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Home My WebLink About1958-09-11 Minutes338 The'City Attorney then read a proposed Ordinance entitled,"AN ORDINANCE SUBMITTING TO TH N0. QUALIFIED ELECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS, THE QUESTION OF PROHIBITING 79,E KEEPING OF GROCERY STORES OPEN ON SUNDAY WITHIN THE CORPORATE LIMITS OF THE CITY OF FAYETTEVILLE, ARKANSAS, AND FOR OTHER PURPOSES! and e be placed on it Alderman Williams moved that -the iules_be:suspended: second reading. The motion was seconded by Alderman Kent and passed unanimously, whereupon the Ordinance was read for the second time. Alderman Kent then moved that the rules be further susFended and that the Ordinance be placed on its third and final reading. The motion was seconded by Alderman Williams and passed unanimously, whereupon the Ordinance was read for the third and last time. The Mayor then declared the Ordinance open for discussion. There being no discussion,the Mayor asked the question,"Shall the Ordinance pass•?" Upon roll call the following vote was recorded: 'Ne" Barnhart, Smith, Burgin, Williams, Kent, and Walker. "Nay" None. There being Six 'Ayes" and No "Nays", the Mayor declared the Ordinance passed. ORDINANCE N0, 1179. ORDINANCE SUBMITTING TO THE QUALIFIED ELECTORS OF THECITY OF FAYETTEVILLE, ARKANSAS, QUESTION OF PROHIBITING KEEPING OF GROCERY STORES OPEN ON SUNDAY WITHIN THE CORPORA ITS OF THE CITY OF FAYETTEVILLE, ARKANSAS, AND FOR OTHER PURPOSES. NOW,THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF FAYETTEVILLE, ARKANSAS: SECTION 1. That there shall be submitted to the qualified voters of the City of ayetteville, Arkansas, at the next General Election to be held on the 4th day of ovember, 1958, the question of prohibiting keeping of grocery stores open on Sunday ithin the corporate limits of the City of Fayetteville, Arkansas;. SECTION 2. The ballot title shall appear as follows: "The Question of Adopting An Ordinance Prohibiting Keeping Grocery Stores Open on Sunday". For Compulsory Closing of Grocery Stores on Sunday. Against Compulsory Closing of Grocery Stores on Sunday. f SECTION 3. That in the event of the approval of the adoption of an ordinance to pro hibitfthe keeping of grocery stores open on Sunday within the corporate limits of the City of Fayetteville, Arkansas, that such steps be taken as are necessary to comply with the will of the people as expressed in said election. ASSED AND APPROVED this 8th day of September, 1958. APPROVE - � •' ;�LY7/�ZI�Mi.7�MIG1►`�i111�:ii here being no further business, Alderman Walker moved to adjourn until Thursday, eptember 11, 1958, at 12:00 Otclock, Noon. The motion was seconded by Alderman Williams nd passed unanimously, whereupon the Mayor declared the meeting adjourned until Thursday, eptember 11, 1958, at 12:00 Noon. xo�% APPROVE/LI: ATTEST :c�y��J. `A STIN PARIS , MAYOR 'G ORGE — AVIS, CITY CLERK Ad j. (the City Council of Fayetteville, Arkansas, met in an adjourned session on Thursday, Meeting. September 11, 1958, at 12:00 Noon. Present: Mayor J. Austin Parish, City Clerk George J. Davis, City Controller Albert J. (Jones, City Attorney A. D..McAllister Jr., and Aldermen: Ralph Barnhart, Lynn Smith, Bruce Lunsford, Webb Williams, Dale Kent, and Bryan Walker. rbsent: Aldermen Ellis Burgin and Herbert Hatfield. The Mayor requested Mr. Dallas P.(Pete) Raney to read a proposed resolution entitled, Resolution I°A RESOLUTION APPROVING THE SALE AND CONVERSION OF WATERWORKS AND SEI!IER REFUNDING AND 10-58 CONSTRUCTION REVENUE BONDS;APPROVING THE DESIGNATION OF A TRUSTEE AND PAYING AGENT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY." After a brief discussion, Alderman Smithrmovdd that the Resolution be adopted. The Fotion was seconded by Alderman Williams and passed unanimously, whereupon the Mayor declared the Resolution adopted. Alderman Kent then moved that the emergency clause be adopted. The motion was seconded Iby Alderman Barnhart and passed unanimously, vh ereupon the Mayor declared the emergency clause adopted: 1olA RESOLUTION APPROVING THE SALE AND CONVERSION OF WATERWORKS AND SEWER REFUNDING AND CON; STRUCTION REVENUE BONDS; APPROVING THE DESIGNATION OF A TRUSTEE AND PAYING AGENT;PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING ANIEMERGENCY. WHEREAS by Ordinance No. 1166 of the ordinances of the City of Fayetteville, Arkansas, here was authorized the sale of Waterworks and Sewer Refunding and Construction Revenue) Bonds in the principal amount of $5,300,000.00 and WHEREAS the Mayor duly advertised the public sale of bonds in that amount, the bond o be dated June 1, 1958, with interest payable semi-annually on June 1 and December 1 o ach year commencing December 1, 1958 and to mature on December 1 in each of the years 959 to 19920 inclusive, with the privilege of conversion, all as set forth in the notic f sale, a copy of which has been exhibited to the Council and filed with the e City Clerk nd 1 0 2 • 0 339 WHEREAS at said sale Stephens, Inc. of Little Rock, Arkansas, submitt 4 the best Resollution bid which was as follows: Par and accrued interest for bonds bearing interest at the • 10- 8 following rates per annum: (Con � 73,000 bearing interest at the rate of 1 1/2% per annum 23,000 bearing interest at the rate of 2 1/2% per annum 623,000 bearing interest at the rate of 3 o per annum 431,000 bearing interest at the rate of 3 3/4% per annum 4,150,000 bearing interest at the rate of 4,37272062% per annum. (which results in an over-all interest cost to the City of 4.30% per annum) and the bonds were sold to said Stephens, Inc. at said price; and WHEREAS as permitted in the notice of sale, the purchaser has elected to convert the $5,300,000, of bonds bearing interest at the rates above specified to an issue of $5,710,000. of bonds bearing interest at the rates of leo, 212%3 3%, 3A,%, 3-21-0/0, 3 3/4% and 4% per annum, hereinafter described in detail, and the conversion has been examined by the City Council and found to be in accordance with the terms of the authorizing ordinance and the notice of sale, and by virtue of which the City will receive no less, and pay no more than it would receive and gay if the bonds were not converted; and WHEREAS the purchaser has designated Union Planters National Bank, Memphis, ennessee, as Trustee and Paying Agent; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Fayetteville, Arkansas: Section 1. That the above referred to and described notice of sale, a copy of. ich i on 7ile with the City Clerk, and the publication of the same be, and the same e hereby, approved and confirmed. Section 2. That the sale of said bonds, upon the terms hereinabove set forth, to Stephens, Inc., Little Rock, Arkansas, and the conversion of said bonds as hereinabove set forth be, and the same are hereby, approved and confirmed. at Union Planters National Bank, Section 3. That the designation by the purchaser of Union Planters National Bank, M'emphis,—Tennessee, as Trustee and Paying Agent be, and the same is hereby, approved an confirmed, and the said Union Planters National Bank, Memphis, Tennessee, be, and it is hereby, designated as Trustee and Paying Agent, Section 4. That there are hereby authorized and ordered issued bonds of the City principal and interest shall of Fayeteville, Arkansas in the aggregate principal amount of ,$5,710,000.to be designated at Union Planters National Bank, "City of Fayetteville, Arkansas Waterworks and Sewer lz%, 24, 3%, 33%, 3-,-1%3 3 3/4% and as hereinafter set forth, but 4% Refunding and Construction Revenue Bonds". The bonds shall be dated June 1, 1958 and shall be in the denomination of $1,000.00 each. They shall be numbered consecutively 98,000 from 1 to 5710, inclusive, and shall bear interest as follows: 3009575.00 nds Nos. 1 to 73, inclusive, shall bear interest at 12% per annum nds Nos. 74 to 194, inclusive, shall bear interest at 22o per annum nds Nos. 195 to 1086, inclusive, shall bear interest at 376 per annum nds Nos. 1087 to 1770, inclusive, shall bear interest at 311/34 per annum nds Nos. 1771 to 23970 inclusive, shall bear interest at 32% per annum nds Nos. 2398 to 3729, inclusive, shall bear interest at 3 3/4% per annum nds Nos. 3730 to 5710, inclusive, shall bear interest at 4% per annum Interest shall be payable semi-annually on June 1 and December 1 of each year commencing December 1, 1958, Interest shall be evidenced by interest coupons and the principal and interest shall be payable in lawful money of the United States of America upon presentation of the bond or proper coupon at Union Planters National Bank, Memphis, Tennessee, The bonds shall mature on December 1 in each years 1959 to 1992, inclusive, as hereinafter set forth, but are callable for payment prior to maturity as provided in the face of the bonds. 300,245.00 Section 5. That as provided in Ordinance No. 1166 authorizing the issuance of the bonds, the principal of and interest on the bonds shall be paid from funds in the Waterworks and Sewer Revenue Bond Fund as they mature according to'the following schedule: BOND NOS. PRINCIPAL • INTEREST TOTAL JUNE 1 DECEMBER 1 1958 $ $ $ 102,122.50 102,122.50 1959 1.-- 96 969000 102,122.50 102,122.50 300,245.00 1960 97 --194 98,000 101,287,50 1011287.50. 3009575.00 1961 195--•294 100,000 1003062.50 1002062.50 300,125.00 1962 295 - 397 103,000 98,562.50 98,562.50 3009125.00 1963' 398 - 503 1063000 97,017.50 979017.50 300,035.00 1964 504 - 613 1103000 952427.50 95,427.50 300,855eOO 1965 614 - 726 1132000 93,777.50 93,777.50 3009555.00 1966 727 --892 116,000 923082.50 92,082.50 3003165.00 1967 893 - 962 120,000 902342.50 90,342.50 300,685.00 1968 963 - 1086 124,000 88,542.50 88,542.50 301,085.00 1969 1087 -.1214 128,000 861682.50 86,682.50 3013365.00 / 1970 1215 - 1346 132,000 84,602.50 84,602.50 301,205.00 1971 1347 - 1483 137,000 82,457.50 82,457.50 3011915.00 )( 1972 1484 - 1624 1415000 60,231.25 803231.25 301,462.50 1973 1625 - 1770 146,000 77,940.00 77,940.00 3011880.00 1974 1771 - 1919 1493000 75,567.50 75,567.50 300,135.00 1975 1920 - 2073 154,000 72,960.00 72,960.00 2991920.00 1976 2074 - 2232 1592000 70,265.00 70,265.00 299,530.00 1977 2233 - 2397 1659'000. 67,482.50 67,482.50 2992965.00 • 1978 2398 - 2567 1709000 64,595.00 643595.00 299,190.00 1979 2568 - 2743 176,000 61,407.50 61,407.50 2981815.00 1980 2744 - 2925 182,000 582107,50 58,107.50 2981215.00 F340 R BOND.. NOS, 9811. 2926 - 3115 982 3116 - 3312 983 3313 - 3517 964 3518 - 3729 985 3730 - 3947 986 3948 - 417.4 987 4175 - 4410 968 4411 - 4656 989 4657 - 4913 990 4914 - 5180 991 5181 - 5,457 992 5458 - 5710 PRINCIPAL $1909000 197,000 205,000 212,000 218,000 227,000 236,000 246,000 257,000 267,000 277,000 253,000 INTEREST JUNE 1 DECEMBER.1 $54,695.000 51,132.50 47,438.75 43,595.00 39,620.00 35,260.00 30,720.0.0 26,000.00 21,080.00 15,940.00 10,600.00 5,060.00 354,695.00 51,132.50 47,438.75 •43,595.00 39,620.00 35,260.00 30,720.00 26,000.00 21,080.00 15,940.00 10,600.00 5,060.00 TOTAL $299, 390.00 299,265.00 299,877.50 299,190.00 297,240.00 297,520.00 297,440..00 298,000.00 299,160.00 298, 880.00 298,,, 200.00 263,120.00 ection 6. That the provisions of this resolution are hereby declared to be separable nd if a section, phrase or provision shall be declared invalid, such declaration shall of affect the validity of the remainder of the resolution. Section 7. That this resolution is adopted pursuant to the authority conferred by nd the provisions of Ordinance No. 1166 of the ordinances of the City of Fayetteville, rkansas, and said Ordinance No. 1166, together with and as supplemented by this resolu- ion, shall continue in full force and effect. Section 8. That it is hereby ascertained and declared that the Waterworks and Sewer System serving the City of Fayetteville, Arkansas is wholly inadequate for the needs of the City and the inhabitants thereof, thus endangering the life, health and safety of th inhabitants and their property, and that the extensions, betterments and improvements squired to alleviate said hazards can be obtained only by the issuance of revenue bonds to which issuance the passage of this resolution is essential. It is, therefore, declare that an emergency exists and this resolution being necessary for the immediate preservat on of the public peace, health and safety shall take effect and be in force from and fter its passage. Mr. L. M. McGoodwin, Engineer, briefly outlined and recommended for an initial undertaki Mc oodwin in the Water Distribution and Water Storage Prognam, a.250,000 gallon elevated storage made up to ank on the Methodist Assembly Grounds, a 2,000,000 gallon stand pipe on the high ground date at the corner of Center Street and Sang Avenue, together with all the required large report. eeder mains throughout the City. He stated the estimated cost of this phase would be 750,000.00 lderman Lunsford moved that Engineers Mahaffey and McGoodwin be authorized to proceed kith the necessary surveys and prepare plans and specifications for the Council approval prior to letting of.the contracts for this portion of the work The motion was,seconded by Alderman Smith and passed unanimously* ere being.no further.business, Alderman Walker moved to adjourn. The motion was seconded Alderman,Lunsford and passed unanimously, whereupon the May f declared the meeting journed. APPROVED: .'G OR J. AVIS, GITY CLERK • V • 4 PASSED THIS 11th day of September, 1958. APPROVED: irlx� TTEST: J. nST IN PARISIT; MAYOR ^� y.� V - S, UITY CL re The City Attorney reported that after reviewing the proposed lease agreement between the out City and Mary E. Byrnes covering the City Parking lot within the Block on the West side of -Street the square, it was his recommendation that the option to purchase set forth in the proposed arking. lease agreement with Fulbright Investment Co., be amended in order that the City might be yearn a:position-to acquire both the Byrnes property and the Fulbright Investment Co. property Lt tion. the same time. He also reported that he was advised that such an amendment would be `acceptable to the Fulbright Investment Company. Iplderman Williams made a motion, seconded by Alderman Barnhart, that the motion of the ouncil passed. September 8,1958,. authorizing the Mayor and City Clerk to execute the Propose d lease agreement with Fulbright Investment Company for establishment of offstreet parking facilities in the Block on the South Side of the Square, he amended so as to authorize the inclusion in said lease agreement of an option to purchase which would enable the City to purchase the Fulbright Investment Co, property at the same time that purchase is made of the Byrnes property. he motion was passed unanimously by the Council_ way IMr. W. H. Holway,.Engineer for the new lake, appeared before the Council and gave an up e [to date report on the progress of surveys for the new lake near Baldwin. to �Iie also recommended that the City Council be consldetng�a;procedure and policy for the e purchase of the required lands which he will provide after consultation with the State ort. ,Tiealth Department in Little Rock,:Arkansas. Mr. L. M. McGoodwin, Engineer, briefly outlined and recommended for an initial undertaki Mc oodwin in the Water Distribution and Water Storage Prognam, a.250,000 gallon elevated storage made up to ank on the Methodist Assembly Grounds, a 2,000,000 gallon stand pipe on the high ground date at the corner of Center Street and Sang Avenue, together with all the required large report. eeder mains throughout the City. He stated the estimated cost of this phase would be 750,000.00 lderman Lunsford moved that Engineers Mahaffey and McGoodwin be authorized to proceed kith the necessary surveys and prepare plans and specifications for the Council approval prior to letting of.the contracts for this portion of the work The motion was,seconded by Alderman Smith and passed unanimously* ere being.no further.business, Alderman Walker moved to adjourn. The motion was seconded Alderman,Lunsford and passed unanimously, whereupon the May f declared the meeting journed. APPROVED: .'G OR J. AVIS, GITY CLERK • V • 4