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0141 ORDINANCE NO. / \\ AN ORDINANCE CALLING AN ELECTION IN THE CITY OF JACKSON- VILLE, ARKANSAS, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF SAID CITY THE QUESTION OF ISSUING BONDS TO SECURE FUNDS TO DEVELOP AND IMPROVE A PUBLIC PARK, AND DECLARING AN EMERGENCY. WHEREAS, the City of Jacksonville, in Pulaski County, Arkansas, a city of the first class, has a public park which it needs to develop and improve (including, but not limited thereto, by constructing a swimming pool) to serve the recreational needs of its inhabitants, and the City can secure the necessary funds by the issuance and sale of general obligation bonds of the City under the provisions of Amend - mebt No. 13 to the Constitution of the State of Arkansas, after proval by a majority of the qualified electors of the City voting on the question at an election held for that purpose; now, therefore, BE IT ORDAINED by the City Council of the City of Jacksonville, Arkansas: SECTION 1. A special election is hereby called to be held in said City on the 2nd day of April , 1963, for the purpose of voting on the question of issuing $50,000 in bonds to a public park secure funds to develop and improve/(including„ but not limited thereto, by constructing a swimming pool), the bonds to bear interest at a rate acceptable to the City Council but not to exceed 3 3 /4% per annum, and to be convertible at the option of the City Council to a lower rate of interest, subject to the terms and conditions of conversion fixed by the City Council. The bonds will be payable from a one mill general tax and will be callable for payment before • maturity. • SECTION 2. The issue of $50,000.shall be dated as of March 1, 1963, and shall mature on April 1 of each year as follows: $1000 in 1966 and 1967 1500 in 1968 to 1975 inclusive 2000 in 1976 to 1982 inclusive • 2500 in 1983 to 1987 inclusive 3000 in 1988 and 1989 3500 in 1990 SECTION 3. The ballot for said election shall be in sub- stantially the following form: BALLOT Special Election j City of Jacksonville, Arkansas 1963 Vote on measure by placing an "X" in the square above the measure either for or against. For the issue of bonds in the amount of $50,000 Q7 Against the issue of bonds in the amount of $50,000 The bonds will be issued to secure funds to develop and improve a public park (including, but not limited thereto, by constructing a swimming pool). They will be payable from a one mill general tax, will bear interest at a rate acceptable to the City Council but not to exceed 3 3/4% per annum, will be callable for prepayment, and will be convertible at thecption of the City Council to a lower rate of interest, subject to the terms and conditions of conversion fixed by the City Council. LIST OF VOTERS NUMBER SECTION 4. Said election shall be held and conducted and the vote thereof canvassed and the result declared under the law and in the manner now provided for municipal elections, so far as the same may be applicable, and the Nay= of the City of Jacksonville is hereby authorized and directed to give notice of such election, by an advertisement published weekly, once a week for four times, in the Jacksonville News, a newspaper published and having a bona fide circu- lation in said City, the last publication to be not less than ten days prior to the date of said election, and only qualified electors of the City of Jacksonville will have the right to vote at said election. SECTION 5. The result of said election shall be proclaimed by the Mayor and his proclamation shall be published one time in said newspaper, and the result of said election as so proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of such proclamation. SECTION 6. In anticipation that the electors of the City will favor the bond issue, and in order to hasten the project, the Mayor and City Clerk are 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, the form, time and place to be fixed by them, and in said notice they shall provide that the buyer may have the right to convert the bonds to bonds bearing a lower rate of interest, upon such terms that the City will recSre no leas and pay no more than it would receive and pay if the bonds were not converted, and subject to the terms and conditions of conversion that are ac- ceptable to the City Council; that the buyer may designate the trustee and place of payment of the issue; and that the bonds will be callable for payment prior to maturity in inverse numerical order at par and accrued intexst, as follows: From surplus revenues derived from the special tax of not more than one mill on the -dollar valuation of the taxable property in the City or from unused proceeds of the bond sale, on any interest paying date; from funds from any source, on any interest paying date on and after April 1, 1968. SECTION 7. A copy of this ordinance shall be given to the Pulaski County Board of Election Commissioners so that they may provide the proper election officials and supplies. SECTION 8. It is hereby ascertained and declared that there is immediate and urgent need to develop and improve the City's public park (including, without being limited thereto, by constructing a swimming pool) in order to protect the health, lives and property of the inhabitants of the City of Jacksonville, Arkansas, and to serve the recreational needs of its citizens; therefore, an emergency exists and this ordinance, being necessary for the preservation of r 4 the public peace, health and safety, shall take effect and be in force immediately upon and after its passage. i I Passed: �: Cr t , 1963. APPROVED: f Mayor Attest: (� / ( VOI-r ti Cit4r Clerk U 1� U °y' CERTIFICATE I, the undersigned, City Clerk of Jacksonville, Arkansas, hereby certify the foregoing to be a true copy of an ordinance passed by the City Council at a duly called and constituted meeting at which more than two thirds pf the members -elect of said Council were present and voted for the ordinance, whhGi is now of record in Book f page 3 9'4. of the records of said City. CERTIFIED under my hand and the seal of said City, this 2 ,5 day of February, 1963. / Lev �✓ir� City Clerk (seal) •