HomeMy WebLinkAboutOrdinance 1764 ORDINANCE NO , 7
AN ORDINANCE PROVIDING FOR STREET IMPROVEMENTS
IN THE CITY OF FAYETTEVILLE , . ARKANSAS ; PROVIDING
FOR THE ISSUANCE OF REVENUE BONDS ; PRESCRIBING
OTHER MATTERS RELATING THERETO ; AND DECLARING
AN EMERGENCY .
WHEREAS certain streets in the City of Fayetteville , Arkansas
(the " City " ) are badly in need of improvements ; and
WHEREAS the improvements needed (the " improvements ") consist
generally of excavation , paving , curbing and guttering certain streets in
the City as described in detail in plans prepared by a qualified consulting
engineer , which are on file in the office of the City Clerk and available for
inspection by any interested person; and
WHEREAS the esimated cost of accomplishing the improvements ,
including the payment of expenses incidental thereto and incidental to the
financing thereof is $ 80 , 000 ; and
WHEREAS the City does not have funds available sufficient to accom -
plish the improvements but can obtain the necessary funds by the issuance of
tevenue bonds under the provisions of Act No . 317 of 1967 , as amended ;
NOW , THEREFORE , BE IT ORDAINED by the Board of Directors of
Lhe City of Fayetteville , Arkansas. :
Section 1 . The accomplishment of the improvements is heresy autho-
sized .
Section 2 . Under the authority of the Constitution and laws of the
tate of Arkansas , including particularly Act No . 317 of 1967 , as amended ,
:, t c!et Improvement Revenue Bonds (the " bonds " ) are hereby authorized end
Xdc- rc- d issued in the principal amount of $ 80 , 000 for the purpose of financinc the
ost of accomplishing the improvements , paying necessary expenses ir.ci6c ital
` hereto , paving the expenses of issuing the bonds and providing for interest o:.
he bonds , if necessary , until revenues are available .
MICROFILMED
DATE OCT r 2 1978
REEL
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The bonds have been sold to First irrational Lank , Fayetteville ,
Arkansas , for a price of par and accrued interest . The bonds shall be dated
October 1 , 1970 , and shall bear interest at the rate of six and one - half percent
(6 - 1 /27o) per annum . They shall be in the denomination of $ 1 , 000 each , and
shall be numbered consecutively from 1 to 80 , inclusive , Interest on the bonds
shall be payable semiannually on January 1 and July 1 of each year , commenc-
ing July 1 , 1971 , and the bonds shall mature annually on January 1 of each year
as follows:
YEAR BOND NOS , PRINCIPAL
(January 1 )
1972 1 - 7 $ 71000
1.973 8 - 14
7 , 000
1974
15 -22 81000
1975 23 - 30 81000
1976 31 - 39
9 , 000
1977
40 -48 91000
1978 49 - 58 10 , 000
1979 59 - 69 111000
1980 70 - 80 11 , 000
The bonds shall be initially issued as a single bond (either type -
written or printed) registered as to principal and interest , in the principal amount
Of $ 80 , 000 , maturing in annual installments as. set forth in the above schedule . f
The single bonds may be exchanged by the registered owner , at the expense of
the registered owner , for coupon bonds , payable to bearer but subject to regis -
tration as to principal or as to principal and interest , in denomination of $ 1 , 000 I
each , upon 60 days ' notice to the City . Upon receiving such a request and the
making of arrangements satisfactory to the City for the expenses , the City shall
proceed to prepare and execute the exchange coupon bonds attributable to the
maturities in the above schedule which are then outstanding , The Trustee shall
authenticate them and deliver them to the registered owner upon receipt and
cancellation of the single fully registered bond ,
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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 bonds , together with interest thereon , shall be payable out of the 1970
Street Improvement Revenue Bond Fund , * as hereafter set forth , and shall be a
valid claim of the holders thereof only against such Fund and the revenues
pledged to such Fund , which revenues are hereby pledged and mortgaged for the
equal and ratable payment of the bonds and shall be used for no other purpose
than to pay the principal of and interest on the bonds . The bonds and interest
thereon shall not constitute an indebtedness of the City within any consti-
tutional or statutory limitation .
Section 4 . The single bond shall be in substantially the following
form , and the Mayor and City Clerk are hereby expressly authorized and directed
to make all. recitals contained therein (in the event of an exchange necessary
changes shall be made in the bond form to accommodate to a coupon bond) :
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UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF WASHINGTON
CITY OF FAYETTEVILLE
6- 1/2 % STREET IMPROVEMENT REVENUE BOND
No . R $
KNOW ALL MEN BY THESE PRESENTS :
That the City of Fayetteville , Washington County , Arkansas ack-
nowledges itself to owe and for value received promises to pay to First National
Bank , Fayetteville , Arkansas , the registered owner hereof , or assigns , the
principal sum of
EIGHTY THOUSAND DOLLARS ($ 80 , 000)
payable in annual installments on January 1 in the years and amounts set forth
below:
YEAR PRINCIPAL
(January 1 )
1972
- _7 , 000 - - - -
1973 7 , 000
1974 8 , 000
1975 8 , 000
1976 9 , 000
1977 9 , 000
1978 10 , 000
1979 11 , 000
1980 118000
in such coin or currency of the United States of America as at the time of pay-
ment shall be legal tender for the payment of public and private debts and to nay
in like coin or currency interest on the unpaid balance of the principal amount at
the rate of six and one- half per cent ( 6- 1/2 %) per annum , such interest to be
payable semiannually on January 1 and July 1 of each year commencing July 1 ,
-- 1971 . _ .
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Payment of the principal installments and interest due hereon shall
be made directly to the registered owner at his address shown on the bond regis -
tration book of the City , without , except for final payment , presentation and
.surrender of this bond , and such payment shall fully discharge the obligation
of the City to the extent of the payments so made . A payment record shall be
maintained by the Trustee , First National Bank , Fayetteville , Arkansas , and the
registered owner may , if he so desires , submit this bond at any time for com-
pletion to that time of the payment record attached hereto ,
This bond is issued for the purpose of financing the cost of accom-
plishing street improvements within the City , pay necessary expenses incidental
thereto , expenses incidental to the issuance of bonds , and , , if necessary , interest
until revenues are available . This bond may be exchanged for coupon bonds
in the denomination of $ 1 ; 000 each in accordance with the provisions of the
Authorizing Ordinance and. the reference herein will be to the " bonds " .
The bonds are issued pursuant to and in full compliance with the
Constitution and laws of the State of Arkansas , including part icularly .Act No
317 of 1967 , as amended . and pursuant to Ordinance No . /761/ of the City ,
. adopted and approved on theLLZday of 1970 (the Autho-
rizing Ordinance) and do not constitute in indebtedness of the City within any
constitutional or statutory limitation . The bonds are not general obligations
of the City , but are special obligations payable from and secured by a pledge
of the net revenue derived from operation of parking meters within the corporate
limits of the City ( " net revenues " as used herein being gross revenues less
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the costs of operating and maintaining parking meters within the corporate limits
of the City) , all as specified in detail in the Authorizing Ordinance . In addition ,
the City covenants to use for payment of the principal of and interest on the bonds ,
to the extent that it may legally do so , revenues derived from collections on
assessments of benefits attributable to the improvements financed by the proceeds
of the bonds levied and collected pursuant to Act No . 252 of 1967 , and ordinances
of the City . The City has covenanted and agreed to maintain rates and charges
in the operation of parking meters within the corporate limits of the City which
shall be sufficient at all times , together with other available revenues , to pro-
vide for the expenses of operation and maintenance of the parking meters and to
provide for the prompt payment of the principal of and interest on the bonds as
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due . A sufficient amount of the pledged revenues to provide for the prompt pay-
ment of the principal of and interest on the bonds is to be duly set aside in a
special fund designated " 1970 Street Improvement Revenue Bond Fund " created
by the Authorizing Ordinance . Reference is hereby made to the Authorizing Ordi-
nance for a detailed statement of the nature and extent of the security and the
rights and obligations of the City , the Trustee and the holders of the bonds .
Installments of principal of the bonds shall be subject to prepay-
ment prior to maturity from funds from any source , in whole or in part , in in-
verse chronological order , on any interest payment date , in multiples of $ 1 , 000 ,
at a price of the principal amount being prepaid plus accrued interest to the
date of prepayment .
Notice of any prepayment shall be given at least fifteen days before
the prepayment date by mailing to the registered owner of the bond a notice
specifying the prepayment date and the amount of the principal to be prepaid .
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This bond may be assigned and upon such assignment the Assignor
shall promptly notify the City at the office of the Trustee by registered mail and
the Assignee shall surrender this bond to the Trustee for transfer on the regis -
tration book and verification of the endorsement made on the payment record
attached hereto of the portion of the principal amount hereof and interest hereon
paid or prepaid , and every Assignee shall take this bond - subject to this condi-
tion ,
It is hereby certified , recited. and declared that all acts , conditions
and things required to exist , happen or be performed precedent to and in the
issuance of the bondshave existed , have happened and have been performed in
due time , form and manner as required by law; that the indebtedness represented
by the bonds does not exceed any constitutional or stautory limitation; and that
sufficient revenues have been pledged to and will be set aside into the special
fund provided in the Authorizing Ordinance for the purpose of paying the princi-
pal of and interest on the bonds .
IN WITNESS WHEREOF the City of Fayetteville , Arkansas by its _
Board of Directors has caused this bond to be signed by the Mayor and by the
City Clerk and to be sealed with the seal of the City , all as of the first day of
October , 1970 ,
CITY OF FAYETTEVILLE , ARKANSAS
ATTEST : By ;=�t
Mayor
City Cler / GTi,Oe�
(SEAL)
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CERTIFICATE
First National Bank , Fayetteville , Arkansas , hereby certifies
that this is one of an issue of bonds described herein aggregating $ 80 , 000 ,
all of like tenor and effect except as to number , maturity and right of prior
redemption .
FIRST NATIONAL BANK
Fayetteville , Arkansas
By
Authorized Signature
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j For value received , the registered owner last listed below sells ,
! _ conveys , transfers , assigns and delivers this bond to the assignee last
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REGISTERED OWNER ASSIGNEE
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(The following Payment Record shall be attached to the bond . )
PAYMENT RECORD
Principal Signature of
Principal Balance Interest Appropriate
Due Date Payment Due Payment Date Paid Official and Title
July 1 ,
1971
January 1 ,
1972
July 1 ,
1972
i
January 1 ,
. 1973
July 1 ,
1973
January 1 ,
1974
' July 1 ,
1974
January 1 , -
1975
July I , _ -
1975
January 1 ,
1976
July 1 , -
1976
January 1 ,
1977
July 1 ,
1977
January 1 ,
1978
July It
1978
January 1 , -
-1979
July 1 ,
1979
January 1 ,
1980
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SCHEDULE "A "
.'PRINCIPAL INSTALLMENTS ON WHICH PAYMENTS HAVE BEEN
MADE PRIOR TO MATURITY
' SIGNATURE OF
PRINCIPAL DUE PRINCIPAL DATE APPROPRIATE
j DATE AMOUNT PAYMENT BALANCE PAID OFFICIAL AND TITLE
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Section 5 . The City covenants and agrees that it will at all times
while any of the bonds are outstanding operate as a revenue producing under-
taking all parking meters located within the corporate limits of the City (the
" parking meters " ) , fix and collect rates and charges in the operation of the
parking meters , including the increasing of the same from time to time if neces -
sary , which shall be sufficient , together with other available funds , to make
the required deposits into the Operation and Maintenance Fund and the 1970
Street Improvement Revenue Bond Fund .
Section 6 . All moneys received from the operation of the parking
meters shall be deposited in such depository or depositories for the City as
may be lawfully designated from time to t ime by the Board of Directors , provided
that such depository or depositories shall hold membership in the Federal De-
posit Insurance Corporation . All deposits shall be designated so as to indi-
cate the particular fund to which the revenues belong . Any deposit in any fund
in excess of the amount insured by the Federal Deposit Insurance Corporation
must be secured by bonds or other direct or fully guarantee obligations of the
United States of America unless invested as herein authorized .
Section 7 . Parking Meter Fund . All revenues derived from the
operation of parking meters shall be paid into a special fund , which is hereby
created and designated " Parking Meter Fund " . Such revenues so deposited
in the Parking Meter Fund are hereby pledged and shall be applied as hereinafter
set forth .
Section 8 . Operation and Maintenance Fund . There shall be paid
from the Parking. Meter Fund into a fund which is hereby created and designated
" Parking Meter Operation and Maintenance Fund " (the " Operation and Mainte-
nance Fund " ) on the first business day of each month so long as any of the bonds
are outstanding an amount sufficient to provide for the operation and maintenance
of the parking meters . Moneys in the Operation and Maintenance Fund shall be
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used to pay the monthly expenses of operation, repair and maintenance of the
parking meters. Fixed annual charges such as insurance premiums and the cost of
major repair and maintenance expenses may be computed and set up on an annual
basis, and one -twelfth (1/12) of the amount thereof may be paid into the Op-
eration and Maintenance Fund each month.
If in any month for any reason there shall be a deficiency in the
amount deposited into the Operation and Maintenance Fund, the amount of such
deficiency shall be added to the amount otherwise required to be transferred
and paid into that Fund in the next succeeding month. If in any fiscal year a
surplus shall be accumulated in the Operation and Maintenance Fund which shall
be in excess of the cost of maintaining and operating the parking meters during
the remainder of the fiscal year then current, such surplus may be transferred and
paid into the Bond Fund (hereinafter created and identified) or may be used for
any lawful municipal purpose.
Section 9. 1970 Parking Meter Revenue Bond Fund; (a) After the
required deposit into the Operation and Maintenance Fund there shall be de-
posited from the Parking Meter Fund into a special fund which is hereby created
and designated "1970 Parking Meter Revenue Bond Fund" ("Bond Fund") the sums
in the amount and at the
times
set
forth in subsection
(b)
of
this Section
9 for
the purpose of providing
funds
for
the prompt payment
of
the
principal of
and
interest on the bonds as due and payable, according to the following schedule:
INTEREST
YEAR
PRINCIPAL
JANUARY 1
JULY 1
TOTAL
1971
3,900.00
3,900.00
1972
7,000
2,600.00
2,372.50
11,972,50
• 1973
7,000
2,372.50
2,145.00
11,517.50
1974
8,000
2,145.00
1,885.00
12,030.00
1975
8,000
1,885.00
1,625.00
11,510.00
1976
9,000
1,625.00
1,332.50
11,957.50
1977
9,000
1,332.50
1,040.00
11,372.50
1978
.10,000
1,040.00
715.00
11,755.00
1979
11,000.
715.00
357.50
12,072,50
1980
11,000
357.50
.11,357.50
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principal installment or interest payment, for the sole purpose of making pay-
ment of the principal of and interest on the bonds , as provided by this Ordi-
nance, and no withdrawal of funds from the Bond Fund shall be made for any
other purpose except in the case of an accumulated surplus which may be used
for the prepayment of bonds. All deposits shall be at the sole risk of the City
and shall not operate as a payment of bonds until so applied.
(g) The bonds shall be specifically secured by a pledge of all
revenues in the Bond Fund. This pledge in favor of the bonds is hereby irrevocably
made according to the terms of this Ordinance, and the City and the officers and
employees of the City shall execute, perform and carry out the terms thereof in
strict conformity with the provisions of this Ordinance.
Section 10. Any surplus remaining in the Parking Meter Fund, after
making the required deposits into the Operation and Maintenance Fund and the
Bond Fund, may be used by the City for the prepayment of bonds prior to maturity
or for any lawful municipal purpose.
Section 11. The City hereby agrees that all payments on the bonds
and interest shall be made only as provided in this Ordinance. All bonds paid
or purchased either at or before maturity shall be cancelled when such pay-
meet or purchase is made and shall not be reissued.
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(b) There shall be paid from the Parking Meter Fund into the Bond
Fund on the first business day of each month until all outstanding bonds, prin-
cipal and interest, have been paid, or adequate provision made for such payment,
a sum which, together with other revenues paid into the Bond Fund, shall equal
1/6 of the next installment of interest and 1/12 of the next installment of prin-
cipal on all outstanding bonds. In the regard, the City covenants to use, to the
full extent permitted by law, for payment of the principal of and interest on. the
bonds as due, revenues derived from collections on assessments of the benefits
attributable to the improvements, levied and collected pursuant to Act No. 252
of 1967 and ordinances of the City, duly adopted. The required deposits into the
Bond Fund out of the Parking Meter Fund may be reduced by the amount of any
revenues from such assessments deposited in the Bond Fund.
(c) If the revenues in the Parking Meter Fund shall be insufficient
to make the required payment on the first business day of the following month
into the Bond Fund, then the amount of any such deficiency in the payment made
shall be, added to the amount otherwise required to be paid into the Bond Fund on
the first business day of the next month: Furthermore, it is understood that the
requirement to pay into the Bond Fund shall constitute a first charge and lien on
the net revenues in the Parking Meter Fund to be paid before moneys in the
Parking Meter Fund are used for any other purpose.
(d) When the moneys in the Bond Fund shall be and remain suffi-
cient to pay the principal of and interest on all the bonds then outstanding,
there shall be no obligation to make any further payments into the Bond Fund.
(e) All moneys in the Bond Fund shall be used solely for the purpose
of paying the principal of and interest on the bonds as the same become due
except that if at any time there shall be accumulated in the Bond Fund a surplus
in excess of the amount necessary to insure the prompt payment of the principal
of and interest on the bonds as the same become due, such surplus may be used
to prepay bonds prior to maturity in the manner provided herein for prepayment
prior to maturity.
(f) There shall be withdrawn from the Bond Fund at least five days
before the maturity date of any principal installment or interest payment of any
bond and deposited with the Trustee an amount equal to the amount of such
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Section 12. It is hereby covenanted and agreed by the City with
the holders of the bonds that the City will faithfully and punctually perform all
duties with reference to the parking meters required by the Constitution and laws
of the State of Arkansas and by this Ordinance, including the charging and col-
lecting of sufficient rates and charges, as herein specified and covenanted',
.the segregating of the revenues pledged hereby and the applying of the pledged
revenues to the respective funds created hereby.
Section 13. The bonds shall be subject to prepayment prior to
maturity in the manner and in accordance with the terms set out in the bond
form in Section 4 hereof.
Section 14. The City will keep or cause to be kept proper books
of accounts and records (separate from all other accounts and records) in which
complete and correct entries shall be made of all transactions relating to the
parking meters and the operation thereof, and such books shall be available
for inspection by the holder of any of the bonds at reasonable times and under
reasonable circumstances. The City agrees to have these records audited by an
independent certified public accountant at least once each year, and a copy of the
audit shall be delivered to the Trustee and made available to interest bondholders.
In the event the City fails or refuses to make the audit, the Trustee, or any
holder of the bonds in the event the Trustee fails to do so, may have the audit
made and the cost thereof shall be charged against the Operation and Maintenance
Fund.
Section 15. (a) If there be any default in the payment of the principal
of and interest
on any of the bonds,
or if the City defaults in any
Bond Fund
requirement or
in the performance of
any other covenant contained
in this Ordi-
nance, the Trustee may,
and upon
the written request of the
holders of not less
than ten percent (10%) in
principal
amount of the bonds then
outstanding shall,
by proper suit compel the performance of the duties of the officials of the City
under the Constitution and laws of the State of Arkansas and under this Ordi-
nance and pursue all other remedies available at law or in equity.
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(b) No holder of any bond shall have any right to institute any
suit, action, mandamus or other proceeding in equity or at law for the protection
or enforcement of any right under this Ordinance or. under the Constitution and
laws of the State of Arkansas unless such holder previously shall have given to
the Trustee written notice of the default on account of.which such suit, action
or
proceeding is to
be
taken, and unless the holders of
not less than ten percent
in
principal amount
of
the bonds then outstanding shall
have made written request
of the Trustee
after
the right to exercise such powers or right
of action,
as the
case may be,
shall
have accrued, and shall have afforded the
Trustee a
reason-
able opportunity either to proceed to exercise the powers herein granted or
granted by the Constitution and laws of the State of Arkansas , or to institute
such action, suit or proceeding in its name, and unless, also, there shall have
been offered to the Trustee reasonable security and indemnity against the cost,
expenses and
liabilities to be incurred therein
or thereby and
the Trustee shall
have refused
or neglected to comply with such
request within
a reasonable time,
and such notification,request and offer of indemnity are hereby declared in
every such case, at the option of the Trustee, to be conditions precedent to
the execution of the powers and trust of this Ordinance or to any other remedy
hereunder. It is understood and intended that no one or more holders of the bonds
hereby secured shall have any right in any manner whatever by his or their
action to affect, disturb or prejudice the security of this Ordinance, or to
enforce any right hereunder except in the manner herein provided, that all pro-
ceedings at law or in equity shall be instituted, had and maintained in the manner
herein provided and for the benefit of all holders of the outstanding bonds and
coupons, and that any individual rights of action or other right given to one or
more of such holders by law are restricted by this Ordinance to the rights and
remedies herein provided.
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(c) All rights of action under this Ordinance or under any of the bonds
secured hereby, enforceable by the Trustee, may be enforced by it without the
possession of any of the bonds, and any such suit, action or proceeding insti-
tuted by the Trustee
shall be
brought
in its name and for the benefit of all the
holders of the bonds,
subject
to the
provisions of this Ordinance.
(d) No remedy herein conferred upon or reserved to the Trustee or
to the holders of the bonds is intended to be exclusive of any other remedy or
remedies herein provided, and each and every such remedy shall be cumulative
and shall be addition to every other remedy given hereunder or given by any law
or by the Constitution of the State of Arkansas
(e) No delay or omission of the Trustee or of any.holders of the bonds
to exercise any right or power accrued upon any default shall impair any such
right or power or shall be construed to be a waiver of any such default or an
acquiescence therein, and
every
power
and remedy given by this Ordinance to the
Trustee and to the holders
of the
bonds,
respectively, may be exercised from
time to time and as often as may be deemed expedient.
(f) The Trustee may, and upon the written request of the holders of
not less than ten percent in principal amount of the bonds then outstanding shall,
waive any default which shall have been remedied before the entry of final judg-
ment or decree in any suit, action or proceeding instituted under the provisions
of this Ordinance or before the completion of the enforcement of any other remedy,
but no such waiver shall extend to or affect any other existing or any subsequent
default or defaults or impair any rights or remedies consequent thereon.
Section.16. (a) Moneys held for the credit of any fund may, at the
option of the City, be invested and reinvested pursuant to the direction of the
City in direct obligations of, or obligations the principal of and interest on which
�y...r .. . .:.-t.���i. _.. spy. J. .;.,. -: :..�,:. ;...(.------•'.%j_. w
N•�44J�1.•/.NN.••..Y�/.%KZ�:V•YMN��IL�•F✓Y4 YY���Y• yy ����//
are unconditionally guaranteed by the United States of America, which shall
mature, or which shall be subject to redemption by the holder thereof, at the
option of such holder, not later than the date or dates when the moneys held
for the credit of the particular fund will be required for the purposes intended
as specified by the City.
•(b) Obligations so purchased as an investment of moneys in any
such fund shall be deemed at all times to be a part of such fund and the interest
accruing thereon and any profit, realized from such investments shall be credited
to such fund and any loss resulting from such investment shall be charged to
such fund.
Section 17. In the event the office of Mayor, City Clerk, or Board
of Directors shall be abolished or any two or more of such offices shall be
merged or consolidated or in the event the duties of a particular. office shall be
transferred to another office or officer, or in the event of a vacancy in any such
office by reason of death, resignation, removal from office or otherwise, or in
the event any such officer shall become incapable of performing the duties of
his office by reason of sickness, absence from the City or otherwise, all powers
conferred and all obligations and duties imposed upon such office or officer shall
be performed by the office or officer succeeding to the principal functions there-
of, or by the office or officer upon whom such powers , obligations and duties shall
be imposed by law.
Section 18. The provisions of this Ordinance shall constitute a
binding contract between the City and the, holders of the outstanding bonds , and
the City will at all times strictly adhere to the terms and provisions hereof and
fully disdharge all of its obligations hereunder. Subject to the terms and provisions
contained in this section and not otherwise, the holders of not less than seventy-
five percent in aggregate principal amount of the bonds then outstanding shall
have the right, from time to time, anything contained in this Ordinance to the
-♦ . !.. r. e. i • v a. .. � ... .
y� ].� .... ry� (.. .1 ..,a.Y ,c c- �. .+ • f.y� r. l.. '..,. a '.} .. . 1 I. , • 1 al
alt a J.J.J ;t'- --cat +aeratA Y..i�JLYJIe.,]�..M1�uta.�v 11.. 1.. T_a1�Wia�i. JsYt ...a.4S✓iJ. J. 11•.L : ��4F•yyiY}
contrary notwithstanding, to consent to and approve the adoption by the City
of such ordinance supplemental hereto as shall be necessary or desirable for
the purpose of modifying, altering, amending, adding to or rescinding, in any
particular, any of the terms or provisions contained in this Ordinance or in any
supplemental ordinance; provided; however,, that nothing herein contained shall
.permit or be construed as permitting (a) an extension of the maturity of any in-
stallment of principal of or any interest payment on any bond issued hereunder,
or (b) a reduction in the principal amount of any bond or the rate of interest
thereon, or (c) the creation of a lien upon or a pledge of revenues other than as
expressly authorized by the appropriate provisions of this Ordinance as now
adopted, or (d) the creation of a privilege or priority of any bond or bonds over
any other bond or bonds, or (e) a reduction in the, aggregate principal amount of
the bonds required for consent to such supplemental ordinance.
Section 19. The Mayor is .hereby directed to publish this Ordinance
for one insertion in a newspaper published in the City and of general circulation
therein.
Section 20. The Trustee shall be First National Bank, Fayetteville,
Arkansas. The Trustee shall be responsible for the exercise of good faith and
reasonable prudence in the execution of its trusts . The recitals in this Ordi-
nance and in
the face
of the
bonds
are the recitals
of the City
and
not of the
Trustee. The
Trustee
shall
not be
required to take
any action
as
Trustee unless
it shall have been requested to do so in writing by the holders of not less than
ten percent in principal amount of bonds then outstanding and shall have been
offered reasonable security and indemnity against the costs, expenses and
liabilities to be incurred therein or thereby. The Trustee may resign at any time
by ten days' notice in writing to the City Clerk, and the majority in principal
amount of the holders of the outstanding bonds at any time, with or without cause,
A+�.:C—'sCc�irJ� ..♦W ♦.�.'.'�.•e..T t - .�- . .- '.Ge-. ... .. T • �....-11 M1 l
may remove the Trustee. In the event of a vacancy in the office of Trustee,
-either by resignation or by removal, the majority in principal amount of the
holders of the outstanding bonds may appoint a new Trustee, such appointment
to be evidenced by a written instrument or instruments filed with the City Clerk.
If the majority in principal amount of the holders of the outstanding bonds shall
fail to fill a vacancy within thirty days after the same shall occur, then the.
City shall forthwith designate a new Trustee by a written instrument filed in the
office of the City Clerk. Any successor Trustee shall file a written acceptance
and agreement to execute the trusts imposed upon it by this Ordinance, but only
upon the terms and conditions set forth in this Ordinance and subject to the pro-
visions of this Ordinance, to all of which the respective holders of the bonds
agree. Such written acceptance shall be filed with the City Clerk, and a copy
thereof shall be placed in the bond transcript. Any successor Trustee shall have
all the powers herein granted to the original Trustee.
Section 21, As used in this Ordinance, the terms "holder" and
"bondholder" shall include the registered owner of any bond authorized hereunder.
Section22, When the bonds have been executed and the seal of
the City impressed as herein provided, they shall be delivered to the Trustee,
and the Trustee shall authenticate them and deliver them to the purchaser upon pay-
ment in cash of the purchase price of $80,000 plus accrued interest from the date
of the bonds to the date of delivery of the bonds (called "total sale proceeds").
The Trustee shall handle the total sale proceeds as follows:
(a) The Trustee shall deposit into the Bond Fund the accrued interest
on the bonds.
(b) The Trustee shall remit the balance of the total sale proceeds to
the City for deposit by the City in a special account designated "1970 Street
Improvement Construction Fund" ("Construction Fund") in a depository designated
by the City that is a member of the Federal Deposit Insurance Corporation. The
moneys in the Construction Fund in excess of the amount insured by the Federal
Deposit Insurance Corporation shall be continuously secured by bonds or other
direct or fully guaranteed obligations of the United States of America, except that
Iln._�Yi:'.R�.a.Y<K`y�'>t1MifT1��1'•StJ.«�>f:Al4"��iMau.4a♦aGuu'�v3.>4, Yf+..a..-+.✓r r.t..fl v:l«..-..e- v� -.r.rvr • ..
.�•. r. �:.. .. - 'T q1��'G-e?�T.�nY�y.ri4e~vrT�' .f ..•.'.r'..0." l' .. 'T, w�Y�!`irS�\`KJ^4P'IY'�`1'S� vY.`..:rlw�h!Yy.Yir�it{i'`,yR, 1. tN. ��in 'i'. ...��-/�)`�r�
any moneys invested as herein authorized need not be so secured. The moneys
in the Construction Fund shall be disbursed solely in payment of the cost of
accomplishing the improvements, paying necessary expenses incidental thereto
and paying the expenses of issuing the bonds . Disbursements shall be on the
.basis of checks or requisitions which shall contain at least the following infor-
mation: the person to whom payment is being made; the amount of the payment; and
the purpose by
general
classification of the payment.
Each check or requisition
must be signed
by one
designated representative of the
Board of Directors. If
requisitions are used, the depository shall issue its check upon the Construction
Fund payable to the person designated in the requisition. The depository of the
Construction Fund shall be required to keep accurate records as to all payments
made on the basis of requisitions, and the City shall keep accurate records of
all payments made on the basis of checks.
When the improvements have been completed and all required ex-
penses paid from the Construction. Fund in connection with the improvements
and the issuance of the bonds , this fact shall be evidenced by a certificate
signed by the designated representative of the City and by the Mayor and the
City Manager, which certificate shall state, among other things , the date of
completion and that all obligations payable from the Construction Fund have been
discharged. A copy of the certificate shall be filed with the depository of the
,
Construction Fund, and a copy shall be filed with the Trustee, and upon receipt
thereof the depository of the Construction Fund shall take the necessary steps
to transfer any remaining balance in the Construction Fund to the Parking Meter
Fund created by this Ordinance.
Section 23, The provisions of this Ordinance are hereby declared
to be separable, and if any provision shall for any reason by held illegal or
invalid, such holding shall not affect the validity of the remainder of the Ordi-
nance.
Section 24. All ordinances and parts of ordinances in conflict
herewith are hereby repealed to the extent of such conflict.
• 3 S{ A• VA J4 Y• 1 V- 1
'�a • ♦"V \`.•' .i �.�^L.f 4 •.}.-.v a— IY v..., l..igy D p¢ �a
v..� a Yhl.l ..J —..
•
.
,.q
Section 25. It is hereby ascertained and declared that the im-
provements should be completed as soon as possible in order that the improvements
be made available to the City and its inhabitants at the earliest possible time, all
of which is hereby declared to be necessary for the safety and welfare of the
citizens of the City. This cannot be accomplished without the issuance of the
bonds authorized by this Ordinance , and therefore an emergency is hereby
declared to exist, and this Ordinance being necessary for the immediate preser-
vation of the public peace, health and safety shall take effect and be in force
from and after its passage.
PASSED:. cr , 19_ cJ .
APPROVED:
ATTEST:
City Cle CT�K7
(S EAL)
.. �. •Y.�.li iiwiil: ".If14.i�.i. v.L.. Yi�i .�ri]��._.. ♦:,:i �.: .{..i� •-L2 ♦. .�. '( --. �.. �".. .f.Lt y.... }6♦�d.:.gi.4i.Ni� M�'.r't.�1
S " KRTIFICATE OF RECORD. \_
State of Arkansas ( SS
pity, of Fayetteville
I, Suzanne C Kennedy, City Clerk- and
Ex -Office t'd o •rer €n the City of Fayetteville
do i ^': 2` c :'kit t t .f t'hc a uie..e t or fore-
: •i •, i of e:' "`-i. t n.w r'f ACC 9 :1 t' e same ap-
F lil 0CI lain Cv° R;JD!.LtiJti ')iok
—�'—.:t p'.'.^,\Jitaess my
hund and sea! t!iis— ay of
City Clerk and );X-p:T:, io 3e::order
x/741
'
STATE of ARKANSAS l
as.
County of Washington J
I,•Ocmi_____.____, hereby certify that I
am the CeI ral 14Iana r) of THE NORTHWEST ARKANSAS TIMES,
a daily newspaper having a second class mailing privilege, and being not
less than four pages of five columns each, published at a fixed place of
t i business and at a fixed (daily) intervals continuously in the City of
Fayetteville, County of Washington, Arkansas for more than a period
of twelve months, circulated and distributed from an established place of
business to subscribers and readers generally of all classes in the City
& County for a definite price for each copy, or a fixed price per annum,
which price was fixed at what is considered the value of the publication,
based upon the news value and service value it contains, that at least fifty
percent of the subscribers thereto have paid cash for their subscriptions
to the newspaper or its agents or'through recognized news dealers over a
period of at least six months; and that the said newspaper publishers an
average of more than forty percent news matter.
I further certify that the legal notice hereto attached in the matter of
was published in the regular daily issue of said newspaper for_.,{___._.....
• oQnsecutine insertion/ as follows:
L The first insertion on the ___—_-___l- _-__ day of
the second insertion on the ______________________ day o£ ____—__—__—_ 19_._.
i
the third insertion on the __-_________________ day of _--__--- 19—
and the fourth insertion on the day of ___ 19'___ .
4. •:
Sworn to and subscribed before me on this ___ ---____—_ day of
-------------� --- 19C_
My Commission Expires:
Fees for Printing
Cost of Proof
Total
Legal Notices— Legal Notices— Legal Notices— Legal Notice —
C:1'• ,p
1R\'IF'[ ' }F. i. I-
.. -
AN• OF Hl \}:Nu, pit's:':' £RI}'I
SCRIP1G C[ [[Ft DECR,c RELAE- b
1 N'r. TNFRFTO: AND DECLARING AN h
EV RGN' T • o
ylt.Eis te:taa streets In the n'a In
M yea etteyllle. A`ke'lms 'the "Coy.' b
ell bafdy in reed of lmrrhyementa: and
OTL)Rap i ire Imprmnnents needed
ed "dnrvo+ememng, Consist geneOllYt
le rag ratchet, paving, Curbing and Oct.e- a
hung Oetnara streets In the CLLy es de-
scrlbel in detail in Mans prepared by
a qualified consulting engineer. which
• i file in the office d the City a
and available for LnapeetSW br
• needed ran. and
w
\ ' estimated trust of so-
5•F 2REA9 the1
vn thing the of expense.
, lndud- d
e e payment of expenses Incidental
set r and mcldet d to the financing
isle H, is $6d.0 re end
His EREAS at nth does not have
Nods avallenie is but n obmnpthe
Rr mi but eon obtain the
r ern -is funds by the rovMh of
+y.n ar bonds wrier the ompled; of
A •, Na. 317TH R 1967. as aroe IT
-, erg THE LiePORT RE ec ON.
TIA ED f the Hoare d is asof
lac r 'ty d FI. TThev1 acArkansas:
mme
sr ' T pro I. t. aCmrelishmau d
r'. mpmvemeoW Is henry auNor-
toNH
wsti 2. Under we,Meauthority of
"time, n and lawn of the State
Nntas, 7. as Mrt.Cu Street
Am
,7 of %Bon ss amended.bds" ire
Int-
neat owed and rderide"i ire
r,Rap• I and ordered issued
4 po a of
frnowt d e60.000 for
l%hin of fin imprg the cost y-
mashing the se! incidental
MY-
+ rag the
expemee inatledel nere-
l�snd Pre ingexpenses of lest o the
and providing for Interest n the
ft neceew0, until revenue, are
=ble.
o conga tars been sold r First
:=-noel Bank, ar�ettd ac. Adbinter-
rn a Witt d per end deeded imener
I t The hands stall be dated OcteMe
of
and aha11 bee[ interest at the
• o[ six and h one-half l eeni (61414%%
de.
M enure. 11. sluc be Je the de•
rwnbered of ec,zti NMI. end shall C,
• . usive. Intent n, from I to am,
yes uaya. Inmost W the bonds ry I
oil payable sere eachyY an mm nc g
are 1. 1. d each YNr, bond, shall eI. -
y a acll and the shall emeach
a a. loft on January 1 of uch
• A a loft.,
shun 80.ND NOa. PRLNCRAL
Lnuary L
1-7
197,4 L'1 9000
IMll 13 ?I 6M0
a.rm
i 17. 9.OW1
19?? 36-42 9.im0
IMa 439 30.0$1
1197,9 5643 11.000
11 $7-t 11.000
The beds stall be Initially Issued n
a tint). bond (either typewritten or
Pnnles, registered a. to Drinelpai and
interest, m the Drndul amount of 7110.•
500, maturing in annul lnstitule b at
set forth is the above schedule. The
single bd o may be exchanged by the
registered owner, at the expense d the
vied owner, for coupon bean,
to bNnr but subject to reas-
q to pst, in or as to Drinef
Interest, in aenomineti t of
r. upon 80 days' rdiM to the
relininga d arrangements ements utb-
•r rih' for the expenses, the
pr. r•i to Prepare and est-
.,n bonds at-
t- nil n-a'a" •� , the abc'.
m-Itr A • 1 outatandlnd
i.. arm am .'..av them and
h•'i t- I'• .-'s••red owner
'.p. s- I ,•nm•r,ieliW of the
rat land tend.
e. The bonds shall be exe-
hrhatf d the shell by the
+ rib Clem and have
iereth the seal te the City.
together with atfnat there.
F. potable out a the and
:r :•nbemmt Re„erne Pond
r, -el' ••t MI -1i. end shall
r'Iarn n( it holden there -
ti tl. 1 land and the rev.
enuom N-•ge+ t' mrpl Fund, which rev
enure o -r +-r•a' Dl ednd end men'
ailed 'n, t' -e ."tie! and ratable sad
I met n ! t', a-'1� are shell b ute
for an n"-.- C' -r...• trtar to pn•. the
principal of i1 inrrest or rb• bonds
The bo'l. I'd Inarel thereon shall
not car: ...• an itiwti Hess of the
I Q6Y wr•— any emrtlmtlmU or statu-
tory Ire Nrayon.
SECTION 4. lee tlnile bond rail be
In substantially a the tdlotng form, and
the Mayor and City Cork are hereby
elexpresulv authorised and directed to
nyake all recitals mumbled therein (in
the evert d an exchange the
ry
cbangu sr alt be made a the bond
turd m accommodate 10 a coupon
bond":
UNIT!
TA STATES OF AMERICA
STATE OF ARKANSAS
(xyUNTY OF WAODNGTON
r ITT OF FAVET!ONIEME
9 STREET IMPROVEMENT
REVENUE HUNT)
5
F soon ALL MEN 8T TBEBE..
That
the 5:
11a[ the Cib of na.. ckuo WSN
lttelf Oowty, At-laand
s uety reaized
s
ones to ewe ant for wiuf reoeank.
!- venea to Ar to Fiing, the
Here,
Fa ncr hlle, Arkanee0. the registered
O+nrr nand. or assigns. W pnndpal
. n d
Y:GNTY a uAND tIOLLnts oJoin )
p+,wale a annual Imand am on Janet
e'•' 1 the )Nn and amount. set
f'thWA below.
U anuR PBLNCRAL
Wenuary)
19T2 $ 7.Rm
1174 TROD
1914 gran]
I5.001
Incm77 9.000
19R a,00q
191e 11,000
19-,1 111a00
108'7 11.000 United
St ter, apes or NR a' of the ay-
acent of Amerce u at the tune of My -
'lent shall be an tender for the and
tent I public and private debt,in and
le the In like lea or MrrMq rincipal
amount utpt"e ratenof si Nn Dehf'
ece at the rate of six and en -half.
D cent be TPa per annum, sum a•
Urnsa b be MJthy semiannually n
January I and July I d each you
cmn -nApra July I. inn
'restd the er Sc Ilhe made
"•net due s'esbe this
to the tregistered owner com at his
• n the on Na bond nglen$for
r the , presentation wnMut safee
rot this . and Sue
l this tone, and sobli Moat
'alit discharge e"tent
the obligationavof
• to the extent record fd shall e
A the ' tee,irst be
w •an by the Trustee, saNa-
• and
wank. Fayetteville. Arkansas, and
egiaand owner may, if tie b e n
submit this band a anv Ome
•yi�rofim to that the d Na My-
:ond aIs
Issue hereto.
bond to Issued ter the Wrhing
aim the cell of in no City,
imprwelxpea within The bb,
-enjea txpeaal the it there-
uance
rids,
ail if neto the issuance
un-
- eve, and, if necessary, interest un-
eneN ,, available. for IMa bond
be etdtnpsd fir Wtpea bends in
n re "in d pA00 of In DC
o.
at s with the previtl h d the oil
cog Ordinance band the MereDce
will be to thenil "bonds".
'. bells are wi pursuant het and
e otn the nrasutlm
awe of the yState Act of of in.
-' eld. and rntN317 of Ordinance
r- 74 and sty. t to Oand spa
_of of the City, adopted Ot and 9o-
th the 5th day of October. %n70
et
v inoiinag Ominncel and do not
I
Qrdte m indebtedness d the City
...n any Constitutional or statutory
nitation. The bonds am net general
ligetione of the City, but are special
digationn payable from and secured
a pledge of the net revenue derived
am operation of parking meters with -
the corporate limits of the City ("net
venues" as used herein being gross
venues less the costs d operating and
aintalning parking meter within the
,rporate litmus of the City). all as
ecified lit detail in the Authorizing
rdinance. In addition, the City coye-
mts to use for payment of the prind-
of and interest m the bonds, to the
lent that ft may legally do so, rev -
net derived from collections on aa-
'ssments of benefits attributable to Me
tprovemenit financed by the proceeds
the bonds levied and Collected Wry
unt to Act No. 252 of 1967. and or-
naems of the City. The City' bile
)venanmd-cud agreed to maintain rates
ld charges in the operation of Park-
,reters within the corporate limits
e City which shall be sufficient at
-,nee. together with other available
e0. to provide for the expenses d
,treason and maintenance o thferpark-
g olden and b provide
The
red pa)med of the principal of and
--st on the bonds a. due. A suOi-
amount of the pledged revenueess
pn.vltle for the Damn$ Paym
he bring Ml of end Interest on the
ones is to be duly set aside in a ape
rat fund designated '1270 Street Im-
rovement Revenue Bond Fund' created I
Refer
y the Authorizing
nr•e is hereby made to the Authorising
Ord Inance for s gels lied statement d
M1e nature one excel of the security
nd the mats and obligations d the
it", the Trustee and the holders d
Ne bonds.
Installments of principal of the bonds
hell be subject to preM`menty prior
rree
matunN from funds front
Say source.
n rt. N
whole Cr f pert. n M
ate, omul a any interest payment
ate, m mnttiptI ni 51,000. at a Dr d
of the Drindpel amount being at* ed
plus inenM interest a the date d
prepayment .cent shall be
Notice of any prepayment
"yen at least fitter days before the
prepayment dam h maONt to the
registered Dever d the bend a dice
apmoif)Vtg the prepayment date and Vie
d the Drmgpgl to be Pnpald.
This Mend may be asdmM end upon
each assignment the Assignor shall
promptly notify the city at the office hof
e
the Tmslee by relnetemd mall and the
Assignee shell surrender this band to
he Trustee ter transfer n the ngistra-
[ion boot and verfietion d the endaase-
tent made on the payment reetrd at -
ached hereto of Qa portion of the pnh-
clDal amewt hetfof end Interest here
W paid on lsnpetd, and every Assigns
shall take this bond subject to this mt-
dltiW.
It is hereby certifl d, recltM and d
ciand that aft ads. Conditions an
Ninth requtrfS to exist, happen or be
performed ype4MQent to and In the H
nuance of the 4tinds have exerted, have
oappend and.$avd been perfmmM in
out time, form and manner as reed
b)' law: that the indebtedness mere
seated by the bonds does not exceed
»y and
or statutory limit. -
tin:
end that cuMicimt revenset have
been pledged to and will be set acid
Into the special fund provided in lh
of paying Othe pa nea }°r the d and fn
d paying m the Dams.
Iy RTll . Arkansas W�REyF are Cind
Direltetrtlle,cby Its Board
Director. has Laasetyor thisand bed to
clerk byand
tee Mover end by the se
clerk and .to be of
with the see
of the CI1•'. all as d the first day e
October. ' IM0.
t1AT OF FAYETTEx'D-I.6•
At GARLAND
9
R eARLAND MELTON. JR. . MU
Acting
Ty tnlakm
Clan;
( n 1) City CPrt
meal)
ruERrip 'ICATE
purpose
Vint National Rank. Fayetamlle, Ar•
Knees, hereby bellies Last this le one
d an Issue M bonds described herein
aggregating $S000 , all of like tenor
and effect except as to number, ma-
turib and right d prior redemption.
FIRST NATIONAL BANK
Fayetteville, Arkansas
By....._.....
Authorized Rignamn
(Form of Aaslgnmeetl
For value received, the registered
owner last listed below sells, hisnveya,
transfers, assigns and delvers this bud
to the REGISTERED
a iota listed below:
REGISTERED
OWNER ASSIGNEE
tenthly esttneea of epentian. IIPi!
e
e
d
red
e
a
(CONTINUED FROM PAGE 1'7)
OI
and alnimera:ltt n' "no "nv r'
d, and such books shall be a vallahlr
bay
Fixed annual charges surh as aatlt•
for inspection by the holder d any d'
and
Anse premiums ar' t' r^tt of niaorpen.
D
the bonds at reasonable times etl
may
repairco and me'd!esrt
City
der mfences. The Ciey
reasonablethave
the
a" an
ire a and to up nn a annual
these audited
agrea a epen these
g
srs
basis, and one ( laid d the
ion
an independent certified ed public ac-
amount Nand may 1a paid MC the
may
co s least once each year, and
w
writ
Operation and Maintenance Pled each
p ropy the audit shall be delivered
a copy of
Joni
month.
t0 rev Trustee and made fl pIIevent ^ •e
Ile
If in any month 1W any reason there
Interest bondholder. In the the
ond
coo
shall he a deficiency in the area»t da•
flit fails or refuses to make the and'I,
bar
noticM Into the operation ate-
the eve, or any holder of the bonds
by
f ad h
he st
jointthedo
otecy shall be to the amupt
may have the audit made and
ors
d to
otherwise required to be tnae
,
at thereof shall be charged against
WI
ant
and paid into Net IIn a in Me nett
a operation and Maintenance Fund,
to
'
succeeding month. It In Inv el yea?
%SECTION 15. ea) If then be any de-
or
t
a surplus shall be accumulated In than
ult in the payment of the principal Of
If
Operation and Fund wwh�l1gpla3
d interest on any of the bonds, or if
the
shall hem exmee d the vet of meht-xl
es, of
FCety defaults in any Bond Fund re-
she
mining and operating Mr 4ty
quirement in the performance of any
the
remainder
cetera during the or the tle-.other
clp, ca
cthetwr contained in this Ordi-
eel Year then Current Sach Surplus mrvnew
nknce, the Trustee may, and upon the
file
be transferred and paid into the said
written request of the holders of not
Fund and lamas-
createdused
Pats than ten percent QOM) mind -
sup
be
Pied" or may be wed Ica any awml
fled) may
amount the Panda ten c
cep
municipal W.
pal
ibe
shall, by proper ties of pal the
fro
ran
117 Metre Rev-
SECTION 9. 1.10
the
performance of the duties of the tlfi-
Con
I After
enue toed Fyne, (al After the required
vials of the City under the Constitution
and
deposit into the Operation and Malnte-
and laws of the state d Arkansas and
din
Hence Fund then shall be deposited
under this Ordinance and pursue all oily
pot
from the Parking Metre Fund into a
Cr remedies available at law or N enuF
ace
special rend which to hereby created and
Pty.
Cie
designated "1910 Parking Meter Revenue
(b) No holder of any bond shall have
pia
Bond Fwd" (Bond 1LLnd") the $=I in
any, right to institute any suit, action,
au
the amount and at the times set forth
mandamus or other proceeding In equity
,
In Subsection Ib) d this Section 9 toe
or at law for the protection or enforce-
•rya
the purpose en providing funds for the
agent d any right under this Ordinance
g
prompt payment of the principal of and
or under the Constitution and laws of
nil
interest on the bonds as due tad py..
-ere stated Arkansas unless such holder
hot
bit, according to the following schedule;
+ONviously shall have given to the
ow
IatcJul
-Tvrtee written noticed the default n
Veer Pra, Jas. 1 July P Seat
account of which such suit, action or
bee
e
1971 3,50000 flltoG
�m•eeding is to be taken, and unless the
ire
1972 T,000 ?.6x0.00 3,8T350 11,15e
Riders of not less than ten percent in
rye
1M3 7,000 3.372.30 t14900 U.StM'.despot
amount of the bonds then out-
Tru
1914 6000 2,145.00 1,865110 17,OMA0
d�iding shall have made written request
lie
19Th S. 1.685.00 1.625.00 11,tylis
-the Trustee after the right to exercise
me
9 16j'T50
1. ]fi 9000 1.825.00 1382 1
r rights o action, as the
tl veers 8
all powers
6
f 0,
.ail .
197T 9000 1,33250 1,01000 11e250tlgt
, I Have accrued and
may be shall Chao m .
IMa 11.000 1.040.00 31700 11.75a.1m
shall have afforded Trustee aa tea-
pry
1919 11.000 T190D 35T 30 1T.m7.50
ith
either to proceed to
enable other
pro
1980 ll 357,00 1Lb5he
pole
exercise the powers herein granted or
to
Ib) Them Nall be laid from the
err
-ranted by the Constirkanstuttn and laws te
Parking Meter Fwd Na the Rona
ritb'e state of Arkansas, or to institute
be
the first business day d each mntla¢perch
enUs
action, suit or in its
bon
on
all ie6 beds, brie and
lsox theng
r� me, and unless, also, them shall
until
adequate
interest have been peed, m ail
S
`li been offered a the Trustee rest
security and indemnity againstIre
an
provision made for such t, a'
able
cost, expenses and liabilities to be
at
other
sum which, together with one rcvh.
a or thereby and the
cis
Iir
enure paid into the Bond Fund. sbeH
Trustee refused n[. whinged
Trustee shall have
ne
equal 1/6 of the next installment d in-
in comply with such uc9st within n
tenet and K the next installment M
request time, and such noari
the
th
Ml bonds.
on alt to
an nee-
request and offerer indemnity icy are here
ti
oU
covenuts ud, le
th. regard, the City covenm
the
declared in every such case, at the
F
permitted by law, lot
full a e I
the of
oby p
option of the Trustee, to be conditions
by
the ve and mdereat
payment of the
pow -
precedent to Ne exeNtim o[ ire pony
due, revenues
fr the bonds as due,eageder is d
on
era and trust of this or any
by
Oren collections on aaee of the
other remedy I
It for
not
imp Ameet0.
eets attributable tone tt
d dhereunder.
holdd and intended that no one more
Of
tO
ponces m Act the...
levied and card
s cured
of the bonds hereby secured
ve
ordinances
253 of 19M one entraires d the City,
shall have any right N any manner
shall n
so
duly adopted. The requiem deposits late
whatever by his or their nain to Of-
sit
Me Bond Fund Out of Me Parking Myer
feet, disturb or prejudice the security
"v
Fund may be reduced by the onoot.d
this Ordinance or to enforce any
Ni!
d any revenues floe such IU"WM lea
light hereunder except in the manner
sa
deposited a the Bone Fund.
'Preen provided, that all proceedings at
ps
fte It Me revenues in the 1Yttine
law or in equity shall be instituted, pod
DI
Meter Fund shall be insufficiel to Robins
and maintained In the manner herein
ch
the required pee tan the lint butte
and for the benefit d all
or
the
" Hen day of the fo w g month Into
ay
holders of the bonds and
holders
n
the Bond Fund, Nev the amount of any
acne and . that any individual rights
th
such deficiencyaddeda the of ease
r
of action or other right give to one Oa
of
the
amount a
shall be to the other
eon of such holders by law are re-
the
u be nd fl
to be wee into the Hind Fans
by this Ordinance ted the rights
re
n the first business day of 1O » -
n the
and remedies herein bund.
and
re
ry
MA
to
transfer
r
ce
r
e
e
be
t that if at any time there men be remedy given hemun err or given Y an
accumulated m the Rend Fund a ter- /nY few or by the Constitution of the ge
31ate d Arkansas. a
Plus in excess of the amount necessary (N No delay or omission of the in
to insure the PMMPt M)mtnt Of the Trustee or d any holders of the bonds f
principal of and Interest an the. held$ to exercise any right or power accrued di
as the same become due, such eleplue upon any default shall impair any such all
may be used m prepay bends prior to right or power or shall be construed to th
maturity In the manner provided bare• has a waiver of any such default or in be
a for prepayment soon to athve acquiescence therein, and every power ce
f0 There shall be withdrawn pyre the and reused" given by a of n st
Bond Fund at least fire days bets', the the Trustee and to the holders of the s
maturity date of any erinciMl i ata1F bonds, respectively,' may be exercised In
cent de Payment d any DR1d from time l0 time and as often as may in
and deposited with the mslee as be deemed expedient, n
amount equal to the amount st pen (0 The Trustee may, and upon the
principal installment or Interest kes written request of the holders d not O
meet, for the tole purpose of maHeg less than ten per cent in principal se
na me,t of fee n,'4.. ipal d d $cant of the bonds then outstanding e
r
o
ol
in
s
a
inflict.
completed
as
soon
t
.
safety
and
ci
Th
be
ri
re
Ord
th
and
afety
ef
SEA
eat on the bonds. as provided s t,tugs shat" waive any default which shall have
- Ordinance, and no withdrawal d funds been remedied Ware the entry d final of
from the Bond Fwd Mall he made for judgment or decree in any sill!, action
' any other purpose except in the cared or proceeding instituted under the pro of
an accumulated surplus which may be visions of this ordinance or before the b
Used for the prepayment of bards. All completion of the enforcement of any p
deposits shall be at the epee risk As tee other remedy, but no such waiver shall
City and eN0 not operate 1a a payment extend to or affect any over ae
or any subsequent default ornil defaults s
or impair
ent any rights or remedies con- bl
SequentN16.thereon.
6ECTON 16. fill Moneys held for h
t»fie d the credit of any be
may, at the oD n
pjtepdW ales of the City, be invested and rein-
-_ n
wag "dw vested pursuant to the direction d the t
pity s e pre obligations of d, or obli- a
which s ncrandMl of and interest n t
are unconditionally of guaranteed by a
the United States America, which tl
shall mature, or which shall be sublets a
to redemption
ptical ir by the holder thereof, later nt a
the option d such holder, not later than s
the date r dates when particular
moneys d f
for the credit of the Paneurpo fund
will be required for the purposes in -
'tended as specified b)- the City-.
Ibl Obligations se purchased as en- A
investment of moneys in any such fund
shall l deemed at all times to be a
part of suet fund and the interest ery
'truing thereon and any profit realized undersigned.
CERTIFICATE
'rrwn such investments strait be credited The Acting City Clerk of
in such fund and any loss resulting the City of Fayetteville, Arkansas, here
'from such investment shall be charged by certifies that the foregoing togas are
v/t such fund. a true and correct copy' of Ordinance
SECTION 17. In the event the dfice No. 1764 adopted at a regular session
M Mayor. City Clerk, or Board of DI- of the Board of Directors of the City of
otor shall be abolished or any two or Fayelleville. Arkansas, held at the rag-'
r ore of such offices shall be merged Ot- ular meeting place d the Hoare in said
I> aolidated or in the event the duties city at 7:30 oclock pm., n the 5th day
of a particular office shall be trans- of October, 1970, and that said Ordinance
hired to another office or officer, or is of rend in Ordinance Record Book
y the event of a vacancy in any such No. 23, Mee Book 2, now in my pos
reflex by reason of death, resignation, session,
removal from office or otherwise, or in Given under my hand and seal this
the event any such officer shall be- 7th day of October, 1970.
tame incapable of performing the du- VIRGINIA TBROCKMORTON,
nee of his office by reason of sickness, Acting City Clerk
bbsence from the City or otherwise, nil (SF.AW
powers conferred and all obligations IS i .
and duties imposed upon such office nr -
officer shell be performed by the 01 -
(ire or Officer succeeding to the prim
De
1.
al
(The following Payment ecord allltt be attached to the band.) fund PORD
Pt4ndpal SI
Pdanlersl Balance lemrest A
N Payment Due Payment Date Paid ORIda
January 1,
1M3
Ju:y 1,
1973
JaWary 1,
19]4
July 1.
1914
January L
1975
July 1.
1913
January L
Jantary 1.
1971
Jub' 1.
1978
January 1,
Ms
January L
1980
SCRED0LE "A" epee functions thereof, or by the dfice
PRINCIPAL INSTALLMENTS ON W)DCR PATMENTR RAN% BEEN or officer upon whom such powers oh -
MADE PRIOR TO MATURITY ligatins and duties shalt be Imposed
SrGNATCRE OF by law.
PRIKTP.AL DUE PRAYTPAL DATE APPROPRIATE SECTION 18. The provisions of this
DATE AMOLNT PAYMENT BALANCE PAID OYflfl L ANT ITTLR Ordinance shall constitute a binding con-
stcrtOw 3. The Clly covenants a
agrees that it will at all times whi
any d Me bends am outsanding ape
all as a revenue producing undertake
all Parkeng mean located within t
corporate limits of the City (the "Mr
tog meters"), fix and collect rates a
CNrgee in the operation of the
NS. meters. indudtf the Increasing
the same from time to time If beetles
which shall be sufflciet together wi
other Available fords, to make the
auired deposits into the Operation a
Maintenance lord and the 1970 Step
Improvement Revenue Band Fund.
SECTION R All money, received Era
the operation of the parking mete
shall be deposited a such depository
depositories for the City as may be Is
fully designated from time to time
the Board of Directors. Provided th
such depository or depositors shall h
membership in the Federal Deptsit
eurance Corporation. All deposits sh'
be designated w as to indices the
titular fund to which the avenues
long. My deposit in any fwd fnex
of the amount insured by the Feder
Deposit Insurance Corporation must
secured b. bonds or other direct
luat guarantee obligations of the Unit
States of America, wears Invested
herein authorised.
9ECTION 7. Parking Meter fled,
revenues derived from the operation
parking meters shall be Mid Into
special fund, which is hereby covet
and designated "Parting Meter Fun
Such revenues so deposited a the Pa
int Mater Fund are hereby pledged a
shall be applied as hereinafter
fort.
SECIIO14 I. Opgaeto And MAtn
liana. Reed. There than be paid f
Parking Meer Fund into a fwd vent
it hereby created and desfgnat
"Parking Meter Operation and Me
tenure Fund") on the first busy
day d each Meath so long as any
Me bonds are outsWdi» an am
sufficient to provide for the opera
and mulat.nance d Me panda[ made
Moneys n the Operation and Main
notice Fund shall be used to My
par
I
SWNATLRE OF Imet between the City and iM1e holden)
nd of the outstanding bonds, and the City
gill at all times strictly adhere to the
le of bolds until ee applied, terms and provisions hereof and fully
rvdischarge all of its obligations hereunder.;
(i) The bonds shall be eveauealit re• 8
rag cured by a pledge of all nveuN tr 1M 5ubted to the terms and not othe other-
k- wise,contained in this section and not olhervl
k. Bond lime. This pledirrevocably
in favor the wise. the holders d not less than nci-
nd bode is herebythet tr' of
this maderlmso- laty. emo per cent in bonds
theme nand -I
ands the h to the terms of this Ordinance, at amount of the bonds then time and City and the officers and em- lit shall have the right, from time to
ry form of the Cry shell execute. Per. .me. anything contained in this Omi-
lh form and carry out the terms fend in .mce to the Contrary nolthe adoption
r6- tared Ordinance.
win the p[Roisems d 1.consent to and approve the adoption
ad this Ordinance. ' -.' the hCityere of such ordinance necessary
aryPlo-
!t SECTION 10. Any wund, remaining 1,s rat hereto as shall be of ry or
l,, the Perking Meter Fwd. a@er soak- 'raereble for the purpose tomodifying,
o
m n( the required Madeposits into the Oo- -.'•erring, inamending.particular,
adding or re-
m n and Maintenance us fund and the ,� m,! in any Mrticon a any d the
n Bond Fund, may be f b by the Cib ,.
for the prepayment d beds pO4 to nna or provisions contained in this
• D M.hce; re oo vesur, anl rang
by maturity a for any awe! mY111%gtP ;.ape: provided, however j that mnothing
at purpose Saddle 'rein dcontainedper shall a or be
ad at d lW 11. The City hereby roost Ned as permitting (a) an event
In- terg all payments the bonds » le-- if of the maturity d any installment
ell tenet Ordinance,
be made only paid
oor per- d pny bl of or any interest e payment
In this OMlerne t AU beds esis or i y on any bond Issued nc, run rill
Mr• shall
either at before Smaturely ' a reduction In the principal tamount therd
be' orals be se s za when such Mat»rat ( any bond or the erg of Interest thereon.
heet rore surchssa la made and seep aft be or fge of creation Mellen upon x ,
cal reissued. CrasslyIt s of this by the appropriate
now
n f agreed the City with the bMely adoadopted, of this Oblation as now
aof the bonds that the u will with loeorx (d) the creation d e pnvl
as and punctually o perking all duties with legs or cattieriority o any bred a r el
ds I
reference to the perking meter, * the e'er any doer bald gr gods, n rat
All by Me OWslsas and laws fib the , a reduction In the aggregate f ,
a Bade of Arkansas cha and by this fl flj g of amount th! beds required for lain''
a iufficint the charging and colas he in sent T such . The l ems ere
ce
M sufficient rates and ehages, as been rcted to 19. The Mayor is ce for
bv
d"- anospecified and hues pledged
the eeerNnd - directedipublish ah this wper pelt for
ad the of the not pledged revenue;
and one insertion n a newspeper Mphabed
et the respects of the create [hereby m th the City and of general circa main
vet the TIfunds anted hereby. therein.
SECTION 13. The lames Nall be Suit• SECT{ON 20, The Trustee lit he
be taut to prepayment prior to maNrib in El rat ahonal Pane. F'ahall herds. J•
the manner anti m accordance with the ,gnsns. The Trustee shall he rrearn•-.
r aterms act cut a the bond form in Is. -
1 ^ie For the rcrmse nI sued IaJ a
Ch Gm 4 hereof. reasonahie pnldenre in the e of ill, ^
aSECTION 14. The City will beep or Its Irurtc The rentals of du.; Il
m- cause to be kept ranee and in the fare at the lu.nr. o - r
ees proper beets of Je- he recitals of the i'ln amt am o' 1••
Counts and records (aepera4 fret all Trustee The Tnistee shall not I" to
Pant other acooneta and need.i is which mitred to lake any action as Ynt,tr. "r
m complete and correct entries shall be a lees J chap ba ere her" cal TLI• r e-.
n, made of all transacrma relating to the an ., r �,....-I
ter- perking meters and the eperetlee there m.,, ten pr • - nrrI. +
the I (CONTINUED ON PAGE 18)
bonds then outstanding and shall
a been orfered reasonable tenant,'
indemnity against the costs, ex.
ses and liabilities to be incurred
rein or thereby, The Trustee may re -
of the time outstanding bonds at any
at any time by ten days' notice in
ting to the City Clerk, and the me
ty in principal amount of the hold -
p, with or without pause, may re-'
ve the Trustee. In the event of a'
only in the office of Tmxtee, either
resignation or by removal, the me-
te in principal amount of the hold -
of the outstanding bonds may ap-
nt a new Trustee, such appointment
be evidenced by a written instrument
the mapntx filed with the Oily Clerk.
the y in principal amount of
holders or the outstanding bonds)
11 fall to fill a vacancy wi/lrin thir-
days after the same shall occur, then
City shall forthwith designate • a
Trustee by a written instrument
d in the office of the City Clerk. Any
lessor Trustee shall file a written se -
lance and agreement to execute the
eta imposed upon it by this Ordb
Ce. but only upon the term v and
ditins set forth in this Ordinance
subject to the which ions of this Or-
ance, to all of the respective
gars of the bones acne. Such written
eplance shall be filed with the City
b
rk, and a copy thereof shall be
led in the bond transcript- Any
Trustee shall have, all the
veers herein granted to the original
sloe.
E(TION 21. As used In this Ome-
nced, the terms, "Wallace and 'bond-
let'Shall Include the registered
Her of any bond authorized hereunder.
ECTIOV ?S When the bonds have
n executed and the seal of the City
pressed as herein provided, trey shall
delivered to the Tmslee, and the
stile shall authenticate them end de-
er them to the purchaser upon My-
nt in cash of the purchase price he
000 plus accrued interest from the
e of the bonds to the date of deliv-
of the bonds (called "total sale
ceeds"f. The Trustee shall handle the
al proceeds as Inlmws:
i sale lee
P
the
sshall deposit In t e
el The Trustee pos W
nd Fund the accrued interest on the
its.
'e Thefatal shall remit the, she
R of the sofas sale proceeds IS the
I for deposit t dbyesignated
the City in a reet
1 account Construction
'4M0 Street
Movement Conslmalon Fund' (Cory-
ed Fund'I in a e er of
tetl by the City that a member of
Federal Deposit Insurance econstruction
Corpora-
i. The moneys in the Oonsmdeon
in excess of the amount insured
the lal Conti Insurance Car
b n shall a continuously secured
or other direct United fully tat s
red ovexce d nil ymo States
America, except that any moneys be
elm as hens authorized need not be.
store The shall
eya in the Con -
action Fund shall be cost
of a sole -
in payment rii or the post in aeeam
-in the IC -S Ire c paying penes -I
ry Cthe exs InCllit i a!issi g Thetn -1n,
chug the rats a ui isrunlnt tae 'hr
sburemere shall he hI the all
ticks or requisitions which shall
n ate on least the following nt I'. a'
e person I0 whom payment 's
ado: the amount a the pa)menrC
purpose by general rmr rrinr
a payment- Each check osi mean
be signed by one tleof 1)
s eye of the Board of ❑eposito.
requisitionssuare used, the depository
all issue its check upon the (bnsm2
n Fund payable to the perm gees¢,
Led in the requisition. The eiloe
the Construction Fund shall be re
fired to keep accurate records as to
payments made an the basis of ennui I
tons, and the City shall keep accurate
Cards of all payments made on the
1'h of CM1ICIr-
When the improvements harm been
in ed and all required expenses pad
roan the improvements
Fund in the ir-
on with the Improvements and the is -
once of the bonds, this face shall he
Idenced by a certificate signed by the
signaled representative of the City
d by the Mayor and the City Mane -
r. which certificates shell state,
mong other things, the dale d mm-
etion and that all obligations payable
ran the � stnctlon Fund have been
&charged. A Copy of the certificate
all be filed win the a depository copy
d
e etim Fund, and a Copy shall
filedth with the Trustee, and upon re -
pt thereof the depository d tore Con -
ruction Fund shall take the necessa
Construction
any
emaining balan
the er Fu din Fund to the Park -
8 Mete[ Fund created by this Orai-
enee.
SECTION 23. The p
ovisions of this
ance are hereby d
clar
d to
parable, and if any provision shall for
ray
eas
n be held illegal or invalid,
uch h
d
g
hall not
ffect the validity
the remainder of the Ordinance.
SECTION N. All ordinances and Parts
ordinances in conflict herewith are
emay repealed to the extent of such
SECTION 25. It is hereby ascertained
nd declared that the trapovernmis
M1ould be
as is be
e in Omer net the Improvements M
made available to the City and its in-
abilanls at
he earliest possible time
of which is hereby declared to be
Ren al for the
welfare of
ere
tizens of the City.
is Cannot
Ccimplished without the issuance of
M1e bonds autho
zed by this Ordinance,
nd therefore an emergency is he
by
entered to exist, and this
inance M-
nif necessary for the immediate Pres-
riation of the public Mace, heal
shall take
fect and be in force
roe and after its passage.
PASSED: October S. 19]0.
APPROVED:
GARLAND MELTON JR.. Mayo[
]TEST:
'clinga ClerkortW.
Acting City Clerk
L)
xp