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)