0121WHEREAS the City Council has determined that extensions,
betterments and improvements should be constructed to the
waterworks and sewer systems (which are operated as one system
and will hereinafter be called "systems"), in order to make the
facilities of the systems adequate for the needs of the City and
its inhabitants; and
WHEREAS the City has had plans and estimates prepared by
Marion L. Crist and Associates, Consulting Engineers, Little
Rock, Arkansas, a brief general description of which is as
follows: improvements and enlargement of the sewage treatment
plant which serves the Little hock Air Force Base and part of
the City of Jacksonville; construction of a relief sewer to
relieve an overloaded condition in the existing sewer system;
and general water improvements; and
WHEREAS the plans and estimates are on file in the office
of the City Clerk, where they may be inspected by any interested
person; and
WHEREAS the Little Rock Air Force Base, Jacksonville,
Arkansas, has agreed to contribute the sure of $114,000 of the
funds necessary for the said extensions, betterments and improve-
ments; and
WHEREAS the City can obtain the additional $65,000 of
the funds necessary for the said extensions, betterments and
improvements only by the issuance of Waterworks and Sewer
Page 2
WHEREAS the City has outstanding an issue of combined
Waterworks and Sewer Refunding and Improvement Revenue Bonds
dated December 1, 1952, issued under Resolution No. 2 passed and
approved October 30, 1952 and Resolution No. 3 passed and approved
on November 11, 1952; an issue of Waterworks and Sewer Revenue
Bonds dated May 1, 1957, issued under Ordinance No. 89, passed
and approved on April 18, 1957; and an issue of Waterworks and
Sewer Revenue Bonds dated January 1, 1960, issued under
Ordinance No. 103 passed and approved on January 4, 1960; and
WHEREAS under the provisions of Section 15 of said Resolu-
tion No. 2, Section 10 of said Ordinance No. 89, and Section 11
of said Ordinance No. 103, additional waterworks and sewer
revenue bonds may be issued for extensions, betterments and improve-
ments to the systems ranking on a parity with the bonds outstand-
ing under said Resolution No. 2, Ordinance No. 89 and Ordinance
No. 103 if the revenues of the systems for the fiscal year
next preceding were sufficient to provide for all costs of
operation, repair, maintenance and depreciation of the systems
and leave a balance equal to at least one hundred -fifty per cent
(15070) of the maximum amount that will become due in any year
for principal, interest and service charges on the bonds out-
standing and the bonds proposed to be issued; and
WHEREAS there has been prepared and filed with the City
Council a statement by an independent certified public accountant
which reflects that the revenues of the systems for the last
fiscal year were sufficient in amount to meet the above require-
ments, which statement is on file with the City Clerk; and
WHEREAS the City Council has determined that it would be
in the best interest of the City and its inhabitants for the
said extensions, betterments and improvements to the Systems
to be constructed and that revenue bonds be issued to finance
the same; and
WwWXAS the City has entered into a contract with Stephens,
Inc., Little Rock, Arkansas, for the sale of $65,000 of Waterworks
and Sewer Revenue Bonds, dated June 1, 1961, bearing interest
at the rate of 4.59% per annum with the interest payable semi-
annually on June 1 and December 1 of each year, commencing
December 1, 1961, and maturing on December 1 in each of the
years 1962 to 1986, inclusive, with the privilege of conversion
to an issue bearing a lower rate or rates of interest, the con-
version to be upon such terms that the City receive no less and
pay no more than it would receive and pay if the bonds were not
converted; and
WHEREAS the purchaser has elected to convert the bonds to
an issue of $71,750.00 of Waterworks and Sewer Revenue Bonds
bearing interest at the rates of 3 1/4%4, 3 3/4%, 47. and 4 1/47.
per annum, and upon examination the Council has found and deter-
mined that the cost of maturing the bonds after conversion is
$666.14 less than the cost of maturing the bonds prior to con-
version, and that the conversion is within the terms of the con-
tract of sale and is proper;
IOW, THEREFORE, BE IT ORDAINED by the City Council of the
City of Jacksonville, Arkansas:
Section 1. That the above described extensions, better-
ments and improvements to the Systems be constructed.
Page 4
Section 2. That the sale of the bonds to Stephens, Inc.,
Little Rock, Arkansas and the conversion thereof from $65,000
of 4.89% Waterworks and Sewer Revenue Bonds to $71,750 of
3 1/4%, 3 3/470, 47. and 4 1/47. Waterworks and sewer Revenue Bonds
be, and the same hereby are, approved and confirmed.
Section 3. That under the authority of the Constitution
and laws of the State of Arkansas, including particularly Act
No. 131 of the Acts of Arkansas of 1933, as amended, Act No.
132 of the Acts of Arkansas of 1933, and a decision of the
Supreme Court of the State of Arkansas in g1tZ of Harrison v.
Braswell, 209 Ark. 1094, City of Jacksonville Waterworks and
Sewer Revenue Bonds are hereby authorized and ordered issued
in the total principal mount of Seventy -One Thousand, Seven
Hundred Fifty Dollars ($71,750), the proceeds of the sale of
which are necessary to provide sufficient funds to pay the City's
share of the cost of completing the construction of above des-
cribed improvements, including other necessary expenses incidental,
thereto and to the issuance of the bonds. The bonds shall be
dated June 1, 1961 and shall be numbered consecutively from one
(1) to seventy-eight (78), inclusive. The bonds shall be in the
denomination of $1,000 each, except that Bond No. 3 shall be in
the denomination of $250 and Bonds Nos. 16, 19, 22, 25 / 28, 31,f
50, 549 58,62 and 66 shall be in the denomination of $500 each.
Bonds Nos.'l to 25, inclusive, shall bear interest at the rate of
3 1/47. per annum; Bonds Nos. 26 to 40, inclusive, shall bear in-
terest at the rate of 3 3/47. per annum; Bonds Nos. 41 to 58, in-
clusive, shall bear interest at the rate of 4% per annum; and
Bonds Nos. 59 to 78, inclusive, shall bear interest at the rate
of 4 1/47. per annum
Page 5
The principal and interest shall be payable
In lawful money of the United States of America upon presentation
of the bond or proper coupon at the office of Union National Bank
of Little Rock, Little Rock, Arkansas. The bonds shall mature
on December 1 in each year as follows, but shall be callable for
payment prior to maturity as provided in the face of the bonds:
1962
$29250
1963
2,000
1964
2,000
1965
2,000
1966
2,000
1967
2,000
1968
2,500
1969
2,500
1970
2,500
1971,
2,500
1972
2,500
1973
2,500
1974
3,000
1975
3,000
1976
3,000
1977
3,000
1978
3,000
1979
3,500
1980
3,500
1981
3,500
1982
3,500
1983
3,500
1984
4,000
1985
4,000
1986
4,000
Section 4. That it is hereby determined and declared
that the requirements of Section 15 of Resolution No. 2, Section
10 of Ordinance No. 89 and Section 11 of Ordinance No. 103 of
the ordinances of the City of Jacksonville, Arkansas, have been
fully satisfied and complied with and that, therefore, the bonds
authorized hereunder shall be issued on a parity with the out-
standing City of Jacksonville Waterworks and Sewer Improvement
Revenue Bonds, dated December 1, 1952, the City of Jacksonville
Waterworks and Sewer Revenue Bonds dated May 1, 1957, and
the City of .Jacksonville Waterworks and Sewer Revenue Bonds
dated January 1, 1960, and shall be secured equally and ratably
Page 6
by the revenues pledged thereto as hereinafter specifically
provided.
Section 5. 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 each
of said bonds may have the facsimile signature of the Mayor litho-
graphed or printed thereon, which signature shall have the same
force and effect as if he had personally signed each of said
coupons. The bonds, together with interest thereon, shall be
payable solely out of the "Waterworks and Sewer Revenue Bond Fund"
created by Section 9 of Resolution Ido. 2, passed and approved
October 30, 1952, and presently being maintained, and shall be
a valid claim of the holders thereof only against such fund, and
the amount of revenues pledged to such fund, which amount of said
revenues is hereby pledged and mortgaged for the equal and ratable
payment of the outstanding City of Jacksonville Waterworks and
Sewer Refunding and Improvement Revenue Bonds dated December 1,
1952, the City of Jacksonville Waterworks and Sewer Revenue Bonds
dated May 12 1957, the City of Jacksonville Waterworks and Sever
Revenue Bonds dated January 1, 1960, and the bonds authorized and
issued hereunder, and shall be used for no other purpose than
to pay the principal of and interest on said bonds and the paying
agent's fees, except as may be otherwise specifically provided
herein. The bonds and the interest thereon shall not constitute
an indebtedness against the City within any constitutional or
statutory limitation.
Page 7
Section 6. That the bonds and coupons shall be in sub-
stantially the following form and the Mayor and City Clerk are
hereby expressly authorized and directed to make all recitals
contained therein:
No.
Page 8
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PUTASKI
CITY OF JACKSONVILLE
% WATERWORKS AND SEER REVENUE BOND
$
That the City of Jacksonville, County of Pulaski, and
State of Arkansas, acknowledges itself to owe, and for value
received hereby promises to pay to bearer solely from the special
fund provided as hereinafter set forth the principal sum of
in lawful money of the United States of America on the first day
of December, 19 , and to pay solely from said special fund
interest hereon at the rate of per cent (_______,7.)
per annum from date, semi-annually on the first day of June and
December in each year commencing December 1, 1961 upon presenta-
tion and surrender of the annexed coupons as they severally become
due. Roth principal and interest of this revenue bond are made
payable at the office of Union National Bank of Little Rock,
Little Rock, Arkansas.
This bond is one of a series of seventy-eight (78) revenue
bonds aggregating Seventy -One Thousand, Seven Hundred Fifty
Dollars ($71,750), dated June 1, 1961, numbered from 1 to 78, in-
clusive, all of like tenor and effect, except as to number, rate
of Interests denomination and maturity, and are issued for the
purpose of providing for the payment of the cost of constructing
extensions, betterments and improvements to the Waterworks and
Sewer Systems of the City of Jacksonville, Arkansas.
This bond and the series of which it forms a part are
issued pursuant to and in full compliance with the Constitution
Page 9
and laws of the State of Arkansas, including particularly Act
131 of theActs of Arkansas of 1933, as amended, Act 132 of the
Acts of Arkansas of 1933, and the decision of the Supreme Court
of the State of Arkansas in City of Harrison v. Braswell, 209 Ark.
1094, and pursuant to Ordinance No. of the City Council
of the City of Jacksonville, Arkansas, duly adopted and approved
on the day of , 1960, which ordinance
sets forth specifically and in detail the pledges and covenants
of the City for the payment of the principal of and interest on
the bonds and to which reference may be had for a detailed state -
anent of said pledges and covenants. The bonds do not constitute
an indebtedness of the City of Jacksonville, Arkansas within any
constitutional or statutory limitation. They are not general
obligations of the City, but are special obligations payable
solely from a fixed amount of the revenues derived from the
operation of the Waterworks and Sewer Systems, which amount shall
be sufficient to pay the principal of and interest on the bonds as
the same become due and payable. Said amount has been duly set
aside and pledged as a special fund for that purpose and identified
as the 19Waterworks and Sewer Revenue Bond Fund". This bond and
the series of which it forms a part are issued on a parity with
the outstanding bonds of an issue of City of Jacksonville Combined
Waterworks and Sewer Refunding and Improvement Revenue Bonds, dated
December 1, 1952, and issued under Resolution No. 2 of the City
of Jacksonville and the outstanding bonds of an issue of City
of Jacksonville Waterworks and Sewer Revenue Bonds, dated May 1,
1957, and issued under Ordinance No. 89 of the ordinances of the
City of Jacksonville, and the outstanding bonds of an issue of
the City of Jacksonville Waterworks and Sewer Revenue Bonds,
Page 10
dated January 1, 1960, and issued under Ordinance No. 103 of
the ordinances of the City of Jacksonville, and are secured
equally and ratably by and payable from the revenues of the
Waterworks and Sewer Systems. The City has fixed and has
covenanted and agreed to maintain rates for water and sewer
services which shall be sufficient at all times to provide for
the payment of the reasonable expenses of operation, repair
and maintenance of the Systems, for the payment of the principal
of and interest on all outstanding bonds, including the bonds
of this issue, as the same become due and payable, and to provide
depreciation funds for necessary replacements.
This bond is expressly made negotiable under Act 131
of the Acts of Arkansas of 1933, as amended, and Act 132 of the
Acts of Arkansas of 1933, and is issued with the intent that the
laws of the State of Arkansas shall govern the construction thereof.
By virtue of the authority of said Act 131 of 1933, as
amended, there is granted and created a statutory mortgage lien on
the betterments and improvements to the waterworks system con-
structed out of the proceeds of this issue to and in favor of the
holders of the bonds and each of them, and to and in favor of the
holders of the coupons evidencing the interest on said bonds and
each of them, and said betterments and improvements shall remain
subject to such statutory mortgage lien until the payment in full
of all of the bonds, both principal and interest, shall have been
made. Under the provisions of said Act 132 of 1933, a lien is fixed
upon the land for any unpaid sewer charge, even though the use of
the sewer system is by a tenant or lessee instead of the owner,
and pursuant thereto the City Council has provided that suit will
Page 11
be brought to enforce the lien and to collect unpaid sewer
charges.
The bonds of this issue shall be callable for payment
prior to maturity, at the option of the City, in inverse numerical
order at par and accrued interest on any interest paying date
from the unexpended proceeds of the sale of the bonds not needed
for the construction of the authorized extensions, betterments and
improvements to the Systems and from surplus waterworks and sewer
revenues. On and after .Tune 1, 1971, the bonds shall be
callable, at the option of the City, in inverse numerical order
at par and accrued interest on any interest paying date with funds
from any source. Notice of the call for redemption shall be
published once a week for two (2) weeks in a newspaper published
in the City of Little Rock, Arkansas and having a general circu-
lation throughout the state of Arkansas, giving the number and
maturity of each bond being called, the first 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.
This bond shall not be valid until it shall have been
authenticated by the certificate hereon duly signed by Union
National Rank of Little Rock, Little Rock, Arkansas.
It is hereby certified, recited and declared that all
acts, conditions and things required to exist, happen and be per-
formed, 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
Page 12
any constitutional or statutory limitations; and that sufficient
of the income and revenue which is deemed to be derived from
the operation of the Waterworks and Sewer Systems had been pledged
to and will be set aside into said special fatted for the payment
of the principal of and interest on said bonds.
IN WITNESS WHEREOF, the City of Jacksonville, Arkansas
by its City Council has caused this bond to be signed by the
Mayor and City Clercs thereof and sealed with the corporate seal
of said City, and has caused the coupons hereto attached to be
executed by the facsimile signature of said Mayor, all as of
the first day of december, 1960.
CITY OF JACKSONVILLE, ARKANSAS
xy
Mayor
City Clerk
Page 13
(Form of Coupon)
No. $
June
On the first day of December, 19�, the City of
Jacksonville, Pulaski County, Arkansas, unless the bond to which
this coupon is attached is paid prior thereto, hereby promises
to pay to bearer, solely out of the fund specified in the bond
to which this coupon is attached
r, 8
in lawful money of the United States of America at the office
of Union National Bank of Little Rock, Little Rock, Arkansas,
being six (6) months' interest then due on its Waterworks
and Sewer Revenue Bond, dated June 1, 1961, and numbered
CITY OF JACKSONVILLE, ARKANSAS
BY
Mayor
on each bond shall appear the following
CERTIFICATE
Union National Bank of Little Rock, Little Rock,
Arkansas, hereby certifies that this is one of a series of
bonds described herein, aggregating $71,750, numbered from 1
to 78, inclusive, all of like tenor and effect except as to
number, rate of interest, denomination and maturity.
UNION NATIONAL BANK OF LITTLE ROCK,
LITTLE ROCK, ARKANSAS
By
Authorized Signature
Little Rock, Arkansas
�9 1961
Page 14
Section 7. (1) That the City covenants that it will
continue in effect the present schedules of rates for the services
of the Systems, which schedules were established by Ordinance
No. 43 passed and approved on the 13th day of August, 1953, to which
reference is hereby made for a statement of said schedules, and
the provisions of said Ordinance No. 43 are incorporated herein
as though fully set forth at this point. Furthermore, the City
has outstanding certain contracts covering special uses, in-
cluding, without limitation, a contract with the United States
Government covering services of the Systems furnished the Air
Force Base near Jacksonville, and the provisions of said special
contracts are incorporated herein as though fully set forth at
this point. The said schedules and contracts are hereinafter
referred to as "said rates".
(2) That the City covenants and agrees with the holders
of the bonds and coupons that said rates will produce a total
revenue sufficient to pay the operation, repair and maintenance
expense of the Systems, to provide for the payment ofahe principal
of and interest on all outstanding bonds, including the bonds of
this issue, as the same become due and payable, the Paying Agent's
fees, and to provide adequate depreciation funds for necessary
replacements to the Systems. And, the City covenants and agrees
that said rates shall, from time to time when necessary, be in-
creased to the extent necessary to provide for the above set forth
purposes.
(3) That none of the services afforded by the Systems
shall be furnished without a charge being made therefor. In the
event that the City or any department, agency or instrumentality
Page 15
thereof, shall avail itself of the facilities and services afforded
by the Systems, the reasonable value of the services or facilities
so afforded shall be charged against the City or such department,
agency or instrumentality and shall be paid for as the charges
therefor accrue. The revenues so received shall be deemed to be
revenues derived from the operation of the Systems and shall be
used and accounted for in the same manner as the other revenues
derived from the operations of the Systems; provided, however, that
nothing herein shall be construed as requiring the City or any
department, agency or instrumentality thereof to avail itself
of the facilities or services afforded by the Systems.
Section 8. That as above provided, the bonds issued
hereunder shall rank on a parity with the outstanding bonds of
the City of Jacksonville Combined Waterworks and Sewer Refunding
and Improvement Revenue Bonds, dated December 1, 1952, and issued
ander Resolution No. 2 of the City of Jacksonville, and the City
of Jacksonville Waterworks and Sesser Revenue Bonds, dated May 1,
1957, and issued under Ordinance No. 89 of the Ordinances of the
City of Jacksonville, and the City of Jacksonville Waterworks
and Sewer Revenue Bonds, dated January 1, 1960, and issued
under Ordinance No. 103 of the ordinances of the City of Jackson-
ville, and are secured equally and ratably by and payable from
the revenues of the Systems. Therefore, all provisions of said
Resolution No. 2, Ordinance No. 89 and Ordinance No. 103, except
those in express conflict herewith, or clearly inapplicable hereto,
are incorporated herein by reference as though fully set forth
at this point.
Section 9. That the required monthly deposits into
the Waterworks and Seager Revenue Bond Fund, created by Section 9
Page 16
of said Resolution No. 2 and presently being maintained, shall be
increased in an amount necessary to provide funds for the payment
of the principal of and interest on the bonds issued hereunder
as they mature, according to the following schedule and to increase
the amount in the reserve for contingencies to the total amount of
$39,000.
YEAR
BOND
NOS.
PRINCIPAL
INTEREST
JUNE 1 DECEMBER 1
AMOUNT
1961
$
$ $
19357.81 $
1,357.81
1962
1
- 3
2,250
1,357.81
1$57.81
49965.62
1963
4
- 5
2,000
19321.25
19321.25
4,642.50
1964
6
- 7
29000
1,288.75
19288.75
4,577.50
1965
196-6-
- 10
-11
29000
1,223.75
13,223.75
4,447.50
1967
12
-13
23,000
1,191.25
11191.25
42382.50
1968
14
-16
2,500
1,158.75
13,158.75
4,817.50
1969
17
-19
29500
1,118.12
1,118.13
42736.25
1970
20
-22
2,500
19077.50
1,077.50
4,655.00
1971
23
-25
2,500
1,036.88
1,036.87
4,573.75
1972
26
-28
21500
996.25
996.25
4,492.50
1973
29
-31
2,500
949.37
949.38
4,398.75
1974
32
-34
3,000
902.50
902.50
4,805.00
1975
35
-37
3,000
846.25
846.25
4,692.50
1976
38
-40
3,000
790.00
790.00
4,580.00
1977
41
-43
31000
733.75
733.75
4,467.50
1978
44
-46
32000
673.75
673.75
4,347.50
1979
47
-50
3,500
613.75
613.75
4,727.50
1980
51
-54
3,500
543.75
543.75
4,587.50
1981
55
-58
32500
473.75
473.75
4,447.50
1982
59
-62
3,500
403.75
403.75
49307.50
1983
63
-66
3,500
329.38
329.37
49158.75
1984
67
-70
4,000
255.00
255.00
4,510.00
1985
71
-74
4,000
170.00
170.00
4,340.00
1986
75
-78
4,000
85.00
85.00
4,170.00
To this end the additional monthly deposits shall be one-fifth
(1/5) of the next installment of interest and one-tenth (1/10)
of the next installment of principal, plus an amount sufficient
to provide for the paying agent's fees, on all outstanding bonds
issued hereunder until the reserve for contingencies has Increased
to the sum of $39,000, and thereafter the required additional
Page 17
monthly deposits shall be one-sixth (1/6) of the next installment
of interest and one -twelfth (1/12) of the next installment of
principal, plus an amount sufficient to provide for the paying
agent's fees, on all outstanding bonds issued hereunder.
Section 10. That the bonds issued hereunder shall be
callable for payment prior to maturity in accordance with the
terms set out in the bond form.
Section 11. That the requirements for parity bonds shall
be the same as set forth in Section 15 of said Resolution No. 2
with the reference to "outstanding bonds of this issue" to include
all outstanding parity bonds at the time.
Section 12. That in addition to the remedies conferred
upon the bondholders by said Resolution No. 2, the City covenants
that:
(1) The bonds issued hereunder shall have the protection
of the provisions of Section 13 of Act 132 of the Acts of Arkansas
of 1933 (Ark. Stats. 19-4113), and the City agrees to bring fore-
closure suits for past due service charges.
(2) The holder or holderscf any of the bonds may enforce
any remedy set forth in Act 131 of the Acts of Arkansas of
19339 as amended, and Act 132 of the Acts of Arkansas of 1933.
(3) There shall be a statutory mortgage lien upon the
extensions, betterments and improvements to the Waterworks System
constructed from the proceeds of the bonds issued hereunder, which
shall exist in favor of the holder of the bonds, and each of them,
and in favor of the holder of the coupons attached to said bonds,
and each of them, and such extensions, betterments and improvements
shall remain subject to such statutory mortgage lien until pay-
ment in full of the interest on and principal of the bands,
MIM
provided, however, that such statutory mortgage lien shall be
interpreted according to the decision of the Supreme Court of the
State of Arkansas in City of Harrison v. Braswell, 209 Ark. 1094.
(4) No remedy referred to herein or in said Resolution
No. 2 is intended to be exclusive of any other remedy, but each
such remedy is cumulative and in addition to every other remedy
and may be exercised without exhausting and without regard to any
other remedy conferred by this ordinance, by said Resolution No.
2, by Act 131 of the Acts of Arkansas of 1933, as amended, by
Act 132 of the Acts of Arkansas of 1933, or by any other law.
Section 13. That the owner or owners of all improved
property lying within the area that will be served by the Sewer
System, after the proposed extensions, betterments andimprove-
ments have been completed, are hereby directed and required, upon
written request, to connect all toilet and waste water facilities
of such improved property with the Sewer System; and the owners of
property that is improved after the completion of the proposed
extensions, betterments and improvements to the Sewer System shall,
upon written request, immediately connect the toilet and waste
water facilities of such property with the Sewer System. The
required written notice shall be given at least thirty (30) days
prior to the final date for connection, and if any property owner
shall fail to make such connection after having been so requested
in writing, the City hereby covenants and agrees to institute
appropriate proceedings in a court of competent jurisdiction to
compel such connection. Furthermore, any property owner who
fails or refuses to connect his improved property with the Sewer
System after having been so requested shall be guilty of a mis-
demeanor and upon conviction shall be fined in any sum not less
r
Page 19
than $2.00 and not more than $10.00, and each day's failure
or refusal after the expiration of the time fixed in the notice
to mike the connection shall be a separate offense; provided,
however, that the provisions hereof pertaining to a misdemeanor
shall be effective only in the event that the City Health Officer
or other duly designated and authorized individual or board, has
found and declared that such failure on the part of any particular
property owner constitutes .a hazard to the public health and
safety of the City and its inhabitants.
Section 14. That the Trustee of the bonds issued hereunder
shall be Union National bank of Little Rock, Little Rock, Arkansas.
Section 15. (1) When the bonds have been executed by the
Mayor anal City Clerk and the seal of the City impressed as herein
provided, they shall be delivered to the Trustee which shall
authenticate them and deliver them to the purchaser upon pay-
ment in cash to the Trustee of the purchase price thereof and
accrued interest from December 1, 1960 to the date of delivery, and
with reference to the purchaser and the purchase price, the Trustee
may rely upon a letter of instructions signed by the Mayor and
City Clerk.
(2) The Trustee shall remit the proceeds of the sale
of the bonds to the City Treasurer, and the City Treasurer shall
deposit said amount in a trust fund to be designated "Construction
Fund" with a depository designated by the Mayor and City Clerk
in said above referred to letter of instructions. This depository
must hold membership in the Federal Deposit Insurance Corporation
and the moneys in the Construction Fund shall be continuously
secured by bonds or other direct or fully guaranteed obligations
of the United States of America.
Page 20
(3) The moneys in the Construction Fund shall be dis-
bursed solely in payment of the cost of the construction of the
herein authorized extensions, betterments and improvements to the
Systems, including engineering, legal and other necessary expenses
Incidental to the construction and to the issuance of the bonds.
For each disbursement, there shall be prepared a requisition signed
by the City Treasurer and one other person designated by the City
Council stating in respect of each such payment the name of the
person, firm or corporation to whom payment is due, the amount to
be paid, and the purpose of general classification for which the
obligation to be paid was incurred; and in the case of all con-
struction expense over which the Consulting Engineer shall exercise
supervision (which shall include all expenses except engineering
fees, legal fees and expenses pertaining to the issuance of the
bonds), said requisition shall be accompanied by a certificate
signed by the Consulting Engineer certifying his approval thereof.
One copy of said requisition with accompanying certificate, if any,
shall be filed with the depository with which the Construction
Fund is deposited, one copy shall be filed with the managing
officer of the Systems, and one copy shall be filed with the
City Treasurer. Upon receipt of each requisition the depository
shall issue its check upon the Construction Fund payable to
the person, firm or corporation designated in the requisition.
(4) When the construction of the herein authorized exten-
sions, betterments and improvements shall have been completed,
this fact shall be evidenced by the filing with the Trustee and
with the depository in which the Construction Fund is deposited of
a certificate signed by the City Treasurer and the managing officer
of the Systems which certificate shall state the date of such
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Page 22
Section 16. That the Mayor is hereby directed to publish
for one insertion in News -Progress, which is hereby found and
declared to be a newspaper having a general circulation in the
City of Jacksonville, Arkansas, this ordinance, to which shall be
attached a notice signed by him in substantiallythe following form:
Page 23
N 0 T I C E
Notice is hereby given that the City Council of
the City of Jacksonville, Arkansas, has adopted
the ordinance hereinafter set out; that the City
contemplates the issuance of the Waterworks and
Seger Revenue Bonds described in the ordinance;
that any person interested may appear before the
Council on the day of ,
1960, at o°clock .m., at the usual
meeting place of the Council in Jacksonville, Arkansas,
and present protests. At such hearing all objections
and suggestions will be heard and the Council will
take such action as is deemed proper in the premises.
Dated this day of , 1960.
Mayor
Page 24
Section 17. That this ordinance shall not create any
right of any kind and no right of any kind shall arise hereunder
pursuant to it until the bonds authorized by this ordinance shall
be issued and delivered.
Section 18. That if any provision of this ordinance shall
for any reason be held illegal or invalid, such holding shall not
affect the validity of the remainder of the ordinance.
Section 19. That all resolutions and ordinances, or
pasts thereof, in conflict herewith are hereby repealed to the
extent of such conflict.
Section 20. That it is hereby ascertained and declared
that the lack of adequate Waterworks and Sewer Facilities for the
City of Jacksonville greatly endangers the life, health, welfare
and property of the inhabitants thereof, and that the needed ex-
tensions, betterments and improvements can be constructed only by
the issuance of the bonds herein authorized. It is, therefore,
declared that an emergency exists and this ordinance being
necessary for the immediate preservation of the public peace,
health and safety shall take effect and be in force from and
after its passage.
FASSED• , 1960.
Mayor
ATTEST
City Clerk
(SFS)
CERTIFICATE
The undersigned, City Cleric of Jacksonville, Arkansas,
hereby certifies that the foregoing gages numbered 1 to
24, inclusive, are a true, perfect and compared copy of
Ordinance No, gassed at a session
of the City Council of Jacksonville, Arkansas, held at the
regular meeting place of the Council in said City at
o'clock m., on the day of ,19609
and that the said ordinance is of record in Ordinance Record
Rook No., page , now in my possession.
Given under my hand and seal this day of
, 1960.
City Clerk
(SEAL)