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
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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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! _ 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