0653
/3S-
ORDINANCE NO.
653
AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLI-
GATION IMPROVEMENT BONDS FOR THE PURPOSE OF FINANCING THE
COST TO THE CITY OF PURCHASING, DEVELOPING AND IMPROVING
A NEW PUBLIC PARK, INCLUDING ACQUIRING, CONSTRUCTING AND
EQUIPPING A FACILITY FOR USE AS AN ELDERLY ACTIVITIES
CENTER FOR THE CITY OF JACKSONVILLE, ARKANSAS; CONFIRMING
THE LEVYING OF A TAX SUFFICIENT TO PAY THE PRINCIPAL OF AND
INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING
THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the City of Jacksonville, Arkansas, is a
city of the first class (the "City"); and
WHEREAS, by Ordinance No. 605, duly passed by the
City Council of the City, and approved on the 21st day of
August, 1980, there was submitted to the qualified elec-
tors of the City the question of issuing, under Amendment
No. 13 to the Const i tu t ion of the Sta te of Ar kansas,
General Obligation Improvement Bonds in the principal
amount of $250,000 (the "bonds") for the purpose of
financing the cost to the City of purchasing, developing
and improving a new public park, including acquiring,
constructing and equipping a facil i ty for use as an
Elderly Activities Center (the "improvements"), paying
necessary expenses incidental thereto and paying the
expenses of issuing the bonds; and
WHEREAS, at the general election held November 4,
1980, a majority of the electors voting on the question
approved the issuance of the bonds; and
WHEREAS, the results of the election were announced
by the Mayor by a Proclamation duly published on November
10, 1980, in a newspaper of bona fide circulation in the
City; and
WHEREAS, after due advertisement for the time and in
the manner required by law, bonds in the amount of $250,000
were offered for sale on sealed bids on October 29, 1981,
and at the sale First Jacksonville Bank and Citizens
National Bank of Jacksonville, both of Jacksonville,
Arkansas (the "purchasers") bid and offered the price of
par and accrued interest from February 1, 1981 to date of
delivery for bonds bearing interest at the rate of six
percent (6%) per annum, and this being the best bid, the
bonds were sold to the purchasers at that price;
NOW, THEREFORE, BE I T ORDAINED by the City Counc i 1 of
the City of Jacksonville, Arkansas:
Section 1. That the improvements be accomplished.
Section 2. That the sale of the bonds to the
purchasers set forth above be, and the same is hereby,
approved and confirmed.
Section 3. That under the authority of the Consti-
tution and laws of the State of Arkansas, inlcuding
particularly Amendment No. 13 to the Constitution of the
Sta te of Ar kansas, City of Jack sonv i lIe, Ar kansas Gener al
Obligation Improvement Bonds are hereby authorized and
ordered issued in the total principal amount of $250,000,
the proceeds of the sale of which are necessary to provide
sufficient funds for accomplishing the improvements.
The bonds shall numbered consecutively from 1 to 50,
,/ $"
inclusive. The bonds shall be negotiable coupon bonds
payable to bearer but shall be subject to registration as
to principal or as to principal and interest. Payment of
the bonds and interest coupons shall be made at the
principal office of First Jacksonville Bank, Jackson-
ville, Arkansas (the "Trustee" and Paying Agent"). Pay-
ment of interest, when registered as to interest, may
be by check or draft mailed to the registered owner at
the address shown on the registration book of the City
maintained by the Trustee. The bonds shall be dated
February 1, 1981 and shall mature on February 1 of each
year, as follows, but are callable for redemption pr ior to
maturity as hereinafter set forth:
YEAR
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
AMOUNT
$10,000
10,000
10,000
15,000
15,000
15,000
15,000
15,000
15,000
20,000
20,000
20,000
20,000
25,000
25,000
Section 4. That the bonds shall be executed on behalf
of the City by the Mayor and City Clerk (with the facsimile
signature of the Mayor and the manual signature of the Ci ty
Clerk) and shall have impressed thereon the seal of the
Ci ty. Interest coupons shall be executed by the facsimile
signature of the Mayor. The facsimile signature of the
Mayor on the bonds and coupons shall have the same force
and effect as if he had personally signed each of the bonds
and coupons.
Section 5. That the bonds and coupons shall be in
substantially the following form:
1.!J7
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF JACKSONVILLE
6% GENERAL OBLIGATION IMPROVEMENT BONDS
No.
$5,000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Jacksonville, Pulaski County, Ar-
kansas (the "City"), acknowledges itself to owe and for
value received promises to pay to bearer, or if this bond
be registered, to the registered owner hereof, the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United State of America on the first
day of February, 19 , and to pay interest hereon at the
rate of six percent (6%) per annum from date until paid.
Interest is payable semiannually on February 1 and August
1 of each year, commencing August 1, 1981. Payment of
principal, and payment of interest when evidenced by
coupons, shall be made upon presentation of the bonds and
coupons at the principal office of First Jacksonville
Bank, Jacksonville, Arkansas (the "Trustee" and "Paying
Agent"). Payment of interest, when registered as to
interest, may be by check or draf,t mailed to the registered
owner at his address reflected on the registration book of
the City maintained by the Trustee as Bond Registrar.
This is one of an issue of 50 bonds, aggregating
$250,000, dated February 1, 1981, and numbered from 1 to
50, inclusive, all of like tenor and effect except as to
number and maturity. The bonds are issued for the purpose
of financing the cost to the City of purchasing, deve-
loping and improving a new public park, including ac-
quiring, constructing and equipping a facility for use as
an Elderly Activities Center (the "improvements"), paying
necessary expenses incidental thereto and paying the
expenses of issuing the bonds.
The bonds are issued pursuant to and in full com-
pliance with the Constitution and laws of the State of
Arkansas, particularly Amendment No. 13 to the Consti-
tution of the State of Arkansas, and pursuant to Ordinance
No. of the City, passed and approved on the
day of , 1981 (the "Authorizing Ordinance"),
and an election duly held at which th'e major i ty of the
legal voters of the City voting on the question voted
in favor of the issuance of the bonds. Reference is hereby
made to the Authorizing Ordinance for the details of the
nature and extent of the security and of the rights and
obligations of the City and the holders and registered
owners of the bonds. The bonds are general obligations of
the Ci ty, payable from the proceeds of a continuing annual
one (1) mill special tax (the "special tax") on the
assessed valuation of all the taxable real and personal
property located in the City, levied by the City Council
under the authority of Amendment No. 13 to the Consti-
tution of the State of Arkansas, and the City hereby
pledges its full faith, credit and taxing power, including
the special tax, for the payment of this bond.
The bonds shall be subject to redemption prior to
maturity in inverse order of maturity (Bonds within a
matur i ty shall be redeemed by lot) ata pr ice of par and
accrued interest as follows:
13~
(1) Mandatory from surplus tax collections (defined
below) on any interest payment date;
(2) Optional from funds from any other source on any
interest payment date.
The City has covenanted and agreed that surplus tax
collections, being collections from the special tax in excess
of the amount necessary to insure the prompt payment of the
principal of, interest on and Trustee's and Paying Agent's
fees in connection with the bonds as the same become due, must
be used from time to time on each interest payment date as and
to the extent available to redeem outstanding bonds prior to
maturity.
Notice of the call for redemption shall be published one
time in a newspaper published in the City of Little Rock,
Arkansas, and having a general circulation throughout the
State of Arkansas, giving the number and maturity of each bond
being called, the publication to be at least fifteen (15) days
prior to the redemption date, and after the date fixed for
redemption each bond so called shall cease to bear interest,
provided funds for its payment are on deposit with the Paying
Agent at that time. In addition, notice by first class mail
shall be mailed, fifteen (15) days prior to the redemption
date, to the registered owner of each bond registered as to
principal or as to principal and interest at the address of
such owner reflected on the bond registration book of the Bond
Registrar and if all outstanding bonds shall be registered as
to principal and interest, then notice by first class mail to
the registered owners thereof shall be sufficient, and it
shall not be necessary to publish notice of the call.
This bond may be registered as to principal or as to
principal and interest and may be discharged from such reg-
istration in the manner, with the effect and subject to the
terms and conditions endorsed hereon. Subject to the pro-
visions for registration endorsed hereon, nothing contained
in this bond or in the Authorizing Ordinance shall affect or
impair the negotiability of this bond and this bond shall be
deemed a negotiable instrument under the laws of the State of
Arkansas and is issued with the intent that the laws of the
State of Arkansas will govern its construction.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all
acts, conditions and things required to exist, happen and be
performed, under the Constitution and laws of the State of
Arkansas, particularly Amendment No. 13 to the Constitution of
the State of Arkansas, 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; that the
indebtedness represented by this bond and the issue of which
it forms a part does not exceed any consti tutional or statutory
limitation; and that a tax sufficient to pay the bonds and
interest thereon has been duly levied in accordance wi th
Amendment No. 13 to the Constitution of the State of Arkansas
and made payable annually until all of the bonds and interest
thereon have been fully paid and discharged.
This bond shall not be valid until it shall have been
authenticated by the Certificate hereon duly signed by the
Trustee.
13'7
IN WITNESS WHEREOF, the City of Jacksonville, Arkansas,
has caused this bond to be executed in its name by the
facsimile signature of the Mayor, the manual signature of the
City Clerk and its corporate seal to be affixed and has caused
the coupons hereto attached to be executed by the facsimile
signature of its Mayor, all as of the first day of February,
1981.
CITY OF JACKSONVILLE, ARKANSAS
ATTEST:
By
Mayor
City Clerk
(form of coupon)
No.
$150.00
On the first day of (February) (August) , 19 , the City
of Jacksonville, Pulaski County, Arkansas, unless the bond to
which this coupon is attached is paid prior thereto or unless
the bond is registered as to interest in accordance with the
provisions pertaining thereto set forth on the bond, hereby
promises to pay to bearer
ONE HUNDRED FIFTY DOLLARS
in lawful money of the Uni ted States of Amer ica at the
principal office of First Jacksonville Bank, Jacksonville,
Arkansas, being six (6) months interest then due on its General
Obligation Improvement Bond, dated February 1, 1981, and
numbered
CITY OF JACKSONVILLE, ARKANSAS
By
Mayor
On each bond shall appear the following:
CERTIFICATE
This is to certify that this is one of the City of
Jacksonville, Arkansas General Obligation Improvement Bonds,
dated February 1, 1981, mentioned and described within.
FIRST JACKSONVILLE BANK
Jacksonville, Arkansas
By
Authorized Signature
/~i)
Section 6. That in order to pay the bonds as they mature,
with interest thereon, there is hereby confirmed the levy upon
all taxable real and personal property within the City a
continuing annual special tax of one (1) mill (the "special
tax") on each dollar of assessed valuation to be collected
annually as long as may be necessary to pay the principal of,
interest on and Trustee's and Paying Agent's fees in connec-
tion with the bonds. The City Clerk is directed to transmit
a copy of this Ordinance to the County Clerk of Pulaski County,
Arkansas, to the end that the special tax may be extended on
the tax books of the County and collected annually along with
the other taxes until the bonds and interest thereon are paid
in full or until adequate provision is made for their payment.
The City covenants and agrees that all of the revenues from the
special tax shall be placed in a separate fund which is hereby
created and designated "1981 General Obligation Improvement
Bond Fund" (the "Bond Fund"), in the Trustee, and used solely
for the payment of the pr inc ipal of, interest on and Trustee's
and Paying Agent's fees in connection with the bonds. The
amount of the deposi t in excess of that insured by the Federal
Deposit Insurance Corporation must be continuously secured by
bonds or other direct or fully guaranteed obligations of the
Uni ted States of Amer ica, except that moneys invested as
hereinafter provided need not be so secured. Moneys in the
Bond Fund may be invested in direct obligation of, or obli-
gations the principal of and interest on which are guaranteed
by, the United States of America, which mature or are subject
to redemption at the option of the holder at or prior to the
date the moneys will be needed to meet debt service require-
ments on the bonds. All such investments shall be considered
a part of the Bond Fund from which made and all earnings and
profits credited to, and all lossess charged against, such
fund. The City covenants that all revenues derived from the
special tax in excess of the amount necessary to insure the
prompt payment of the principal of, interest on and Trustee's
and Paying Agent's fees in conncetion with the bonds as they
mature will be used from time to time on each interest payment
date as and to the extent available for the redemption of bonds
prior to maturity.
Section 7. That for prompt payment of the bonds, with
interest, the City hereby pledges its full faith, credit and
taxing power, including the special tax referred to in Section
6 of this Ordinance.
Section 8. That in order to pay the principal of and
interest on the bonds as they mature and as they are redeemed
prior to maturity, there are hereby appropriated the entire
proceeds of the special tax referred to in Section 6 hereof,
and if the proceeds be not sufficient to pay the principal of
and interest on the bonds as they mature, then there are hereby
appropriated sufficient additional funds out of the general
revenues of the City to accomplish the payment at maturity.
The principal of and interest on the bonds shall mature
according to the following schedule:
INTEREST
YEAR PRINCIPAL FEBRUARY 1 AUGUST 1 TOTAL
1981 $7,500 $ 7,500
1982 $7,500 7,500 15,000
1983 7,500 7,500 15,000
1984 $10,000 7,500 7,200 24,700
1985 10,000 7,200 6,900 24,100
1986 10,000 6,900 6,600 23,500
1987 15,000 6,600 6,150 27,750
1988 15,000 6,150 5,700 26,850
- ~
/4/
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
15,000
15,000
15,000
15,000
20,000
20,000
20,000
20,000
25,000
25,000
5,700
5,250
4,800
4,350
3,900
3,300
2,700
2,100
1,500
750
5,250
4,800
4,350
3,900
3,300
2,700
2,100
1,500
750
25,950
25,050
24,150
23,250
27,200
26,000
24,800
23,600
27,250
25,750
Section 9. That the bonds shall be callable for payment
pr ior to matur i ty in accordance wi th the terms set out in the
face of the bond form in Section 5 of this Ordinance.
Section 10. That the Treasurer of the City is hereby
ordered and directed to place on deposit with the Paying
Agent, at least five (5) days before the maturity date of any
bond or interest coupon issued hereunder, an amount from the
funds herein appropriated equal to the amount of such bonds
or coupons, for the sole purpose of paying the same, together
wi th the customary Paying Agent's fee. Such deposi t shall be
at the risk of the City and shall not operate as a payment of
the bonds or coupons until so applied. This instruction to
the Treasurer is irrevocable and may be enforced by mandamus.
Section 11. (a) If there be any default in the payment
of the principal of and interest on any of the bonds, or if
the City defaults in any Bond Fund requirement or in the
performance of any other covenant contained in this Ordi-
nance, the Trustee may, and upon the written request of the
holder s of not Ie ss than ten percen t (10 %) in pr inc ipal amoun t
of the bonds then outstanding shall, by proper sui t compel the
performance of the duties of the officials of the City under
the Constitution and laws of the State of Arkansas and under
this Ordinance and protect and enforce the rights of the
bondholders by acceleration, instituting appropriate pro-
ceedings in law or equity or other action deemed necessary
or desirable by the Trustee.
(b) No holder of any bond shall have any right to
institute any suit, action, mandamus or other proceeding in
equity or at law for the protection or enforcement of any
right under this Ordinance or under the Consti tution and laws
of the State of Arkansas unless such holder previously shall
have given to the Trustee written notice of the default on
account of which such suit, action or proceeding is to be
taken, and unless the holders of not less than ten percent
(10 %) in pr inc ipal amoun t of the bonds then ou tstand ing shall
have made written request of the Trustee after the right to
exercise such powers or right of action, as the case may be,
shall have accrued, and shall have afforded the Trustee a
reasonable opportuni ty ei ther to proceed to exercise the
powers herein granted or granted by the Constitution and laws
of the State of Arkansas, or to institute such action, suit
or proceeding in its name, and unless, also, there shall have
been offered to the Trustee reasonable secur i ty and indemni ty
against the cost, expenses and liabilities to be incurred
thereon or thereby and the Trustee shall have refused or
neglected to comply with such request within a reasonable
time, and such notification, request and offer of indemnity
are hereby declared in every such case, at the option of the
Trustee, to be conditions precedent to the execution of the
powers and trust of this Ordinance or to any other remedy
hereunder. It is understood and intended that no one or more
holders of the bonds hereby secured shall have any right in
any manner whatever by his or their action to affect, disturb
or prejudice the security of this Ordinance, or to enforce any
right hereunder except in the manner herein provided, that
all proceedings at law or in equity shall be instituted, had
and maintained in the manner herein provided and for the
benefit of all holders of the outstanding bonds and coupons,
and that any individual rights of action or other right given
to one or more of such holders by law are restricted by this
Ordinance to the rights and remedies herein provided.
I~;t
(c) All rights of action under this Ordinance or
under any of the bonds secured hereby, enforceable by the
Trustee, may be enforced by it without the possession of
any of the bonds or coupons appertaining thereto, and any
such suit, action or proceeding instituted by the Trustee
shall be brought in its name and for the benefit of all the
holders of the bonds and coupons, subject to the provi-
sions of this Ordinance.
(d) No remedy herein conferred upon or reserved to
the Trustee or to the holders of the bonds is intented to
be exclusive of any other remedy or remedies herein
provided, and each and every such remedy shall be cumu-
lative and shall be ~in addition to every other remedy given
hereunder or given by any law or by the Constitution of the
State of Arkansas.
(e) No delay or ommission of the Trustee or of any
holders of the bonds to exercise any right or power accrued
upon any default shall impair any such right or power or
shall be construed to be a waiver of any such default or
an acquiescence therein, and every power and remedy given
by this Ordinance to the Trustee and to the holders of the
bonds, respectively, may be exercised from time to time
and as often as may be deemed expedient.
(f) The Trustee may, and upon the wr i tten request of
the holders not less than ten percent (10%) in principal
amount of the bonds then outstanding may, waive any
defaul t which shall have been remedied before the entry of
final judgment or decree in any suit, action or proceeding
insti tuted under the provisions of this Ordinance or
before the completion of the enforcement of any other
remedy, but no such waiver shall extend to or affect any
other existing or any subsequent default or defaults or
impair any rights or remedies consequent thereon.
Section 12. That when the bonds herein authorized to
be executed have been executed by the Mayor and Ci ty Clerk
and the seal of the Ci ty impressed as herein provided, they
shall be delivered to the Trustee, which shall authen-
ticate them and deliver them to the purchasers upon
payment in cash of the purchase price of $250,000, plus
accrued interest from February 1, 1981 ("total sale pro-
ceeds"). The amount necessary to provide for the payment
of the principal of and interest on the bonds due on
February 1, 1982 and August 1, 1982 shall be deposited in
the Bond Fund, the City expressly reserving the right to
reimburse the Construction Fund (hereinafter identified)
from the Bond Fund in the amount of such deposit.
The balance of the total sale proceeds shall be
deposited in a special account of the City hereby created
and designated the "Construction Fund" in a bank that is
a member of the Federal Deposit Insurance Corporation.
The moneys in the Construction Fund shall be used for
accompl ish ing the improvemen ts, pay ing expenses inc i-
dental thereto and paying the expenses of issuing the
bonds, with any unexpended balance to be deposited in the
Bond Fund. Disbursement shall be made from the Construc-
tion Fund on the basis of requisitions which shall spec-
ify: the name of the person, firm or corporation to whom
payment is to be made; the amount of the payment; the
purpose of the payment; and that the payment is a proper
charge on the Construction Fund. Each requisi tion must be
signed by the Mayor or by such other person as may be
designated from time to time by the City Council of the
/43
Ci ty. The deposi tory shall issue its check upon the
Construction Fund payable to the person, firm or corpo-
ration designated in the requisition. The depository of
the Construction Fund shall be required to keep records as
to all payments made on the basis of requisitions.
Moneys on deposit in the Construction Fund in excess
of the amount insured by the Federal Deposit Insurance
Corporation must be continuously secured by bonds or other
direct or fully guaranteed obligations of the United
States of America; provided, however, moneys in the Con-
struction Fund that are invested as hereinafter provided
need not be so secured. Moneys in the Construction Fund
may be invested in direct obligations of, or obligations
the principal of and interest on which are guaranteed by,
the United States of America, or in certificates of
deposit of banks or trust companies, including the Trus-
tee, organized under the laws of the United States or any
state thereof, in each case having maturity dates, or
subject to redemption at the option of the holder, not
later than the date or dates on which the moneys will be
needed for accomplishing the improvements.
Section 13. The Trustee shall only be responsible
for the exercise of good faith and reasonable prudence in
the execution of its trust. The recitals in this Ordinance
and in the face of the bonds are the recitals of the City
and not of the Trustee. The Truste shall not be required
to take any action as Trustee unless it shall have been
requested to do so in writing by the holders of not less
than ten percent (10%) in principal amount of the bonds
then outstanding and shall have been offered reasonable
security and indemnity against the costs, expenses and
1 iabil i ties to be incur red there in or thereby. The
Trustee may resign at any time by ten (10) days notice in
writing to the City Clerk, and the majority in principal
amount of the holders of the outstanding bonds at any time,
with or without cause, may remove the Trustee. In the
event of a vacancy in the office of Trustee, either by
resignation or by removal, the majority in principal
amount of the holders of the outstanding bonds may appoint
a new Trustee, such appointment to be evidenced by a
written instrument or instruments filed with the City
Cler k. I f the major i ty in pr inc ipal amount of the holder s
of the outstanding bonds shall fail to fill a vacancy
within thirty (30) days after the same shall occur, then
the City shall forthwith designate a new Trustee by a
written instrument filed in the office of the City Clerk.
The original Trustee and any successor Trustee shall file
a written acceptance and agreement to execute the trusts
imposed upon it or them by this Ordinance, but only upon
the terms and conditions set forth in this Ordinance and
subject to the provisions of this Ordinance, to all of
which the respective holders of the bonds agree. Such
written acceptance shall be filed with the City Clerk and
a copy thereof shall be placed in the bond transcript. Any
successor Trustee shall also become the Paying Agent and
shall have all the powers herein granted to the original
Trustee and Paying Agent.
Sect ion 14. (a) Tha t the terms of thi s Ord inance
shall constitute a contract between the City and the
holders and registered owners of the bonds and no vari-
ation or change in the undertaking herein set forth shall
be made while any of these bonds are outstanding, except
as hereinafter set forth in subsection (b) , and the holder
/9~
or registered owner of any bonds may at any time for and
on his own behalf or for and on behalf of all bondholders
enforce the obligations of the City by a proper suit for
that purpose.
(b) Subject to the terms and provisions contained in
this Section and not otherwise, the holders and registered
owners of not less than seventy-five percent (75%) in
aggregate principal amount of the bonds then outstanding
shall have the right, from time to time, anything con-
tained in this Ordinance to the contrary notwi thstanding,
to consent to and approve the adoption by the Ci ty of such
ordinance supplemental hereto as shall be necessary or
desirable for the purpose of modifying, altering, amend-
ing, adding to or rescinding, in any particular, any of the
terms or provision contained in this Ordinance or in any
supplemental ordinance; provided however, that nothing
herein contained shall permit or be construed as per-
mitting (a) an extension of the maturity of the principal
of or the interest on any bond issued hereunder, or (b)
a reduction in the principal amount of any bond or the rate
of interest thereon, or (c) the creation of a pledge of tax
revenues other than the pledge created by this Ordinance,
or (d) a privilege or priority of any bonds or bonds over
any other bond or bonds, or (e) a reduction in the
aggregate principal amount of the bonds required for
consent to such supplemental ordinance.
Section 15. The Ci ty covenants that it shall not take
any action or suffer or permit any action to be taken or
condition to exist which causes or may cause the interest
payable on the bonds to be subject to federal income
taxation. Without limiting the generality of the fore-
going, the Ci ty covenants that the proceeds of the sale of
the bonds will not be used directly or indirectly in such
manner as to cause the bonds to be treated as "arbitrage
bonds" within the meaning of Section 103 (c) of the
Internal Revenue Code of 1954, as amended.
Section 16. That the firm of Fr iday, Eldredge &
Cl ar k, Li t tIe Rock, Ar kansas, is hereby appointed to serve
as Bond Counsel, and the firm of Stephens Inc., Little
Rock, Arkansas, is hereby appointed to serve as Fiscal
Agent, on behalf of the City in connection with the sale
and issuance of the bonds. In accordance with the terms
of the Notice of Sale published pursuant to Amendment No.
13 to the Constitution of the State of Arkansas, Stephens
Inc. as Fiscal Agent has nominated First Jacksonville
Bank, Jacksonville, Arkansas, as Trustee and Paying A-
gent, which nomination is hereby approved and confirmed.
Section 17. That the provisions of this Ordinance
are separable and in the event that any section or part
hereof shall be held to be invalid, such invalidity shall
not affect the remainder of this Ordinance.
Section 18. That all ordinances and resolutions and
parts thereof in conflict herewith are hereby repealed to
the extent of such conflict.
Section 19. That this Ordinance 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 Ordinance shall be issued and delivered.
Section 20. That it is hereby ascertained and
declared that the above descr ibed improvements to be
constructed out of the proceeds of the bonds authorized
/4$
hereby are immediately needed for the preservation of the
public peace, health and safety and to remove existing
hazards thereto. The improvements cannot be made without
the issuance of the bonds, and therefore, it is declared
that an emergency exists and this Ordinance being nec-
essary for the preservation of the public peace, health
and safety shall be in force and take effect immediately
upon and after its passage.
PASSED: J\"bvernber 5
, 1981.
APPROVED:
~r~-A ~
ACKSONVILLE CITY MAYOR
ATTEST:
~JIJ.J!~~
City Clerk
~"'''"''''''~<<-~~pvRQYED AS () "FtJ~M :
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CITY ATTORNEY