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0755 525 ORVINANCE 755 AN ORVINANCE SUBMITTING AT THE GENERAL ELECTION IN THE CITY OF JACKSONVILLE, ARKANSAS ON NOVEMBER 6, 1984, THE QUESTION OF ISSUING BONVS FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTION OFA RAILROAV GRAVE SEPARATION CROSSING IN THE VICINITY OF MAIN STREET AND CENTER STREET IN THE CITY AS MORE FULLY SET FORTH IN THE ORVINANCE; PRESCRIBING OTHER MATTERS RELATING THERETO; ANV VECLARING AN EMERGENCY. WHEREAS, the City 06 Jac.~onville, A~ka~a~ [the "City"), ~ a eity On the nVt~t cla~~; and WHEREAS, it ha~ been dete!Lmined that COn6tJtuetion 06 a g~ade ~e.p~ation MO.6~ing 0-6 the ~a~oad in the. vicinity 0-6 Main StfLeet and CenteJt StJtee.t Lthe "ImpJtovement") ~ a mUMeipal ~p!l.ovement whic.h ~ hnme.cLiately needed: NOW, THEREFORE, BE IT ORVAINEV by the City Couneit 06 the City 06 Jac~on- ville, A~kaJUa~ that: S ectio n 1. TheJte be ~ubmitte.d to the. dec.to~~ 0 n the City at the 9 eneJtal elec.tion to be. held on Novembe!L 6, 1984, the, que~tion 06 iA.6uing bond~ in the amount not to exc.eed $1,600,000 -60~ the p~pO.6e. 06 -6inaneing the eO.6t to the City 0-6 aeeompl~Mng the Impltovement, ineluding expel16eA 0-6 autho~izing and ~~u~ng bo nd~ . Section 2. La) The bond.6 ~hail be dated Feb~ucvl.Y 1, 1985, w-Lth in:teJLeAt the~eon to be payable ~em,,[annuaUy on Feb~uaJty 1 and Augu~t 1 on eaeh yeaJt, eommeneing Augu~t 1, 1985, and'the bond.6 .6hall matWte on Feb~uaJty 1 06 eaeh yeaJt a~ -6oUow~, but ~hail be eaUable nO~ payment p~io~ to matuJtity on ~u.eh teJtm.6 a~ the City may .6pec.inY in the Notic.e 06 Public. Sale 06 the bond~: YEAR PRINCIPAL ( F e.b~uaJty 1 ) ( Am~o unt ) 1986 30,000 1987 35,000 1988 35,000 1989 40,000 1990 40,000 1991 45,000 1992 50,000 1993 55,000 1994 60,000 1995 65,000 1996 70,000 ~ 1997 80,000 YEAR ( F e.b~u~y 1) 1998 1999 2000 2001 2002 2003 2004 2005 PRINCIPAL (Amount) 85,000 95,000 105,000 115,0.00 125,000 140,000 155,000 1.75,000 Seetion 3. The qt1e6uon ~hal,f be ptaeed on th.e 6a.llot 6oJt~ the, ele~Qt,{on in ~ub.6ta~y the -6oUowing nOtLm: Vote on mea~~e by plaeing an "x" in the ~quaJt.e. above the ~mea~.UJte~ UtheJl, nOIL Oft agaiJUt: FoJt an --L6~ue 06 bond~ in the amou.nt On $1,600,000 {jOft the pLVtpO.6e 06 QOn~tJtllc.tion 0-6 a g~ade ~epcutation MO~.6ing 0-6 the Jta~oad A..n the v~Lcinittj On ^1ain StAeet and CentVt StJtee;t c.~o.6.6ing.6. Agai~t an --L6~ue 06 bond.6 in the a,mount 0-6 $1,600,000 -6 oft ,the pU/l,.po~e 06 c.ovustlLUC.- wn On a g~ade ~epaJtawn e~o~~ing On :the Jta~oad in the vic.inity 06 Ma,{n StJteet and C entVL StJtee;t MO.6.6ing.6. PAGE TWO 59 The bond~ will be ~~ued p~~uant to pJtovJ.l,io~ on the Con~Wution 06 the State On AJtka~ali, o~ appILopJtA.ate A~ka~ali ~ta:tuteli; and in pUfL~uant to ~tatute the 6~~egoing ImpILo'\;lement will be lea~ed by the Cay and leMe paymenu paid 6~om the annual tax ~ec-upu heJtunanteIL duCJtibed. The bond~ will be dated Feb~ua~y J, 1985, wUh inteJtelit payahte ~emA.annuaUy on Feb~u~y 1 and Augu~t 1 0-6 eac.h yea~ c.omm enc.ing Aug u~t 1, 1 985 and will matM e ~ eJLA.ally 0 n F eb~uaJty 1 in eaeh 0 n the yeaJt~ 1986 to 2005, indu~ive. The bond6 will beaJt inteJte~t at the ~ate On ~ate~ aec.eptable to the CUy, will be ~old at public. ~ale and be ~old wUh the pltivilege 06 eonveJt~ion. The CUy Counc.il will levy and theILe will be eoUec.ted a c.ontinuing anVlUal tax in the amount 06 -6oWL mill~ in the event that bond~ aJte app~oved and ~~ued. Sec.tion 4. The etec.tion ~hall be held and c.ondueted and the vote c.anva~~ed and the ~e6utu dec.lalLed undeJt the law and in the manne~ noW p~ovided {)o~ munieipal etec.tioVL-6, ~o -6alL a~ the ~ame i,o applic.able, and the Mayo~ 06 the CUy ~ heJLeby autho~ized and cLiJtec.ted to give notic.e 0-6 ~ueh uec.tion by an adveJttLoement pub- -tLohed weekly onee a week nO~ nOM time~ in a neW~papeIL pubwhed in the Cay, and having a bona nide e~c.ulation the!Lun, the la~t public.ation to be not lu~ than ten day~ p!Lio~ to the date 06 the eteetion, and only qualin~ed voteJL~ On the Cay ~hall have the Jtight to vote at ~aid elec.tion on ~a~d qu~tion. Seetion 5. The ~eAutu on the eteetion ~haU be plLoc.laimed by the MayoJt and h-U P~oc.lamation ~hall be publMhed one Ume in a nw~pape~ pubwhed in the CUy and having a bona -6ide e~c.ulation theJtein, wlvLeh P~oelamation lihaU advi,oe that the ~uult~ a~ pltoelahned -6haU be c.onc.lMive unle~-6 attaeQed in the eou~u wUhin thAAty (30) day~ antVt the date on ~uc.h P~oc.lamation. The Mayo~ ~ authoJtized to adveJtwe the pubUe liale On the pJtopo~ed bond AA~ue. Seetion 6. The eUy antieipate~ that the bond~ will be ~liued pwt~uant to the pJtov~ioYL6 06 the Co~Wution 06 the Std:te 0-6 AJtkaVL6a~ a~ amended, o~ in the alteJLnative, appJtopJUate A~kaYL6a~ ~ta:tute~. I6 the bond~ ~e J.l,~ued pM~uant to ~tatute, the eUtj will not be the i,o~Ue!L, and the ImpJtovement will be lea~ed by the c.Utj and lealie payrnenu pa~d 6~om the annual tax Jtec.upu authonized by the etec.to~~. Sec.tion 7. A eopy on thM OfLdinanc.e lihaU be given to the Pula~ki County BoaJtd On Eleetion Comm~liione!t~ ~o that the ne.c.e~-6~1f ele.c.tion on6ic.A.al~ and ~uppliu may be pJtovided. Sec.tion 8. The c.Uy duignate,6 the nVr..m on Gill, Skok04, S~mp~on, Bu-60fLd & Owen, P.A. ali bond eouVL6el. S ec-tio n 9. All O~dinanc. e~ and palLt~ theJteo n in eo n{)liet h.e!l..e.wUh aJte helLeby Jtepealed to the extent 0-6 ~uc.h c.onnlic.t. Sec.t,w n 10. It J.i:, heJLeby a~c.e!ttained and de.elCVl.ed that thVte ~ an immediate. need nO~ the eOVL-6Vtuc.Uon 06 the above du~Jti6ed ImpJtoveme.nt in ofLdeJL that :the. lbC PAGE THREE public. health, welnaJte and ~a6ety may be pJtotec.ted and that the Impftovement and the ~~uanc.e On the bond~ c.an be voted on at the geneJtal e1.ec.tion. It.L6, the~e- nOlte, deelaJted that an enJeJtg enc.y exi!:,u, and tlUA O~dinanc.e bungnec.eA~~Y nO~ the A.mmecUate p~~eJtvation 06 the publie peac.e, health and ~anety ~haU be in no~c.e and take e66eet A.mme.dJ..atety 6~om and anteJt ill pa~~age. APPROVED THIS 20th VAY OF SEPTEMBER, 1984. EMERGENCY CLAUSE INCLUDED IN PASSAGE OF ORDINANCE; EFFECTIVE IMMEDIATELY. CITY OF KSONVILLE ARKANSA ~6 ;r . ~ ATTEST: ~~~ APPROVEV AS TO FORM: I!~G ~ CUy ~Of1.n.ey d -.J (S E A L)