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Home My WebLink About1953-04-20 Minutes2. All ordinances and parts of ordinances in conflict herewith are hereby bepealed • nd this Ordinance shall take effect and be in force from and after its passage, pproval nd publication. PAS ED. and APPROVED t -15th day of April, 1953. Apparov d Attest _ ity Clerk Mayor lderman Pr t made a motion, that the Mayor, be, authorizedr. to execute a bond in any amount) hich the-. Judge shouldfdetermine to be suffieierit"$o coveall-damages-that-might be as- essed aoai'bt the -,-City of_ _ Fayeetville in the condemnation°proceedings authorized by Ordinance 0.1048, this motion wad' -seconded by Alderman Kent, and was passed unaimously by the Council. here being no furtherbusiness, Alderman Kent made a motion to adjourn, this motion was econded by Alderman Heflin, which was passed unanimously brt Council, d the Mayor eclared the Council adjourned. Approbed Attest ; ,�` z � Mayoe City Cleric ayetteville City Council met in regular session, Mondays Apri1.20th, 1953. resent: Mayor Powell M.Rhea,City Clerk J.V1.McGehee2 City Engineer John Mahaffey, City ttorney A.D.McAllister, City Auditor Haroldv'Zick, City B1dg,Inspector.Harold Lieberenz., ire Chief Burl Skelton, and Aldermen: Richardson, Burge, Hunt, Pratt, Williams, McAllister, eflin and Kent. Iv?inmtes of the regular meeting of April 6th, and the Called meeting of pril 15th, were read and approved. The City Attorney introduced "AN ORDINANCE AMENDING ORDINANCE NO 1008 APPROVED CTOBER 22219519RE-AFFIRMING AND ADOPTING BY REFERENCE THERETO ZONING ORDINANCE N0. 1002,I PPROVED SEPTEMBER 10119510AS AIIENDED'BY ORDINANCE NO 1005 APPROVED OCTOBER 8,1951,TO CHANGE ERTAIN REAL ESTATE FROM ZONE "B" RESIDENTIAL TO ZONE "A" RESIDENT IAL 'WITHIN THE CORPORATE SMITS OF THE CITY OF FAYETT:EVILLE, ARKANSAS." The Ordinance was read in its entirety by the City Attorney, and,Alderman Richardson .ade a motion that the rules be suspended and the Ordinance placed on itd second reading, his motion was seconded by Aldrrman Hent, and was passed unanimously by the Council. The City Attorney then read the Ordinance the second time, and after discussion, .lderman Burge made a motion that the rules be further suspended and the Ordinance placed .L n its third and finalkEkD.Yr,.q this motion was seconded by Alderman Richardson, and was assed unanimously by the Council. The City Attrioney then read the Ordinance the third and final -time. he Mayor then put the question "Shall the Ordinance pass"?, and on roll call by the Clerk, he following vote was recorded : Ayes: Richardson, Burge, ,Hunt, Pratt, Williams, McAllister, eflin and Kent. Nays:None. And the Mayor declared the Ordinance passed, as there were Ayes, and no nays. COPY OF OFDINANCE N0. 1049. AN ORDINANCE AMENDING ORDINANCE NO. 1008 APPROVED OCTOBER 22,1951,RE-AFFIRMING ND ADOPTING BY REFERENCE THERETO ZONING ORDINANCE N0. 1002,APPROVED SEPTEMBER 10,19511 S AMENDED BY ORDINANCE NO. 1005 APPROVED OCTOBER 81 1951,TO CHANGE CERTAIN REAL ESTATE ROTA ZONE "B" RESIDENTIAL TO ZONE "A" RESIDENTIAL WITHIN THE CORPORATE LIMITS OF THE CITY F FAYETTEVILLE, ARKANSAS. , E IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,ARKANSAS: Section 1. That the following described'real estate situate within the corporate imits of the City of Fayetteville, Arkansas, shall hereafter be classified and known as one "A" Residential District, to -wit: hat certain tract on both sides of Mission Boulevard,300 feet wide pn each side,on the asterly and southeasterly side of Mission Boulevard, extending from uhe north line of he plat of Jackson Heights in a northerly and northeasterly direction to the City Limits; nd also on the westerly and northwesterly side of Mission Boulevard extending in a nortYi- rly and northeasterly direction from the northerly line of Rush Drive to the City Limits. Section 2. That all Ordinances and parts of ordinances in conflict with this rdinance are'hereby repealed and this action being necessary for the public health,peace, afety, order, comfort and convenience within the City of Fayetteville, Arkansas, an mergency is hereby declared to exist,and this Ordinance shall be in full force and effect rom and after its passage and approval. PASSED and APPROVED on this 20th day of April. 19 Approved Aayor Attest : Q; ClAty Clerk, THE City Attorney introduced " AN ORDINANCE 4I4ENDING ORDINANCE N0. 1008 APPROVED Left on QCTOBER 222 1951;:REAFFIRMINr3 AND ADOPTING BY REFERENCE THERETO ZONING ORDINANCE NO. 10022 lsit APPROVED SEPTEMBER 10, 19519AS AMENDED BY ORDINANCE NO. 1005 APPROVED OCTOBER 80 1951, I: reading TO CHANGE CERTAIN REAL ESTATE FROM ZONE "B" RESIDENTIAL TO ZONE "D" RESIDENTIAL WITHIN THE CORPORATE LIMITS OF THE CITY OF FAYETTEVILLE, Arkansas." I Ver The Ordinance was read in its entirety by the City Attorney, and by agreement of the mem= bers of the Council, the Ordinance was left on its first reading. • The Petition of Vera Noll and C.R.Gilbreath and Helen Gilbreath to vacate and ition abandon that portion of Maple Street petween Read Avenue and Prospect Avenue, and that portion of Read Avenue between Company Street and Maple Street was presented, and Alder - Noll i Abe referred to the Planning man Burge made a motion that the petition g Commission for h' he Council. on Gil- recommendation, this motiwas seconded by Alderman Kent and was passed unanimously by t ids for idewalk Financial st'�tement to be published emnt s water STOP & Go Dikson & Locust 6-24 min- ute park- ing, meters jIo buy desso- <. • 3 this time the bids for construction of a sidewalk along the east side of North Garl nue fron Cleveland Street to Hughes Street were opened,awhich showed that the follo .s had been submitted: Jack Sweetzer for total bid of $776.10, with a 30 day completmon agreement Tune Construction total bid of 869.68, with a 20 day completion agreement. derman Burge made a motion that the low bid of Jack Sweetzer be accepted, and the Mayor d City Clerk be authorized to execute the contract, this motion was seconded by Alderma chardson, and was passed unanimously by the Council. A financial statement of the water Department was presented, Alderman Williams ads a motion that it be received and filed that the City Auditor be instructed to have he statement published in the Northwest Arlansas Times, this motion was seconded by Alder - an Heflin, and was passed unanimously by the Council. The City Attorney reported that he had RIGHT OF 4'JAY GRANTS or EASEMENTS to con- ruct, maintain, lay,remove, relay and 6perate water pipe lines and appurtenances theret ,over,and across and under their property from the following property owners: Omer Oathout, with Power of Attorney Alma Escue derman Burge made a motion that the above easements be approved, and the City Clerk be rected to have the leases recorded, this mption was seconded by Alderman Richardson, ich was passed unanimously by the Council. • Alderman`Kent reported that the bills had been audited and signed, and made motion that they be allowed, as approved, this motion was seconded baa Alderman Pratt, d was_passed unanimously by the Council. Alderman Hunt made a motion that STOP and Go LIGHTS be placed at Locust venue and Dickson Street, on a temporary, or trial basis, this motion.was seconded by lderman Williams. and was passed unanimously by the Council. Alderman Hunt made a motion that the 6 Parking meters on the North side of he Post Office, and east of the walk -way. be changed to 24 minute parking, this motion we econded by Alderman Kent and was passed unanimously by the Council.. The Mayor reported that the Board of Public Affairs had recommended the urchase of a NEW ADDRESSOGRAPH for the Business Office, Alderman Pratt made a motion the he Mayor be authorized to purchase a new adddressograph at a prince not to exceed 11,010, his motion was seconded by Alderman Williams, and was passed unanimously by the Council. AN ORDINANCE PROVIDING FOR RXTENSIONS AND ADDITIONS TO THE IJIUNICIPAL SEWER STEM OF THE CITY OF FAYETTEVILLE, ARKANSAS,AND FOR THE ISSUANCE OF SEWER REVENUE BONDS PAY FOR THE SAMJIE, AND DECLARING AN EMERGENCY, which had been left on its second reading the regular meeting of the City Council, April 6th, 1953, was presented, and read for e third time by the Clerk. The Mayor then put the question "Shall the Ordinance pass?", and on roll call big e Clerk, the following vote was recorded: Ayes: Richardson, Burge, Hunt, Pratt, William's, Allister, Heflin and Kent. Nays:None. And the Mayor declared the Ordinance passed, as ere were 8 Ayes, and no nays. AldermanCRidhardson made a motion that the emergency clause be adopted, this otion was seconded by Alderman Kent, and on roll call by the Clerk, the following v6te as recorded: Ayes: Richardson, Burge, Hunt, Pratt, Williams, McAllister, Heflin and Ken ays:None. And the Mayor declared the emergency clause adopted, as there were 8 ayes, an o nays, COPY OF ORDINANCEeNOI41050 _ D t,J. ' AN ORDINANCE PROVIDING�FOR EXIENSIONS AND ADDITIONS TO THE MUNICIPAL SEWER TEM OF THE CITY OF FAYETTEVILLE, ARKANSAS, AND FOR THE ISSUANCE OF SEWER REVENUE BO] PAY FOR TIDE SAME, AND DECLARING AN EMERGENCY._ WHEREAS, the City Council of the City of Fayetteville, Arkansas,hereinafter some- imes called the "Council",has determined to construct additions and extensions to the anitary sewer system now serving the City in order to provide sewage facilities for prop rties not presently served, and WHEREAS,the Council has caused plans to be prepared by L.M.IAcGoodwin,registered, nsulting engineer,which show that the estimated cost of the proposed additions and tensions is Twenty -Five Thousand ($259000.00) Dollard, which the City can secure from e issuance and sale of sewer revenue bonds in that amount; and ,.0! WHEREAS, under the provisions of Section 10 of Ordinance No.892 of the City of FayL teville passed and approved March 4,1946 under which ordinance the City of Fayetteville sued its "City of Fayetteville, Arkahsas Sewer Revenue.Bonds" of 1946; The City..of Fay- teville reserved the right to issue additional bonds to be payable from the revenues of e system td finance or pay the cost of construction v further extensions,betterments and ditions to'the system provided only that the gross revenues derived from the system for e fiscal year then next preceding shall have been sufficient to provide for all costa of eration, repair and maintenance of the system and leave a balance equal to at least I 0 per centum of the aggregate of (a) the principal and interest payment for such year ori tal bonds then outstanding, and the fiscal agency's charge therefor; (b) One year's terest on the total issue of such additional bonds proposed to be issued; (c) an amount principal of such additional bonds for one year computed by dividing the total amount such issue by the number of years to the final maturity date of such bonds, and WHEREAS, under the terms of Section 6 of Ordinance No.692 the fiscal year is estab- shed as thetucaleudar year and the last preceding fiscal year immediately preceding the sue proposed to be issued under this ordinance is the year 19522 and 4; z WHEREAS, the City.has had an audit prepared by Scarbrough and Myers, an independent rm of Certified Public Accounyants whose prihcipal place of business is Fayetteville, kansas, which audit Is now on file in the office of the City Clerk of the City of Fay- teville, Arkansas from which it appears that the requirements for the issuance of addi onal bonds under Section 10 of said Ordinance No.892 has been ;fullymfiet and complied w d that the City of Fayetteville -is -duly authorized to issue the bonds herein contempla WHEREAS, the Council bV Ordinance No.1046 passed and approved on Marcli 23,1953 fixe minimum rates to be charged for the services to be rendered by the additions and extensi to the system, and WHEREAS, said plans have beendulyfiled with the City Clerk of the City of Fayette Ville and a aopy of the same has been referred to the Planning Board.,ofahhe City of Faye ville, and report of the planning board has been filed with the City Clerk of the City o t ayetteville finding that the plans for the extensionsand additions hereinafter more ful described are in conformity with the general server plan for the City of Fayetteville, Ar NOW, THEREF09E, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,Arkans Section 1. The City Council does hereby approve the plans for additions and exte) repared by the said L.M.McGoodwin and now on file with thH City Clerk and does hereby di ermine to construct said additions and extensions as therein described. The Additions and extensions, together with the Iviunicipal Sewer System as now construct s sometimes hereinafter referred to as the "System"). Section 2. A brief and general description of the proposed improvement is: he laying of sewer mains to be connected to the system of the City of Fayetteville for he purpose of servicing the areas adjacent tib South College Avenue and South Washington venue from Seventh Street South to the South City Limits of the City of Fayetteville, nd Sixth Street and Seventh Street East of College Avenue to Wood Avenue. Section 3. The Sewer Committee as now or may hereafter be constituted,is hereby- uthorized,ordered and directed to sell•the bonds hereinafter authorized under such term; hat the City shall receive par and accrued interest to the date of delivery of said bon( nd the purchaser shall be required to pay the costsof printing the bonds and for the ap• roving opinion of an attorney of their own selection. Said sewer committee shall also ha ontrol.and jurisdiction of the construction of the improvement hereinabove mentioned an( fter its construction,it shall be a part of the Municipal Sewer System under the manager f said Committee. Section 4. The Council hereby finds that the price of par and accrued interest t the date of delivery of said bmnds, the purcigaser being required to pay for the printing I f the bonds and the approving opinion, is a fair price and one allowed by law, and the gewer Committee as hereinabove set forth is authorized and directed to consumate said I ale under these conditions without further action upon the part of said Council. Section 5. That under the -authority of the General Statutes of the State of Arkar. as, and partmcularly•Act No.132 of the Actscof the General Assembly of the State of Arks or the year 1933 as amended (sometimes hereinafter referred to as " Act 132 as amended") ewer Revenue Bonds of the City be isguedc.ifnithe total amount of Twenty -Five Thousand $252000.00) Dollars, the proceeds of the sale of which shall be used to provide funds o pay the cost of the new improvement including engineering, legal, interest during con- truction and for six months after completion of construction, and other necessary expens hat said bonds be designated 11 City og,Fayetteville, Arkansas 3%-3j1/Z' Sewer Revenue Bonds f 1953",to be dated as of May 1,1953 numbered from 1 to 60, both inclusive (sometimes. ereinafter referred to as "Bonds") to be in -denominations of $$100.00 each, except bond umbers 5,10, 47, 49, 52, 55 and 599 which are in denominations of $$500,00 each and and numbers 11, 120 133 150 170 19, 222 25, 28, 322 36, 41, 46, 48, 50; 53, 56 and 60, hich shall be in denominations of .$1,000.00 each to be callable as hereinafter set forty. nd to mature in numerical order on the first day of May in each of the following years nd in the following amounts, to -wit: YEAR BOND NOS, AMOUNT, 1954 1 to 5 inclusive - $ 900.00 1955 6 to 10 inclusive 900.00 1956 11 1,000000 1957 12 11000.00 1958 13 460169*. .10001.01.000 11000.00 1959 14 and 15 1960 16 and -17 _].,100.00 11100.00 1961 16 and 19 11100.00 1962 .................. 20 to 22 inclusive ............ 1,200.00 1963 23 to 25 inclusive 12200.00 1964 26 to 28 inclusive 11200.00 1965 29 to 32 inclusive 11300.00 1966 33 to 36 inclusive 11300.00 1967 37 to 41 inclusive 1,400.00 1968 .. ............. 42 to 46 inclusive ............ 1,400.00 1969 47 $nd 48 1,500.00 1970 49 and 50 12500.00 1971 51 to 53 inclusive 11600.00 1972 54 to 56ainclusive 11600.00 1973 57. to 60 inclusive 12700.00 nd numbers 1 to 25 ihelusive shall bear interest at the rate of 3% per annum and bond is mbers 26 to 60 inclusive shall bear interest at the rate of 322% per annum, interest pay le semi-annually beginning on Noveber 1,1953 and semi-annually thereafter on the first y of May and November of each gear; the bonds shall be signed by the Mayor and City Cle d sealed with the corporate seal of the City; the interest on the bonds shall be eviden coupons thereto attached and the coupons shall be signed by said Mayor by his facsimil gnature and the Mayor shall by, the execution of the.bonds to'which said coupons are tacked, adopt as and for his own proper signatmre his .facsimi e . signatt_r.e;,a'ppearing on aid coupons. ` r- -I LJ th ed, ns te- y ansase s: sions nro _.......ane co d, i RE s; •. 5 at the office ref the 'McIlroy Bank, Fayetteville, Arkansas. The bonds,together wfuth interest thereon shall be payable solely out of sewer revenue bond fund.of 1953 as hereinafter de- • fined and shall be a valid claim of the holder thereof only against such fund and the amount of the revenues pledged to said fund,which amounts of said revenue is hereby pledged and mortgaged for the equal and hatable payment of the bonds and the interest thereon,and shall be used for no other purpose except as hereinafter set out. Section 6. That said bonds and coupons shall be in substantially the follwing form: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF WASHINGTON CITY OF FAYETTEVILLE %-3-21% Sewer Revenue Bonds of 1953 No. KNOW ALL MEN BY THESE PRESENTS: That the City of Fayetteville, in the Councigy of Washington,State of Arkansas,for value received hereby promises to pay, solely from the special fund provided therefor as hereinafter set forth,to bearer, the sum of DOLLARS t ee) on the first day of May, 19 with interest thereon at the rate of (three)and one-half pler centum (3%) per annum from date until paid,.payable on November 1,1953, and semi - (3z0) annually thereafter on the first day of May and November of each year, upon presentation and surrender of the annexed coupons as they severally become due. Both principal and interest hereon shall be payable in lawful money of the United States of America, at the olffice of the McIlroy Bank of Fayetteville, Arkansas. This bond is one of a series of bonds aggregating Twenty -Five Thosand (.$25,000.00) Dollars, all of like tenor and effect except as to number, denomination,interest rateand gaturity, dated as of May 1, 1953, numbered from 1 to 60, both includive, and issued for the purpose of extending•and improving the Fayetteville Municipal sewer system (hereinafter I the "System"). This bond and the series of which it forms a part are issued pursuant tIo and in accordance with the provisions of the laws and Constitution of the State of Arlo ansas, and particularly Act No.132 of the Acts of the General Assembly of the State of Arkansas for the year 1933, as amended, and do not constitute an indebtedmess of the City if Fayetteville within any constitutional or stautory limitation. Said bonds are payable solely from a fixed amount of the revenues from the System,which amount shall be sufficient to pay the principal of and interest on•the bonds 4s the same become due and payable. Said amount has been duly set aside and pledged as a special Rd for that purpose and identified as the "Sewer Revenue Bond Fund of 1953" I fund rated by Ordinance No. 1050 duly adopted by the City Council of the City of Fayetteville on Aptil 20, 1963, under which this bond is authorized to be issued, and the City of Fay- " etteville has fixed and has covenanted and agreed to maintain rates for sewer services which shall be sufficient at all times to provide for the creation of a seperate deprecia- tion fund for necessary replacements to said system, to provide for the payment of the reasonable expenses of operation and maintenance of said System, and to provide for the I ayment of the principal of and interest on these bonds as the same become due and payable I nd of the outstanding balance of Sewer Revenue Bonds issued by the City under date of Parch 4,1946. This bond is expressly made negotiable by the Statutes under which it is issued, end is issued with•the intent that the laws of the State of Arkansas'shall govern the co �c.- truction there&f. The bondsof this issue shall be callable for payment prior to maturity in inverse numerical order, at par and accrued interest on any interest paying date with funds from any source. In the event a call is made,the City shall publish notice of such call for redemption once a week for two weeks in the Northwest Arkansas Times, a newspaper pub - fished in the City of Fayetteville, Arkansas, giving the number and maturity of each bond teing called, the first publication to be at least fifteen days prior to the date fixed kor redemption, and after the date fixed for redemption each bond so called will cease to bear imterest, provided funds for its payment are on deposit with the paying agent at the time. IT IS HEREBY CERTIFIED,RECITED AND DECLARED that all acts, conditions and things rei luired to exist, happen and be performed pursuant to and in the issuance of this bond have existed, happened and been performed in due time,form and manner, as required by law,andl that sufficient of the income and revenue which is deemed to be derived from the operation I f said System has been pledged to and will be set aside into said special fund for the I ayment of the principal of and interest on said bonds. This bond shall not be valid until it shall have been authenticated by the certif- icate h:er.eon,. duly signed by the McIlroy Bank of Fayetteville, Arkansas. IN WITNESS QHEREOF, the City of Fayetteville, Arkansas, by its City Council,has Iaused this bond to be signed by the Mayor and City Clerk thereof and sealed with the cor- porate seal of said C-ity, and has caused the coupons hereto,attached to be executed by the facsimile signature of the Maymr, all as.'of the first day of, May, 1953. Attest: CITYYETTEVI ,ARKANSAS By - City Clerk Mayor (Seal) (Form of Coupon) 00 On the first day of (Ivlay)(November) 19 the City of Fayetteville..Washington (County, Arkansas; unless the blind to which this coupon is attached is sooner called for • payment, promises tp•pay to bearer the sum of.... .Dollars, solely out of the fund specified in the .bond to which this coupon app—_e'FYe hs�. at the office of the McIlroy Bank of Fayetteville, Arkansas, in lawful money of the United States,of America, being interest then due on its -3-3-21% Sewer Revenue Bonds of 1953 dated May-j� 1953 and numbered . CITY F YETTEV LE, ARKANSAS By Mayor Fi (All coupons shall be.for six months' interest,.The Mayor's signature may be litho- hed or engraved.) On the back of said bonds'is to appear the following: CERTIFICATE This is one of the 60 bonds aggregating $25,000.00 described within. teville, Arkansas 1953. MCILROY BANK OF FAYET TEVILLE, ARKANSAS Trustee By Section 7, the rates for sewer services fixed by Ordinance 1046 of the City of Fayetteville.,shall never be reduced until all the bonds of this issue and all coupons thereto attaehed have been paid in full and shall, when necessary, be increased in an amount sufficient to provide for the maintenance of the funds hereinafter described. Section G. By the terms of Ordinance.No.892,the City created aSewer Revenue Bond Fund and in Section 10 of said Orinance No.892, the City authorized the idsuance of addi- tional bonds to finance the cost of constructing additional extensions and improvements to the System if gross revenues for the preceding fiscal year shall have been sufficient to provide all costs of operation, maintenance and repair of the system and leave a balanc equal to 120 per centum of principal and interest payments for such year, on all bonds the outstanding and the fiscal agency'.s charges therefor, one year's interest on the total issue of such additional bonds then proposed to be issued; and one year's aver- age maturity.of the principal amount of the proposed issue and that the annual audit for the year 1952 of the operation of the sewer system shows a net profit more than sufficient to meet these requirements, and the City has the authority to set up from said net profit albond fund for this issue. Section 9 .Sewer Revenue Bond Fund for 1953. (a). The balance of the income and revenues of the system after making the required payments into said sewer operation and maintenance fund as created by said Ordinance No.892, are hereby declared to be the net revenues and income from said System. There is hereby created and so long as any of the bonds hereby authorized are outstanding, there shall be maintained a special fund to be k town `. as "Sewer Revenue Bond Fund of 1953" (Sometimes hereinafter referred to as the "Sinking Fund").. into which there shall be set aside -from said income and revenues such portion thereof asl will be sufficient to pay the interest on said bonds as the same becomes due and to pay the necessary fiscal agency, -charges for paying bonds and interest and to pay the principal of said bonds at or before maturity as herein provided, and to createca margin for safety. In order to provide for payment of principal and interest and margin for safetythere shall be paid intosaid sinking fund each month one-fifth of the next semi- annual interest requirements and one-tenth of the next principal requirement until there shall be accumulated in said fund an amount equal to current principal and interest require- ments and fiscal agency fees and an amount in reserve equal to one year's principal and interest and fiscal agency charges, at which time payments into said sinking fund shall be reduced to one-aixth of the next semi-annualinterest payment and one -twelfth of the next principal payment, provided however that no further payments need be made invo said sink- ing fund after and so long as such amount of the bonds shall have been retired that the amount then held in said sinking fund including the reserve, is equal.to the entire amounts of the interest and pricipalthat will have accrued and become due at the time of the retire- ment or maturity of all the bondsi.then remaining outstanding. I The undertaking to transfer and pay the presceibed amounts from said net profits derived from the operation of the system into said sinking fund shall be cumulatil so that in the eventthe net income and revenues during any mmnth are not adequate to make the required transfer inpayment or if for anV other reason there'shall be a failure to mal such transfer in payment, the amount of deficiency shall be made up from thevfirst availa- ble net income and revenues thereafter received and the same shall be in addition to amour otherwise provided to be transferred to be paid into said sinking fund. (b). Said sinking fund shall be used solely and only and is hereby pledged for the purpose of paying the interest on and accomplising the retirement of the bonds herin authc ized. Withdrawals and remittances to the place or places of payment of the principal anc interest shall be made in ample time to meet the payments of such principal and interest, which are as follows: W4.0 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 ........ 1966 1967 1968 1969 1970 ........ 1971 1972 1973 PRINCIPAL - MAY 1st 900.00 900.00 1,000.00 1,000.00 1,000.00 1,100.00 11100.00 0..06066 1,100.00 1,200.00 1,200.00 1,200.00 1,300.00 0000000000s 1,300.00 1,400.00 1,400.00 1,500.00 19500.00 ........... 1,600.00 1,600.00 1,700.00. INTEREST MAY 1 Nov. 1 TOT AL 0 z is • �p 411.25 $ 411.25 411.25 397.75 397.7.5 .384.25 _1,709.00 1, 682.00 384.25 369.25 12753.50 369.25 354.25 12723.50 354.25 339.25 1,693.50 339.25 322.75 11762.00 '322'75 .......... 306.25 ....... 1,729.00 306.25 289.75 1,696.00 289.75 271.75 1,761.50 271.75 253.75 11725.50 253.75 232.75 12686.50 232.75 ........... 210.00 ......... 12742.75 210.00 187.25 1,697.25 187.25 162.75 11750.00 162.75 138.25 1,701.00 138.25 112.00 1,750.25 112.00 ........... 85.75 ........ 1,697.75 85.75 57.75 1,743.50 57.75 29.75 1,687.50 29.75 1,729.75 0 z is • it shall be the duty of the Treasurer to deposit in the Sewer Revenu6Bond.Fund of 1953 in the depository for the revenues of said system on the first day of each month after • the issuance of the bonds herein authorized the respective sums set out above, which are required to be withdrawn from the said net profits and to be paid into the sinking fund in excess of current prihcipal and interest requirements are hereby designated as the 11 "kesrve Fund". Withdrawals and disbursements may be made from said reserve fluid to meet Y,he payments of interest or principal to whateber extent funds in sinking fund are insuf- ficient for that purpose, or for meeting special and unforeseen emergencies or repair or replacement work which could not have been anticipated or which is essential for the con- tdnued operation of the system and for the payment of which there are no other funds avai: able. Provided, however,that if withdrawals are made on said reserve fund that payments into the Sewer Revenue Bond Fund shall be equal to one-fifth of the next interest payment and one-tenth of the next principal payment, until said reserve fund is again equal to on yearts principal and interest payment in advance at which time payments shall be reduced VS one-sixth of the next interest requirements and one -twelfth of the next principal requ: nts. Section 10. Nothing in this Ordinance is intended to or shall be construed to impai: in any manner or degree the contract of the City with the holders of its Sewer Revenue Bo: olf 1946. Section 11. Nothing in this ordinance shall be construed to prevent the issuance b the City of additional bonds payable from the revenues of the system to finance or pay th dost of constructing any further extensions,betterments or additions to the system provid howeber, that the City shall not authorize or issue any such additional bonds so long as �Iny of the non -redeemable 4% sewer revenue bonds dated November 1, 1935 or any of the bon issued under the terms of Ordinance No.9921 or any of the bonds of this series are outsta ing, unless the gross revenues derived from the system for the fiscal year then next prec ing shall have been sufficient to provide for all costs of 6peration, repair and maintena of the system and leave a balance equal to at least 120 % of the aggregate of (a) the principal and interest payment for such.year on tmtal bonds then outstan Ing and the fiscal agency's chabges therefor. (b) One years interest on the total issue of said additional bonds proposed to Ibe issued, and (c) An amount of principal gor such additional bonds for one year computed by dividing the total amount of such issue by the number of years td) the final maturiby date of such bonds. Section 12. The bonds in the principal amount of $25,000.00 shall be delivered to the purchaser upon payment by such purchaser in cash of the face amount' of said bonds together with accrued interest on said bonds to the date of delivery and satisfactory proof of the payment of the cost of printing said bonds and the opinion of the approving 'qttorney,. The money received for accrued interset shall be paid into the Sewer Revenue fond Fund of 1953 and the balance shall be deposited in a special fund t6obe known as Construction Fund Account in a bank in the City of Fayetteville carrying federal deposit insurance, which bank shall give adequate security for said deposit. Funds in the Construction Fund Account shall be used solely for the purpose of paying the cost of the improvements and extensions according to the plans thereof,,which are now on file, together with the necessary engineering,legal and other expenses incidental to sucy. construction, and except for le)3al and engineering costs and administrative expenses,shal lie paid out only on engineers estimates and the depository shall be notified of this re- 4uirement. Section 13. For and in consideration of the purchase and acceptance of the bond luthorized by this ordinance and to facilitate their payment,with interest,the City agree do the following terms: (a) None of the facilities or services afforded by the System shall be furnished I ithout a reasonable charge being made therefor. In the event that the City or any depart ent,agency, or instrumentality thereof shall avail itself of the facilities or services afforded by the System, the reasonable valine of the services and facilities so afforded shall be charged against the City or such department, agency,.or instrumentality, and sha be paid for as the charges therefor accrue. The revenues so received from the City shall be deemed to be revenues derived from the operation of the System; provided, however,that I herein shall be construed as requiring the City or any department agency, or inst jentality thereof to avail itself of the facilities or services afforded by the System. (b). The City will maintain the.System in good condition and operate.;the same in an efficient manner and at a reasonable cost. (c). The City Treasurer shall be the custodian of the revenues derived from the System and his present bond shall be so,endorsed. (d) All revenues from the System shall be deposited in such depository or depos- itories as may be lawfully designated from time to time,subject, however,to the giving of security by each such depository as now or as hereafter may be required, and provided ea( 'such depository shall hold membership in the Federal Deposit Insurance Corporation. All deposits shall be made in the name of the City and be so designated as to indicate he particular fund to which the revenues belong. Payments from each fund set out in this ordinance shall be made by check or vouches signed by two duly designated persons and drawn on the depository in which the moneys in said fund shall have been deposited, and eacg such check or voucher shall briefly specif; the purpose of the expenditure. (e). The bonds, together with interest thereon,are not general obligations of the City nor they constitute an indebtedness of the City within the meaning of any constitu- tional or statutory provision or limitation, but shall be payable solely out of the Bond Fund and shall be a valid claim of the holders thereof only against said fund, and the amount of the revenues pledged to said frond, which fund is hereby pledged for the equal and ratable payment of the bonds issued by authority of this ordinance and shall be used for no other purpose than to pay the principal and interest of the bonds as the same mat' except as provided in this ordinance. (f). The System shall be oper46ed upon a fiscal year basis, beginning January 1 of each year and ending and including the following December 31. • (g). It is covenanted and agreed by the City with the holder or holders of the bonds,or any of them, that it will faithfully and punctually perform all duties with ref- erence to the System required by the Constitution and Statutes of the State of Arkansas,l including the making and collecting of reasonable and sufficient rates lawfully establish- ed for services rendered by the System and applying the revenues therefrom to the respect ive funds herin created. 9 g' I (h). So long as any of the bonds are outst anding,the City will not mortgage, pledge, or otherwise encumber the System or any part thereof or any revenues therefrom,except as her in provided,and will not sell, lease, braotherwise dispose of any substantial portion of the same. The obligations of the City set out in this ordinance, the pledge of revenues, and the City's agreement not to mortgage,pledge,or otherwise encumber the.System, shall b made a matter of public record by having a certified copy of this ordinance recorded as a mortgage in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas. (i). The City will keepproper bo#ks of records and accounts ( seperate from all othe. records and accounts) in which complete and correct entries shall be made of any transac- tions relating to the System. The City agrees to have these records audited by an indepen ent cerified public accountant at least once each year, and it shall furnish the Trustee al copy of this audit. In the event that the City fails or refuses to make the audit, the Trustee may have the audit made, the cost thereof to be charged to the cost of operation. (j). If there be any default inthe payment of either the principal of or the intere; on any of the bonds, the holder or holders of any of the bonds may enforce any mortgage 1' granted by statute and may by prmper suit compel the performance of the duties of the off: of the City, as set forth in the statutes authorizing the bonds. If there be default in the payment of the principal of or interest on the bonds or if the City shall fail to keel any other obligation which it herein assumes, and such default shallnaontinue for thirty days thereafter,any court having jurisdiction in any proper action,which may be institute( either by the Trustee on behalf of all the bondholders, or by the holder of a bond in de- fault, may appoint a receiver to administer the System on behalf of 'ghe City, with power to charge and collect rates sufficient to provide for the expenses of the receivership, the payment of the bonds and interest thereon,and for the payment of the operating expens( and to apply the income and revenues in conformity with said statutes and this ordinance providing for the issuance of said bonds, but when all defaults are cured, the receiversh' shall be ended and the management and control of the System restored to the City. (k). The City further covenants and agrees that if default is made in the payment o] any bond or coupon, or if the City fails to meet any sinking fund requirements, the holde3 of such bond may declare that bond immediately due and payable and in default and either t e Trustee on behalf of all the bondholders or any bondholder for himself may institute s it to enforce the pledge lien herein granted. The failure to exercise this option upon any default shall not be a waiver of the right to exercise it -upon any subsequent default, (L). The bonds authorized hereby shall be callable for payment before maturity ac- cording to the terms set out in the bond form. (m). McIlroy Bank of Fayetteville, Arkansas is designated asxthe paying agent and .all receive for their services 25¢ for each $100.00 in coupons paid and 122¢ for each OO.00in bonds paid, provided that the paying agent's fee shall not be less than $1;00. (n). The City hereby agrees to make all payments on bonds and interestonly through the designated paying agent. A14 bonds paid or purchased, either at or before maturity, shall be cancelled when such payment or purchase is made, together with with all unmaturec coupons appertaining thereto, shall be returned to the City,and shall not be reissued. All unpaid interest coupons maturing on or prior to the date of such payment or purchase shall continue to be payable to the respective bearers thereof. (o). It is hereby declared that the provisions of this ordinance are seperable,and i; any provision of this ordinance shall for any reason be held illegal or invalid,it she] not affect the validity of the remainder of this ordinance. T p S r t 0 s b 0 t T t k 0 C e t e (p). It is hereby declared that the provisions of this ordinance constitute a con. act by and between the City and the holders of the bonds and interest coupons issued by thority hereof; and after the bonds have heen issued and paid for, the terms of said ovisions shall not be changed except with the written consent of the holders of all bon d coupons then outstanding. (q). Whenever reference is made in this ordinance to a Trustee, it shall refer to McIlroy Bank of Fayetteville, Arkansas. The said Trustee shall be responsible only for .ful misconduct in the execut1on of -this trust. The recitals of fact herein contained contained in the bonds, except the recitals in the Trustee's Certificate, are statemen the City and shall not be construed as being made by the Trustee. Trustee shall not be required -to effect insurance against fire or damage to mortgaged party, nor to advance any money to pay insurance premiums, nor to pay any charges or cial assessments against said property,nor to see that this pledge of revenue is proper orded and kept in force as a pledge, nor shall it be required to take notice or be deem have had notice of any default of the City in the failure to perform any of the conditi this ordinance, unless said Trustee shall have been specifically notified in writing of d default; nor shall it be required to take any action hereunder until it shall have n indemnified to its satisfaction by the holders of the bonds herein mentioned, or some them,against loss or damage on account thereof. The Trustee is authorized in its discre �n to release any real or personal property no longer used in the operation of the Syste holder or holders of a majority in value of the bonds at any time outsijanding may at it option remove the Trustee and appoint a successor Trustee, by an instrument duly ac- wledged and filed for record in the office of the Circuit Clerk and ex -officio Recorder Washington County. The Trustee may resign at any time upon ten days' notice to the City rk. The 'successor Trustee shall have all the rights and powers of the originally appoin Trustee. Section 16. It is hereby ascertained and declared that the urgent need for addi- nal sewer lines endangers the health and safety of the inhabitants of the City of Fay- eville, and therefore an emergency exists and this ordinance,being necessary for the ediate preservation of the public peace, health and safety, shall take effect and be farce from and after its passage. PASSED and APPROVED on the 20th day of April, 1953. CITY OSP�YETTEV)�VLE,ARKANSAS By ATTEST: 4ayor Ci yy Clerk I J%!svee M P i v.. • 1he Mayor reported that a suit had been filed in Chancery Court by W,NaHolland, J.B.White end J.S.Bunnell,PlaiAtiffs,Vs. The City of Fayetteville and Suburban Water District No.2, •and said it would be necessary to employ an attorney to to represent the City and the Water TDistict, and Alderman Richardson made a motion that the Mayor be authorized to employ an Attorney in said case, thiel motion was seconded by Alderman Burge, and wasrpassed unani- ously by the Council. Ther"e:.being no further business, Alderman Richardson made a motion to adjourn,this lotion was seconded by Alderman Kent; and was passed unanimously by the Cou 1, and the Mayor declared the Council adj%ourned� �� APPROVED ATTEST Mayor C. y Clerk for T C �ayetteville City Council met in regular session, Monday, May 4th, 1953. present: Mayor Powell M.Rhea, City Clerk J.';l.McGehee, City Attorney A.D.McAllister, Ci Engineer John Mahaffey,C:V-G-, ,,Bi,I.risp%PI" I'i'eberariz;C-auditor •H:Zi'ok;'"-'- RireuCY of Burl SR I nd Aldermen Richardson, Burge, Pratt, Williams, McAllixter,ieflin and Kent. Absent: Alderman Hunt. e "ORDINANCE AMENDING ORDINANCE NOel00S APPROVED OCTOBER 22,19511 REAFFIRMING AND ADOP G BY REFERENCE THERETO ZONING ORDINANCE 140, 1002,APPROVED SEPTEMBER 103 1951,AS AMENDE ORDINANCE NO. 1005 APPROVED OCTOBER 8119512TO CHANGE CERTAIN REAL ESTATE FROM ZONE "B SIDERTIAL TO ZONE "D" RESIDENTIAL tilITIiIN THE CORPORATE LIMITS OF FAYETTEVILLE, ARKANSAS ich had been lsft on -its first reading at the regular meeting of the City Council Apri th, 1953, came,/for its second reading,but the Mayor stated that before reading the dinance, he thought it advisable to read a letter from JOHN TYLER CALDWELL, President e University of Arkansas, which was as follows: PRESIDENT"S LETTER,dated May 2,1953. " The University finds it to be in its interest to suggest that the City Council dee action for the time being on the proposed version of the city zoning ordinance to permi fraternity building on the on the northwest corner of Razorback and Maple. I find that I placed the matter on the University Board of Trusjze.e agenda without onsulting the members of our administrative staff `directly concerned with student housing they have,now presented to me a case agair_st•the permit;1based solely upon ,our housing plea hich is at least suffivient to compel_.my'further study of -the matter,••and.possibly its reconsideration by the Board of Trustees. C In view of that- possibility, it would seem helpful .e.tro' all -concerned -not to have a Iy ction taken one way or the other by'theGity'Oouncil at this tAne,,Q,.c• The Universityhad previously.i•nd Gated its neutrality'.reapecting the debates before he City Council. The intent of-t`]iis present suggestion to postpone action is simply to sia that in light ofthe•Urii�versityls development plan,; we are re-examining our position which may be pertinent .to the- Councilss�.conclusions., The University will communicate,to't5e City Planning Commission; with copy to the ayor, any additional�con'cYusions we'arrive at in the near future,'ivhich may be pertinent rdinance o your consideration". ��''� 6 tiabled I Alderman 'Richardson made a motion "That•.in.vi:e-w oflthe Presidentfs letter" the Ordinance be tabled,'this motion was seconded'iby Alderman Kent -4 -was' unanimously y the Council. o' � . -z�" The City Engineer presented the, Engineerls ,estdmmatel o`, 1•,C'ertificate No.l Est.No 1 or construction of Sewer Lateral No:308'by Tune'Constructiort Co;, in the amount of art No 1 1$1,582.19, Alderman Kent made 0a.motion the raccount be-apprbved, this motion was seconded 1582.19 y Alderman Richardson;'and•vias'passed unanimously,.by'the Council. OU City- ukldirig Inspector,•prasented the application of W.F.Sonneman for a Permit uilding Permit at 6262 1Yest"Dickson, Alderman Pratt made a motion that Building Permit this motion was seconded by Alderman Williams and was #998 No.998 be issued to VJ.F.Sonneman, I assed unanimously.by••the Council. ' The Building Inspector presented the application of W.F.Sonneman for another Q t 100uilding permit at 6262 West Dickson, Alderman Burge made a motion that Building Permit ore PNo.1000 be issued to W.F.Sonneman, with the understanding that the building be used as a only store room only, and that the Bihilding Inspector attach a letter to the Permit,stating t it was to be used only as a store room, this motion was seconded by Alderman Williams, a pas passed unanimously by the Council. Permit I The Building Inspector presented the application of Lloyd Cate for a buildi: permit at 214 West Dickson, Alderman Kent made a motion that Building Permit No.999 be 999 1psued to Lloyd Cate, this motion was seconded by Alderman Richardson, and was passed unanimously by the Council. The Building Inspector presented the application of Chas. Pile for a Buildi: rmit Permit for a Tourist Court on North College, Alderman Williams made a motion that Buildi: 92 for permit No.992 be issued to Chas Pile, this motion was seconded by Alderman Pratt, and wa ist was passed unanimously by the Council. rt The City Attorney introduced a Resolution directing the City Clerk to publish notice of a hearing on the petition of Eleanor Quinn, etal, to close a part of a 20 foot alley in Block 3 of Mountain View Addition, Alderman Burge made a motion that the Resolution e adopted, this motion was seconded by Alderman•Richardson, and was passed unanimously y the Council. 01 COPY OF RESOLUTI-6NEINO, 9-53 1' WHEREAS,it appears that the petition of Eleanor Quinn,Mrs.Wythe Walker and .R.Rogers,to vacate that portion of an alley twenty (20) feet in width,runmmng east and iest a distance of 250 feet between Lots 12 to 16, inclusive,on•the North, and Lots 1 to nclusive, on the South, all in Block Three (3) of the Mountain View Addition of the City of Fayetteville, Arkansas, wasfiled with the City Clerk of the City of Fayetteville,Arkan In April 1st, 1953, and WHEREAS, it appears that this is the third regular meeting of the City Council following the filing of said petition, (Continued on Page 10) ■ F, as,