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0113 J . ORDINANCE 00. / ./ 1 AN ORDINANCE it 2WG TUE ISSUANCE OF W)WS IFOR THE IMPOSE OP FINANCING A PORTION OF THE COST OW ACQUIRING A SITE $OR, CONSTRUCTING EQUIPPING A ; as{ ' ICIPAL HOSPITAL; LEVYING A TAX SUFFICIENT TO PAY ',1 PRINCIPAL 07 AND INTEREST ,.:1' g PRESCRIBING OTHER MATTERS RELATING I:e; : r; AND DECLARING EMERGENCY. WVENIAS Y; by Ordinance No. 108, duly passed by the City amen of the City of Jacksonville, Arkansas, and approved on the 17th day of March, 1960, there was submitted to the qualified . elector of the City of Jacksonville, Arkansas the question of ieseing 6150,000 in general obligation bonds under the provisions of a =F = t Po. 13 to the Constitution of the State of Arkansas for the impose of financing a portion of the cost of acquiring a site for, constructing and equipping a municipal hospital; and 4° 11 due notice of the election was given as retteired by law and said election was duly bald on the 17th day of May, 1960, at shish election the electors approved the issuance of bonds for said purposes; and WHEREAS the results of the election were envouneed by the r by a proclamation duly published an the 2nd day Of June, 1960 in a newspaper of bona fide circulation in the City of Jacksonville, Arkansas; and HENNAS after due advertisement for the time and in the manner required by law, bonds in the amount of ,$130,000 were offered for sale on auction bids at the l4unicipal Court Room in Jeaksonville, Arkansas on the 30th day of November, 1960, and at said sale Stephens, Inc" Little Rock. Arkansas, bid and offered the price of 1000 on the dollar and accrued interest to date of delivery for bonds bearing interest at the rate of ti , • Page 2 per annum, and this being the best bid said bonds wore sold to Stephens, Inc., Little Rock, Arkansas, at said price; and +` - +' < pursuant to the authorisation is the Notice of Sale the purchaser has elected to convert the $150,000 of bonds bearing interest at the'rate of 1 per annum to an . isms of $172,000 of 3 1/471, 3 1/21 and 3 3/41 bonds, hereinafter described in detail, and the Council has examined said conversion and bas found the same to be within the provisions of the Notice of Sale, and that by virtue of which the City will pay no more • .receive no less than it would pay and receive if the bow were mot converted; Imo, - 14 ;R,iRE, BE IT 09DAINEA by the City Council • of the City of Jacksonville, Arkansas: Section; Z. That the above referred to improvements approved by the electors at said special election be made and constructed. Section 2, That the sale of $150,000 of bonds bearing interest at the rate of if/ 1 per annum to Stephens, Inc., Little Rock, Arkansas, and the conversion of said bonds to an issue of $172,000 of 3 1/41, 3 1/271 and 3 3/41 bonds be, and the setae hereby are, approved and confirmed. Sestion_,3. That under the authority of the Constitution and laws of the State of Arkansas, including particularly Amend- ment No. 13 to the Constitution of the State of Arkansas, the City of Jacksonville General Obligation Hospital Bonds are her 'y authorized and ordered issued in the total principal amount of $172,000, the proceeds of the sale of which are Page 3 necessary to provide sufficient funds for paying the City's portion of the cost of acquiring a site for, constructing and equipping a municipal hospital, including necessary =ponies incidental thereto and to the issuance of the bonds, and includi as amount sufficient to pay interest on the bonds until tax eel. lections are available., The bonds shall be numbered consecutively from 1 to 172, inclusive, and all bonds shall be in the denomina- tion of $1,000 each. The bonds shall be dated July 1, 1960. s Nos. 1 to 40, inclusive, shall bear interest at the rate of 3 1 /4x per annum; Bonds Nos. 41 to 66, inclusive, shall bear interest et the rate of 3 1/22 per annum; Sonde Nos. 67 to.12S : inclusive, shall bear interest at the rate of 3 3/4% per mamma; and Bonds Nos. 126 to 172, inclusive, shall bear interest at the rate of 3 1 /4% per annum. Interest shall be payable semiaannually er on January 1 and July 1 of each year commencin4 January 1, 1961 The principal and interest shall be payable in lawful money oi' the United States of America upon presentation of the bond's/ proper coupon at the office of Worthen Bank & Trust Companya, Little Sock, Arkansas. The bonds shall mature on July 1 of each year as follows, but are callable as hereinafter sot forth: • • i Page 4 UAR b0 $08. A 1963 1 - 4 $4,000 1964 5 - 8 4,000 1965 9 - 12 4,000 1966 13 - 16 4,000 1967 17 - 20 4,000 1968 21 - 25 5,000 1969 26 - 30 5,000 1970 31 - 35 5,000 1971 36 - 40 5,000 1972 - 41 - 45 5,000 1973 46 - 50 5,000 1974 51 - 55 5,000 1975 56 - 60 5,000 1976 61 - 66 6,000 1977 67 - 72 6,000 1978 73 - 78 6,000 1979 79 - 84 6,000 1980 85 - 90 6,000 1981 91 - 96 6,000 1982 97 - 103 7,000 1983 104 - 110 7,000 1984 111 - 117 7,000 1985 118 - 125 8,000 1986 . 126 - 134 9,000 1987 135 - 143 9,000 1988 144 - 152 9,000 1989 153 - 162 10,000 1990 163 - 172 10,000 jitaion it. That the bonds shall be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. Interest coupons attached to sash • of the bonds may have the facsimile signature of the Mayor of the City lithographed or printed thereon, which signature shall havo the sae force and effect as if he had personally signed each of said coupons. baton 5. That the bonds and coupons shall be in ,; stentially the following forms Page 5 UNITED STATES O CA STATE OF AS CITY OP MONTT r OF KI W ACKSONVILLE 2 GENERAL OBLIGATION HOSPITAL BOND NO. 01, PRESENTS: ALL BY THESE That the City of Jacksonville in be County of State of Arkansas acknowledges itself to owe and far value promises received to pay to bearer the sme of ONE THOUSAND DOLLARS in lawful =nay of the United States of America on the fires day of July, 19. and to pay interest hereon at the rate of tent ( _ 1) per annum fran date. 14014, , ♦., ; .: r ly on January 1 and July 1 of each yenr, conatesing Scoassy 1, 1961,. upon ;presentation surrender of the annexed ' coupons as they severally become dun. Both principal and interest of this bond are hereby ands - % abler at Wortheu Sank & Trust Company. Littletask, Arkansas, This is cue of a sees of one hundred sementrtwo O) , . aggregating One Hundred Seventy Two Thousand Dollars . (0172.11 „ 'f ). dated July 1, 1960, and numbered ewe ens (1) to one dry saventysteo (172), inclusive, all of like tenor mad affect except as to number. rate of interest and maturity, tad She , . ;,:♦ ate issued for the purpose of financing a portion Of the coat of acquiring a site for, constructing and equippiug a hospital. Page d Ibis bond and the series of widish it forms a past are iasaad pursuant to and in full compliance with the Constitution and lama of the State of Arkansas, particularly Amandumnt So. 13 to the Constitution of the State of Arkansas, and pursuant to ordi..c wawas of the City Council of said City and an election duly held at rich the majority.af the legal voters of said City voting on the question voted in favor of the issuance of the bonds. Ibis bond and the series of which it forms a part are general *lie rations of the City of Jacksonville. Arkansas, payable from the proceeds of a throe andone•balf (31) mill spacial tax levied by the City Council under the authority of Aaenchlent 140. 13 to the Constitution of the State of Arkansas, and the City of Jacksonville hereby pledges its full faith, credit and taxing power, inraludin: the said three one -half (31) mill special tax, for the t of this bond and the series of which it forms a part. The City bas agreed that all revenues derived from said tans in excess of the amount necessary to insure the prompt payment of the principal of and Interest an the bonds as'they mature, and the paying agent's fees, and to establish said maintain a reserve for contingencies in the amt oft $S, QOO,2wrist" ba wad to pall the bonds of this issue for payment prior to maturity et the times and in the manner provided herein for Ball and peyment prior to maturity. the bonds of this issue mill be callable for payment 0[ to maturity in inverse numerical order at par and accrued interest from surplus proceeds of the sale of the bonds not required for acquiring a site for, constructing and equipping the municipal hospital, and from surplus tax collections on ,.:_; _. i Page 7 iatemast paying date. They will be callable in inverse numerical order at par and aecruad.interest from funds from any source on any interest paying date on or after Juljl, 1965. 'Notice of the sell for redemption shall be published once a week for two (2) weds in a newspaper published in the City of Little Rock, Arkansas, having a general circulation throughout the State of Arkansas, giving the ,,. •.,;: < ar and maturity of each bond bei.Ag called, the first publication to be at least fifteen (15) days pry' to the to,0rr:tion date, and after the date fixed for ration each bond so called shall cease to bear interest, provided funds for its payment are an deposit with the paying agent at that time. IT IS HEREBY CtRrIfIED, RECITED AND DECLARED that all acts, condition and things required to exist, happen and be per' breed, under the Constitution and laws of the State of Arkansas. particularly Amendment . 13 to the Constitution of the State of Asas, precedent to and in the issuance of this band have nisted, have ha 4::-J and have been performed in due time, form and manner as required by law; that the indebtedness represented Ii by this boned and the issue of which it forms a part does not exceed any constitutional or statutory limitation, and that a tax sufficient to pay the bonds and interest thereon has been duly levied in accordance with said Aetendmeft iio. 13 to the Constitur, Mon of the State of Arkansas and made payable annually until all of the bonds and interest thereon have been fully paid acid discharged. f Page 0 shall This bond not be valid until it shall bare been authenticated by the certificate hereon duly signed by Worths Beek t ,, Little Rock, Arkansas. IN NUMB ,o+ the City of Jacksonville, Awkassas bac executed this bond by the hands of its Mayor and City Clerk and attested it with its corporate seal and bas caused tbe coupons hereto attached to be authenticated by the facetaile signature of its Mayor all as of the first day of .Holy, 1960. CITY or JACKSOBVILLB, ARZANSAS By Mayor a City Clerk (SEW � Page 9 (Foram of span) S January On the first day of July . 19 , the City of Jentommmille, bilaski County, Arkansas, unless the bored to which this Coupon As attached d prior thereto, hereby promises to POY to Nearer DOLLARS la lawful money of the United States of America at the office of ihsthen Sank 6 Trust Company, Little Rock, Arkansas, being dz 06) ° interest then due on its General Obligation nal Bond dated July 1 1960, and numbered CITY OF JACKSONVILLE, ARKANSAS By .. _.�_ .. or shall Oa each bond appear following CERTIFICATE This is to certify that Otis is oar of the one hundred esommtrotwo (172) bonds of the issue mentioned and described within. ROOMS BARK di TRUST COMPANY LITTLE ROCK, ARKANSAS By Little Rook, Arkameas 1960. Page 10 • Section 6. That in order to pay the bonds as they mature, with interest thereon, there is hereby levied upon all triable real end personal property within the City of Jacksonville, Arkansas, a continuing special tax of three and one -half (30 mills on each dollar of assessed valuation to be collected with the taxes 4o14acted in the year 1961 and continuing as long thereafter as may be necessary to pay the principal of and interest on the bonds authorized by this ordinance, being a sum sufficient to pay the principal of and interest on the bonds as they mature, with more than five (5) per cent added for unforeseen contingencies; and t h e City Clerk is directed to transmit a copy of this ordinance to the County Clerk of Pulaski County, Arkansas, to the and that said has 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. The City covenants and agrees that all of the revenues from the said three and one -half (3) trill tax shall be placed in a separate fund which is hereby created and dist'. ted "1960 General Obligation Hospital Bond Fund", and shall be used solely for the payment of the principal of and interest on the bonds of this iiane, and the paying agent's fees, as set forth in this ordinance. The amount of said deposit to cans of: that_ insured by the Federal Deposit Insurance Corpora - '.tio:31214st Abe continuously secured by bonds or other direct or fully guaranteed obligations of the United States of America. The City covenants that all revenues derived from said special tax in excess of the amount necessary to insure the prompt pay- ment of the principal of and interest on the bonds as they mature, and the paying agent's fees, and in excess of the Page 11 amount necessary to establish and maintain a reserve for tontiaa- gencies in the act of $5,000, must be used to call the bonds of this Josue for payment prior to maturity at the times and in the meaner provided herein for call and payment prior to maturity. gpatian 7. That for the pr. , , =:t payment of the bonds of this issue with interest, the City of Jacksonville, Arkansas hersby pledges its full faith, credit and taxing power, ivaluding the tax levied in Section 6. Section 8 That in order to pay the principal of and interest on said bonds as they mature, there are hereby appropriated out of the proceeds of the tax herein levied, and if such proceeds be not sufficient, then out of the general revenues of the City, the following sums: • TEAR 1010 l ' . PRINCIPAL INTEREST TOTAL i. JANU RT 1 JULY 1 1961 $ $2,975.00 62,973,00 45,130.00 1962 2,975,00 ✓ 2,975.00 • '.11 1963 1 - 4 4,0 2,975.00 2,875.00 ,, 4 ,, 1964 5 - 8 ,4,000 , 2,910.00 2,910.00 9 0830,00 1 96 5 __-- -- _._ ].2 L4, ''t''- 2e�''!, 2.,80..-00 Xi- 9. ,116C---____a_•___16 : _ 4,00031 � , :A 4 e a4 't <<c 2,780.00 . ' 9,560.00 1987 17 - 20 4,000 2,715.00 2,715.00 9,430.00 1968 21 • 25 5,000 2,636.00 2,650.00 10,300.00 1969 26 - 30 5,000 2,568.75 2,568.75 10,137.50 1970 31 - 33 5,000 2,487.50 2,487.50 9,975.00 1971 36 - 40 5,000 2,406.25 2,406.25 9,812.30 1972 41 - 45 5,000 2,325.00 2,325.00 " ';9,630,00 1973 46 - 30 5,000 2,237.50 2,237.50 9,473.00 1974 51 - 35 5,000 2,150.00 2,150.00 9,300.00 1973 36 - 60 5,000 2,062.50 2,062.50 ;9.12},00 1976 61 - 66 6,000 1,975.00 1,975.00 .9,930.00 1977 67 - 72 6,000 1,870.00 1,870.00 9,740.00 1978 ; 73 • 78 6,000 1,757.50 1,757.50 9,315,00 1979 79 - 84 6,000 1,645.00 1,645.00 9,290.00 1980 85 • 90 6,000 1,532.50 1,532.50 9,065.00 1981 91 - 96 6,000 1,420.00 1,420.00 8,840.00 1982 97 - 103 7,000 1,307.50 1,307.50 9,613.00 1983 104 - 110 7,000 1,176.25 1,176.25 9,352.50 1984 111 - 117 7,000 1,045.00 1,045.00 9,090.00 1985 118 - 125 8,000 913.75 913.75 9,827.30 1986 126 - 134 9,000 , ',I / : E 763.75 763.73 10,527.30 1987 135 - 143 9,006V- 617.50 617.50 10,235.00 1988 144 - 152 � > 9,000 471.25 471.25 9,942,50 1989, 153 • 162 710,000 :` j 323.00 325.00 10,630.00 1990. 163 - 172 t 10,000 i. 162.50 162.50 10,325.00' Page 12 That the bonds of this issue shall be callable for payment prior to maturity in accordance with the terse set out in the face of the bond form in Section 3 of this oar e. Sgption Q. That the Treasurer of the City of Jac lle, Arkansas ap is hereby ordered and directed to place an deposit with Worthen Sank b Trust Compmay, Little Rock, Arkansas, the paying agent, at least five (5) days before the maturity date of any bed sr interest coupon issued hereunder, an amount from the im appropriated equal to the ammmnt of such bonds or coupons, for the soles purpose of paying the same, together with the customary paying agent's fee. Such dopacit shall he at the rick of the City and shall not operate as a payment of the bonds or coupons until so applied, Ibis instruction to the Treasurer is irrevocable and may be enforced hysanderms. Pion 11, That Worthen t Company, Little , Arkansas, is designated as paying agent. The holders of a $ority In value of the outstanding bonds at any time may by a instrument duly easseuted and recorded in the office of the City Clerk appoint a new paying agent, who shall have all of the pavers Of the Plying agent originally named, and the Paying Agent herein mead T resign at way time wan ten (10) days' notice in sera mailed to the City Clerk. In the event of a vacoacy in the office of ?wine Agent and the failure of the holders of a majority in value of the outstanding i bonds to take the necessary action to appoint a new paying agent within thirty (30) days after such vattacy occurs, the City shall forthwith designate a new paying agent. - I/1 Page 13" ► jeetiOn n 1t if default is made and continues for thirty (30) days in the payment of any interest coupon, the holder of the bond to which it is attached may declare the same immediately end able, and the failure of the holder to exercise tbis option upon any default shall not be a waiver of his right to exercise the option upon any subsequent default. jgglis That when the bonds heroin authertied to be executed have been ted by the Mayor and City Clerk and the seal of the City impressed as herein provided, they shalt be delivered to Worthen Bank it Trust Company, Little Rock Arkansas, 1 aide shall authenticate them and deliver than to tt ,, Little Rock. Arkansas, or, order, upon payment in calk of the purchase price plus accrued interest. The accrued interest Ovs amount such ot proceeds of the sale of the boade as shall . be sufficient to pay the interest on the bonds until proceeds of the spacial tax are available shall be deposited in the "1900 General Obligation Hospital paced". The balance of the proceeds of the bonds shall be deposited in trust in a special account designated filespital Construction " and used for no other purpose than acquiring a site for, constructing and equipping the municipal hospital* pains necessary expenses iucidental thereto and payiug the esspenses of issuing the bonds. The City expressly reserves the right to pay into the Hospital Construction Fund out of the ftrst available proceeds of the special tax not required for meetins bond principal and interest payments and payiug eat feea an amount equal to the amount of the proceeds of the bonds used to pay interest before the proceeds of the special tanners available. Any unexpended balance remaining in the fund after Page 14 the . ., latices of said improvements nay be used to call tbs of this ' issue for payment prior to maturity, but Leon @g soused, bed sited in the "1960 General Obligation Mo i t r_ fund", • Section, 14 (a) That the terms of this ordinanei shall stratitute a cantract between the City oflacheonvillse Amtanses e the holder or holders of the bonds and no variation or e in the undertaking herein set forth 1 be made'While any of theme are outstanding, except as hereinafter set forth in Section Ca), and the holder of any bonds may at any timefar .. ea ® ova behalf or for and en behalf of all bondholders enforce the , obligatices of the City by a proper wait for that purpomes Subject to the terms and prettoices contateed in this section add not otherwise, the holders of not Tess than �- seventyefive per cent (7 51) in aggregate principal amount of the bonds then outstanding shall have the right, from time to► anything contained in this ordinance to the contrary notwithstande int, to consent to and approve the adoption by the City of otteance supplemental beret* as shall be necessary or desirable for the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or contained in this ordinance or in any supplemental ordinance; provided, however, that nothing herein contained shall permit or b® construed as permitting (a) an extension of the maturity of the principal of or the interest on any bond issued hereunder, or ) a reduction in the principal mount of any bend or the rate of interest therein, or (a) the creation of a pledge of tee revenues other than the pledge created by this ordinance, or Page 15 • (d) a privilege of priority of any bond or bonds over spy other bond as bonds, or (e) a reduction in the aggregate principal amount of the bonds required for consent to sudh supplemental ordinance. boat 1l. That the provisions of this ordleance afe separable and in the event that any section or part hereof Shell be held to be invalid, such invalidity shall not affect the 6 remainder of this ordinance. $fit lb. That all ordinannee and resolutions and parte thereof in conflict herewith are hereby repealed to the extent of such conflict. ligglAggAZ. That this ordinance shall not create say right of any character and no right of any character Oball arise ender or pursuant to it until the bonds authorized by this ordinance Shall be issued and delivered. SPetien 18. That it is hereby ascertained and deelesed that the acquisition . of a site for construction and equipment of s municipal hospital is inatediately necessary for the premiere 'ration of the public peace, health and safety. Such acquisition, construction and mg—element cannot be made without the issuance of these beads and, therefore, it is declared that an exists and this ordinance being necessary for the preservatiom of the public peace, health and safety shall be in force and take effect immediately upon after its passage. PASSED: F / ® � g p 8 ‘.1 . t ' a — , 1960, 4 / / ATTEST: Mayor W i t C L 1 lts2 ity e ( ) CUZTIVICATE The signed, City Clerk of the City of Jacksonville„ Arkansas, hereby certifies, that the foregoing A., numbered 1 to 13, inclusive, are a true and correct' copy of Ordinance adopted at a ' sass ,. of the Council of the City of Jacksonville, e held at the regular meeting place of the Council in said City at o'clock .m., on the day of 1960, and that said ordinance is of record in Ordinance Record Rook No. .4 page now in my possession. and Given r my hand/seal this day of 0 1960. .' 1 City Clerk" 0 -3 Jacksonville, Ark. G/0 Hospital July 1 Jan. 1 Tear Bond # Prin-.- ._ 11 , �� ter- sc� ci e A Q � i - 196i,_,131,1& ►►1 J. 2 t "� -4._ ►► `' ,. 67 7 20 il 2,3.11,00 2,390.00 1968 21/2c ,000. 1,3/5.0( 2,325.00 1969 26/30445,000.00 2,243.75 2,243.75 1, 1970 31/35 5,000.00 2,162.50 2,162.50 1971 36/40 5,000.00 2,081.25 2 081.25 1972. 41/45 5,000.00 2,000.00�,0 ). 1973 46/50 5,000.00 1,913.50 1,912.50 1974 . 51/55`5,000.00 1,825.00 1,825.00 1975 56/60 x `' • 5,000.00 1,737.50 1,737.50 1976 61(66 6,000.00 1,650.00 1,650.00 1977 67/72 6,000.00 1,545.00 1,545.00 1978 73/78 6,000.00 1,432.50 1,432.50 1979 79/84 6,000.00 1,320.00 1,320.00 • 1980 .85/90 1,207.50 1,207.50 1981 . 91/96 6,000.00 1,095.00 1,095.00 • 1982 97/103 7,000.00 982.50 982.50 1983 104/110 .7,000.00 851.25 851.25 1984 111/117 7,000.00 720.00 720.00 --� 1985 118/125 8,000.00 51& _2,5 588.75 �<..'..e, 7 ,Y " 7 4 4 >" , . .9 CP e. f0 986 1 26/134 X11 ?438:25.--ear 8.7 - _.50 1987 292.50 292.50 Pcw - 7 '" ' 1988 144/152 '9,000.00 146.25 146.25) VJt /L /' To reflect chanve after call of bonds # - 153/172 on 7/1/65. ■ Fee 5g per coupon, 1.25 per M Principal $5.00 minimum each six months t re a • . t 0