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HomeMy WebLinkAbout1963-03-11 MinutesW Meeting bonds The City Council of Fayetteville, Arkansas, met in special session on Thursday, March 7, 1963, at 12:00 Noon at the Mountain Inn Motor Lodge, Present: Mayor Guy E. Brown, City Clerk George J. Davis, City Cobtroller Albert Jones, City Attorney Bass Trumbo, and Alderman: Heflin, Christie; Watson, Wheeler, Thomas, Burgin, Faucette, and Short. Absent : None. The Mayor reported that the purpose of the meeting was t6ediscuss the refinancing of some outstanding bonds of the City and that all members of the Council had been notified by U. S. Mail and telephone. A representative of Rat%MeIr Pierce Company read a proposed contract for refinancing of the bonds. After a long discussion, the City Attorney read a proposed resolution auttegizing the contract. Alderman Burgin moved that the resolution be adopted. The motion was seconded by Alderman Christie and passed unanimously, whereupon the Mayor declared the resolution adopted. RESOLUTION N0. 5-63 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: That the Mayor. and City Clerk be and they are hereby authorized to execute a contract with Rauches esolution Pierce and Company, a copy of which is attached hereto and made a part of this resolution, for Nol 5-63 their services in the refinancing of the City [,later and Sewer Bonds of 1958• Passed and approved this 7th day of March, 1963. Pe 5-63 There being no further business, Alderman Burgin moved to adjourn. The motion was seconded by Alderman Faucette and passed unanimously, whereupon, the Mayor declared the meeting adjourned. APPROVED: GUY E. EWWN, MAYOR The City Council of Fayetteville, Arkansas, met in regular session on Monday, March 11, 1963 at 7:30 PM Present:. Mayor Guy E. Brown, City Clerk George J. Davis, City Controller Albert J. -Jones, City Attorney' Bass Trumbo, City Engineer W. C. Smith, Chief of Police Hollis Spencer, Fire Chief Burl Skelton, and Aldermen: Heflin Christie, Watson, Wheeler, Thomas, Burgin, Faucette, and -Short. ROSEJiT : lv e ve The minutes of the regular meeting on Monday, February 25, 1963, and of the special meeting on Thursday March 7, 1963; Copies of which had previously been mailed to the members'of the City Council, were approved as written. A group of residents of the area appeared before the Council in opposition to a petition of Austin Parish and Ethel Parish,•husband and wife, and the Ozarks Rural Electric Co-operative Association to rezone certain property owned by the R. E. A. which had been approved by the Planning Commission. The City Clerk reada resolution from the Planning Commission approving the petition and recommending that the property'be6 rezoned. This resolution was spread in the minutes and reads as follows: RESOLUTION PC 5-63 WHEREAS, a public hearing was held on February 12, 1963, by the Planning Commission on'the petition of Austin Parish and Ethel R. Parish, husband and wife, at which time no formal action was taken; and WHEREAS, at a special meeting on February 18, 1963, the Planning Commission voted to make a formal recommendation to the City Council; and WHEREAS, the covenantd requested in the Planning Commission's recommendation are to be approved by SuzannedLighton who was authorized by the Planning Commission to act in its behalf; and WHEREAS, a letter dated February 28, 1963, from A. D. McAllister, attorney for said petitioners, was received by Suzanne'Lighton and was presented to the Planning Commission at its regular meeting on March 5, 1963. Said letter stated that the Ozarks Electric Cooperative was not in position to agree to entering into any protective covenants; and WHEREAS, at said regular meeting the Planning Commission voted to reaffirm action taken at its February 18 meeting; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY PLANNING COMMISSION OF THE CITY OF FAYETTEVILLE, ARKANSAS, THAT IT RECOMMENDS TO THE CITY COUNCIL OF FAYETTEVILLE, ARKANSAS: SECTION 1. That the petition be denied as to the area south of the east -west platted public street (as per sketch plat attached hereto) which divides the petitioned area so that this area will remain zoned R-lA; SECTION 2. That the area notth of said east -west platted public street (as per sketch plat'attached hereto) be rezoned to I-lA conditioned on an not to be effective until covenants restricting the use to that of the Ozarks Electric Cooperative only and providing for landscaping and maintenance of the area, with the covenants to provide that they are not subject to change without city Approval, are recorded and are attached to and made a part of the rezoning ordinance after being presented to and approved by the Planning Commission or its authorized agent. SECTION 3. That this resolution repeals and supersedes Resolution PC 4-63 passed and approved February 18, 1963. PASSED AND APPROVED THIS 16h day of March , 1963. RPPROVED: (S) J. F. PALMER, CHAIRMAN 209 After a long discussion Alderman Burgin introduced a proposed ordinance which was read in its entirety by the City Attorney entitled "AN ORDINANCE AMENDING ZONING ORDINANCE N0, 12390 AND REVISED ZONING DISTRICT MAP OF FAYETTEVILLE, ARKANSAS, APPROVED MAY 280 1962, TO REZONE CERTAIN REAL ESTATE FROM R-lA SINGLE-FAMILY RESIDENTIAL DISTRICT TO I1 -A LIGHT INDUSTRIAL DISTRICT." Alderman Burgin moved that the rule be suspended and the ordinance placelon the seconded reading. The motion was seconded by Alderman Heflin and upon roll call the following vote was recorded: "Aye" Heflin, Christie, Watson, Wheeler, Burgin, Faucett. "Nay" Thomas and Short. There being six "Ayes" and Two "Nays", the Mayor declared the rule suspended and the motion passed because ittwosthirds-majority of all the Council voted in favor of suspending the rule. The ordinance was then read for the second time. Alderman Burgin then moved that the rule be further suspended and that the ordinance placed on the third and final reading. The motion was seconded by Alderman Heflin and upon roll call the following vote was recorded: "Aye" Heflin, Christie, Watson, Wheeler, Burgin, Faucette, Short. "Nay" Thomas. The ordinance was then read for the thrid 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: "Aye" Heflin, Christie, Wheeler, Watson, Burgin, Faucette, and Short. "Nay" Thomas. There being seven "Ayes" and no "Nays" the Mayor declared the ordinance passed. ORDINANCE N0. 1341 AN ORDINANCE.AMENDING ZONING ORDINANCE N0, 12390 ANDOREVISED ZONING DISTRICT MAP OF FA.YETTEVILLE, ARKANSAS; APPROVED MAY 28, 1962, TO REZONE CERTAIN REAL ESTATE FROM R-lA SINGLE-FAMILY RESIDENTIAL DISTRICT TO I-lA LIGHT INDUSTRIAL DISTRICT. WHEREAS, a public hearing was held.before the Planning Commission of the City of Fayetteville, Arkansas, Ordinance on February 12, 1963, on the petition of Austin Parish and Ethel R. Parish, husband and wife, acting o. 1341 in their own behalf, as well as in the behalf of Julius Hellums, Elizabeth Hellums and W. H. Fall, requesting.thathsaid Planning Commission recommend to the City Council of the City of Fayetteville, Arkansas, that said City Council enact an ordinance rezoning the following described property, to -wit: A part of Lot Four (4) in Evins Farm, as designated upon the recorded plat of said subdivision filed March 22, 1907, and recored in Plat Book, Page 53, in the office of the Circuit Clerk and Ex -Officio Recorder for Washington County, Arkansas, being more particularly described as.beginning 104 feet South of the Northwest corner of the Northwest Quarter (NW 4) of the Southwest Quarter (SW 1/4) of Section 4, Township 16 North, Range 30 West of the Fifth Principal Meridian, thence South 556 feet; thence East 660 feet; thence North 556 ffdt to the Southeast corner of the lands heretofore conveyed to William J. Prince and Betty Lou Prince by W. H. Falls and Nettie Falls, by warranty deed dated July 20, 1955, and recorded in Deed RecordeBobk 477, at Page 184, in the office of the Circuit Clerk and Ex -Officio Recorder for Washington County, Arkansas; thence West $60 feet to the point of beginning, and less that portion lying in right-of-way of State Highway No. 112 as presently located, and subject to an easement for roadway Ten (10) feet of equal and uniform width on the South and East side of said property,as reflected on the above-mentioned plat, from R-lA Single-FamilyResidential District to I-lA Light Industrial District. WHEREAS, a notice of said public hearing, setting forth the date, time, place and purposes of hearing, and location of property was published in the Northwest Arkansas Times, a newspaper of general circula in said City, more than 15 days prior to the said public hearing, and WHEREAS, following said public hearing, said Planning Commission certified to the City Council of the City of Fayetteville, Arkansas, its recommendation that an ordinance be adopted rezoning the above- described property from R-lA Single -Family Residential District to I-lA Light Industrial District, conditioned on the Ozarks Electric Cooperative Corporation agreeing to covenants restricting the use of the above-described property as an operations center of the Ozark Electric Cooperative Corporation; that said organization shall maintain said property and any structures hereafter located thereon in accordance with the usual and customary community standards; and that in the event said property be abandoned, sold or otherwise disposed of by Ozarks Electric Cooperative Corporation, the City Council of the City of Fayetteville, Arkansas, shall have the right to reconsider the rezoning of siad property as provided by law. NOW, THEREFORE,.BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: SECTION 1. That the above-described property presently zoned as R-lA Single -Family Residential District be, and the same is hereby rezoned to I-lA Light Industrial District, SECTION 2. That all ordinances or ibarts of ordinances in conflict herewith are -hereby repealed, and this ordinance shall be in full force and effect from and after its passage, approval and publication, upon proof that the above-mentioned covenants have been properly filed and recorded, with the property described in said covenants by metes and bounds, as illustrated in this Ordinance, and further that the covenants shall provide that the City of Fayetteville, Arkansas, shall have authority to bring suit to enforce said restrictive covenants. PASSED AND APPROVED THIS 11th day of March, 1963: APPROVED: GUY E.vBROWN, MAYOR ATTEST: FORGE lVe 4KVIS, CITY 'CLERK AM The Building Inspector presented the petition of the Central Baptist Church to rezone their property on Gregg Avenue from R1 -B Single Family Residential District -to P-lA Special Church District which had Petition of been approved and recommended by the Planning Commission, After a brief discussion, the City Attorney Central Baptistintroduced and, at the request of the Council, read a proposed ordinance in its entireiy entitled, Church to "AN ORDINANCE AMENDING ZONING ORDIANCE N0. 1239 , AND REVISED ZONING DISTRICT.MAP OF FAYETTEVILLE, Rezone ARKANSAS, APPROVED MAY 28, 19622 TO REZONE CERTAIN REAL ESTATE FROM R -1B SINGLE-FAMILY RESIDENTIAL DISTRICT TO P -LA SPECIAL CHURCH DISTRICT." Alderman Burgin.moved that the ordinance pass. The motion was seconded by Alderman Thomas and passed unanimously, whereupon the Mayor declared the ordinance passed. ORDINANCE N0. 1342 AN ORDINANCE AMENDING ZONING ORDIANCE NO, 1239, AND REVISED ZONING DISTRIDT MAP OF FAYETTEVILLE, ARKANSAS, APPROVED MAY 28, 1962, TO REZONE CERTAIN REAL ESTATE FROM R -1B SINGLE-FAMILY RESIDENTIAL DISTRICT TO P-lA SPECIAL CHRUCH DISTRICT. WHEREAS, a public hearing was held before the Planning, Commission of the City of Fayetteville, Arkansas, Ord. No. on March 11, 1963, on the petition, of Teh Central Baptist Church, requesting that said Planning 1342 Commission recommend to the City Council of the City of Fayetteville, Arkansas, that said City Council enact an ordinance rezoning the following described property: A part of the SE 1/4 of the NW 1/4 of Section 9, Township 16 N,rth, Range 30 West of the Fifth Principal Meridian, more particularly described as, beginning at a point of the East line of said quarter section 350 feet North of.the Southeast corner of said 40 -acre tract, and.running thence North 630 feet; thence West'322.4 feet, or to the East Line of right-of-way of St. Louis -San Francisco Railway; thence Southwesterly along said East line of railway right-of-way 225 feet; thence East 100 feet along said right-of-way; thence Southwesterly along said East line of railway right-of-way 442 feet,more or less, to the point of beginning,,containing 5 acres, more or less, from R -1B Single -Family Residential District to P-14 Special Church District. WHEREAS, notice of said public hearing, setting forth the date, time, place and purposes of hearing, and location of property was published in the Northwest Arkansqs Times, a newspaper of general circulation in said City, more than 15 days prior to the said public hearing, and WHEREAS, following said public hearing, said Planning Commission certified to the City Council of the City of Fayetteville, Arkansas, its recommendation that anoordinance be adopted rezoning the above-descr: property from R -IB Single-Fami17 Residential District to P-lA Special Church District. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE) ARKANSAS: SECTION 1. That the above-described property presently zoned as R=IB Single -Family Residential District be, and the same is hereby rezoned to P -IA Special Church District. SECTION 2. That all ordinances or parts of ordinances in conflict herewith are hereby repealed, and this ordinance shall be in full force and effect from the after its passage, approval and publication. PASSED AND APPROVED THIS 11th day of March , 1963. APPROI BROWN, MAYOR a IR n�• a/� � s• Alderman Faucette read the Police Report for the month of February. No action was necessary. ournment There being no further business Alderman Heflin moved to adjourn. The motion was seconded by Alderman Short and passed unanimously whereppon the Mayor declared the meeting adjourned. APPROVED: !M GUY E. VROWN9 MAYOR ATTEST: � , . EORGE J 5, CITY CLERK The City Council of the City of Fayetteville, in the County of Washington, State of Arkansas, met in Special session at the City Hall in said City at 3*00 o'clock, p.m., on the 14th day of March, 1963. cial The meeting was called to order by the Mayor, and the roll being called, there were: sion present: Guy E. Brown, Mayor, in the chair, and the following named Aldermen: Laverne Heflin, Arnold Christie, Edmund Watson, Garland Wheeler, Grover Thomas, Ellis Burgin, Geroge Faucette, Carter and also Abeent: None whe had notice of the meeting. The Mayor stated that consideration should be directedyby the Council to the question of the passage and adoption of a resolution to provide for refunding the outstanding Water Works and Sewer Refunding I nd Construction Revenue Bonds of the City. a discussion by the Council, Alderman Short introduced in writing a resolution entitled, "A (TION PROVIDING FOR THE REFUNDING OF THE OUTSTANDING WATERWORKS AND SEWER REFUNDING AND CONSTRUCTION rE BONDS OF THE CITY OF FAYETTEVILLE; ARKANSAS: FOR THE ISSUANCE OF WATERWORKS AND SEWER REVENUE IING BONDS THEREFOR: DECLARING AN E24ERGENCY: AND FOR OTHER PURPOSES", vrhich resolution the City read in full. erman Thomas then moved that the rule requiring an ordinance or resolution to be read in full on eeedifferent days be suspended and that said resolution be placed on its second reading, which ion was seconded by Alderman Short. Thereafter, the Mayor put the question on the adoption of said ion, and the roll being called, the following voted: "Aye".Laverne Heflin, Arnold Christie, and Watson, Garland Wheeler, Grover Thomas, Ellis Burgin, George Faucette, Carter Short, and the lowing voted: "Nay" None, eupon, the Mayor declared that at least two-thirds of all members elected to the Council having d in favor of the motion to suspend the rules, the motion was carried and the rules suspended. resolution was then read by the City Clerk. , 1,1 ORDINANCE N0. 1342 AN ORDINANCE AMENDING ZONING ORDIANCE NO. 1239, AND REVISED ZONING DISTRICT MAP OF FAYETTEVILLE, ARKANSAS, APPROVED MAY 28, 1962, TO REZONE CERTAIN"REAL ESTATE FROM R -1B SINGLE-FAMILY RESIDENTIAL DISTRICT TO P-lA SPECIAL CHRUCH DISTRICT. WHEREAS, a public hearing was held before the Planning Commission of the City of Fayetteville, Arkansas, Ord. No, on March 11, 1963, on the petition. of Teh Central Baptist Church, requesting that said Planning 1342 Commission recommend to the City Council of the City of Fayetteville, Arkansas, that said City Council enact an ordinance rezoning the following described property: A part of the SE 1/4 of the NW 1/4 of Section 9, Township 16 N„rth, Range 30 West of the Fifth Principal Meridian, more particularly described as, beginning at a point of the East line of said quarter section 350 feet North of.the Southeast corner of said 40 -acre tract, and.running thence North 630 feet;thence West'322.4 feet, or to the East line of right-of-way of St. Louis -San Francisco Railway; thence Southwesterly along said East line of railway right -o£ -way 225 feet; thence Fast 100 feet along said right-of-way; thence Southwesterly along said East line of railway right-of-way 442 feet,more or less, to the point of beginning, containing 5 acres, more or less, from R -1B Single -Family Residential District to P-lA Special Church District. WHEREAS, notice of said public hearing, setting forth the date, time, place and purposes of hearing, and location of property was published in the Northwest Arkansgs Times, a newspaper of general circulation in said City, more than 15 days prior to the said public hearing, and WHEREAS, following said public hearing, said Planning Commission certified to the City Council of the City of Fayetteville, Arkansas, its recommendation that anoordinance be adopted rezoning the above-descr property from R -1B Single --Family Residential District to P-lA Special Church District. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FA=. TEVILLE, ARKANSAS: SECTION 1. That the above-described property presently zoned as R,,lB Single -Family Residential District be, and the same is hereby rezoned to P -1A Special Church District. SECTION 2. That all ordinances or parts of ordinances in conflict herewith are hereby repealed, and this ordinance shall be in full force and effect from the after its passage, approval and publication. PASSED AND APPROVED THIS 11th day of March , 1963. ��, •,1 GUY E. nOMAYOR Alderman Faucette read the Police Report for the month of February. No action was necessary. ournment There being no further business Alderman Heflin moved to adjourn. The motion was seconded by Alderman Short and passed unanimously whereppon the Mayor declared the meeting adjourned. APPROVED: !2L 0 IJJA GUY E. POWN2 MAYOR ATTEST: > - FORGE JVWP192 CITY CLERK The City Council of the City of Fayetteville, in the County of Washington, State of Arkansas, met in Special session at the City Hall in said City at 3:00 o'clock, p.m., on the 1 th day of March, 1963. cial The meeting was called to order by the Mayor, and the roll being called, there were: sion present: Guy E. Brown, Mayor, in the chair, and the following named Aldermen: Laverne Heflin, Arnold Christie, Edmund Watson, Garland Wheeler, Grover Thomas, Ellis Burgin, Geroge Faucette, Carter I nd also Absent: None 6e had notice of the meeting. The Mayor stated that consideration should be directedyby the Council to the question of the passage I nd adoption of a resolution to provide for refunding the outstanding Water Works and Sewer Refunding and Construction Revenue Bonds of the City. er a discussion by the Council, Alderman Short introduced in writing a resolution entitled, "A OLUTION PROVIDING FOR THE REFUNDING OF THE OUTSTANDING WATERWORKS AND SEWER REFUNDING AND CONSTRUCTION ENUE BONDS OF THE CITY OF FAYETTEVILLE; ARKANSAS: FOR THE ISSUANCE OF WATERWORKS AND SEWER REVENUE UNDING BONDS THEREFOR: DECLARING AN E24ERGENCY: AND FOR OTHER PURPOSES", which resolution the City rk read in full. 9.n Thomas then moved that the rule requiring an ordinance or resolution to be read in full on different days be suspended and that said resolution be placed on its second reading, which was seconded by Alderman Short. Thereafter, the Mayor put the question on the adoption of said and the roll being called, the following voted: "Aye",Laverne Heflin, Arnold Christie, Watson, Garland Wheeler, Grover Thomas, Ellis Burgin, George Faucette, Carter Short, and the ing voted: "Nay" None. eupon, the Mayor declared that at least two-thirds of all members elected to the Council having d in favor of the motion to suspend'the rules, the motion was carried and the rules suspended. resolution was then read by the City Clerk. V , 11 Thereupon, Alderman Short, seconded by Alderman Heflin, moved that the rule requiring an ordinance or resolution to be read on three different days be further suspended. The question was put by the Mayor and on roll call by the Recorder, the following voted: "Aye" Laverne Heflin, Arnold Christie, Edmound Watson, Garland Wheeler, Grover Thomas, Ellis Burgin, George Faucette, Carter Short; and.the following voted: "Nay" None. The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to suspend the rules, the motion was carried and the rules were further suspended. The Mayor then requested the City Clerk to read the Resolution in full, which was done. Alderman Thomas, seconded by Alderman Burgin, then moved that the Resolution be adopted.. The question was put by the Mayor and on roll call by the Recorder the following voted: "Aye" Laverne Heflin, Arnold Christie, Edmund Watson, Garland, Wheeler, Grover Thomas, Ellis Burgin, George Faucette, and Carter Short; and the following voted: "Nay" none. The Mayor then declared the motion carried and the Resolution adopted. Thereupon, he signed his approval to said Resolution, which was attested by the City Clerk and impressed with the Beal of the City. Alderman Heflin, seconded by Alderman Short, then moved that the final section, the emergency, clause, be adopted, and on roll call by the City Clerk the following voted: "Aye" Laverne Heflin, Arnold Christie, Edmund Watson, Garland Wheeler, Grover Thomas, Ellis Burgin, George Faucette, and Carter Short; and the following voted:"Nay" none. The Mayor, thereupon, declared that at least two-thirds of all members elected to the Council having voted in favor of the motion, the emergency clause was adopted.* The.said Resolution, to which no amendments were offered, read as follows: RESOLUTION N0, 6-63 A RESOLUTION PROVIDING FOR THE REFUNDING OF THE OUTSTANDING WATER14ORKS AND SEWER REFUNDING AND CONSTRUCTION REVENUE BONDS OF THE CITY OF FAYETTEVILLE, ARKANSAS; FOR THE ISSUANCE OF WATERWORKS AND SE9ER REVENUE REFUNDING'BONDS THEREFOR; DECLARING AN EMERCENCY; AND FOR OTHER FURPOSES solution . No. 6-63 WHEREAS, of the $5,710,000 principal amount of Waterworks and Sewer Refunding and Construction Revenue Bonds issued by the City of Fayetteville, Arkansas, dated June 1, 1958, and bearing interest at the rates of 10, 20, 3%, 34%, 30, 3-3/4%, and 4% per annum, for the purpose of refunding outstanding Sewer Revenue Bonds and outstanding Water Revenue Bonds of the City of Fayetteville, and for the •purpose of constructing extensions, betterments, and improvements to the waterworks and sewer systems of the City, which bonds were issued under the authority of Act No. 131 of the Acta. of the General Assembly of Arkansas for the year 1933, as amended, Act No. 132 of the Acts of the General Assembly of Arkansas for the year 1933, and Act No. 297 of .the Acts of the General Assembly of Arkansas for the year 1937, as amended, there are now outstanding and unmatured $5,313, 000 principal amount of said bonds, with interest paid thebeon through December 1, 1962; and WHEREAS, the said bonds are callable for payment prior to maturity after June 1, 1963, with funds from any source, at par plus a premium of 2W% if redeemed on or prior to June 1, 1964; at 2% if redeemed thereafter and on or prior to June 1, 1965; at la% if redeemed thereafter and on or prior to June 1, 1966; at 1% if redeemed thereafter and on or prior to June 1, 1967; at 1/2% if redeemed thereafter and on or prior to June 1, 1968; and at par without a premium if redeemed after June 1,1968, but the City Council finds that the City can refund the said $5,313,000 principal amount of outstanding bonds from the proceeds of the sale of the bonds hereinafter authorized to be issued, that by so doing the City can save a great amount of interest in the payment of the said bonds gnd free itself from certain unnecessary liens on the waterworks system and from certain restrictions bn the use of the funds of the City, and that it is to the advantage of the City to refund the said outstanding bonds; and WHEREAS, the City is authorized under Act No. 297 of the Acts of the General Assembly of Arkansas of the year 1937, as amended, to issue and sell revenue bonds for the purpose of refunding thesaid outstanding bonds; and WHEREAS, to secure the money to refund the said $5,313,000 of Waterworks and Sewer -Refunding and Construction Revenue Bonds, the Council has determined to issue the Waterworks and Sewer Revenue Refunding Bonds hereinafter authorized, to be payable solelt from the revenues of both systems; and WHEREAS, The Council has sold to Rauscher, Pierree & Co., Inc., Dallas, Texas, at 100 cents on the dollar and accrued interest, $5,313,000 principal amount'of bonds, $893,000 bearing interest at the rate of 3% per annum from date, $725,000 bearing interest at the rate of 34% per annum from date, $6809000 bearing interest at the'rate of.3j% per annum from date, $1,215,000 bearing interest at the rate of 3-3/4% per annum from date, and $1,800,000 bearing interest at the rate of 3.70% per annum from date, dated April 1, 1963, and maturing serially on April 1 in each of the years 1964 to 1990, inclusive, the purchaser to pay the cost of printing bonds, the fee of the attorneys who are to approve them, the cost of authenticating the bonds, and the costs of the Escrow Agent under an escrow agreement to provide for the retirement of the said outstanding $5,313,000 of Waterworks and Sewer Refunding and Construction Revenue Bonds as they mature through December 1, 1968 and for payment prior to maturity on December 1, 1968 together with the costs incidental to securing such refunding, and the purchaser to have the privilege of naming the paying agent and the Escrow Agent in the said escrow agreement; and WHEREAS, the Coudcil finds that the maturity date of the laid bonds will not exceed the period of usefulness of the waterworks and sewer systems; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL,OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the said Waterworks and Sewer Refunding and Construction Revenue Bonds in the principal amount of $5,313,000, bearing interest at the rates of 3%, $-%, 30, 3-3/4%, and 4%, dated June 1, 1958, be refunded from the proceeds of the sale of the refunding bonds herein authorized to be issued and that all steps necessary therefor be taken. Section 2. That negotiable coupon bonds of the City of Fayetteville, Arkansas (hereinafter sometimes called "Bonds"), be issued in the total principal amount of Five Million Three Hundred Thirteen Thousand Dollars ($5,313,000) payable solely from the revenues of the Waterworks system and Sewer system owned and operated by the City, as hereinafter provided, for the purpose of refunding the $5,313,000 principal amount of said outstanding Waterworks and Sewer Refunding and Construction Revenue Bonds of the City, dated June 1, 1958; that the said bonds be designated "City of Fayettevi1123% (3k%, 3j%, 3-3/4%, and 3.70%) Waterworks and Sewer Revenue Refunding Bonds", be dated as of April 1, 19630 $893,000 bear interest at the rate of 3% per annum from date, $725,000 bear interest at the rate of 3i% per annum from date, $680,000 bear interest at the rate of 3j% per annum from date, $1,215,000 bear interest at therate of 3-3/4% per annum from date, and $1,800,000 bear interest at the rate of 3.70% per annum from date, payable semiannually on the first day of October and April in each year, 2�ti No. 6-63 beginning October 1, 1963, evidenced by coupons attached thereto be in denominations, numbered, and maturing on April 1 in the amounts and years, respectively, as follows, but subject to redemption before maturity on the conditions hereinafter set out: BOND NUMBERS DENOMINATION RATE OF INTEREST AMOUNT MATURITY A11 Inclusive) April 1 1 - 3 $12000 % $ 4 - 43 52000 " 203,000 1964 44 - 85 5,000 " 210,000 1965 86 - 128 5,000 " 215,000 1966 129 - 154 5,000 " 1302000 1967 ,155 - 181 5,000 " 135,000 1968 182 - 208 5,000 31% 135,000 1969 209 - 236 5,000 " 1402000 1970 237 - 265 %000. " 145,000 1971 266 - 295 59000 it 150,000 1972 296 - 326 5,000 fl155,000 1973 327 - 358 5,000 34i% 160,000 1974 359 - 391 5,000 165,000 1975 392 _ 426 54000 " 175,000 1976 427 - 462 5,000 If 180,000 1977 463 - 499 5,000 3-3/4% 185,000 1978 500 - 537 5,000 it190,000 1979 538 - 577 5,000 it 2000000 1980 578 - 618 5,000 " 205,000 1981 619 - 661 59000 if 215,000 1982 662 - 705 5,000 if 220,000 1983 706 - 751 5,000 3 70% 2303000 1984 752 - 799 %000 if 240,000 1985 800 - 849 5,0OO if 250,000 1986 850 - 900 5,000 of 255,000 1987 901 - 953 5,000 " 265,000 1988 954 - 1008 5,000 " 275,000 1989 Lo089- 1065 5,000 " 285,000 1990 that the bonds may have the facsimile signature of the mayor of the City lithographed or printed, thereon and be signed by the City Clerk and sealed with the corporate seal of the City, and that the interest upon the bonds be evidenced by coupons thereto attached, the coupons to be signed by said Mayor by his facsimile signature; that the said facsiLhile signaures on the bonds and coupons shall have the same force and effect as if said bonds and coupons were personally signed by the Mayor of the City; that the bonds and coupons be payable in lawful money of the United States of America at the office of Union Planters National Bank, in Memphis, Tennessee; andtthat each bond contain a recital that is issued pursuant to said Act No. 297 of the General Assembly of Arkansas of the year 1937, as amended by Act No. 96 of said General Assembly of the year 1941 and Act No. 291 of said General Assembly of the year 1943. The bonds, together with interest thereon, shall be payable solely out of the Waterworks and Sewer Revenue Refunding Bond Fund as hereinafter defined, and shall be a valid claim of the holder thereof only against'such Fund, and the amount of the revdnues 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. Section 3. That said bonds and coupons be in substantially the following forms: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF WASHINGTON CITY OF FAYETTEVILLE 3% WATERWORKS AND SEWER REVENUE REFUNDING BOND No. KNOW ALL MEN BY THESE PRESENTS: That the City of Fayetteville (herein called the "City"), in the County of Washington, and State of Arkansas, hereby acknowledges itself to owe, and for value received promises to pay to•bearer, solely out of,the revenues received from the waterworks and sewer systems owned by said City, the principil sum of DOLLARS on the first day of April, 19 , and to pay, solely out of said revenues, interest hereon at the rate of three per centum (3%) per annum from April 1, 1963, payable semiannually on the first days of October and April of each year, upon presentation and surrender of the annexed interest coupons as they severall become due. Both principal hereof and interest hereon shall be payable in lawful money of the United States of America at the office of Union Planters National Bank, in Memphis, Tennessee. The City is not obligated to pay this bond or the interest thereon except from the special fund prmvided from the tevenues of the waterworks and sewer systems owned by the City,, hereinafter called "Systems", as hereinafter set forth. This bond is one of a duly authorized series of one thousand sixty-five. (1,065) bonds, aggregating Five Million Three Hundred Thirteen Thousand Dollars ($5013,000.00) dated April 1, 1963, numbered from 1 to 1,065, inclusive, all of like date and tenor except as to denmmination, interest rate, maturity, and right of prior redemption, issued for the purpose of refunding legally outstanding Waterworks and Sewer Refunding and Construction Revenue Bonds of the City, dated June 1, 1958, 6-63 h>_•wdrdrissuedofbr:;tjiepurpoee of refunding outstanding Sewer Revenue Bands and outstanding Water nue Bonds of the City and for constructing extensions, betterments, and improvements to the wat sewer systems of the City. s bond and the series of which it forms a pfLrt are issued under and pursuant to and in full compliance h the Constitution and laws of the State of Arkansas, including particularly Act. No. 297 of the ular session of the General Assembly of the State of Arkansas for the year 1937, as amended by Act `96 of the regular session of the said General Assembly of the year 1941 and Act No. 291 of the regula sion of said General Assembly of the year 1943,.and pursuant to resolutions and proceedings ofthe y Council drily passed, and do not constitute an indebtedness of the sAid City withingany constitutions statutory limitations, ith principal of and interest on said bonds are payable sold1k. from a fixed amount of the net revenues rived from the operations of the Systems remaining after the payment only of the reasonable and oper costs of operation and maintenance of the Systems, which amount shall be sufficient to pay the incipal of and interest on the bonds as the same become due and payable. This amount has been duly t aside and pledged as a special fund for the purpose and identified as the "Waterworks and Sewer :venue Refunding Bond Fund" created by Resolution No. 6 - 63 adopted by the City Council of said ty of'Fayetteville on the 14th day of March, 19 3,•and in said Resolution the said City ' Fayetteville has covenanted and agreed to fix and maintain rates for water and sewer services which all be sufficient at all times to Provide for the payment of the reasonable expenses of operation and intenance of said Systems and to provide for the payment of the principal of and interest on the bonds the same become due and payable. bond is expressly made negotiable under §aid Act No. 297 and is issued with the intent that the of the State of Arkansas shall govern the construction thereof. nds of this series are subject to redemption before maturity, at the option of the City, in lawful nds of the United States of America, in inverse numerical order, on any interest payment date, on and ter April 1; 1983, at par and accrued interest, from surplus revenues derived from the operation of the id Systems in excess of the amount required to be paid into the Waterwaieks and Sewer Revenue Refunding nd Fund and to maintain a reserve, as defined in said Resolution No. 6-63. , and from any other ailable funds. Notice of the call for the redemption shall be published by the City Clerk of the ty for one insertion more than thirty (30) days before the date of such redemption in a newspaper general circulation published in the City of Little Rock, Arkansas, and having a general circulation roughout the State of Arkansas, and after the date mentioned in said call, the bond or bonds so called 11 cease to bear interest; provided funds for their payment are on deposit at that time.. IT IS HEREBY CERTIFIED, RECITED; AND DECLARED that all acts, conditions and things required by the Constitution and laws of the State of Arkansas to exist, happen and be performed precedent to and in the issuance.of this bond have existed, have happened, and have been performed in due time, form,and manner, as required by law, and that sufficient of the income and revenue which is deemed to be derived from the operation of said Systems has been pledged to and will be set aside into said special fund for the paymen of the principal of and interest on said bonds; and that the total amount of the bonds issued by the City including this bond, does not exceed any constitutional or statutory limitation. This.bond shall not be valid until it hhall have been authenticated by the certificate hereon, duly signed by Union Planters National Bank, in Memphis, Tennessee, IN WITNESS WHEREOF, the City of Fayetteville, by its City Council, has caused this bond to be executed by the facsimile signature of the Mayor thereof and to be signed by the City Clerk thereof, and sealed with the corporate seal of said City, and has caused the coupons hereto attached to be executed by the facsimile signature of its Mayor, all as of the first day of April, 1963• (SEAL) October, (FORM OF COUPON) On the first day of 19 , the City of Fayetteville, Washington County, Arkansas, promises April, to pay to bearer the aum of Dollars ($ ) solely out of the special fund specified in the bond to which this coupon appertains, at the office of Union Planters National Bank, in Memphis, Tennessee, in lawful money of the United States of America, being six months' interest thenddue on its 3% Waterworks and Sewer Revenue Refunding Bond, dated the first day of April, 1963, and numbered _, unless the bond to which it appertains is sooner called for payment. CITY OF FAYETTEVILLE, ARKANSAS BY: MAYOR (The signature of the Mayor may be lithographed or engraved.) On the back of said bonds is to appear the following: C E R T I F I.0 A T E is one of the bonds aggregating $5,313,000.00 described within. s, Tennessee UNION PLANTERS NATIONAL BANK BY: Authorized Signature 0 (1) There shall be disbursed therefrom.each month such sums as are reasonable and proper for -then cost of operation and maintenance of the Systems. (2) There shall be set aside and deposited on the first business day of each month into a separate fund, hereby created, to be known as the "Waterworks and Sewer Revenue Refunding Bond Fund", in equal nonthly installments, the amounts hereinafter stated in sub -sections (a) and (b) for the purpose of providing funds for payment -of principal of and interest on the bonds as they mature, according to the following schedule, which amounts are hereby irrevocably pledged for'said purposes: PRINCIPAL INTEREST' TOTAL APRIL 1 OCTOBERII 963 Section 4. That the City Treasurer shall be custodian of the gross revenues derived from the operation r of the waterworks ans sewer systems and shall give bond for the faithful discharge of his duties as such $93,157.50 custodian. The amount of the bond shall be $25,000 and shall be approved by the City Council. From $203,000.00 and after the delivery of any bonds issued under the providions of this Resolution the waterworks and ution sewer systems shall be continuously operated as a revenue producing undertaking. All moneys received 6-63 by the Treasurer shall be deposited by him in such depository or depositories for the City as may be ued lawfully -designated from time to time by the City Council, subject, however, to the giving of security 387,075.00 as now or as hereafter may be required by law, and provided that such depository or depositories shall d215,000.00 hold membership in the Federal Deposit Insurance Corporation. All deposits shall be in the name of the 83,737.50 City and shall be so ddsignated as to indicate the particular fund to which the revenues belong. Any 967 deposit in excess of the amount secured by the Federal Deposit Insurance Corporation shall be secured 83,737.50 by bonds or other direct or fully guaranteed obligations of the United States. 2952525.00 Section 5. So long as any of the principal of and interest on any of the bonds herein authorized to be 1352000.00 issued are outstanding, the entire income and revenues of the Systems shall be set aside, as collected, 79,762.50 and deposited in a special fund, hereby created, to be known as the "Waterworks and Sewer Fund", and 969 disbursements therefrom shall be made as hereinafter provided for, in the following order of priority: 0 (1) There shall be disbursed therefrom.each month such sums as are reasonable and proper for -then cost of operation and maintenance of the Systems. (2) There shall be set aside and deposited on the first business day of each month into a separate fund, hereby created, to be known as the "Waterworks and Sewer Revenue Refunding Bond Fund", in equal nonthly installments, the amounts hereinafter stated in sub -sections (a) and (b) for the purpose of providing funds for payment -of principal of and interest on the bonds as they mature, according to the following schedule, which amounts are hereby irrevocably pledged for'said purposes: PRINCIPAL INTEREST' TOTAL APRIL 1 OCTOBERII 963 _":• r $93,157.50 $93,157.50 964 $203,000.00 $93,157.50 90,112.50 386,270.00 965 210,000.00 90,112.50 86,962.50 387,075.00 966 d215,000.00 862962.50 83,737.50 385,700.00 967 130,000.00 83,737.50 812787.50 2952525.00 968 1352000.00 81,787.50 79,762.50 296,550.00 969 135,000:00 79,762.50 77,568.75 292031925 970 140,000.00 77,568.75 759293.75 292,862.50 971 145,000.00 75,293.75 72,937.50 2939231.25 972 1502000.00 72,937.50 70,500.00 293,437.50 973 155,000.00 ' 702590.00 67,981.25 2932481.25 974 16o,000;oo 67,981.25 659181.25 2932162.50 975 165,0OO.00 65,181.25 62,293.75 292,475.00 976 1759000.00 62,293.75 59,231.25 296,525.00 977 180100(Y.00 59,231.25 56,081.25 295,312.50 978 185,000.00 56,081.25 529612.50 293,693.75 979 190,000.00• 521612.50 493050.00 291.662.50 980 200,000.00 49,050.00 45000.00 294,350.00 981 205,000.00 45,300.00 41,456.25 291,756.25 982 215,000.00 41,456.25 37,425.00 2932881.25 983 220,000.00 37,425.00 33,300.00 290,725.00 984 230,000.00 33,300.00 29,045.00 292045.00 985 240,000.00 29,045.00 24,605.00 293,650.00 986 250,000.00 24,605.00 19,980.00 294,585.00 987 255,000.00 1922980.00 15,262.50 290,242.50 988 2652000.00 15,262.50 10060.00 290,622.50 989 275,000.00 10,36o.00 55;272:50 290,632.50 990 285,000.00 51272.50 290,272.50 a) One-sixth of the aggregate amount of interest becoming due and payable on the bonds during the next ucceeding six (6) months; b) One -twelfth of the aggregate amount of principal of the bonds becoming due and payable during the ucceeding twelve (12) months; with the paying agent's fees as hereinditer provided. further payments need be made into the Waterworks and Sewer Revenue RefuntUng Bond Fund when the amoun ntained therein is at least equal to the aggregate principal amount of the bonds then outstanding, plus e amount of interest then due or thereafter to become due on all of the bonds. If. for any reason the ty shall fail to make the pAyments into the Waterworks and Sewer Revenue Refunding Pond Fund required sub -section (2) of this section in ad(y month, the amount of such deficiency shall be added to the ounts required to be paid into the Waterworks and Sewer Revenue Refunding Bond Fund in each successive nth, until such deficiencies shall have been made up. All money paid into.the Waterworks and Sewer Revenue Refunding Bond Fund shallbbe held by the City in trust for the holder or holders of the bond d the coupons appertaining thereto, and the City shall not have any beneficial interest or right in suc ney, money deposited in the Waterworks and Sewer Revenue Refunding Bond Fund shall be used solely for the ase of paying interest on and the.principal of the bonds herein authorized, together with the paying is fees, and for no other purpose. 3) Any revenues remaining in the Waterworks and Sewer Fund after payment of the reasonable cost of perating and maintaining the Systems and making transfers to the Waterworks and Sewer Revenue Refunding and Fund required by sub -sections (1) and (2) above, and making any transferesto amaintain the Waterao. 215 A.J O and Sewer Revenue Fund asgptovided intSect16=6 of this Resolution and to maintain the Waterworks and Sewer Contingency Reserve as provided in Section 7 of this Resolution, shall be set aside and deposited into a spearate fund, hereby created, to be,known as the "Waterworks and Sewer Surplus Revenue Fund", and may be used to call bonds for redemption on the conditions herein set out or Resolution for the construction of improvements and betterments to the Systems. o. 6-63 Section 6. Waterworks and Sewer Revenue Refunding Bonds'Reserve Fund. Upon the execution and delivery of the Waterworks and Sewer Revenue Refunding Bonds herein authorized to be issued, the City Treasurer is directed to transfer from any available funds held in the severgl Water and Sewer Funds of the City w into a fund which is hereby created and designated "Waterworks and Sewer Revenue Refunding Bonds Reserve Fund" the sum of $300,000 which said Fund shall be maintained at the said figure and shall be used for no purpose other than to prevent a default in the payment of the principal of and interest ©n the bonds herein authorized to be issued as the said principal and interest matures, and in the event moneys from the said Reserve Fund'are expended for.the purpose of preventing a default in the payment of principal of and interest on thebonds herein authorized to be issued, the fund shall be restored to $390,000 from the first moneys available from the Waterworks and Sewer Fund. ;tion 7. Waterworks and Sewer Contingency Reserve. Upon the execution and delivery of the Waterworks I Sewer Revenue Refunding Bonds, herein authorized to be issued, the City Teasurer is directed to nsfer from any available funds held in the several Waterworks and Sewer Funds of the City into a 4 which is hereby created and designated "Waterworks and Sewer Contingency Reserve" the sum of 0,000,which said Contingency Reserve shall be maintained at the said figure and shall be used only to extent necessary to meet any emergency arising out of or affecting the continuous operation of the erworks or sewer systems as a revenue 'producing undertaking for which there are no other funds ilable or for preventing the default in the payment of principal of or interest on the bonds herein;; horized to be issued, or performing any covenant of the City herein contained for which there are other funds available, and in the event moneys from the said Contingency Reserve are expended for the d purpose, or any of them, the Contingency Reserve shall be restored to $100,000 from the first .ds available from the Waterworks and Sewer Fund. ection 8. Waterworks and Sewer Repair and Replacemel�t Fund. Upon execution and delivery of the aterworks and Sewer Revenue Refunding Bonds herein authorized to be issued, the City Treasurer is irected to transfer from any available funds held in the several Waterworks and Sewer Funds of the ity into a fund which is hereby created and designated "Waterworks and Sewer Repair and Replacement und" the sum of $50,000. The money in the said Replacement Fund shall be used solely for the purpose of paying the costs of replacements made necessary by the depreciation and/or obsolescence of the aterworks and sewer systems and shall be maintained from payments as Provided in Section 5 (1) of this esolution, in an amount sufficient for the said purpose not to exceed the said sum of $50,000. Section 9. It shall be the duty of the City Treasurer to withdraw from the Waterworks and Sewer Revenue Refunding Bond Fund at leasttfive days before the maturity date of any bond or interest coupon issued hereunder, and to deposit with Union Planters National Bank, in Memphis, Tennessee, the paying agent, an amount equal to the amount of such bond or coupon for the sole purpose of paying the same; and no withdrawal offfunds from said Waterworks and Sewer Revenue Refunding Bond Fund shall be made for any other purpose, except as otherwise authorized in•this Resolution. Such deposit shall be at the sole risk of the City and shall not operate as a payment of the bonds or coupons until so applied. At the time of each payment the Treasurer shall remit to -the paying agent a fee of 121 cents for each $100 par value of bonds and 5 cents for each coupon. Section 10. So long as any of the bonds herein authorized or coupons appertaining theretw shall remain outstanding and uppaid, the City shall and hereby covenants and agrees with the holder or holders of the bonds and the coupons appertaining thereto that: (1) It will at all times establish, maintain and collect rates and charges for services furnished by the Systems sufficient to provide for the payment of proper and reasonable expenses of operation and maintenance of the Systems, such as may be necessary to preserve the same in good working order, and for the pay0ent of the sums hereinabove in Section 5 required to be paid into the Waterworks and Sewer System Revenue Fund, and for the.payment bf any other charges required by this Resolution. The City shall ame such provisions for the rendering of monthly bills as will insure an orderly adminsitration of the collection of such rates and charges, and shall make such provision for discontinuance of the services afforded by the Systems, or either of them in the event of non-pavment of such water or sewer bills and make such charges to cover the expense of such discontinuance and resumption of services as shall insure the proper and current payment oP such bills. (2) No free service of any nature shall be rendered by the Systems, nor shall any preferential rates I e established for users of the same class. 3) In the even the City or any department, agency, instrumentality, officer or employee bbereof shall avail themselves of the facilities or services provided by the Systems, the reasonable value )f the services or facilities of the systems so provided shall be paid by the City, department, agency, or .nstrumentality thereof, at the rate established by the City for payment in other cases. The revenues ;o received shall be deemed to be revenues derived from the operation of the Systems and shall be leposited and accounted for inthe same manner as other revenues from the Systems. 4) The City Council hereby approves, ratifies,and confirms the'water and sewer rates heretofore idopted by the Council, by Orditnance No. 1165 passed and approved on the 18th day of April, 1958, as emended by Ordinance No. 1323 passed and approved on the 7th day�of November, 1962. The said rates shall lever be reduced so long as any of the Waterworks and Sewer Revenue Refunding Bonds herein authorized to >e issued are outstanding, unless there is obtained from an independent certified public accountant a certificate that the net revenues of the Systems for the preceding fiscal year, or the preceding melee months' period (net revenues being defined as gross revenues less the reasonable expenses of peration and maintenance of the Systems, including all expense items properly attributable to operation .nd maintenance under generally accepted accounting practices applicable to municipal waterworks nd sewer systems) were equal at least to 133- 1/3% of the maximum annual debt service charges necessary to service the Water and Sewer Revenue Refunding Bonds herein authorized to be issued and then out- tanding and the sums necessary to maintain the Waterworks and Sewer Revenue Refunding Bonds Reserve 'und and the Waterworks and Sewer Contingency Reserve herein provided, together with a written opinion 'rom said independent certified public accountant that the proposed new rates will producd net ,evenues, as above defined, sufficient to equal at least 133-1/3% of the maximum annual debt service harges required to service the said bonds herein authorized to be issued and then outstanding and to. iaintain the said Reserve Fund, Contingency Reserve, and Replacement Fund herein provided. The City urther covenants and agrees that said rates shall, when necessary,from time to time,be increased in an mount sufficient to. provide total reveneues for the herein above set forth requirments and to maintain 11 funds provided for herein. ection 11. That it is hereby covenanted and agreed by the City with the holder or holders of -the onds herein authorized to be issued that it will perform all duties with reference to the Systems a Section 12. That in the event the City defaults in the payment of any bond or interest on any of the bonds issued hereunder andsuch default shall continue for a period of thirty (30) days, or in the event the City, its Council or its officers, agents, or employees shall fail or refuse to comply with the provisions of the Act or any provision contained in this Resolution, any.holder or holders of any of the bonds then outstanding shall have the right in accordance with the provisions of said Act, to app,# in an appropriate judicial proceeding to any court of competent jurisdiction for the appointment of a receiver for the Systems, to perform such acts and in the manner as provided by the Act; provided, however, that no receiver shall have any power to sell, assign, mortgage or otherwise dispose of any assets of whatever kind or character belonging to the municipality and useful to the Systems, the authority of any such receiver being limited to the operation and maintenance of the Systems. Section 13. That no remedy conferred by this Resolution upon any holder or holders of the bonds herein authorized is intended to be exclusise of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this Resolution or said Act, or by any other law. No waiver of any default or breach of duty or contract by any holder of the bonds shall extend to or shall affect any subsequent default or brach of duty or contracts or shall impair any rights or remedies thereon, No delay or omission of any bondholder to exercise any right orpower accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the holder of the bonds herein authorized may be enforced and exercised from time to time and as often as may be deemed expedient. In case adyasuit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the holder or holders of the bonds, then and in every such case the City and such holder or holders shall be restored to their former positions and rights and remedies as if no such suit, action or proceeding had been brought or taken. Section 14•' The Systems shall be operated upon a fiscal year basis, beginning as of August 1 and ending on July 31 in each year. Section 15. The City shall maintain the Systems in good condition and operate the same in an efficient manner and at a reasonable cost. So long as any of the bonds are outstanding, the City agrees to m3satain fire, lightning andtornado insurance on the Systems in an amount which normally would be carrie by a private company engaged in a similar type of business. In the event of loss, the proceeds of such insurance shall be applied solely towards the redonstruction, replacement or repairs of the System damag In such event, the City will, with reasonable promptness, cause to be commenced and completed the reconstruction, replacdment and repairs. Nothing herein shall be construed as requiring the City to ex pend any funds for maintenance and operation of the Systems or for premiums on its insurance which are derived from sources other than the operation of the Systems, but nothing herein shall be construed as preventing the City from doing so. Section 16. The City will keep proper books or records and accounts.(separate from all other records and accounts) in which complete and correct entries shall be made of any transactions relating to the Systems. The City will furnish to any holder or purchaser of any of the bonds at the time outstanding at the written request of such holder or purchaser, not more than thirty (30) days after the close of each six months' fiscal period, complete operating and income statements of the Waterworks and Sewer Systems in reasonable detail covering such six monthee period, and not more than sixty (60) days after the close of each fiscal year, complete financial statement of the Systems covering such fiscal year, certified by a certified public accountant, which certificate shall further certify that the City is in compliance with the provisions of this Resolution, and if not, to the extent the City is not in compliance withthe terms hereof. A copy of the financial statement of the Systems for each fiscal year, so certified, will be deposited with Union Planters National Bank, of Memphis, Tennessee, and with %auscher, Pierce 9 - Co., Co., Inc.., Dallas, .Texas. Section 17. That all bonds paid or called for redemption either at or before maturity, shall be cancelled when such payment or redemption is made, together with all unmatured coupons appertaining thereto, and held by the' City Treasurer. All unpaid interest coupons maturing on or prior to the date of such payment or redemption shall continue to he payable to the respective bearers thereof. Section 18. That the bonds, together with interest thereon, shall be payable solely out of the Waterworks and Sewer Revenue Refunding Bond Fund as hereinbefore defined and shall be a valid claim of the holders thereof only against said -Fund, andthe amount bf the revenues pledged to said Fund, which amount of said revenues is hereby,pledged 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 as the same accrue. Section 19. That as long as any of the bonds authorized hereby are outstanding, the City shhll not issue or attempt to issue any bonds claimed to be entitled to a priority of lien on revenues of the Systems over the lien securing the bonds of this issue. required by the Constitution and laws of the State of Arkansas, and the City hereby irrevocably covenants, binds, and obligates itself not to pledge, mortgage or otherwise encumber the Systems or any part thereof, or any revenues derived from the oration of the Systems or any part thereof, except in themanner set forth in Sectionl19 hereof, and that it will not sell, lease or dtherwise dispose of the Systems or any portion thereof, unless and, until the principal of and interest on all of thebonds issued hereunder shall be paid in full, or unless and until provision shall have been made for the payment of all the bonds and solution interest thereon in full,. and the City further covenants and agrees with the holder or, holders of the No. 6-63 bonds to maintain the Systems in a satisfactory condition and to operate the same continuously in an ,tinued efficient and economical manner. In order that the payment of the principal of and interest on thebonds herein authorized shall be adeugatF_4y secured the City and its proper officers, agents and employees, are hereby directed, and it shall be mandatory upon them at all times to perform the duties specified in Section 12 of Act 297 of The General Assembly of Arkansas of 1937 pursuant to which the bonds are issued, the performance of which duties is hereby declared to be of the essence of the contract between the City and the holder or holders of the bonds and the coupons appertaining thereto and to be of the same force and effect as if set forth in full herein. Section 12. That in the event the City defaults in the payment of any bond or interest on any of the bonds issued hereunder andsuch default shall continue for a period of thirty (30) days, or in the event the City, its Council or its officers, agents, or employees shall fail or refuse to comply with the provisions of the Act or any provision contained in this Resolution, any.holder or holders of any of the bonds then outstanding shall have the right in accordance with the provisions of said Act, to app,# in an appropriate judicial proceeding to any court of competent jurisdiction for the appointment of a receiver for the Systems, to perform such acts and in the manner as provided by the Act; provided, however, that no receiver shall have any power to sell, assign, mortgage or otherwise dispose of any assets of whatever kind or character belonging to the municipality and useful to the Systems, the authority of any such receiver being limited to the operation and maintenance of the Systems. Section 13. That no remedy conferred by this Resolution upon any holder or holders of the bonds herein authorized is intended to be exclusise of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this Resolution or said Act, or by any other law. No waiver of any default or breach of duty or contract by any holder of the bonds shall extend to or shall affect any subsequent default or brach of duty or contracts or shall impair any rights or remedies thereon, No delay or omission of any bondholder to exercise any right orpower accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon the holder of the bonds herein authorized may be enforced and exercised from time to time and as often as may be deemed expedient. In case adyasuit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the holder or holders of the bonds, then and in every such case the City and such holder or holders shall be restored to their former positions and rights and remedies as if no such suit, action or proceeding had been brought or taken. Section 14•' The Systems shall be operated upon a fiscal year basis, beginning as of August 1 and ending on July 31 in each year. Section 15. The City shall maintain the Systems in good condition and operate the same in an efficient manner and at a reasonable cost. So long as any of the bonds are outstanding, the City agrees to m3satain fire, lightning andtornado insurance on the Systems in an amount which normally would be carrie by a private company engaged in a similar type of business. In the event of loss, the proceeds of such insurance shall be applied solely towards the redonstruction, replacement or repairs of the System damag In such event, the City will, with reasonable promptness, cause to be commenced and completed the reconstruction, replacdment and repairs. Nothing herein shall be construed as requiring the City to ex pend any funds for maintenance and operation of the Systems or for premiums on its insurance which are derived from sources other than the operation of the Systems, but nothing herein shall be construed as preventing the City from doing so. Section 16. The City will keep proper books or records and accounts.(separate from all other records and accounts) in which complete and correct entries shall be made of any transactions relating to the Systems. The City will furnish to any holder or purchaser of any of the bonds at the time outstanding at the written request of such holder or purchaser, not more than thirty (30) days after the close of each six months' fiscal period, complete operating and income statements of the Waterworks and Sewer Systems in reasonable detail covering such six monthee period, and not more than sixty (60) days after the close of each fiscal year, complete financial statement of the Systems covering such fiscal year, certified by a certified public accountant, which certificate shall further certify that the City is in compliance with the provisions of this Resolution, and if not, to the extent the City is not in compliance withthe terms hereof. A copy of the financial statement of the Systems for each fiscal year, so certified, will be deposited with Union Planters National Bank, of Memphis, Tennessee, and with %auscher, Pierce 9 - Co., Co., Inc.., Dallas, .Texas. Section 17. That all bonds paid or called for redemption either at or before maturity, shall be cancelled when such payment or redemption is made, together with all unmatured coupons appertaining thereto, and held by the' City Treasurer. All unpaid interest coupons maturing on or prior to the date of such payment or redemption shall continue to he payable to the respective bearers thereof. Section 18. That the bonds, together with interest thereon, shall be payable solely out of the Waterworks and Sewer Revenue Refunding Bond Fund as hereinbefore defined and shall be a valid claim of the holders thereof only against said -Fund, andthe amount bf the revenues pledged to said Fund, which amount of said revenues is hereby,pledged 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 as the same accrue. Section 19. That as long as any of the bonds authorized hereby are outstanding, the City shhll not issue or attempt to issue any bonds claimed to be entitled to a priority of lien on revenues of the Systems over the lien securing the bonds of this issue. 217 Nothing in this Resolution shall be construed to prevent the issuance by the City of additional bonds to finance or pay the cost of Constructing any future extensions, betterments, or improvements to the Systems, or either of them provided, however, the City shall not Authorize or issue any such Resolution additional bonds ranking on a parity with the outstanding bonds of this issue, unless and until there No. 6-63 shall have been procured and filed with the City Clerk a statement by an independent certified public Continued accountant not in regular employ of the Cityereciting the opinion based upon necessary investigation that net revenues (in this paragraph defined as the gross redenues of the.Systems less the operation and maintenance expenses as determined by the independent certified public accountant) in either the fiscal year, or the twelve months period, immediately preceding the month in which it is proposed to issue such additional bonds shall equal 133-1/3% of the maximuwamount that will become due in any year thereafter for principal, interest, and paying agent's charges on the bons then outstanding and the bonds then proposed to be issued. Section 20. The City further covenants and agrees that so long as any of the bonds herein authorized to be issued are outstanding and the interest thereon has not been paid in full, the City will not enter into any water -purchase or other contracts at least for a period in excess of three (3) years which will result in the reduction of the net earnings of the Systems (net earnings being the gross earnings of the Systems less the cost of the operation and maintenance) below an amount equal to 133-1/3% of the maximum annual debt service requirements of the bordigherein authorized to be issued together with the paying agent's charges in conncetion therewith: Section 21. The bonds herein authorized to be issued shall be subject to redemption before maturity, at the option of the City, in lawful funds of the United States of America, in inverse numerical order, on any interest payment date, on and after April 1, 1983, at parrand accrued interest, from surplus revenues derived from the operation of the Systems in excess of the amount required to be paid into the Waterworks and Sewer Revenue Refunding Bond Fund and to maintain the Reserve Fund, Contingency Reserve, and Replacement Fund, as herein defined, or from any other available funds. Notice of the call for redemption shall be published by the City Clerk for one insertion more than thirty (30) days before the date of such redemption in a newspaper of general circulation published in the City of Little Rock, Arkansas, and having a general circulation throughout the State of Arkansas, and in a financial journal published in the Borough of Manhattan, City of New York, and after the date mentioned in said call, the bond or bonds so called will cease to bear interest; provided, funds for their payment are on deposit at that time. Section 22. After the bonds herein authorized to be issued have been executed by the City Clerk, as herein provided, they shall be delivered by the Mayor to Union Planters National Bank, in Memphis, Tennessee, which shall authenticate and deliver them to the purchaser, upon the payment of the purchase price in the sum of $5,313,000.00, with accrued interest. Contemporaneously with such delivery and payment, the said Bank shall apply the proceeds of the sale of the bonds as follows: (1)• The accrued interest paid by the purchaser of the bonds shall be paid by the Bank to the Treasurer of the City of Fayetteville, and he §hall pay the same into the Waterworks and Sewer Revenue Refunding Bond Fund, in addition to any other amount required to be paid into the said Fund. (2) The proceeds from the sale of the said bonds in the amount of $5,313,900.00 shall be deposited in a separate escrow account hereby created and designated as "City of Fayetteville, Arkansas Waterworks and Sewer Refunding and Construction Revenue Bonds Refunding Fund" (herein sometimes designated as the "Refunding Fund") with Union Planters NationAlTBank, of Memphis, Tennessee, (herein sometimes designated as the "Escrow Agent"), together with any interest to be derived from the investment of the deposits or any part thereof in bills, certificates of indebtedness, notes or bonds which are direct obligations of, or the principal of and interest on which obligations are unconditionally guaranteed by, the United States of America, to pay the reasonable charges of the Escrow Agent in connection thereerkth, and to pay the principal of and interest on the outstanding Waterworks and Sewer Refunding and Construction Revenue Bonds of the City dated May 1, 1958, to be refunded, paid and discharged as the same become due, to the respective maturities of the said bonds or to their prior redemption date, without the payment of the premium therefor, which ever is earlier. Money shall be withdrawn by the Escrow Agent from the Refunding Fund in such amounts and times topermit the payment without default of such principal and interest. The Escrow Agglit may also withdragvfrom the Refunding Fund the amounts of its reasonable service charges in connection therewith as the same accrue and become due, not, however, in a total amount exceeding the amount deposited in the Refunding Fund therefor. Any moneys remaining in the Refunding r*und after the redemption in full of the outstanding Waterworks and Sewer Refunding and Construction Revenue Bonds of the City dated May 1, 1958', or after adequate provision has been made therefor, shall be applied to any lawful purpose or purposes, as the Council may direct. The Mayor and City Clerk of the City are hereby authorized and directed to execute an escrow agreement with the Escrow Aggf& concerning the deposit to be made isherewith in the Refunding Fund as herein provided, and any other agreement necessary or desirable to implement the provisions of this Resolution. Section 23• Moneys held for the credit of the Waterworks and Sewer Revenue Refunding,Bonds Reserve Fund and of the Waterworks and Sewer Contingency Fund shall be continuously invested and reinvested, by the City in direct obligations of, or obligations, the principal of and interest on which, 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, consistent with the anticipat needs of the Systems, but to mature not later than twelve (12) years after date of purchase. Obligations so purchased as an investment of moneys in any such fund shall be placed in the custody of the City,Treasurer and shall be deemed at all times to be a part of such fund, and the interest accruing thereon and any profit realized from such investment shall be credited to such fund, and any loss resulting from such investment shall be charged to such fund. Section 24. That if any provision of this Resolution shall for any reason be held illegal or invalid by the courts, it shall not affect the validity of the remainder of the Resolution. Section 25. That all ordinances or resolutions or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. 6-63 line '.tide ze line Ord. No. 1343 Section 26. That this Resolution shall not create any right of any character, and no right of any character shall -arise under or pursuant to it, until the bonds authorized by this Resolution shall be issued and delivered. Section 27. It is ascertained and declared that it is to the immediate advantage of the Citycf Fayette that its -outstanding Waterworks and Sewer Refunding and Construction Revenue Bonds be refunded, that the Waterworks and sewer systems of the City are totally inadequate for the needs of the City, and that as a result of which the health and lives of the inhabitants thereof, and their property are daily endangered, thatonly by the adottion of this Resolution can the City place itself in a position to make sufficient future improvements. It i; therefore, declared that an emergency exists, that this Resolution is necessary for the immediate preservation of the public peace, health, and safety, and that this Resolution shall take effect and be in force from and after its adoption. ADOPTED: March 14 , 1963. City @IerW (SEA L) APPROVED: Ol An. Mayor A long discussion was had concerning the construction of a sewer main in the City at an estimated cost of sewer main $2000 to $2400. Alderman Wheeler moved that the City construct a 400 foot long sewer main from the present main south of the old city shop area; north to a point in Gregg Avenue about 20 feet north of the Highway 62 right-of-way line, providing the Farm Bureau Cooperative grants an easement to the City without cost and donate $100 toward the cost, and that Mr. Jim Gregory donate $500 toward.the cost. The motion was seconded by Alderman Heflin and passed unanmously. There being no further business Alderman Short moved to adjourn. The motion was secondedbby Alderman Burgin and passed unanimously. Whereupon the Mayor declared the meeting adjourned. College Avenue and APPROVED: ..1 GUY EC/BROWN, MAYOR o•• .J /• • • a. he City Council of Fayetteville, Arkansas, met in regular session on Monday, March 25, 1963, at 7:30 P.M. n the Council Room of the pity Administration Building resent: Mayor Guy E. Brown, City Clerk George J. Davis, City Controller Albert J. Jones, dity Attorney ass Trumbo, City Engineer W. C. Smith, Chief of Police Hollis Spencer, Fire Chief Burl Skelton, and ldermen: Heflin, Christie, Watson, Wheeler, Thomas, Burgin, and Faucette. bsent: Alderman Carter Shorts he minutes of the regular meeting on Monday, March 11, 1963, and of the special meeting on Thursday, arch 14, 1963, copies of which had previously been mailed to each of the Aldermen, were approved as ritten. 11 lderman Wheeler reported that the sewer main to serve South Gregg Avenue at the intersection of Gregg AN nd U.S. Highway No. 62 (6th Street) as authorized at the special meeting of the Council on Thursday, arch 14, 1963, had encountered difficulties in securing right-of-way through the Farm Bureau Cooperative nd now it would be necessary to locate the sewer west of the stream on other property. The Engineer's stimate of the cost for this new location was approximately $3,800.00 as compared to $2,490.00 as riginally planned. fter a long discussion, Alderman Burgin moved that the City constrict the sewer main along the proposed ew route as recommended by the City Engineer. he motion was seconded b)e Alderman Wheeler and passed unanimously. he City Attorney introduced and at the request of the Council read a proposed ordinance in its entirety. ntitled "AN ORDINANCE PROHIBITING THE PARKING OF VEHICLES ON MEADOW STREET BETWEEN COLLEGE AVENUE AND AST STREET IN THE CITY OF FAYETTEVILLE, ARKANSAS" Alderman Burgin moved that the rule be suspended nd the ordinance placed on the second reading. The motion was seconded by Alderman Heflin and passed namiously. The ordinance was then read for the second time. lderman Burgin moved that the rule be further suspended and that the ordinancece be placed on the thud nd final reading. The motion was seconded by Alderman Hellin and passed unanimoully. The ordinance as then read for the thud and last time. The Mayor then declared the ordinance open for discussion. here being no discussion, the Mayor asked the question, "Shall the ordinance pass?" Upon roll call he following vote was recorded, "Aye" Heflin, Christie, Watson, Wheeler, Thomas, Burgin, and Faucette. Nay" none. here being seven "Ayes" and no "Nays" the Mayor declared the ordinance passed. lderman Heflin then moved that the emergency clause be adopted. The motion was seconded by Alderman urgin and upon roll call the following vote was recorded, "Aye" Heflin, Christie, Watson, Wheeler, homas, Burgin, and Faucette. "Nay" none. here being seven "Ayes" and no "Nays" the Mayor declared the emergency clause adopted. ORDINANCE N0. 1343 ORDINANCE PROHIBITING THE PARKING OF VEHICLES ON MEADOW STREET BETWEEN COLLEGE AVENUE AND EAST STREET THE CITY OF FAYETTEVILLE, ARKANSAS IT ORDAINED BY THE CITY,COUNCIL OF THE CITY 0 F FAYETTEVILLE, ARKANSAS: tion 1. It shall be unlawful for any person, firm, or corporation, to park a vehicle of any kind taoever on -Meadow Street between College Avenue and East Street in the City of Fayetteville, Arkansas.