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0605 " ORDINANCE NO.' 6 0 5 AN ORDINANCE SUBMITTING AT THE GENERAL ELECTION IN THE CITY OF JACKSONVILLE, ARKANSAS ON NOVEMBER 4, 1980, THE QUESTION OF ISSUING BONDS UNDER AMENDMENT NO. 13 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COSTS TO THE CITY OF THE PURCHASE, DEVELOPMENT AND IMPROVEMENT OF PUBLIC PARKS AS MORE FULLY SET FORTH IN THE ORDINANCE; PRE- SCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Jacksonville, Arkansas (the "City"), is a city of the first class; and WHEREAS, it has been determined that the following improvements are needed: 1. Developing and improving existing public parks, including constructing and equipping a facility for use as a Recreation Center; and 2. Purchasing, developing and improving a new public park, in- cluding acquiring, constructing and equipping a facility for use as an Elderly Activities Center; NOW, THEREFORE BE IT ORDAINED by the City Counci"l of the City of Jacksonville, Arkansas: Section 1. That there be submitted to the electors of the City at the general election to be held on November 4, 1980, the question of issuing General Obligation Improvement Bonds under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas in the amount not to exceed $850,000 for the purpose of financing the cost to the City of accomplishing the improvements described in the preambles hereof, including expenses of authorizing and issuing bonds. Section 2. (a) That the bonds shall be dated February 1, 1981, with interest thereon to be payable semiannually on February 1 and August 1 of each year, commencing August 1, 1981, and the bonds shall mature on February 1 of each year as follows, but shall be callable for payment prior to maturity on such terms as the City may specify in the Notice of Public Sale of the bonds: /,~ -2- Year Amount 1984 $35,000 1985 40,000 1986 40,000 1987 :.4~ ,000 1988 45,000 1989 50,000 1990 '50,000 1991 55,000 1992 60,000 1993 60,000 1994 65,000 1995 70,000 1996 75,000 1997 80,000 1998 80,000 (b) That if the bonds for less than all of the purposes are approved, there will be an appropriate reduction in the principal amounts in the above schedule. (c) That at the di.scretion of the City Council, the bonds may be sold and delivered in series as funds are needed upon such terms and pursuant to such conditions as the City Council may specify in the ordinance authorizing the issuance of a particular series. The various series may bear interest at different rates. Section 3. The question shall be placed on the ballot for the electton in substantially the following form: /1. -3- Vote on measure by placing an "x" in the square above the measure either for or against: For an issue of bonds in the amount of $600,000 for the purpose of developing and improving existing public parks, including constructing and equipping a facility for use as a Recreation Center............................... / / Against an issue of bonds in the amount of $600,000 for the purpose of developing and improving existing public parks, including construction and equipping a facility for use as a Recreation Center.................. ..., / / For an issue of bonds in the amount of $250,000 for the purpose of purchasing, developing and improving a new public park, including acquiring, constructing and equipping a facility for use as an Elderly Activities Center. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . / / Against an issue of bonds in the amount of $250,000 for the purpose of purchasing, developing and improving a new public park, including acquiring, constructing and equipping a facility for use as an Elderly Activities Center. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. / / If bonds for all of the above set forth purposes are approved by the electors, they will be combined into one issue. The bonds will be issued under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas. The bonds will be dated February 1, 1981, with interest payable semiannually on February 1, and August 1 of each year, commencing August 1, 1981 and will mature serially on February 1 in each of the years 1984 to 1998, inclusive. In the event that bonds are approved for only one of the above set forth purpose, the bonds for the purpose approved will be issued with the same maturity dates but for proportionately less amounts. The bonds will bear interest at the rate or rates accepted by the City at the public sale of the bonds and may be sold with the privilege of conversion. The City Council will levy and there will be collected a continuing annual tax in the amount of two and one-half (2~) mills in the event that bonds for both of the above set forth purposes are approved and issued. If bonds for only one of the above set forth purposes are approved and are issued, the City Council will levy and there will be collected a continuing annual tax in the amount sufficient to insure the pay- ment of the principal of, interest on and trustee~s and paying agent's fees on the bonds that are issued. ~6 -4- Section 4. That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now provided for municipal elections, so far as the same is applicable, and the Mayor of the City is hereby authorized and directed to give notice of such election by an advertisement published weekly once a week for four times in a newspaper published in the City, and having a bona fide cir- culation therein, the last publication to be not less than ten days prior to the date of the election, and only qualified voters of the City shall have the right to vote at said election on said question. Section 5. That the results of the election shall be proclaimed by the Mayor and his Proclamation shall be published one time in a newspaper published in the City and having a bona fide circulation therein, which Proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of such Proclamation. Section 6. That the Mayor is authorized to advertise, according to the terms of Amendment No. 13 to the Constitution of the State of Arkansas, the public sale of the proposed bond issue. Section 7. That a copy of this Ordinance shall be given to the Pulaski County Board of Election Commissioners so that the necessary election officials and supplies may be provided. Section 8. That all ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 9~ That it is hereby ascertained and declared that there is an immediate need for the construction of the above described improvements in order that the public health, welfare and safety may be protected and that said improvements can be constructed only by the issuance of the proposed bonds to be voted on at the general election. It is therefore, declared that an emergency exists, and this Ordinance being necessary for the immediate pres- ervation of the public peace, health and safety shall be i'n force and take effect immedtately from and after its passage. PASSED: ATTEST: ~. J1/tIu'A OAkdJ CITY CLERK -; rr- APPROVED AS TO FORM: '7) JL tb~ -a C I~ ~TTORNEY (SEAL) -5- AUGUST, 21 APPROVED: ,. ~I .' 1 980 . ./~~/ (EMERGENCY CLAUSE AFFIXED, ORDINANCE EFFECTIVE IMMEDIATELY ~ NANCY GERREN, C/C)