0649
I ,:J.. 9
ORDINANCE NO. h 4_ 9
AN ORDINANCE LEVYING A TAX SUFFICIENT TO PAY THE PRINCIPAL
OF, INTEREST ON, AND TRUSTEE'S AND PAYING AGENT'S FEES FOR
GENERAL OBLIGATION IMPROVEMENT BONDS OF THE CITY OF JACKSON-
VILLE, ARKANSAS TO BE DATED FEBRUARY 1, 1981; PRESCRIBING
OTHER MATTERS PERTAINING_THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, by Ordinance No. 605, duly passed by the City
Council of the City of Jacksonville, Arkansas (the "City") on
the 21st day of August, 1980, there was submitted to the
qualified electors of the City the question of issuing bonds,
under Amendment No. 13 to the Constitution of the State of
Arkansas, in the following amounts for the following specified
purposes, to wit:
$600,000 for the purpose of developing and improving
existing public parks, including constructing and
equipping a facility for use as a Recreation Center;
$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;
and
WHEREAS, due notice of the election was given as required
by law and the election was duly held on the 4th day of Novem-
ber, 1980 (the "election"), at which election the electors ap~
proved the issuance of bonds for the Elderly Activities Center
but voted against the Recreation Center; and
WHEREAS, the City Council is taking necessary steps to accom-
plish the sale and issuance of General Obligation Improvement
Bonds (the "bonds") of the City for the Elderly Activities Cen-
ter; and
WHEREAS, the Quorum Court of Pulaski County convenes on
November 24, 1981 and it is necessary that the City levy a tax
sufficient to pay the bonds as they mature, with interest there-
on, in time for the tax to be collected in 1982;
NOW,...THEREFORE, BE IT ORDAINED by the City Council of the
City of Jacksonville, Arkansas:
Section 1. That in order to pay the bonds as they mature,
with interest thereon, there is hereby levied upon all tax-
able real and personal property within the City a tax of one
(1) mill on each dollar of assessed valuation to be collected
with the taxes collected in the year 1982 and continuing each
year thereafter as long as necessary to pay the principal of,
interest on, and trustee's and paying agent's fees in connection
with the bonds.
Section 2. That the City Clerk is hereby directed to
transmit a certified copy of this Ordinance to the County Clerk
of Pulaski County to the end that the tax herein recited may
be extended on the tax books of Pulaski County and collected
with the other taxes in the year 1982.
Section 3. It is hereby ascertained and declared that
there is an immediate need for the improvements in order that
the public health, welfare and safety may be protected and that
the improvements can be accomplished only by the issuance of
bonds. That in order to issue bonds it is necessary that the
tax be certified to the Quorum Court by November 24, 1981 and
collected in the year 1982. It is, therefore, declared that
I~Cf
QRDINANCE NO. ~ 4~__
Page Two
~~-~--~-~--~-~-~~-------~~~----------------~-~-----~------------
an emergency exists and this Ordinance being necessary for
the immediate preservation of the public peace, health and
safety shall be in force and take effect immediately from
and after its passage.
PASSED
~tobe:r:- 15 l
, 1981.
APPROVED:
d_.. '~,"..~
~. ~/
ATTEST:
l)'#'A1A"~ I).g-~
C~CLERK
APPROVED AS TO FORM:
(E2YlliJ:{G~Y CIAUSE AFFIXED. ORDINANCE
tl'l<E~TIVE OCTOB.tJ:{ 15, 1981.)