bonds, payable to bearer but registerable as to principal only or as to principal and Interest, in the denomina- tion of $1.000 or $5,000 each, in the ag- gregate principal amount equal to the unpaid principal amount of this band. and in the form of coupon bond provided for In the authorizing ordinance. The bonds shall he subject to redemp- Unit prior to maturity as follows: (1) In the case of excess funds from the proceeds of the sale of the bonds in the Construction Fund after the constnir Lion at the improvements has been cc n- pleted and In the case of surplus reven- ues derived from the operation of the System. as met forth In the authorizing ordinancethe bonds shall be subject to redemption prior to maturity from funds from thane sources. in whole or in part, on any interest pai'ment date, at a price of bur and eecrued interest with the re- demption to be in Inverse order of ma- turity (if less than all of a single ma- turity, then the principal amount of the fully registered bond for that maturity shall be prepaid in multiples of $1000. or If there are exchange coupon bond. for that maturity, then the exchange coupon bonds are to be redeemed in in- verse numerical order); and (2) In the case of funds from any other source the bonds shall be subject to redemption prior to maturity, in whole but not in part, on any interest payment date at a price of par and accrued In the case of registered bonds (fully registered or exchange bonds registered as to principal only or registered as to principal and interest) notice of redemM ties shall be given at least 15 days before the redemption date by mailing to the registered holder of each bond a notice specifying the redemption date and the number and maturity of the bonds being redeemed (in the nee of a partial pre- payment of a maturity the notice shall specify the bond which Is being partially prepaid and the amount of principal be- ing prepeld). In tee case of exchange bonds (payable to bearer or registered as to principal only) there shall he pub imbed a notice of the redemption one time in a newspaper published in the City or Little Rock, Arkansas and having a general circulation throughout the State of Arkansas giving the number and maturity of each exchange coupon bond being called with the publication being at least 15 days prior to the redemption date. After the redemption date each bond called (or :-r lemouon 'and m case of a partial prepayment to amou of the principal being prepaid, sha cease to bear interest provided turn for the redemption are on deposit wi the Paying Agent at that time. The fully registered bonds may be a signed. and upon assignment the ass' nor shall promptly notify' the City at t office of the Paying Agent by register mail, and the assignee shall surrend the bond to the Plying Agent for trans( on the registration records and verifl tied of the endorsement made on t payment record attached hereto of t portion of the principal hereof and I terest hereon paid or prepaid, and eve l such assignee shall take this hand aubje Ito this condition. It Is hereby certified that all condition arts and things required to exist, to hay happened and to have been perfarme precedent to and in the issuance of thi bond do exist, have happened and hay been performed in regular form, tim and meaner; that the indebtedness re resented by' the bonds does not excee any constitutional or statutory limit tone; and that sufficient revenues d rived from the operation of the syste have been pledged for and will be e plied to the payment of the principal and interest on the bonds to make lh payments a, the same beeonitl due This bond shall not be entitled to an benefit under the authorizing ordinanc It be valid or become obligatory antes It shell have been authenticated by th Paying Agent completing the Certgicat I, ever IN WTPNES9 WHEREOF, the City o Fayetteville, Arkansas has caused thi bond to be executed in its name by It Mayor and City Clerk (with the facisim He signature of the Mayor but with th manual signature of the City Cleft) thereunto duty authorized, and Its cur porate seal to be affixed, all as of th first day of February, 1969. (flit OF FAYEPPEVIIJE ARKANS By (facsimile signature) Mayor Attest: City Clerk (SEAL) CERTIFICATE This bond Is one of the fully registered bonds that Is Part of an issue of City o Fayetteville, Arkansas Waterworks an Sewer Revenue Bonds. Series 1969, dated February 1. 1949. aggregating 6940,000 In principal amount. REPUBLIC NATIONAL RANK O DALLAS. DALLAS. TEXAS By (Authorized Signature) Form of Assignment Far value received, the registered own- er last listed below sells, conveys, transfers, assigns and delivers this bond to the assignee last listed below: Registered Owner Assignee PAYMENT RECORD is d iy BI i,, m inQ,nm nN n nn^n 3'n is ti 5 61 c a I. a�f Aug. 1. 1969 Feb. 1. 1970 _____ Aug. 1. 1910 __._._ __ Feb. 1. 1911 ____ —__ _.._ _ �_ Aug. 1, 1971 _.._._ _ ___ 1 -ph. 1, Aug. Au 1, 1S7rib __ __ __ __ Feb. 1, _ 1973 Aug. 1. 1973 _ _ _ Feb. _ 1. _.-- 1974 ____ Aug. 1, 1974 . _.._ _ Feb. _ _ 1, Aug. 1. iwmFell __.._ F-eb. ___ 1. 1956 __ __ Aug. _ _ 1, 1976 _ —_ __ Feb. _ _ 1, 1977 _.______-_ Aug. 1. 1977 ______ Feb. L the to pay i !like coin or currency Interest m on hr principal amount at the rate of II 511 we cent per annum for the first six Is months (due August 1, 1969,, at the rate [M1 of 511 per cent per annum for ha second c',c months due 'February I 19101, and a. at the rate of 6 per cent per annum C. thereafter (commencing with the inter - he est payment due August 1, 1970) until ed paid, payable semiannually on February ey 1 and August 1 of each year. The princi- r pal and interest Is payable at the princi- pal Pat office of Republic National Bank of M1e Dallas, Dallas, Texas (the "Paying he Agent"), This bond is ➢art of an Issue of bonds aggregating Nine Hundred Forty Thous - 't and Dollars ($94O.DDIP in principal amount, designated "City of Fayetteville, s Arkansas Waterworks and Sewer Rev- enue Bonds, Series 1989". dated Feb - d Mary 1, 1.q the "bonds'). The bonds c were Initially Issued as fully registered e bonds but this bond is one of several e exchange coupon bonds Issued In ex. change for and in lieu of a fully regis- ittered bond pursuant to the exchange e- privilege contained in the authorizing or- e dianance (hereinafter Identified). rp The bonds are Issued pursuant to and P- In full compliance with the Constitution of and laws of to State of Arkansas, par- ticularly Act No. 131 of the Acts of Ar, kansas for the year 1933. as amended. Art No. 132 of the Acts of Arkansas for e the year 1913, as. amended, Act No. 297 s of the Acts of Arkansas for the year 1937. a as amended, the decision of the Supreme e Court M the State of Arkansas In Harri- son I. Braswell, Ze Ark. 1094, 194 SW. 24 12 1946) and pursuant to Ordinance No. 1653 adopted and approved on the 3rd s day of February, 1989 (the "authoriaing ordinance"). The bonds are not general g obligations of the City, but are special obligations payable solely from net rev. enues derived from the operation of the e System. Them Is presently outstanding an Issue of City of Fayeltevilie Water works and Sewer Revenue Refunding $ Bonds. dated June 1, 1963 Issued under Resolution 743 adopted and approved on April 8. 1963 ("Resolution 7-63"), and an issue of City of Fayetteville Waterworks and Sewer Revenue Bonds, Series 1966, dated September 1, 1966. Issued under Ordinance No. 1508 adopted and approved on August 8, 1966 (Ordinance No, 1509") (both Outstanding Issues being collective - d lys"), referred to as the Outstanding ed on and1, and n nnasare being security tuned and shall rank on a parity of viionis withmthe Outstanding bonds. riven is F efor an amount r the net heenues terderived from the operation i the Sys interest stsufficient on to pay the reip of oud Out- standing b the s bonds and on the Oua spending ndngs to set aside in d special fund Wfor thats purpose identified as the Waterworks and Sewer Revenue Refunding Bend Fund" )crested be Sec- tion 5 of by Resolution 7bh) with reference being hereby made to the authorizing or- dinance (and to Resolution d9 and ant oance No. re0 for detailed statement of the nature and extent ioof the City an, the rights and holders f the and the ed conden of the and the terms and conditions ,Including, , ut to bonds are Issued, nt of th, without lim- itation, dfM. The covenant eat the City to fee d mservices rates for water i and sewer ll three b atwhich shall be for sufficient y all times b at least provide for the payment of the reasonable expenses of operationand or the System, to pay- ment meat of the principal of, interest on h Paying bondsAand fees st connectionn with the mthe du. Outstanding to bonds, n the same become due, etlmaintain ve to other Funds at the required The i onto maturity ty ss fact . redemp- tion poor maturity as follows u: (1) In the case of excess funds from the proceeds of the sale of the bode In to Construction the Fund after ehas been complete of the Improvements has beus completed and In the m case surplus revenues derived as from thehoperation 01 the System, set forts in the asubject toe the bonds o shell be subject to redemptionM prior 'maturity from funds from the sources, sy in t whole or in Pare, on any barest payment date, at a prithe of par and be in in interest rwitho a if to in allmaturity lessthan of a nape maturity, then the principal amount of the fully registered bond for that ma- turity or shall be ere in age rota of bonds, if there are r, then cx- bond, for that maturity, ten the ed ]a ns coupon bonds are e 4 redeemed ininverse numerical order and f2r to the case of subject any toother source the shall be le to redemption pa prior to ny rt in molt but not a Part, on any dinterest paement date at a Dna of per and accrued ii, - (crest. In the case of registered bonds (fully registered or exchange bonds registered es to principal only Or registered as to princi pal and interest) notice of redemp- Aug Aug. 1, Feb. 1, 1979 ._______ ______ ______ __ Aug. 1, 1979 __ Feb. 1, 1960 ___ Aug, 1, 1980 ___ __ __ Feb. 1, 1991 __ Aug. 1. _- -- 1991 _ Feb. 1, -- 1982 __..__ ___ Aug. 1,-- -- -'-' 1982 _ Feb 1, -- -'-- 1983 __ _ _ Aug. 1, 1983 ___ �" Feb. eb. 1, 1984 __Aug. 1, __ 1984 __ _ Feb. 1, -- --- 1985 _- __ Aug. 1, 1985 _ Feb. 1, -- -- 1986 ____ Aug. 1, -� �- �- 1986 _ Feb. 1, 1987 _....._ Aug. 1.... __ ___ 1987 _._ _ Feb. 1, 1988 ___ _ Aug. 1, 1988 __ _ _ Feb. 1, -- -'-' 1989 ___ _ Aug. 1. 1989 eTb. L __ _____ 1990 ___ _ _ Aug. 1, _ 1990 __ Feb. 1, Aug. 1, ` __ '-- 1932 Feb. _ 1, -` -- -- 1993 -__ Aug. -_ "'_- --- 1. eb Feb. Feb. _ 1, 1994 Aug. _ 1, _._ __ ____ -'--- 1994 Feb. 1, �' �- ---- 19% _ ...._ Aug. .-- -.--.�_. 1, 1994 ... Fn. -�_ _- -�_ -� I Aug. 1, _ 1997 _ Feb. 1, ----. 1998 _ __ _ "_ _'-.• Aug. 1, 1998 _,_-_ Feb. 1, ---- 1999 __._ -.__ _ __ Aug. 1, 1999 ...... Feb. 1. _ __....._ _.,... 2000 Aug. L_ 2000 Feb. 1, Aug Aug. I, and._.._..... ........_ _.. and .._....._ . WHEREAS the coupon bonds, Interest OTzwns to be attached thereto and the Certificate to be endorsed thereon are all to be In substantially the following form, with necessary variations omis- sions and insertion,, a -wit: UNITED STATES OF AMERICA SPATE OF ARKANSAS COUNTY OF WASHINGTON CITY OF FAYETTEVIIJ,E ARKANSAS WATERWORKS AND SEWERREVENUE BOND SERIES 1969 Na R - KNOW ALL MEN BT THESE......_._.._... PRESFMITS: That the City of Fayetteville. Washing- ton County, Arkansas. a municipality under the laws of the Sate of Arkansas t the 'City'') for value received, prom- aes to pay to bearer, or if this bond be registered a the registered holder here- to, on August 1. 19 , the principal sum of ....._.... DOLLARS in such coin or currency of the Unitedr Sates of America as at the time of o Payment tall be Is tender for the payment of public and prints debts, all a IIM ",1",1 De given ac least I., a"_ the redemption date by mailing to the registered holder of each bond a notice specifying the redemption date and the number and maturity Of the hands being redeemed (in the case of a partial pre- pa)ment of a maturity the notice shall bond specify the whim is being partially prepaid and the amount of principal be-! Ing prepaid), N the case of exchange! bands (payable to hearer or registered as to principal only) there shall be pub lashed a notice of the redemption one time in a newspaper published in the City of Little Rock. Arkansas and having a general circulation throughout the State of Arkansas giving the number and maturity of each exchange Coupon bond being called with the publication being at least 15 days prior to the re- demption date. After the redemption date each bond called for redemption (and in the case of a partial prepayment the amount of the principal being pre- paid) shall cease to bear Interest pro vided funds for the redemption are M deposit with the Paying Agent at that time. This bond may be registered as to principal alone or as to principal and Interest and may be discharged from such registration, In the manner, with the effect and subject to the terns and conditions endorsed hereon and set forth In the authorizing ordinance. Subject to the provisions for registration endorsed -onto and nto ned in the authorizing ordnance. nothing in this bond or the authorizing ordinance shall affect or Im. pair the negotiability of this bond and this bond shall be deemed a negotiable instrument under the laws or the State of Arkansas and is Issued with the in- tent that the laws M the State of Arkan- sas will govern its construction. It is hereby certified that all sxlntll- tiona, ads and things required to exist, to have happened and to have been per- formed precedent to and in the iuuantt of this bond do exist, have happened and have been performed In regular form, time and manner; that the indebtedness represented by the bonds does not ex-, reed any constitutional or statutory lim- itatiMl and that sufficient revenues de- rived tram the operation of the System )eve been pledged for and will be em-! plied to the payment of the principal of Intl Interest on the bonds to make those rayments as the same bacons due. *Ti bond shall not be entitled to any nefit under the authorizing ordinance ,r be valid or become obligatory unless t shall have been authenticated by the 'aying Agent completing the Certificate appearing hereon, IN WITNESS WHEREOF. the City of td to be executed In Its name by its yor and City Clerk (with the facsim- signaNre of the Mayor but with the nual signature of the City Clerk), reunto duly authorized and Its cur- ate seal to he affixed, all a, of the t day of February, 1969. 'Y OF FAYFRTEvmlpj ARKANSAS By (Facsimile signature) Mayor Clerk W each bond shall appear the foi- l: 7FICATE OF AUTHENTICATION I is one of the exchange coupon that is purl of an issue of City of leville. Arkansas Waterworks and Revenue Bonds, Series 1969, dated ary 1, 1969, aggregating 8940,000 notes! amount. lIPUELIC NATIONAL BANK OF DALLAS. TEXAS BY........ (Authorized Signature) of 6 (Form Interestt Coupon) No On the first day of FebMan- 19 the City of Fayetteville, Arkansas, unless the bond to which this coupon is attached is paid prior thereto, hereby promises to pay to bearer, solely out of the special fund specified In the bond to which this coupon is attached ._... __... DOLLARS In such win or currency a, at the time of payment is legal tender for the payment of debts due the United dates of America being six (6, months' Interest then due on its Waterworks and ?ewer Revenue Bond, Series 1989, dated hbruary 1. 1989, and numbered R- _ CPi r OF FAYETPF.VII.LE, ARKANSAS By (facsimile signature)Mayer PROVI9fON9 FOR REGISTRATION AND REdONt'ERWON Th:s bond may Ia registered as to rinmpal elope on books of the City, cot by 'thn Trprlre under tire within lentioned Indenture as bond registrar. Pan presentation hereof to the bond sglstner. which Mall make mention of tell regstration a the registration blank below, and this bond may Vera -bother funds available or for preventing after be transferred Only Upon an ax- the default is the payment of principal sigmnent duly executed by the registered of or interest on the bonds or Omstand- nuner or his summer or legsl repreun- ing bonds, or performing any covenant tative In such form as anni be matlline- of the City for which there are no Other tort' to the bond registrar. such transfer funds available. In the event moneys to be made on 'much books' and endorsed from the Contingency Fund are es - hereon by the bond registrar. Such trans- pended for those purposes, or any N fer may be to bearer, and thereafter them, the Contingency Fund shall be re transferabllity by delivery shall be re- stored to 71100,000 from the first funds stored, but this bond shall again be sub available In the Waterworks and Sewer jeer to successive registrations and fluid. transfer, as before. The principal of this Section II. There is now on deposit In band, if registered, unless registered to bearer, shall be payable only to or upon the Repair and Replacement Fund the the Order of the registered owner or his mum of not less than 750.000. The money Interest accruing legal rtond In the Repair And Replacement Fund will be on this bond will be paid only on presen- shall be used solely for the purpose Of tation and surrender of the attached In- paying the costs of replacements made lcrest coupons as they respectively ➢!- necessary by the depreciation and/or rose due, and nod thecip rethe obsolescence of the System and in the act to pry !ration of this bond as to principal, the event moneys from the Repair and Re - appurtenant interest coupon. shall re- placement Fund are expended for those exan mein payable to bearer and shall told- purposes. or Into, or them, the Repair and tinue to be transferable by delivery: mil Replacement be Fund shall restored to vided, that If upon registration of this 150.000 from the first funds available in bond, or at any time thereafter while the Waterworks and Sewer FLnd. this bond is registered in the name of n 12. The ferments insured to be the owner, the unmarried coupons al -t- made into the Reserve. Contingency, or tached evidencing interest to be them. the Repair and Replacement Funds b' after pelf hereon shall be surrendered virtue of the preceding sections shall be to said bond registrar, a statement to made on the first business day of each that effect will be endorsed hereon by month. If in any month the City shall the bond registrar and thereafter Interest for any reason fail to pay into the Funds evidenced by such surrendered coupons the amounts required by Sections 8, 9. will be paid by check or drag of the bond 10 and 11, amounts equivalent to such registrar at the times provided herein deficiency shall be act apart and paid to the registered owner of this bond by into the Funds from the first available mail to the address shown an the ngin- and unallocated revenues of the system treti" books, This bond when as can. for the following month or months (hav- verted Into a hand registered as to both Ing the priority of application in the or - principal and interest may be retold- der the Funds are listed in Section 6. veered Into a coupon bond at the written and such payments shall be in addition of the e registered owner and upon to the amounts hereinabove provided to presentation at the office of said bond be otherwise paid into the Funds during registrar. Upon such reconversiontthe such month or months. coupons representing the Interest to Section 13. Any "venues remaining in came due thereafter to the date of ma- the Waterworks and Sewer Fund after turity will egaln be attached to thin bond the payments required by Sections 7 and a statement will be endorsed hereon throughzh 12 12 hereof shall be set snide and by the bond registrar in the registration deposited into the Surplus Revenue Fund l Wank below whether R is then registered and may be used to call bonds and Out - an to principal or payable to bearer, standing bonds for redemption or for the I Varner of l Signature of Dale of Registration Name of Registered Owner I Registration I Bond Registrar Section 5. That it Is hereby expressly found and declared that the provisions of Section 19 of Resolution 7-63 (and Section 14 (2 of Ordinance No. 1506i pertaining to the issuance of parity muds have been fully met and complied with and that, therefore, the bonds of this issue shall rank on a parity of security with the Outstanding bonds. In this regard, the required Certificate of the indepen- dent certified public accountant shall be filed in the office of the City Clerk prior to the delivery of the bonds of this issue. Section 6. The City covenants, rear- Rrtva and agrees that all revenues de- rived from the operation or ownership of the System shall be kept separate and apart from Other Funds of the City. To that end the -following special Funds have heretofore been created and are hereby reaffirmed: cal Waterworks and Sewer Fund (➢i Waterworks and Sewer Revenue Refunding Band Fund the "Bond Fund"l (el Waterworks and Sewer Revenue Refunding Bond Reserve Fund (the "Revenue FLnd") (d) Waterworks and Sewer Contingen. as Reserve (the "contingency fund"). (el Waterworks and Sewer Repair and Replacement Fund (the "Repair and Re- placement FLnd") (fl Waterworks and Sewer Surplus Revenue Fond Ohs "Surplus Revenue Fund , Section 7. The City coovenanla, reaf- firms and agrees that so long as the bonds or Outstanding bonds or interest on either remain outstanding and un hand, the entire income and revenues de. nerd from the operation or ownership of the system shall be set aside as collected and eposied in the Special Fled known en the 'Waterworks and Sewer Fund'' and there shall be disbursed therefrom melt month such some as are reason. able and proper for the costs of opera - on and maintenance of the System. All quirnues the System not actually re- quired to pay the costs incurred as per. mltled by this Section shall be deposited ^.n the other Funds heretofore created and herein reaffirmed, each of which shall have priority Marvin in the order construction of improvements and het- tennents to the Systems, or for any law- ful purpose. Section 14. The provisions of Sections 4. 10 through 20 and 23 of Resolution 7-63 are hereby made applicable to the bonds and shall inure and appertain to the bonds to the same extent and with like force and effect as if set forth in full except that a financial statement (re- quired by Section 161 shall also be filed with the Paying Agent. Any reference to "bonds" or ''Water and Sewer Rev- enue Refunding Bonds" as contained in said Sections shall mean the Outstanding bonds and the bonds of this issue. The intended effect of incorporating of those provision of Resolution 7.63 herein, shall be to make those provisions fully appli- cable to the bonds of this issue and the language of Resolution 7-63 shall be con- strued and interpreted to accomplish that intended effect. In this regard, how- ever, it Is expressly covenanted: IL So long as any of the Outstanding bonds, or any of the bonds of thin issue, or any bonds nubseugently lased an a parity herewith, are outstanding and un- paid. principal and interest, the City shall always continuously and efficiently operate the System as a revenue pro- ducing undertaking and shall always charge and maintain in effect (and shall Increase the same from time to time If and to the extent necessary) rates for the services of the System which will produce revenues at least adequate for the operation and maintenance expenses of the System, for making the required depostes into the Bond friend for the pur- pose of paying the principal of. Interest an and Paving Agent's fees in connection with the bonds, and the Outstanding' bonds, maintaining the Reserve find at the required level $50.0ni), maintain- ing the Waterworks and Fewer Contin- gency Reserve at the required level. maintaining the Waterworks and Sewer Repair and Replacement Fund at the re- quired level, and discharging all other monetary and other obligations of the City under Resolution 7-63, Ordinance No, 1.'+06 and under the authorizing ordi- nare: -:ed in the preceding Section. ('L The pmrlslons of Section la Of oe,1ion 6 On the first business day of Resolution 7.63 pertaining to the lesu- earu month, there stall be set aside and anre of additional bends shall be applt- drprstted Into the Bond Fund not less cable with the result that the bands of than (at the amounts required to be this issue shalt be Included with the Out- pmd into such fund by Resolution 7-63 standing bonds and with any bonds then i ordinance Na 1508 rfoe the Out- proposed to be issued insofar as the standing Muds) plus (b) the amounts re- 13:. 1/3 per cent coverage requirement quired for the payment of the principal for parity bonds is concerned; and and interest on the bonds as the game (3) The investment provisions of See - become due in accordance with the ml- tin 23 of Resolution 7-63 are intended to lowing schedule, and to pay the Paying be applicable to any funds available for Agents charges: investment (except moneys in the Con- PRIN(IPAL INTEREST Year Reed Noe. (Aug. 1) February I August I Total log $ 25,850 3 1970 R • 1 $ 25,000 27,015 91,200 80,225 R- 1 16,000 27.40 7,450 70,900 .1971 1972 R - 3 17.000 '166,970 96,970 70,940 1973 R - 4 18.000 '.%,460 %,460 70,410 1974 R - 5 19.000 '.`-6.920 25,99) 70,&0 1975 R - 6 21.000 25,350 Zo,350 71,700 1976 a - 7 18,000 24.79) 91,791 67,440 1977 R - I 91,1101 24,160 21,180 68,960 1978 ft. 9 M,000 26,500 21,.-1 70,160 1219 R - 10 2.000 ^_"_.890 r,890 47,780 1980 R • It 1,000 22,830 „930 46660 1961 R -12 5,000 22,800 22,800 50,600 1989 R - 13 4,009 22650 22.650 49300 1983 R • 14 6,000 22,510 .62,:660 53.080 191 R - 15 8,0m ^_2,2.90 2L290 52,560 195 R - 16 9,000 22050 :2,050 53,100 196 R • 17 9,000 ?l,7P0 2,,760 52,580 1986 R - 18 15,000 21,510 ^_1.510 56020 1988 R - 19 17,000 21,%0 21.065, 59,191 1989 R • d) 19,900 flOl51 '_9,.'550 69,100 1990 R • 21 "_2,000 19,980 19,960 61,960 1991 R - 22 21,041 19,320 19,321 59,640 1992 R - 23 18,000 18,690 18,690 55,380 1993 R - 24 24,000 18,150 161.'60 60,300 1994 R - 25 32,0110 17,430 17,430 66.8611 1995 R - 26 31,000 16,470 16.470 63,940 1996 R -27 :16000 15,540 1.5.510 61,060 f90! R - 23 21.090 14,640 14,640 60,260 1999 R - 29 :12,000 13,710 17,710 59,491 1999 R - 30 35,000 12,750 12,750 66500 R - 31 38,000 11.700 11,700 61,400 _oft R - 32 852.000 10,560 10.560 573.120 For greater clarity, not less than the following amounts shall be deposited into the Bond Fund in addition to those re- wired to be made therein by Resolution 7-63 and Ordinance No. 1508: (a) On the tint business day of each month 1/6 of the next succeeding inter - en payment and Paying Agent's charges to become due on the bonds: (b) On the first business dap- of each month beginning August 1, 1969, 1/17 of the next maturing principal payment and Paying Agent's charges On the bonds: and 4el Such additional amounts If any be necessary, to provide sufficient funds for the interest due August 1, 1969. No further payments need be made into the Mond Fund when the amount contained therein and in the Reserve Fund 6s at least equal to the aggregate principal amount of the bonds and Out - .standing bonds then outstanding. plus the amount of interest then due or there- after to become due on all such bonds. All money paid into the Bond Fund shall be held by the City in trust for the holder or holders of the bonds, the Outstanding bands, and the coupons appertaining thereto. and the City shall not have any beneficial lntsreat or right in such mon- o)'. All money deposited in the Pond Fond shall be used sole!)' for the purpose of paying interest on and the principal of the bonds, the Outstanding bonds, to- gether with the Paying Agent's fees, and for no other purpose. Section 9. The required level of the. Rexene Fund shalt be increased to {360.009. At the option of the City, III or An, portion of the required increase may be deposited into the Reserve Fund out of the proceeds of the sale of the bonds or the Increase (or the part not deposited out of bond proceeds) may be deposited out of revenues over the five-year period ending February 1, 19'14 with not less than 20 per cent of the Increase (or the part rut deposited out of land proceed@) to he deposited during each of such five em - The Reserve Fund shall be maintained at K660000 and shall be used for no pur- ; ice other than to prevent a default In the raiment of the principal of and inter eat 4m the booth and the Outstanding ,muds. In the event moneys from the Reserve Fluid an utilized for the afore- ,,mt purpose, the Fund shall be restored to x660.000 flan the fret moneys in the \aterworks and Sewer Fund available 'or the purpose. 'enlm 10. There Is now on deposit In •he contingency Fund the sum of not than 3100,000. The Contingency Fund .hall M maintained at that figure and .hail be used only to Me extent neces- on-6 to meet any .,argent' arising out r888or affecting the continuous operation ptttjthe System as a revenue producing ptlertakag for which there are no the registration badet.- Gaon or lit w::., when converted as aforesaid into a bond registered as to both' prinelpel and inter- est may be reconverted into a coupon bond at the written request of the regis- tered owner and upon presentation at the office of said bond registrar. Upon tech reconversion the coupons represent- ing the interest to become due there- after to the date of maturity will be at- tached to the bond and a statement will M endorsed thereon by said bond regis- trar in the registration blank m the back of the bond whether it is then registered as to principal or payable to bearer. No charge shall be made to any bond holder for the privilege of registration and transfer hereinabove granted, but any bond holder requesting any such regis- tration or transfer shall pay any tax or other governmental charge required to be paid with respect thereto, if any be applicable under governing laws to the particular registration or transfer. As to any bond registered as to principal. the person in whose name the same shall be registered shall be deemed and re- garded as the absolute owner thereof for all Durmses, and payment of or on ac- count of the principal of any bond shall be made only to or upon the order of the registered owner thereof, or his legal representative, and neither the City. the Paying Agent nor Me Bond Registrar shall be affected by any notice to the contrary, but such registration may be changed as herein provided. All such: payments shall be valid and effectual to satisfy and discharge the liability upon such bend to the extent of the sum m sums so paid. The City, the Bond Reg- istrar and the Paying Agent may deem and treat the bearer of any bond which shall not at the time be registered as to principal, and the bearer of any coupon apertaining to any bond, whether surn band be registered as to principal or m as the absolute owner of such bond coupon, as the case may be, who - such bend or coupon shall be n' e:' . not, for the purpose of rem. struction Fund created by Section 9 of meet thereof and for all other this oridnance which contains express whatsoever, and neither the provisions) and shall be considered part Bond Registrar nor the Paying Ag of the particular fund out of which moo- shall be affected by any notice to eye are invested, with earnings credited to the fund and losses charged against Section 18. That this ordinance she the fund except, of course, when earn- not create any right of any kind, and no bass in the Reserve Fund, the (boon- right of any kind shall arise hereunder galley Reserve and the Repair and Re- pursuant to it until the lnmi9 'hail he placement Fund increase the amount Issued and delivered. in the particular fund In excess of the Section 19. That if a required level of the particular fund Me this ordinance shall fns excess may be transferred Into the Wa- held illegal or invalid ... terworks and Sewer Fund, shall not affect the validity of the re - Section 15. That the bonds shall be maider of the provisions of the cldt- subject to redemption prior to maturity as set forth N the bond forms appearing In Section 4 hereof. In this regard It is expressly understood that the redemp- tion of the Outstanding bonds and the redemption of the bonds of this issue Is entirely separats so that there need be no proportionate or pro rata redemption of bonds and that the bonds of any issuer may be redeemed, in accordance with the applicable redemption provisions per- taining to the particular issue. In wholes or In part without any redemption of any of the bonds of any other issue. Fbctlm 18. That when the bonds have been executed and the seal of the City impressed as herein provided, they shall be delivered to the Paying Agent, whim shall authenticate them and deliver them to the order of Republic National Bank of Dallas, Dallas. Texas upon receipt by the Paying Agent, an behelf of the City, of the sum of Nine Hundred Forty Thous- and Dollars (8940000) plus accrued in- terest from February 1, 1969 to the date of delivery of the bonds (the "total sale proceeds'). The Paying Agent @hall da- burse the total sale proceeds as follows: (a) The amount of the accrued In- terest shalt be deposited into the Bond Fund: (bl Any amount specified, If any be specified. In a Letter of Instructions signed by the Mayor and delivered to the Paying Agent, as an increase in the Reserve find shelf be deposited Into the Reserve Fund (In this regard Re- public National Bank of Dallas, Dallas. Texas Is hereby designated as an eligible depositor' for all or any portion of the Reserve Fund with this designation be- ing made pursuant to the provisions of Section 4 of Resolution 7.66); and MORE- MORE- MORE (c) The balance of the total sale pro- ceeds call be paid Into a special fund of the City which is hereby created and designated "gene. 1989 Water and Sewer Construction Fund" (the "WnsWetion Fund"). The Constmmion Fund shall be maintained In a depository or dems0o- ries, designated from time to time by the Board of Directors of the City, that is a member of the Federal Deposit In- autence Cormrbtion (Rend is National Bank of Dallas, Dallas, Texas Is hereby 4:nigated As one of the depositories Section 20. The City agrees to pay the following Paying Agent's fees: 41) A semiannual fee of $60.00 for the payment of principal and interest of all fully registered bonds; (2) A fee of 124 cents per mumn and 81.23 per bond for the payment of princi- pal and interest of $5,000 denomination exchange coupon bonds; and (3) For services as registrar as to, principal Only (effective upon suanilling of initial bond for registration): (i) A minimum annual charge of $25.00 for the registration of not to ex- ceed 25 bonds in any me year and tli) 50 cents for each adidtional bond registered or discharged from registra- (im in any one year. section 2!. That the Mayor is hereby directed to publish for one Insertion In Northwest Arkansas Times which Is hereby found and declared to be a news- paper published in Fayetteville. Arkan- sas. and of general circulation therein. this ordinance, to which shell be at- tached a notice signed by him in sub- stantially the following form: NOTICE Notice is hereby given that the Board of Directors the City of Fayetteville, Arkansas, has adopted the ordinance hereinafter set out; that the City contem- plates the Issuance of the Waterworks and Sewer Revenue Bonds described in the ordinance; that any person Interested may appear before the Board on the 17th day of February. 1966 at 7:30 o'clock rim.. at the usual meeting place for the Board held in Fayetteville. Ar- kansas and present protests. At such hearing all objections and suggestions will be heard, and the Board will take such action as Is deemed proper In the premises. DATED this 3rd day of February, 1989. Garland Melton. Jr„ Mayor Section 23 That all ordinances, resolu- tions and parts thereof to conflict herr- with are hereby repealed to the extent of such 4 motet. section 73. That It is hereby as- certained and declared Met the water- works Md sewer fatllties of the City are inadequate for the present and for the I foreseeable future and that by reason l Notices r..a • • •fie• , wUt' •--� Legal Notices 't which shall be eligible for the deposit of all or any portion of moneys in the Construction find). The moneys in the Construction Fund In excess of the amount insured by the Federal Deposit insurance corporation, unless invested as hereafter specified, shall he continu- ously secured by bonds or other direct or fully guaranteed obligations of the United States of America. or bonds issued by the City, including this Series. The mon- eys in the Construction Fund shall be disbursed for the payment of the cost of accomplishing the improvements. pan ing necessary expenses and making nec- essary expenditures incidental theretn, engineeringping any l fees, legal of the fees, and paying City incurred In the . Each disionburse- ment and meat issuance shall the bonds. Each diear en- signe a hell the it check or wathe signed by City Treasurer and the Manager of ice Selem ym : re - Beet in respect m or each per'f rp The name of tpe person. firm orb mr2,hen m t to payment is due; () The amountb be paid; and n och the bb general of a paid was for which the obligations to be paid was incurred - When the improvements hhave expendi- tures bed" completed and all authorized frathe here belian Fred have been made, the there ru any remaining City in and tMan Fund, the City Treasurer end the Manager with tile h desert shall oie a Certificate n.with depository' of the construction Fund. with copy of fit! Certificate T, to bre filedta in the hofm the City Tr havb stating thatthe Improvements that a have t been eo hardi hers and all authorized spa ex- penditures erei sit been made and sre- ma the disposition be made of the no- Fu d. balance . the construction Fund. In this eany remaining eming bal- ance may be used for the Bond bonds or nmayreceipt ce It offlt led a the Vend eLde. Cpon of the elifln Fund the all pository of the Coe the etipa Funn shall transfer or cted in remaining bal- ance as directed in the Cenifli ied. Moneys in and reinvested, dd may be invested and reinvested, as Manager fdirected Is the City Treasurer or of bie System, in e direct al of ions oft or obli- gations Rations the principal and interest uan on which are unconditionallytteguaranteed ore in by. the United soofAmerica,or Ig A Certificates of Deposit of the Paying Agent which shall mature not later than the dates iothat the monene in the Con- struction Fund will needed for the accomplishment bete li the improCitys. shall the in be sole discretion.ttime, Investments shall n e deemed at all times a part ni the Coo be struction oo and any earnings shall d an credited to the Construction adFund and any losses shall be charged to the Con straiten Fund. Sec bit 17. Title to any is Wadi to pan bond. shall in this Section Ii bonds, dsond'• esall mean ndchange coered Inflipunless such band is registeredIt In the manner herein provided, and ton any interest coupon shall pass a dllM cry in the same manner as a neheti CiO shallapayable nks to bearer. The City shall cause looks. for the registration and for the transfer Ordinance of the bump as pro vided to Ages Oasinanrd to gbei . At tIt pi'ing Agent as er, Rbond maAty its option of the to rq any may to registered s,asprincipal alone on suet books, upon presentation thereof to lit Band of Registrar, which shalt make riots lion registration thereon. An bond registered as to principal mat thereafterbe traexonly upon at terdassignment wduly . ttorn by the regis tared owner or sle farm or legal rep satefactor in such forte as r, ci satisfactory to to the Bond on Rchiabook earl se to be made on such books an trar.endorsed on the fern by the od e and hechre er transferability may it to beare and threafter lured. subject, by deli' try' shall ibev registra, subject, however successive ! The principal of transfer as before. terdof any noel registered ta.o to ralone, ante.+ registered to bearer, shall be rag's only to or upon the order representative the atie beret owner or his rt ini gonytom but the as to appertaining any tom registered as r principal shallnotwithstanding rcmah payable to prover oatits it upin¢ sus of registration, provided, aun reins tration r any such bond,ior at e Lim' of thereafter while registered in the "amt to theevidencing owner, the unmaguted roto at athed idide thereon shito be there after paid thrreon tail be sarreno tb said bond er a er on and to the effect tl be endorsed evinthereon and there after interest evidenced by such scar rendered racoupling will he paid by cited or draft by said bond oregistrar is one' n provided therein d the shown of owner by tell to the address shown of of such Inadequacy' me roes, wvpeny, and welfare of the City are in jeopardy. The heeard can be auevmted by the construction of the improvements but the bonds must be issued In order to ob- tain necessary funds for accomplishing the improvements. It is, therefore, de- clared that an emerge"., exists, and this ordinance being necessary for the immediate preservation of the public peace, health and safety, shall take ef- fect and be in force from and after Its passage. PASSED: February R, It APPROVED: Garland Melton, Sr. Ma' or An Marilyn Moore, City Clerk (SEAL) 6 ito EXCERPTS FROM MINUTES OF A MEETING OF THE FAYETTEVILLC BOARD OF DIRECTORS HELD , 19 The Board of Directors of the City of Fayetteville , Arkansas met in regular session at its regular meeting place in Fayetteville Arkansas at 7,'.30 o'clock p.m. , on the ?day of 1919 . The following were present: Mayor j 77u City f and Directors Li Abs ent:/%,_i_ • The Mayor stated that consideration should be given to an ordinance providing for the issuance of V.aterworks and Sewer Revenue Bonds. Series 1969, and othar matters relating thereto. This was a matter with which the Board was familiar and after a discussion, Directorintroduced an ordinance entitled: "AN URGINANCk PriUVii;IN(G FOR THE ISSUANCE OF WATEitW0.ii(Ko ALL 3i:WER REVi:Nt16 horw 'S, BURIES 19b9, lilt THd CI i Or' FAYETT%VILLE, Ah$AP.SAS FOR THE PURPOSE Or' FINANCING THE COti TO TH4 CITY or CONSTRUC1D G EXTENSIONS, i E'i'aclihtElr'i.) ANI. lMPi.OVEM£?'Td 1U THE WATEi:WUbt::3 AM; aEWER SYSTEM OF THE CITY; PROVIC.IN(a FOR THE PAYMENT Of THE PRINCIPAL OF AND INTLhrST ON THE bOl,)S; PRESCRIBING OTHER MATTERS RELATING, THEkEIO; ANT.• DECLARING AN EMERGENCY" and the City Clerk read the ordinance in full. Page 2 Director ___�rn�n_i , seconded by Director L____________� moved that the rule requiring the reading of an ordinance or resolution in full on.three different days be suspended and that the ordinance be placed on its second reading. The Mayor put the question on the adoption of a. the motion and the roll being called, the following voted aye: and the following voted nay: Thereupon the Mayor declared that at least two-thirds of all members of the Board having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City Clark Director , seconded by Director then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended and that the ordinance be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted aye: and. the following voted nay: The Mayor declared that at least two-thirds of all members elected to the Board having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City Clerk Page 3 Director—1G(__L� , seconded by Director moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted aye: and the following voted nay: G , Director seconded by Director moved that Section 23 , the emergency clause, be adopted, and on roll call the following voted aye: and the following voted nay: 2&a _ The Mayor thereupon declared the ordinance and the emergency caluse adopted and signed the ordinance, which was attested by the City Clerk and impressed with the seal of the City. The ordinance was given No. /15' 3. (Matters not relating to an ordinance provldlr.1 for the issucnee of Waterworks and Sewer Revenue Bonds There being no further business, the Board adjourned. ATTEST: City O (SEAL) are omitted.) • CERTIFICATE The undersigned, City Clerk of Fayetteville , Arkansas, hereby certifies that the foregoing pages numbered 1 to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the Board of Directors of Fayetteville , Arkansas at a ragul8r session held at the regular meeting place of the Board in said City at D o'clock 27 .m. on the L day of , 1967 and the time and place of the meeting was furnished to each person who made a request therefor in accordance with the provisions of Act No. 93 of the Acts of Arkansas of 1967. City Cler (SEAL) EXCERPTS FROM MINUTES OF MEETING OF BOARD OF DIRECTORS OF FAYETTEVILLE , ARKANSAS FEBRUARY 17, 1969 The Board of Directors of the City of Fayetteville, Arkansas met in regular session at its regular meeting place in Fayetteville, Arkansas, at 7:30 p.m., on the 17th day of February, 1969. There were present Mayor G. C. Melton, Jr., City Clerk Marilyn Moore and Directors Gerald Jones. Mrs. Sylvia Swartz, Joe McFerran, Ernest Lancaster, and Dale Dunn. Absent: Director Jon L. Starr The Mayor announced that this was the time set for hearing protests, objections and suggestions concerning Ordinance No. 1653, passed and approved by the Board of Directors of the City of Fayetteville on February 3, 1969, concerning the issuance of Waterworks and Sewer Revenue Bonds, Series 1969, authorized and ordered issued thereby. The Mayor also stated that a copy of the Ordinance, together with notice of the adoption thereof, the contemplated issuance of the bonds and of the meeting on this date for hearing protests had been duly published on February 6, 1969, as required by law. He then called upon anyone present who desired to do so present protests, objections or suggestions. There was nobody present who made any objections, suggestions, or protested in any manner. (Matters not relating to said bonds are omitted.) There being no further business, the meeting adjourned. ATTEST: (SEAL) CERTIFICATE The undersigned, City Clerk of Fayetteville, Arkansas, hereby certifies that the foregoing is a true and perfect copy of the excerpts of minutes of a meeting of the Board of Directors offfayetteville, Arkansas at a regular session held at the regular meeting place of the Board in said City at 7:30 p.m. on the 17th day of February, 1969. GIVEN under my hand and seal this _____day of February, 1969. //?/l/iilA2C� ity Clerk (SEAL) • a EXCERPTS FROM MINUTES OF MEETING OF BOARD OF DIRECTORS OF FAYETTEVILLE, ARKANSAS FEBRUARY 17, 1969 The Board of Directors of the City of Fayetteville, Arkansas met in regular session at its regular meeting place in Fayetteville, Arkansas, at 7:30 p.m., on the 17th day of February, 1969. There were present Mayor G. C. Melton, Jr., City Clerk Marilyn Moore and Directors Gerald Jones Mrs. Sylvia Swartz, Joe McFerran, Ernest Lancaster, and Dale Dunn Absent: Director Jon L. Starr The Mayor announced that this was the time set for hearing protests, objections and suggestions concerning Ordinance No. 1653, passed and approved by the Board of Directors of the City of Fayetteville on February 3, 1969, concerning the issuance of Waterworks and Sewer Revenue Bonds, Series 1969, authorized and ordered issued thereby. The Mayor also stated that a copy of the Ordinance, together with notice of the adoption thereof, the contemplated issuance of the bonds and of the meeting on this date for hearing protests had been duly published on February 6, 1969, as required by law. He then called upon anyone present who desired to do so present protests, objections or suggestions. There was nobody present who made any objections, suggestions, or protested in any manner. (Matters not relating to said bonds are omitted.) There being no further business, the meeting adjourned. ATTEST: Mayor (SEAL) _0 - CERTIFICATE The undersigned, City Clerk of Fayetteville, Arkansas, hereby certifies that the foregoing is a true and perfect copy of the excerpts of minutes of a meeting of the Board of Directors of Fayetteville, Arkansas at a regular session held at the regular meeting place of the Board in said City at 7:30 p.m. on the 17th day of February, 1969. t GIVEN under my hand and seal thisday of February, 1969. 772J) ity Clerk (SEAL) SOill F; Notice :a hereby given flat the Board of Directors oithe ('Yof Fay etlrville, Arkansas, EWS adopted the olllrnmtt hereinafter aµ Out; that the Coy coolemI pietessrathe iwuance of the Nator'works R the QR�sCa;woeno aar �anDe tleicrtin bad the Rter Of one kA act n b Y will ellr� AI at the usual meeting place d hsM in }'ayelInllat-, A r protests. gg such y .sent Pm eelAt obladth and. a will take v L-dnmed pppar in the OATEr) this kid a a Febmsry. 1968. GarlaM hereon. Jr., Mayor OAS **NOFS O. last AN Og16fSji PROVIDING FOR ISSBANCE OF WATERWORKS VD SEWER RSVF'AVF BOND, SF: IEd )96.9, BY fl CITY OF FAV- iTEV11.LF.. ARKANSAS FOR TLIF .fNPOF a 7'Hki COS'C ) THE UCDNG EX - •A AND 1W- ItOVF.MENIF TO THE WA T E R - Lend band and :n addition shall be ntnt heed casetvlivelr from 1 upwards; example, the i rs,gnalion shall "Wld". etc. There shall be no excite privilege fnan coumn bonds to Si registered bonds, Section 3 Tee Iwnd3 shall be ewer on behalf of the City by the Mayor I (it Clerk and shall have impres thereen the Mal at the Qty. 'Rls fact lie elgnahire of the Mayor 'nay be u upon tompqtlance with the' ptlaviaime Act No. IA of the Alb Of A.twsat Ihd year 190. interest earmns altad to the coupon bonds shall be exalt by the facsimile signature of the Mai :Fact as bonds or manual a gna(ul'a Or the city png(400l 'of x16 Ihtponb on Is shall he payable Wlely cut a I Fund Thereafter referred to) I be a valid claim of Ike helm! against tar Bond Fund sad rues �IldRed' t4 the'9ald t rwgOues (Rot at tevtoae d fran the ape of the Syi Mf6:\T OF WE FORS Q AI, OF AND �: gap ( principal pofgsaM TOMone w the bands, thenw.tamlW INTEREST ON SDRGS:' PRE. mnerver a hill Irank mea d RISING OTHER MATTERS R LAT-MNO of II)E INC; ETD: AND DECLARING Fond shall be used M lie other purpose. AN EMERGENCY, Me princml of and bterest On the hands shall not const.w�• an indebled- R'HEREA$ the municipally owned wa- pea of the Qty wlthln- constitutional tel'w'orks and sewer faculties (d the CITE or Matotw# limits**. N I of Fayetteville. Arkansas (the '(•Ili ) Section 4. The fully registered binds are operated as ose -nluieipal under shall be in subsW tba fOlloslltf taking will be herein soneUmes ye- "llywam; lOTtp: 1 Hof (erred 4o.4s the and IFbrtn fully bane' WHEREAS extension, betterments UNITED gTATEJ OF AMERICA sin improvements to the System are the Qty has had arc grtryy or 4.,dW�E((ANSAS nrlrs,ary and COUNTY Op' t0ISIINGTON pied by Jolm E. Mahaffey & Assorates. cry or FA 'ARKANSAS I -I and r, SIT hfolTndwin, Consulting R'.\'1'F:RVCOIt SEWER Engineers, Fayetteville. Arkansas pre- REVENUE Bollp„sIgE1Ea 1969 I'n ma, n' plans and estimates T the "En- _. _._...... e*' lie Rilimuts 1. the Hoard of PROW AIL MEN BY THESE P •cram= earl o[M ilhe Cry and PRESENTS: �!'� e#f. rrxwkn and cower Department lReports, sh- That the Qlf•Y-1hyeRslllle. ipaity nnr a'r:d,e'l ton` fleeing "'!!e'•"- Iflgmp Gbm�w,..ataa, Q municipality Ili 1 !n ennd called for redemption (and in the rase of a partial prepayment the amount at she principal being prepaid, shall ease to bear interest provided funds for the redemption are on deposit with the Paying Agent at that time. The fully registered bonds may be as - Signed, and upon assignment the assig- nor shall promptly notify' the City at the )ffice of the Paying Agent by registered mail. and the assignee shall surrender Agent for transfer', the bond to the Paying ge records and verifies - ion she registnlion Ilan of the endorsementattached on f the xymml record niare the portion r the principal hereof and in. surest hereon paid or a this and every' such assignee shall take this bond subject: to this condition. it is hereby certified flat all conditions,' Sets and things required to exist. to have Sturtevant end to have been performed precedent b and In the issuance of this bond do exist, have happened and have been performed in regular form. time and manner; that the indebtedness rep - reseeded by the bonds does not exceed any crostihtlmal or statutory limita- Lions; and that sufficient revenues de- rived from the operation of the system have been pledged for and will be tip plied to the payment of the principal of and interest on the hands to make those payments as the same bemrne due. This bond shall not be entitled to any benefit under the authorizing ordinance or be valid or become obligatory unless It Shall have been authenticated by the Paying Agent completing she Certificate appearing hereon. IN WITNESS WHEREOF, the City of Fayetteville, Arkansas has caused this bond b be executed in its name by Its Mayor and Qty Clerk (wish the facsim- ile sigeamre of the Mnar but with the manual signature of Me City Clerk). thcreurdo duly authorized, and Its cor- Ilintte seal to 'be dew or February', 1969.all m of the CITY OF FAYEFCEVDLE. ARKANSAS By (facsimile signatures Mayor to pay to like rain or currency interest on the principal amount at the rate of 5?k Per Cent Per annum for the first SIX months (due August 1, 190.ec` sit the rate of 5 , per cent per annum for the second six months dub IF'ebruary 1. 19T9r. and at the rate of 6 per cent per annum thereMter (commencing with the inter- est paymRtt due August 1, 19Th) until paid, payable semiannually on February 1 and August 1 of each year. The princi- pal and Interest is payable at the princi- pal National Rank of el s, of s. c DP Dallas, Dallas. Texas (the "Paying Agent"\. This bond is pert n an Issue of bondsantl. aggregating Nine Hundred Forty Thous- and U o 11 e r a rrWity0) In principal amount, designated City of Fayetteville, emsArkWaterworks SeriesBonds. r0", dated s were 1, ally Issued •' sdfu ), The bonds were l but th Issued as fully registeredseveral bonds nut thiscoupon bond is one of snveAS. exchange coupon bonds issued In ex- change for and in lieu of tuex rare vil bond pursuant to e the exchange privilege (hereinafter in t the authorizing or diThe b ds rea issued ideprsed). The bonds are issued pursuant to and ecompliance thee. with the Constitutionpar- ticularly andlaws c the 3131 of Arkansas, Ar- kansas Act No. 'oar 19 the as a of ed. Act N for the weer 1933. Arkansasansasdfo, thet ea. 119 df isle men d for the year s913, as nsas f eAt No. 197 37. the Acts Arkansas for she year r3 e as amended, Me the decision Ar of she Supreme spurt of the elate of 1aas In BS M. son V. (194s) 2ro Ark. ]0. 194 a No. 12 (194s) and pan to on h daof adopted andoapproved u the 3rd day of Febe"). , (the notthoneing ordinance'',. The bonds are not general obligations or the City but are rev- enues denotts ed payable solely from snet tt e System, derived from the ntlynOut of the ay presently yeme r an issue of City of eeville Water works and Sewer Revenue Refunding Rsodated lad 1. Ian Issued ppm uedtler an Resolution A. i-d3 adopted and approved an April 8. 1963 (''Resolution leele a and an issue of City of FAyetlevllle Waterworks blank below, and this bond may there- after be transferred only upon no as- signment duly executed by the registered owner or his jPAkUv y' W legal represen- tative In such form as shall be sajlmac tory to the hand registrar. each transfer to be made on' such books and endorsed hereon by the bond registrar. Such tryanls- fee may be to bean r. Slid t*realler transferability by del)ver' shall be re- - stored, but this bond shall again be sub- ject to successive registrations and transfers as before. The principal of this P P bend, if registered, be pa unless registered or u to the or shall the parable only n or upon the lorder a the ive. registered towner or e big legal reand whtive. paid accruing ta this bond will be poid only on hed in- terest and coupons as of the ectIn• come mi no they respectively is- txatio due, and notwithstandingatpthe irethe appurtenant n of this bond as to principal, the Interest coupons shall re- main payable bto bearer and shall pro- vided, b be of upon a s' delivery; of phis bland, that it any registration hft of this bond, n as timeeeftnr while this hone is reglunmat In e the name t. the owner, the unmarred coupons there' m tachM id hon interest to rr after paid d hereon g tar be surrendered tmtto to mid bond be a statement to that effect will be endorsed hereon by she bond registrar and thereafter interest evidenced by such surrendered coupon will be paid by check provided of the bond registrar othe at red timesw of this herein o the registered aowner this bond by mall to the address shownhand edwhen so both veiled Into a bent registered as to both principaland interest may be bitten recon- verted Into a coupon bond at the written request ti ine registered f and blind reexnhl.on the office of said t e registrar. 1ons Upon such reconversion esiot the coupons representing ethe der be- come due thereafter t the date of ma- turity tevein wilt l be this bond and a bondstatement rtill M endorsed he"on Eby the boon eihi in the registration An to below whether it toe$ registered as to principal or payable to bearer. other funds available or for prevent. the default in the payment of prinef of or interest on the hands or Outatei ing Mnds, or perforining any coven of the City for which there are no oil funds available. In the event non, from the Contingency Fund are Deeded for those purposes, or any them, the Contingency Fund shall be Stored to SIOO.OO from the first fan available In Me Waterworks and Ses Fund. now on deposit Section 11. dere is pa the Repair and than $5ement Fund awl of not less SSp lac The cull s she Repair solely ferrall shall be used tslelf for the purpose paying the costs of replacements aml nd necessary ey' h}' the depredation an end event come of the m the and in event moneys fmm the Repair and placement Fund are expended for Ih Replace, or any of them, the restored i Rep$5O, frownent Fund shall t be reailabl the W tram the dlll funds available the Waterworks and Sewer Fund. Section 12. The deposits required to made into the Reserve, Contingency, the Repair and Replacement Funds virtue of the preceding sections shall made on the first business day of e, month. If in any month the City at for any reason fail to pay into the Fu. the amounts required by Sections 8, 10 and 11, amounts equivalent m r deficiency shall be set apart and p into the Funds from the first avails and unallocated revenues of the Syst 'for the following month or months (h Ing the priority of application in the der the Funds are listed in Section and such payments shall be In addil to the amounts hcreinabove provided be otherwise paid into the Funds dur such month or months. Section 13. Any "venues remaining the Waterworks and Sewer Fund a' the payments required by sections through 12 hereof shall be set aside deposited into the Surplus Revenue F and may be used to call bands and standing hands for redemption or for rnnfa!rd with The mnsu rag engM IT atUtUtg the �nattaltim and Attest. I Manner of Signature n and otherwise investigated the sales- laws of the d5ah Ai!and Sewer Revenue Bonds, series 196fi. areas (the City ant Date of _____ration Name of ______red Owner Registration Bond Regi5t ra sons, beaedments Yid Provementa rt- . dated September 1. o0. Issued under �JQ1 Or watts , promises b (SEAL) Ordinance No. 1508 adopted and approved I I filled t ♦ 0.ii$i$ y "felled bs one of CATE I I �n Ma�I Republic 1 Bank of Dallas, on Auquat 8, 196fi !"Ortlinnntt No. 1508"1 as the nthem, eon the cur nil. s (the "Pelee") 'Deis bond to one of the fully of CiterM ads of financing them, interest tmm the stand- bonds that is part of an issue of City of (both outstanding issues being colt ridinz Ive- ItTent or the neat theuse of the city, sum ofIY referred to as the •'Outstanding .-..___. DOLLARS Fayetteville, Arkanas Waterworks and Mnds"1, and the bonds are being '9suM It, InhaMtanb and the user n! the See m the first day of August, 19 ____ fu Sewer Revenue Hands, Series 1969, dated an and %hull rank ,in a partly of security if and _ -. �� r mzp'engy of the United February 1, 19® aggregating $lI4U,OW 'n with the nutstannin¢ bonds. Provision is I I I 1VHF.CI:AS tt has been and a hereby, tn[s' ern s.s 6t the time of pU. principal amornn del IC NATIONAL. BANK OF malt :or an amnw,t of the net reyrnues crd I 4- That LLapnvemrnts r e hdi be legal for the pa ttMer y' ❑ecled b-.- the Engineering Re ,'rtt 'cop- rgent of debts due the United States of DALLAS. U.ALLAS. 'rES:1S derived from the operation of iM1e S)%- I in of the RPMIV bete( on f(r in the • rtca, and to pas" interest on the BY (Authorized Signature) tern sufficient to pay the d oi,m or Out' I I I afM of the 451Y.A7tr.And to which Farm of Assignment Interest m the bonds and on the Dul ttllrenn^ may be 46e details °l arMalet t( lalg .skid from time standing bonds to M set aside in a e remaining unpaid In like coin For value received, the registered own- special fund for that purpose identified the-' ion proem° the estimate Cr last listed below sells, conveys, M{ pass racy, at the rate of Sg per cent as the 'Waterworks and Sewer Revenue oe I at antd be >ytw!ea. and that IRnsfers. assigns and dative's this band 1pit aMwl for the fb'eI alx months (dueRefunding ]land Fund" rcreeted by Sec the s"^rid be it this time ADQut 1. 1%!s, at the ran of 5% per b the assignee last listed below: lion 5 of Resolution 7.63) with reference Section 5. Thal it is hereby expressly construction of improvements and be $at4,(XId ''r prmeyq. Mayor. of Water m� ,par alMtan f0! Ire second six RegalQed Owner Assigner found and declared that the provisions of lermmist to the Systems, or for any la wnrka : T I sewer Revenue 1L`n'Is, Sc - - ._..._ _... being hereby made to the authorizing or- Section 19 of Resolution 7.63 (end section ful purpose. months (due Febiwy 1. 1970). and at -"'" dinance (and o Resolution 7'R3 and or, pertaining Section 14. The ➢rovisional of Sectlon the bonds" nr the 'Mnds of tit sea of 6 per mat Per annum there- ----------"-"--''- - -..14 f21 of issuance not No. 15%1 -" dance nature a. re a for ta detailed statement t a,:F -,: and after Is+lmmmdiaa wish the interest .........'"'" -— -'to the !ssuanre of Rarity bonds have 4. 10 hereby 20 and 23 aofb e Resolution hoe 7 - of the and extent of the security, and )'Is t tie IN Clb- Ins nul..Tand.ng ...........-'-'-''-'" been hilly met nit os of with aM are made adippe to the Mnd r 'a 1 lie sli U 'n I`^nrpal ammo[ pay'menl due uoMr11,, 1Feb until paid.. -the rights and lof of the City and Sewer Revenue Re payable aemiswttlmy'M Ftbmaq 1 and......................the"-'- registered holders the bonds and that, therefore k she bonds se this (with and shall inure and appertain and to Lh n dW;ttIng won a9 and AMA I of each year. Payment of rim PAYMENsheh utst on a Pthe terms and contllliona upon which the parity of MCurily with bonds to the same extent with lik -ra:ng Bonds fisted .Iunr 1. 1%:: Issued rf qa a.. . Po she Outatanding ificat In this depen, force end effect m if set forth In fun n :der And zrputttl M' IM1r prhylainm of oal and uder%t shall be made a[ the "s ; : 3 uaa Meda a" issued, Including, without llm- AePnbl al Bank of Dal- ae5 v ^ IYo 9 Itao th, the covenant M the City in fixthe re9utretl Certificate of the intlemn- excel that a finanClel statement ! rn TA, ntloplee xnd apomveA m '4 a i 3 °n �, ' '-a dent certified public accountant shall be quiretl by Section 16' shall also be file, 1951 ' Resolut 11 Pa- and Teins .-Fi nR Agent" A 3 o a w and maintain ales for water end sewers�4tip •-$ Z Q services which shell be sufficient et all filed m the office o[ We City Clerk prior with ite Paving Agent. Any refereePtx) in Drinniml amount n( \\'a1Pr �ir`� of Prin 1 and Init"at +n- r) a a °.- n \a and Sewer Revenue Brant . series d bPTPa%m1 of principal as o tJ ,v^times to at least provide for the to the delivery a the tenon of this issue, en "Mnds" in 'Water and Sewer ll.. m}'ment Section 6. The City covenants, reef- Anne Refunding Bondi' as contained'',n"d September I. P. issued ]sra. .•1w:Dfav'dad.'shall M by check e I ' o[ the tteSonable ezcenses o[ operationcoal m the Pays end payments otheraI and maintenance oI the _Nrtns and agrees that all revenues de. said Sidions shell mean the OutstandinI an, of fed M1r the P ny!,nu% Of System, We pay1 a rived ham iM1e operation or ownership Mnds end the Mnds of this issue. oso .r .r Na IdFloin lee 911'1 a Wen the Ylnal pay'pant at maturely shall I i 9zmeat of the Principal tieInterest on andYI n n- ' - I oI the ssrem shall be kept nemrete and inteneed .!feel o[ inrormreling o[ lhoe .ei \'igut 8. 1968 ''Ord i.'::r No.be made wiWWi 1�``nettvily of ihr i f IaPaying Agent's fees in connection withapart tram other Funds of the Cib'. Td provision n[ Reaolullon T-63 herein, she -x call,. em P9yee surrenger' fl bond end all the Mnds end the Outstanding Mnds, as(hilt, c. lI ^c Id to,rag g tDbaauH Au¢. 1, the same become due, end to maintain Uant end the following special Funds be to make those provisions fully nppli ply rrirrrM to as the 'oralnand- taments an !N fitly discharge 1069 _ - - eve heretofore been crcee<d antl are cable la the bonds of this issue and ththe nbligetlma of Tit Qty to she extent the other Funds at the required levels.Ilnntlst: enAof the m1'ments <, a Feb 1, The bonds shall be subject to redemp hereby reaffirmed: language of Resolution T-63 shall be con R91FR.?A9 the Mugs con be 1,'.:rd w. md Ibe Paying 1910 .__ — _,_,___.-- Waterworks and Sewer Fund stoned and Interpreted to acmmdism. x penp' u( sevanq'. wtl!1 she eWt Agent shall keep a Rlprd of all m)'- lion Prior to maturilp ea hollows: meats and the P yee may at tame 1' (1) In the case of excess funds fmm (b) Waterworks and Sewer Revenue that Intended effect N this regard, how Siimilar bands pm%lded the Cnndlt!^ns a ant• —______-. Refunding Hond Fund (the •'Bond nmd•) ever, it Is ex ressly covenanted: 4rIR in SY'lion 1S tmlutinn963 ubmit this Innd to the Pgdng Agent the Proceeds of the sale M the bonds In ➢Feb. 1, (cl Waterworks and Sewer Revenue rt' Sn ton as en hf iM1e Oulataissu-1 fiance No. far I»rtenlelion of the Pa me➢t Record the Construction Fund after Ire con- g ySrlion 14 (^Ja _._—_... "Revenue Bond Reserve Fund Ohe tanks. or am• M the binds M fists isxusr have Teen e h and the a` hI A "a' merit Montsefat made. slmdion of the ionthe ease has been ,AUR. 1, •Revenue Fund") or any Mnds Bare o tstan r.axetl on n• p: b mirlet ttit f'n Lea' I'a ymeM of p�ipel aM in- rev nuestl env in the tae of tiLw ofars \ R iciest. tint Mnd ffi8T1 be submitted to'' revenues derived bom the o nliDn a( (tln Wrenworkx and Sewed Conlinglro parity herewilM1, are Outstanding and Un midi(iarw-nay! ms wi e'!h let, L pa -I Ind. therefore, tit bonds w','T he Ihr Paying Agwl fat taMILLtlOn and 1972 ing odinan as eel forts sn ll anshoectReserve ltrk "ndiiSewery fend'), shill l ays end isly n, ihr Qt surrender b-'"""-"'-'-'-""'-''-' tag edem do the Mnds shell be sublect er Waent F n and Sewer Repair end shell always ystem ouSly and effidentlI :rd ou and will rant m e liar.. n( ale. st «bonds Aug. 1• to redemption Prior to matuhly fmm Replacement Fund lshe "RepOtr end Re- operate the System as a revenue prFi arty vela "11b W�WkA-holtl,. 1412 _�__—____.____. lacement Funtl") tlutlnR undertaking end .hall alwey (n:tV '1REREFOO. 8R iT ORPAI]- aggregating Nine'Daoua- fund, from thine est pa, ie whole or in p2 by the Board of 'l -*.cars of N! FEb. LWaterworks and Sewer Sumlue charae end maintain +n PNect land ahaaM Donlan .b 3FrrDa1pert, on any interest payment date, at a akllh➢nh Issued Initially as 1973 —'� --- "' -'-- --'- -'-"-'-' price ofpar andRevenue Fundrl 1111IP retie- ammed interest with (the "9u tun Revenue Increase iM1e same from time to time Cry Of SO1y'eltevt the AAaOws: Aug. 1,Fund'') and to the extent necessary) rates to acrinn 1. That im_ElOrnmenU be 3NM bonds, dale Wateriated 'Qty- of Few- 1973 maturity a redemption to be in inverse order of gectim 7, The City convenards, real- the services of the system which will a phshd I this nerd ap- rte Ree. uekaneon W@Mimi rbI and sew- UI less than all of a singleat x a hee and er Rcwenua lseida. Vaslab SSr'. dated Feb. I, theluully, Wen the principal amount e. Bans and agrees that so lone as the produceeape revenues at least adequate se fo p' n:'. ate oft' -a -a hf on City February 1, SIN (a. •'bmda•'). 'The 1974 _._.._._ _..._..... ........... _.._._._...._.__... the fully registered bond for that ma- bonds or Outstanding bonds or interest the operation and maintenance expense III ere is an authorized in detakec-ute bonds 0 purpox- Aug. 1, runty shall be prepaid In multiples of on either remain outstanding and un- or the system, for making the require all ationt r Ynd f .stn And lake flnanaM M1a/ wear b4uti+ng ez- 1974 -----------..---'--.----.-..- , or +f there are exchange coupon paid, the entire Income and revenues dc- False cis into the Pond Fund for the ➢u a .wmplish We ��. � 1entx Feb.1, bonds for that maturity,operation ownership pa all action neceEdaYy tdrived from the or of pose of paving the principal of intern carry ex - construct of Oa, 4 and mthen the ed �raN b cute b 1M AabewMbs arid cower facilities ,------,----------.- nchange inverse coupon numerical bonds are a be redeemed and System shall be set aside as d known and ban s, and fees in Cmnectio earn nce ibe Ie'ty N the Ob (which aft ageraea as one Aug.AUR1,and deposited in the special Fund knnwn with the bonds-, and The Outstandtn ordhugm nod b MdonR tla onto in order); and w W\ W hensy Ire 3975 .__.....__._....._ _......_ ___._ __._._..?I In the case o[ funds }tom enS as the "Waterworks end Sewer Funtl" bonds, meinleininR she Rrsen< Fund e th I2twa',•.r/apgex- Fe!'. 1. other source the Mnds shalt be sublect and there shall be disbursed therefrom the required level ($50.0i, maintain wt tl)F mneu tai 1Aa1976 __......_.......___._.-...__._.__....__,_to redemption prior to maturity, in whole ht month such Vents as are reason- ing the Waterworks And sewer Conlin the 'ns IOMandAUR. 1, but not In pert, on any interest payment able and proper for the costs of open- gency Reserve at the required level tof heNo, IT1sty +n toll wNtbn 1976 _—.--__._ ___-___.date at a rice o[ Lion and maintenance of the Sstem. All maintaining the Waterworks and 5esep pep end acRued in- llIJ�of end lawsStatpar Feb. I, latest. revenuer of the 6yslem not .dually re- Repair and Replacement Fund et she ryear titular) ACt No, 131 Ar- 1977 __....._ __ _._.__ _.._._... ...___._... In the case of registered bonds !full quired to pay the coal! Incurred as cur- Vutretl level, and discharging all othe the Ac anus for the woe 1993. Y gd milted by this Section shall be deposited monetary and other obligations of Ih as am Old Act Na 1M of the Acts ActsN for the year ICI, as amended, for Aug. 1, ASregisteredprincipal ci l only or bonds registeredato of Ariuona EM the year ]ASS. as amend- Act y e. 331 . the Ala d Arkansas &No. for FTh _....._._ _........__.__ --._. ax toci al ani onlyy)notice registered as to an the einef Funds heretofore created City oantler ndeth auth ziOng I ed, and the 6[rstget of the 6upeme Court the hear ctsi, as amended, Am No. year 197a 1. principal and interest) least e days bemp and herein realty he, each ofh which Nnan esre and under the authorizing , of the Acts of the t for the Ythe 1919 .......... ........._ _.-._ __..__. ._...._.._... the shall beshall Inv. priority thereto i the order nenre; n the step m wt 1094, In Harrison ]93T, as amended, the decision of the Alt- I, the redemption given date bmeillnto listed In the preceding section. f2o The ❑menslnm all slrMim 71 Braswell. 1. City Ark. eft 1948. r n 12P Q !19461. of Fayetteville, Arkansas, Supreme Court Braswell, tse state of rk, 09. Fe9 __..- ___ _._ ___ _._........_. spefying ❑hof peach bone a dolthe 9ectim t On ree tint bu set dey n( once f a Ttio pertlid' an the to }!aWv. d09 Ark, 1094. 1979 1, specifyingmer the redemption rityof date and the each month, In there shall be set aside nand cabs of with additional re bond' shall beseria blahs 1989. and Sewer Revenue Bonds, 194 S.W. 2d 12 (1946) and pursuant to _. deposited into the Bond Fund not less cable . The result that the Inn'] are hereby authorized andm���- _._...... _.__._ _._ _._..__.., number and maturity Ca M she bonds being ordered e196w. Ordnance No. 1653 adopted and approved Aug.Au1, redeemed (in the case of a than (el the amounts required to be this issue shall be included with I!'^ issued 4 she bonds shall be d R- partial pre-,, on the 3rd day of F"). The 1969 (the 1979 ..._. __ _.-.__ _.......... __. . Payment of a maturity the notice shell paidand into such fuNo. by Resolution -63 standing bonds and with an" pal emowt of PJdQfal0. The bonds be „euNorizin a ordinance"), The bonds are Feb.1, specify the bond whicis beta - and Ordinance Na 15% (for the Out- proposed to be Issued Ins" dated February 1. 1969 and interest Wert -R partially le standing bonds) plus Ibi the amounts re- 13; 13 per cent coverage on shall be payable on August 1. 1969 not general obligations of the Ql)'. Ml 1940 -.__ -_ _..._ __._._ __.-.. Prepaid and the ammo[ of principal be- end semiannually lyeach thereafter an the are special obligations Payable Witty Aug. 1, ing prepaid). In the case of exchange United for the ]payment of the principal for parity bonds is concerned, I and August 1 of each tall. Tee bonds from net revenues derived fmm the aptly _._._ _.___ _._._._ __.._,. ..... bonds nto bearer or registered - and interest on the bands as the same III The investment pr13 are ons or shall be Initially of issued t as fully or bee Otion of the System. There 1S presently Feb.Feh1, , as to principal only) there shall on nub become due to accordance with the fob al 23 of Resolution 7.83 enable bonds (reginterest) as to principal and as outstanding an issue or City of ve- 1981 .. __„___. ____ tished a notice of the redemption om lowing schedule, and to pay she Paying be applicable to any (nods available to Inlereall and the principal and ion Stile Waterworks and Sewer Revenue Aug. 1, time in a newspaper published in the Agent's charges: investment (except moneys in the ' trout shall be payable at the principal Refunding Floods, dated June 1 1%3 1981 _....._._ ....__.,_ _._...._ _._..- -- City of Little Rock, Arkansas and having offa general circulation throughout the P. of Republic National snk Dab approved under April 9 adopted and Feb. ]. PRII) INTEREST P. . Dallas, Texas. The bonds willebear an3''), a on April 8, 19 (of Fay (''Resolution Aug ........ _,- ___,_ __ _ , _ aatof yArkansas giving the number pear Bond Nas. (Aug.(Aug• 1) February t If gust I 0',•r. rst at the of ix per cant per 76e'7, to an issueCity e r evenie- Aug, 1, "_ and maturity l each exchange coupon 147D E ^-3,20O i n for the first air months Idue per "tilBonds, Waterworks to and Sewer Revenue . Feb.p _-__ bend being called with the to tie 11971 9- I E 116, Tf,025 27,400 `I t 1, nnum i the rate of 5, per 1966. series nder. dordinance September 1 1. e 1 .— dampng on least 15 Jaya ha she re 1972 R - 2 17,000 ^i 970 ?6,470 per annum for the next six months 1966, issued under Ordinance NO. 1503 -.. - _ dadate, lle the redemption 196'D 1972 R - 3 17,Op 26,970 26970 7u February a , and at the rate adopted and approved m August t and' Aug 1, '"' en each casde called for redemption 1973 R - 4 l9.TIt10 25,4M '$460 7h' h Cent per annum thereafter until Ing issues n es No. Co08") (both erred to Feb ............ ...__._ _....._... _......._...____ tend in the case a mrtlal being pre- 25320 22,93) - 1914 R - 5 ]9,tpp . The bonds et numbered fll ing as "Outstanding using eolle bonds• ref and to 19" 1 -' the )shall of the Driear bete me- 197; R . 6 l AXK) 24,720 25,3:20 rear" as eel forth in she f prep id fa the ie bonds''), and the Aug.4 vaid) shall cease to e bear Interest on pen 1976 R • 7 18,030 2_4,131 24,120 Ii'l _....._... .......__. _........_ __.._... _......___. videtl funds for the redemdlon are on Tale, unless the principal IS prepaid bonds pa being issued on and raut- A 1,197* R • 9 30000 21,180 'r,1R) 7a. s -e etter var, and the bonds t a gamy of seProvision with the Out- jggFeb ............ ........... ............ __.._. time. with the Paying Agent at that 1978 R• 9 '!3,00 'A, 49!1 Zt..'Al 71, be the varying due (with there be- an ao bonds. ere is made for Feb. 1, time 19'19 It . 10 ^000 ^_2890 ^_2890 47S€ led by the alM1edule (wish share m- an amount of the net revenues derived 39&5 - ....... ............ _,-._._ __..,.._ _. This may be registered lasid 1980 R • 11 Legal 22830 ^1,Rio 4fi, ------------,e bond for each year in the denom- from the operation of the System suffi- Aug.1 interest d may as todi mincipal and 1981 R - 12 SI00 2280 22,6X1 W,1 n he the entire principal maturity cant to pay the principal of and Interest 1985 ,......,...I -,,,..._. interest and be discharged fmm 1982 R I. 13 4,00 2Y.650 22,fife A9 0 on she bonds and m the Outstanding . ........ ........_ .-"'such registration, In the manner, with 2_,530 22,510 51 (w ';:e year): ' Princiml bender Meet aside in a special fund195%, the conditions and subject e to the reset and l9 R _ 14 SI00 T' " Bond Not. Amount for that purpose Identified as the "Wa- - .... .................... ..._...... ......._.__. in the om endorsed hereon and set forth 1984 R - IS 9.01) 22,20 2!,?9I 5_.' ::st 1) ten -works and Sewer Revenue Refunding 198*; aI' in authorizing ordinance. Subject to 198' R -16 9'Ogl �2'WO 21'0''0 Rd { 25.000 Bone Fund" !Crated by Sectlen 5 M __....... __..__ _....__... the provisions for registration endorsed 1496 It • IT 9,001 21,510 2t,510 . R.2 16,00 Reslutbn 760 with reference being Feb. 1' hereon and contained in in the autho the 1.981 R -]R 15,000 21,510 21,510 t* T 17, made ......-.....__._.., ......._.,. _........_ ..._.._.__ ordinance, nothing in this bond or the 1988 R - 19 19,0011 21.060 21,0611 R3 - ]8,000 hence (and to to the 764 sand Ord- Aug' 1, authorizing ordinance shall aNmt or 1m- 1489 R -20 19,000 20550 ?0.:Ilifh Ii" R'4 1987 - 1990 R . 21 +1'.000 19.980 ]4.990 e R.5 19,000 rance Na 3508) fit a detailed statement --- ---"---- ---- mar the negotiability of this bond and A-6 21, of the atop and extent M the security. Feb' 1, this bond shall be deemed a negotiable 1991 R - 23 19,m 18010 I9.M _._. _.___. a Arkant under the laws the statein. xi R.i 18.000 the na4 and obligations of she City and 1 _....... ......... ...._ _.__.1992 R - 13 1R,al00 18.6% 18,R% R-8 ^_0,0O she registered a holders of the bonds and Aug.9M1. ------in Athat t e and Is Issued with the ]n- 1993 R - M 24,000 17,430 18.15(1 fi„ Pill, R-9 23,000 she targes and M diUms upon which Me 1989 _._..__ .___ _._..__ _,_-_ -_ tent that the laws of the State of Arkin- 1991 re - 23 32000 17,430 17.4301979 R40 r: ^_,000 hand! are Issued, Including. without If m- Feb. 1, sass will govern Its mnalmaton. 1993 It - 26 31,1)00 16,470 16.470 6 1989 _.-_,_ _- _,_._ _. It is hereby certified that all eohdl- im R-11 ]e0 mid maintain th! curates f r ibe Qs er . ....- -- 1997 R • M M,00 14,640 14,640 Or _. 1981 15,540 15,510 R13 4,000 sad is rates for water and sewer Aug.R' t 3, acts and and to ved to exist. 1982tech .. to d happened have been cur- R33 4.000 services which shall be sufficient at all-���������- ����-...._ .._.__._ ......_... _._.._._.199R R - 29 32,000 13,710 LI,HO R-15 9.00 times or at least reasonable for the pay- Feb. 1, of formed precedent to s and in the issuance 2999 R • 31 35.00 11,750 11,750 tl L9&S R-15 9, operation pens o[ the aaemade expenses of -.-.-,_ _-. of this bond a orise have 3101 R ....__._ __. __ _._.._._.happened and 31 3{,0011 11700 1170 '.l .1 1%49.(100 rem,the and maintenance of the of, In' Aug.A¢1. have been Performed that in regular form. ion R-16 2001 R - 32 352,000 10.50 10.560 17.'.1 R-17 9,000 tern, the mymeht of g g principal in- 19'19 -----.__.._ _._..._ _.___._......_..._.. time pand manner, then the ors me ex - 19e6 R -IS 17,t00 terest on and the ing Agent's fees in Fate, 1, represented by the al or aces not ex - 1981 R-19 19.%al connection with the a same and the Out- 1991 ------------------------------------------------coed am' Ian,tit suffil eorn alelion- For greatero danly, not less than tie stmdlon Fund .rented by Section 9 1986 1969 R.2p 14. p100 standing hands, as the .ems became due. Aug. LStation: and that sufficient revenues de- following amounts shall be deposited Into this oridnann which roonsid exprI the Bond Fund in addition to those re. R-ZI ="-.Ooh and to maintain the other rinds at the 1991 ---- -----_ _._.._._ ___._ _._—.. rivetl from the operation of the System the and shall be considered '1919% 21,1100 required levels, Feb. I,ave been pledged for and will be ap- 9991 R@3 p Wired to be made therein by Reaoluton of the particular fund Pont of which 1%2 R-2_4 24,X00 As provided In she authorizing old- ......._._ __. plied t the Payment of the makeprincipal of T-n(a and Ordinance heibus less: eye are invested, with earnings harcrgain 1993 R.24 34.0 epee this bond Is exchangeable at the Aug.Ad R 1, and interest SI on the bonds to make those (a) 1 the firstext business day of each to the fundexcept, and cr rse, again 1995 R-26 311,( time, u of the registered the holder, at any Feb_ _._.__ . __ _ Tilde m the become due, month met the next succeedingAgiinter- the fund, ex of cnd, when n" 10.95 R-26 30,00 sdery notice to Uo City and upon Feb. 1, TTfbond h not be entitled O i any eat moment and hAgent's charges In in the Reserve Fund, the r,'[ - 1997 R-27 30,00 r the ay bond to the Qty at the ..----------------------------------------------------benefit r under the authorizing eo ordinance r become due on the bonds; place Reserve and the Ih am r be valid or become obligatory unless (b) On the first business sday of each inthenent Fund finrc In iho 1997 R.^.R 51,000 office o[ Paying Agent, for negotiable Aug.AUR1,ge y 1998 R -C9 32,00 Coupon bonds, payable to bearer but 1983 __I..._ Pit shelf have been authenticatedtigMC ti the monde next n Am the particular fwd in et, ._....__ _........ ........ ...._.__.g August 1, 1969, I/11 19$9 R-31 38.000 rcgacipal as to rest, i Al only n asmi toa- Feb. 1, applag Agent completing she Cenificate of the next maturing principalSa an Me required level of the mnir':': -- i R31 S2, principal and interest, in the ne the ag- Aug...._.._._ _...._.._ ...._._.. __ epDeerin¢ hereon. n Paying Agent's char ¢ e t on the excessterror may be tranSewer I": Tt-32 35200 gregate $por $aeach. to the ag- Au1, - IN tevTNESA WHEREOF, has the City thisof bonds; and teSeotion and k. --cip of interest and ofe an)' bond ncial nt ethis to the Feb.b -Faydtto be, edas has caused (c) Such additional oviamounts If any be section 1S That ti'' - lie ml made in respect of any der unpaid principal amount of d bond, F 1. "" bond r be ityexecuted in Its name abyc Its necessary, to August sufficient 169, funds for as set t to rcnrmpri,. bC is designated the deRlgent. clout fad in the farm of moon Mnd provided .__...._ __.__. _..._..,_ __,_.._ Mayor atu Coy Clerk yorth ate the Interest due I, eed In forth in ! or hit bod,an agent without yfor a the a shall be ag ordinance, Aug.AR1. _"'—"' aesnre to the the but with l the No further payments une be made en Section 4 h•, tsr t the bond, and all such pay- The bonds t shall subject ir to redemp ..__._____ _...... _ manual signature a or the City Clerk', Into the Bondtherein Fund when the eser e li nreofp' on: tro' discharge the oblige- Um prior trse maturity as follows: Feb.Fen1, "" Northerte s t to a authorized and Its rot Fntdi sd sheast and in the gregate ride of one Ociv of the extentCity f In respect t such bond In the oof excess funds from 19%- ..._ ...._ mate ,cal to b affixed, 19 all as of the rnis at ount equal to the aggregate redemption separate of tee that "I 'a>-ing of the moments an licat` the proceeds of the sale the bonds in - Aug.Ana1, -""'"'"""--- fiCITY Iday of 'YETFE'. 1969. principal amount of she bonds and Out- entirely semrate so that the 'aoff Agent is to kemad a dupn the Construction the imp Fund after the en can- 1996 _.....__. ....___.. _ OF F.4Y ile signature) ARKANSAS the bonds then then clueing, plus no and and proportionate or pro rdsn -i of a0 payments holder made, and upon tilm d the in the ca e has bepsn even- Feh 1, "" Hy (Facsimile eienttuma the r Count of Interest n a due hr ion"- of Mnds red that the Mnds r. -al the regrhe to of any bond bested and in the case of surplus reven- the Aug.7 _ Mayor after to become due all such hall may be redeemed, acme. sseat proper same To the Paying Sys dem. as aftom the the or the A 1, All money the into the Bond Funs shall she rag to ethe redemption pm' - so t that pm ad notation of the pay'- system. ea get forth in We a i to 1997 Qty Clerk be held by the City In trust for she holder taming the without any 1,9ur can be made on the Payment ordinance, the bonds shall be subject to ----------------------------------------------City -""" _ (SEAL) Feb.FM1, or e holden of the bonds, thepertaior In I attached to the bond, The City redemption prior to maturity from funds long On .skit bond shall appear the fob Outstandingcurt without re'', ......... ........_ ,bonds, and the coupons appertaining any of the bonds of any I that as soon as reasonably me- from those aouMea in whole or in mfa,"-" •--'-- Irwin Aug.An1, g: thereto, and the City shall ighnot have any x IS. Tat when the after ue receipt by the CITY of the many interest payment este, at a price IAl9 CERTIFICATE AUxAT beneficial interest or right in such man- been impressed and the ' of rant accrued vrsest with the et —^---- 'This is one of theisue exchange roe r. --I request of the registered adder paFeb I bond and upon [Metre by the Larry (i to be in inverse order of ma- l AugFa et this is part an rater o City of CAR money de aas herein rv— ......_. _milted in the Bond Fund be delivered to the g to expenses to be incurred by it or a turity Oh less then all l a singlento con- ug 1, ---'-" eRele. Arkansas ritsr1969, and shall interest used solely for the pure of shall authenticate oorepo : g to the to the will satisfaction curtly, then the principal amount of the 1999 FellSewer ru Rry . Gonda Series 1969, dated payings,hon and the principal of toof the order ReexasF' fully he islered bond for that maturity ""'"'""- "-'--- ------ - —. _..._�. in praci l ou, aggregating $940,000 the r the Outstanding Agent', bonds, to- of Dallas, Dallas.gTexas cif r Qty, that expenses writ be pal ,.quest. the City will prepare and shall be prepaid in multiples of hands in prlEamount. 'C negotiable mums bonds, ono- or If there are exchange coupon hoods Aug.' -"---------ashen with the pose. Agent's leaf nd the Paying Agent, elf AURI, .-''"'— --... REPUBLIC XATTONAL BANK OF for no section 9. manse, of she Sum of Nine Hundred F, bearer but registrable as to Dttn- for thin maturity, then the exchange 2000 DALLAS ve9. The required level of the and Dollars ($440.00) plus n ^lily or as to principal and interest. Coupon bonds are to be redeemed in in' Feb. 1, ...-'- •..-- - "'- . ._. DALLAS. TEXAS Reserve Fund shall be increased to latest from February 1, 1969 r requedenomsted n of $1,000 or E5.hold- wive nInml order); and ZdOI BY -t ,I..._._. any pot n the option of she City, aall or of delivery of the hands (the oa stanby the form ofregisteredC upon (2r to thecasebonds of Nita from any - _ ,—_ m Of Ined t Column) be r "quired lactase may proceed.,''). Tae Peying ARect Av 1 Y m lion M We epestaerialin the form na mumMite wumo the too shall be sublole MI. ' (Form of Interest Coupon) be demented into the Reserve Fund Pont bone the total male proceed.ftha t h. . in the hereafter ren this Ordinance set to not in paon prior to metal -at Ient and ..- .. -- ._-....-..... i. _. _... N•o. gust' of the proceeds of the sale of the brands (a) The amount of the the rt in the unpaid r principal amount but not in port, on any interest payment (ht the first day of Febmay-August, or the increase p (or the pert not deposited tens[ shall be deposited into the Ii'' e I to the world principal ammo[ of date at a pram of par and accrued WHEREAS Me coupon bonds. Interest 19 , the City' of Fayetteville, ArknnaIS out of bond proceeds) maybe deposited Fund; tee registered band, with coupons an- interest. roumns to be attached thereto and the unless the bond to which this cola e nexed thereto maturing alter the date to In the case of registered bonds (fully. Certificate to be endorsed thereon are attached iscon is out of February uover the hive -year not less Any amount specified, - ell to paid prior r, thereto, hereby than 1, 1974 with less specified,lh In a Letter of ' which interest have on the fully registered Ciywill reto pri or exchange bonds registered to be in substantially the following,Lios. tthe !sec to and to bearer, solely out of Wan 20 o per cent M the Increase (or the signed by Agent, Mayor and m bond shall been paid. The auk will as to principal Interest) only or oticistered as to form. wish necesssry wft: one, amts- whi h this feud n is a•tl c the bond to pert nit rated d ant of bond sucfive Re PveinF odens, tie i del*r., cause fiyc h p umn Mtios to abaufhenal- tion shat and atl nononce days bef p atom and D grAps, (OF AMERICA which this coupon is DOLLAd toye be deposited during each of such five Reserve Fund shall be del moan sated by s, Texas (the ' l Bank of Dal- lion shall be given date lea[ 15 before VNITED STATE9 OF SA ___._.. Dncy as years. the Reserve Fund (in this as, regard I Ion, Dallas, Texas (Me "Paying Agent") the redemption by mailing to the STATE OF ARKANSAS +n such min or is legal at Me The Reserve Fund shall be maintained public National Bank of Da Dpll and delivered to the registered holder of registeredspecifying holder a each bond a notice COUNTY OF WASMNGTON time of payment is legal tender for at $NA.h00 and shall be used for no PUT. Texas 1% hereby designated as an e f the fully registered bond upon surrender specifying the redemption date and the CITY OF FA YETTEVB,LE, ARKANSAS the payment of debts due the United Poor other than to prevent a default In depository for all or any mignon of 1 and cancellation of the fully registered any number and maturity of the bonds being WA'EV E UE AND SEWER States of Americo. Ming six (6) months' the payment of the prig the of and inter Reserve Fund with this designation ! Mntl. The City shall at the time of any redeemed (in the case M partial per, Na REVENUE BOND SERIES 1969 Interest then due on its Waterworks and est on rise and the Outstanding the Ing made Resolution to the j;adprovisions 1 F:rI written request fort an exchange of payment of a maturity the notice shah $.. ._-_.__,. Sewer Revenue Hand, Series 196g. dated hands. In the event moneys from the Section 4 of Reaosutlon 7-Q); and registered bond for coupon boats specify the band which is being partially KNOW ALL MEN BY THESE February 1, les, and numbered R- - , Reserve Fund are utilized for the afore- MORE— MORE— MORE .- to the Paying Agent a CY en un- premid and the amount of principal exch be PRESENTS: CITY OF FAYEARKALLE, said purpose, she Fund shall a restored (c) The balance of the total sale 1) "9 the Prnc'n9L amount then un- ing prepaid). In the me of exchange That the Qty of Fayetteville, Washing- ARKANSAS to E50.0r0 from the first moneys in the ceeds shall be mid into a special ft "e Iy, ''. bond and the bonds (Wale b bearer or registered ton County, Arkansas, a municipality Hy (facsimile signature) for the and Sewer Fund available of the City which is hereby created d ^'e Tully pgis- as fished Principal Only) the" dell he pub- under the lawsf of the State of Arkansas Mayor for ra purpose, designated "Neues 19M Water and BtE�I fully paid. timed a lie of the redemption I one (the "City") for value received, prom- PROVISION. FOR REGISTRATION Section 1R There h ti on deposit in Construction Fund" (the •'Oonsn 82 sa¢rmtlRred time in a newspaper published in the two to MY to bearer, or if this bond be *AND* REdb ON the Contingency Full tin SUM of not Fund"). The Construction Fund band %.red f the Qty of Little Reek, Arkansas and suing registered to the registered holder here- '1 fix bond may be registered as to less than E10A0. The Conlingenry nd maintained In a depository or demo I'ne Paving %sent shall be a or a general circulation throughout the of, m August 1, 19 , she principal sum of principal alone on books. of the City, shall be bind o lied at flat figure and Ties, designated from time to time '! T a' ce'''p,* ' '' Site of Arkansas giving the number and - DOLLARS kept by lFa ' t::' PC 1 nder the within shalt be used only to -the extent neces- the Board of of the n de the Qty. I rd In relying °ts,a^,:r'.e nit ..A•.L ,if ra..1, .visa^ce n' i' M-.d.F, s •r m_. "- .."..,. ,.r I 'ed mrnlr.•r,t ..'5 ._I .g r.a n.... •r r^rl any emergency arising Pont as n member of the Federal Coral •• 1' Of upon :s -A' _ 'n"-.- - e muous operation suranCe lration (Republic Na rQ nC sregi.uch m a a revenue Dratlugino Bank of Dallas, Dallas, Tens is her! It such for which there ere no designated as Ong of the depmi umes province therein to the registered owner by mail to the address shown on the registration books. F'#.. -of tea bonds. when converted as aforesaid into A bond registered as to both principal and inter- est may be reconvened into a coupon bond at the written request of the regis- tered owner and upon presentation at the office or said bond registrar. Upon such reconversion the coupons represent- ing the interest to became due there- after to the date of maturity will be at- tached to the bond and a statement will be endorsed thereon by said bond regis- trar in the registration blank on the back of the bond whether it is then registered as to principal or payable to bearer. No charge shall he made to any bond holder for the privilege of registration and transfer hereinabove granted, but any bond holder requesting any such regis- tration or transfer shall pay say tax or other governmental charge required to be paid with respect thereto, if any be applicable under governing laws to the particular registration or transfer. As to any bond registered as to principal, the person in whose name the same shall be registered shall be deemed and re- garded as the absolute owner thereof for all purposes, and payment of or on ac- count of the principal of any bond shall be made only to or upon the order of the registered owner thereof, or his legal representative, and neither the City, the Paring Agent nor the Bond Registrar shall be affected by any notice to the 'contrary, but such registration may be changed as herein provided. All such payments shall be valid and effectual toI satisfy and discharge the liability upon such bond to the extent of the sum on sums so paid. The City, the Bond Reg- istrar and the Paying Agent may deem I and treat the bearer of any bond which shall not at the time be registered as to'. Principal, and the bearer of any coupon apertaining to any bond, whether such' bond be registered as to principal or not, as the absolute owner of such bond or coupon, as the case may be, whether such band or coupon shall be overdue or not, for the purpose of receiving pay- ment thereof and for all other purposes whatsoever, and neither the City, the Bond Registrar nor the Paying Agent shall be affected by any notice to the, contras-. Section 18. That this ordinance shall not create any right of any kind, and no right of env kind shall arise hereunder pursuant to it until the bonds shall be issued and delivered. Section 19. That if any provision of this ordinance shall for any reason be held illegal or invalid, such holdings shall not affect the validity of the re- mainder of the provisions of the ordi- Section 20. The City agrees to pay the following Paying Agent's fees: (1) A semiannual fee of $50.00 for the Payment of principal and interest of all fully registered bonds: (2) A fee of 1254 cents per coupon and $1.25 per bond for the payment of princi- pal and interest of $5,000 denomination exchange coupon bands: and (3) For services as registrar as to principal Only (effective upon submitting of initial bond for registration): (i) A minimum annual charge of $25h0 for the registration of not to ex- ceed 25 bonds in any one year and liil 50 rents for each adidtional bond registered or discharged from registra- tion in any one year. Section 21. That the Flavor is hereby • directed to publish for one insertion in Northwest Arkansas Times w h I c h Is hereby found and declared to be a news- paper published in Fayetteville, Arkan- sas. and of general circulation therein, this ordinance, to which shall be at. tached a notice signed by him In sub- stantially the following ton,,: NOTICE Notice is hereby given that the Board of Directors the City of Fayetteville, Arkansas, has adopted the ordinance hereinafter set out; that the City contem- plates the issuance of the Waterworks and Sewer Revenue Bonds described in the ordinance; that any person interested may appear before the Board on the 1711t day of February, 1969, at 7:30 o'clock p.m., at the usual meeting place of the Board held In Fayetteville, Ar- kansas and present protests. At such hearing all objections and suggestions will be heard, and the Board will take such action as is deemed proper in the premises. DATED this 3rd day at February, 1969. Garland Melton, Jr., Mayor Section 22. That all ordinances, resolu- tions and parts thereof in conflict here- with are hereby repealed to the extent of such conflict. Section 23. 'That it Is hereby as-. certained and declared that the water- works and sewer facilities of the City are Inadequate for the present and for the foreseeable future and that by reason which shall be eligible for the deposit of an or any portion of moneys In the construction Fund). The moneys in the Cvastructlon Fund In excess of the amount insured by the Federal Deposit Insurance Corporation, unless invested as hereafter specified, shall be continu- ously secured by bonds or other direct or fully guaranteed obligations of the United States of America, or bonds issued by the City, including this Series. The mon- eys in the Construction Fund shall be disbursed for the payment of the cost of accomplishing the improvements, pay- ing necessary expenses and making nec- essary expenditures Incidental thereto, paying engineering fees, paying legal tees, and paying any expenses of the City incurred in the authorization and issuance of the bonds. Each disburse- ment shalt be by check or warrant signed by the City Treasurer and the Manager of the System which shall re- flect in respect of each Payment: (1) The name of the person, firm or corporation to whom payment is due: (2 The amount to be paid; and (3) The purpose by general classifica- tion for which the obligations to be paid was incurred. When the improvements have been completed and all authorized expendi- tures from the Construction Fund have been made, if there be any remaining balance in the Construction Fund. the City Treasurer and the Manager of the System shall file a Certificate with the depository of the Construction blind, with a copy of the Certificate to be filed in the office of the City Treasurer, stating that the improvements have been ac- compligied and that all authorized ex- penditures have been made and specify. ing the disposition to be made of the re- • maining balance in the Construction Fund. In this regard, any remaining bal- ance may be used for redeeming bonds or may be transferred to the Bond Fund. Upon receipt of the Certificate the de- Msilory of the Construction Fund shall transfer or dsiburse the remaining bal- ance as directed in the Certificate. Moneys In the Construction Fund may be invested and reinvested, as directed by the City Treasurer or Manager of the System, in direct obligations of, or obli- gations the principal of and interest on which are unconditionally guaranteed by, the United States of America, or in Certificates of Deposit of the Paying Agent which shall mature not later than the dates that the moneys in the Con- struction Fund will be needed for the accomplishment of the improvements, as shall be determined by the City in its sole discretion. Investments shall be deemed at all times a pact of the Con- struction Fund and any earnings shall be credited to the Construction Fund and any losses shall be charged to the Con - Section 17. Title to any exchange cou- pon bond, (references in this Section 17 to "bond" shall mean exchange coupon bonds), unless such bond is registered in the manner herein provided, and to any interest coupon shall pass by deliv- ery in the same manner as a negotiable instrument payable to bearer. The City shall cause books for the registration and for the transfer of the bonds as pro- vided In this Ordinance to be kept by the Paying Agent as Bond Registrar. At the option of the bearer, any bond may be registered as to principal alone on such books, upon presentation thereof to the Bond Registrar, which shall make nota- tion of such registration thereon. Any bond registered as to principal may thereafter be transferred only upon an assignment duly executed by the regis- tered owner or his attorney or legal rep- resentative in such form as shall be satisfactory to the Bond Registrar, such transfer to be made on such books and endorsed on the bond by the Bond Regis- trar. Such transfer may be to bearer and thereafter transferability by deliv- ery shall be restored, subject, however, to successive registrations and transfers as before. The principal of any bond registered as to principal alone, unless registered to bearer, shall be payable only to or upon the order of the regis- tered owner or his legal representative. but the coupons appertaining to any bond registered as to principal shall remain Payable to bearer notwithstanding such registration, provided, that it upon regis- tration of any such bond, or at any time thereafter while registered in the name of the owner, the unmatured coupons at- tached evidencing interest to be there- after paid thereon shall be surrendered to said bond registrar a statement to the effect will be endorsed thereon and there- after interest evidenced by such sur- rendered coupons will be paid by check or drag by said bond registrar at the tan the • eland neo :m om etgnn' root. and this m'dinance being necessary for the Immediate preservation of the public peace, heatih and safety, shall take ef- fect and be in force from and after its passage. PASSED: February 3, 1969 APPROVED: Garland Melton, Jr. Mayor ATTEST: Marilyn Moore, City Clerk (SEAL) 6 Its J..i. V.1.- ..A .\\. Wa .-.-, ......_L..... n'n4. .voilahIe nr for nreventln4 - ' T£IB .Jnp TJIAZ4t •nalwaa £85£949 JIM 244 •myd 'anu!xy Jwwwano0 UO L PM Z9 '&MH 'wad m1W aapsnaa •a1Lun Jo O pig6 se8 pug Ja1eM1 Wfl lg SnONV -Dan 3OV 3wzaa3.`, JUJtu$Jatle wawpal DUO G3HSINan-i TFLS944 ae'amDG semoyL HUD gaaatS II!H'Pug uewytd Jo rauaop 'aWI JOJ 'nd F ZZLB-Z44 auoyd uasaJa alp© Pug HSUGH rerI ATE of ARKANSAS 1 1 S Jr SS. 'Pa a''„a �/ I•J�s v - • County of Washington puoaag sopa $uWBWIsmjn;u mON *H W`I V d SI E)N V AUUt quawlJJNtl Pays!tiJnauL1 'g'g Z ❑ Y 1 1✓1 V V U ge \I %Ijewpod 6ZSZ-L'H 'da3 aaMOK ouoyd '4J.JOIya I//�/■�.r• �rs',C `///�)� `^�_�`�` 8 D ua a I alpaeI — 94 deMMBJH lsua s;im I P I H -II H W C S p0 Papeaoi wavy 'amoa Pug saa !awl ADJJn 11• hereby certify that I 'gang'paag yucpunsino£W awm the (Gamer 1 Manager) of THE NORTHWEST ARKANSAS TIMES, ozy 1S3NId S,11IA3113AVd JaPJo of aae ma am 3tL daily newspaper having a second class mailing privilege, and being not !w umoJe 37llVJ Sf1JNy 0381SI°J32„css than four a IsoM Srg) •1UauniWg aseav$ pa4s!wn3 pages of five columns each, published at a fixed place of a6£ta44 ouoyd A1 'ysac£44 amga ae!al, rosiness and at a fixed (daily) intervals continuously in the City of -1UJOJ news Jo wg X,uWnom aTW!paw •UIDV; yugpd plasma -I auou Jgq •sunr.ayetteville, County of Washington, Arkansas for more than a period -Dot 'paleaol Jllgnuat) saaugalua Allen ;Sao '0 !SrnS s opaala NVOIHH`ke W -pd onj 'luaunaetle Pays!wnJ waoI xIs If twelve months, circulated and distributed from an established place of 089 Zrl awn amyd •apeai IPM 5aA0 a } gew '.iJl a,„ )uaineas to subscribers and readers generally of all classes in the City -fug 9J6£-c.S aUU4d II"! ppalSad not auto aau tjixa alouq •Japan U!UTITL4 County for a definite price for each copy, or a fixed 'glmw S'3 Payslwneun tuooJpaq 3NOyuby •Jalyaneppuea$— alaaJO Nnry price per annum, tac9rz» •aoua.ollg Ali.%o uol 'Bu! .m9 X44 0004 vhich price was fixed at what is considered the value of the publication, -X1Vd aPepd 'sad Cu alawai alq!su is -apes n!M vano agate -Mou Bu!nux lased upon the news value and service value it contains, that at least fifty -a, 'poor. J!a 'pags!wnJ IumJPa9 auo Doan W aq Plmtg6 'Bu!IJga.< po4s ons TESL sa!r.)ercent of the subscribers thereto havepaid cash for their subscriptions .- oMi 'a3Latln0-G3aimDOONOH.1 p - -Zn Jo SWS-£H OUoyd '.(Wo SIWPV •p!W 86fZZi4 auogd 'Pa.00 the newspaper or its agents or through recognized news dealers over a sadggn OM 'pagawanl wooapaq HMO MJYp 'Su!paatg dad. Pro egluow ua aIan)eriod of at least six months; and that the said newspaper publishers an —lualverali Jog sluewlJDdy-SE 'snug W0104ag panod oau3asT`JaLdya of more than LL69-4ZS amyd •SeewgJY 'SJaui„ g forty percent news matter. v03J1s awyb •U QLVWD ""I Pue a!alumW sg muaada I further certify that the legal notice hereto attached In the matter of es .a 919 Tre£LS w d oe.q .Jllu ._— an Jo ouogd a/u0Pws olew JO) SJ<oO1—Jpo4sDAII-aIDS Jog -9;v -alduic 4saA1 �t 4Z9 -aouv1Jua nt!Jd -DUO MIEN Uagal!M AJV gvtug 1A cffi xog vosMai Pug MIRA a1aMs auogd pug san!9n "fi -a SWJUL'ad JOao aAn ao Ip sapnPU! gluow Oct moot 3LVAlill 'alI!aana:ga w awo4 H']IHOIe ,SSaA 'K'9L'i.44 'c£t4-£ vu 8140 'o1I!MSaM "aV avoq,] 'm!un JuapnlS W LPJ09 sMa0Ia luamaidwl spagoa Laua 99Z4 06 V 5it anus Bu!gaW x1lald Douwlua ale% lapow s'spuu MaN di' ry ort szadumcs -sad 'uew a0; JaM049 M11M wOKU 33Ui Yawo4 allgow Mau a0 Sdapd alesaloglt —4uall Jod 51*100 -'P C oEkq Lad O£:4 Ja1Js tvit-wS amyd 'PJluem u( aw0q wapow uiowpaq 00.141 puY ,,<ua a! 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S89O.\ NO 3AVS 'SIMLlu OL4L-2vv IIe3 � ZI 1:- i Jul *09 v1 004 %ad 6l snoveA Lavzvv auo43 'e'9TS veal) Joel iCulsj 'A1 91 'AMH 'saleq 0004 XVIT Moll lq MpM 31!4.n .1JMOd .ge doupam4 'LOOP o.ML '<.ut:d 2 -bus RUIOI'Z Td 9961 -1Sv3 S4 JSMg$IH 'Do!uaS Down mSumr 'J1a 'SMBS 'Y0N_`YIV uv..mnd '9 t41143Pass pug Mau 3'IVS LZI:T 'sweglNJ a!l.te4.) auugd pis SIW are--��-m.� -mxw.uu.r uv a,vn,e•) vas published in the regular daily issue of said newspaper for_-t :onsecutive insertions as follows: �y11� The first insertion on the ---------SQL 3-" -- day of 1tW---------- 1949 second insertion on the __.._...._ ___ _ day of ------------------------19 third insertion on the _. day of ------------------------ rid the fourth insertion on the __. day of 19___.. Sworn to and subscribed before me on this _.. 'S_.___-__ day of ---?---- --------.__ 19[4 tart' Public Commission Expires: Fees for Printing _____ $ P3 El Cost of Proof ----------$________________________ n Total --___- 3X_17