0179 ORDINANCE NO. / 7?
• AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL
OBLIGATION INDUSTRIAL DEVELOPMENT BONDS UNDER THE
PROVISIONS OF AMENDMENT NO. 49 TO THE CONSTITUTION
F OF TIIE STATE OF ARKANSAS FOR TIIE PURPOSE OF FINANCING
L A PORTION OF THE COST OF SECURING AND DEVELOPING
INDUSTRY (THE PARTICULAR PROJECT BEING DESCRIBED IN THE
ORDINANCE); LEVYING A TAX TO PROVIDE FOR THE PAYMENT
° OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIB-
ING OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
i
WHEREAS the City of Jacksonville, Arkansas (called "City "), has
undertaken a program of securing and developing industry whereby it is acquiring
lands and improvements, and has made the necessary arrangements with Controls
Company of America, a Delaware corporation (called "Controls "), for an industrial
.
project, consisting of a portion of the lands, buildings, improvements, machinery,
equipment and facilities (herein called "Controls Project ") to be leased to and
operated by Controls for the manufacturing of electrical products and such other
items as Controls shall determine, and the development and utilization (including
sale whore necessary) of the remaining portion of the lands and improvements,
with necessary incidental expenses and expenditures in connection therewith
(with the entire program being herein called the "Project" or the "Industrial Project "),
all of which will result in increased employment, additional payrolls, alleviation
of unemployment and otherwise in benefits in the public interests; and
`, WHEREAS the City is furnishing the permanent financing of all Project
costs, including the cost of issuance of bonds and the amount necessary to pay
interest on bonds until revenues are available, by the issuance of Industrial
Development Revenue Bonds under the provisions of Act No. 9 of the First Extra-
.
ordinary Session of the Sixty - Second General Assembly of the State of Arkansas,
approved January 21, 1960, as amended, in the principal amount of not to exceed
$3,000,000 (called "Act No. 9 Bonds "), and by the issuance of General Oblige -
i
tion Industrial Development Bonds under the provisions of Amendment No. 49 to
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the Constitution of the State of .Arkansas in the unconverted amount of $300,000
(herein called "bonds" or "Amendment No. 49 Bonds "); and
WHEREAS the Act No. 9 Bonds will be special obligations of the City
payable solely from Controls Project revenues, including particularly lease
rentals paid by Controls under the Lease Agreement covering the leasing of the
Controls Project; and
WHEREAS the Amendment No. 49 Bonds will not be secured by a lien
on and pledge of the Project or any of the revenues therefrom, but will be secured
by and payable from a special tax of three and one -half (3 1/2) mills on the dollar
of the assessed valuation of the taxable real and personal property in the City,
subject to suspension thereof, all as hereafter in this ordinance set forth; and
WHEREAS tho City is a city of the first class under the laws of the
State of Arkansas and Inc not issued any bonds under Amendment No. 49 to the
Constitution of the State of Arkansas; and
WHEREAS Pulaski County has not issued any bonds under Amendment
No. 49 to the Constitution of the State of Arkansas; and
WHEREAS pursuant to its undertaking to furnish permanent financing
as aforesaid the City submitted to its electors the questions of issuing the
Amendment No. 49 Bonds and the Act No. 9 Bonds at a special election duly
called and held on the 15th day of February, 1966, and at said election the
electors of the City approved the issuance of the Amendment No. 49 Bonds and
the Act No. 9 Bonds; and
WHEREAS after due advertisement for the time and in the manner pro-
f vided by law, Amendment No. 49 Bonds In the principal amount of $300,000 were
duly offered for public sale, and at the sale Stephens, Inc., Little Rock, Arkansas,
(called "purchaser ") bid par and accrued interest, for bonds bearing interest at the
rate of 4 1/2% per annum, which was the best price offered and the bonds were sold
to the purchaser at that price; and
J
f
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WHEREAS pursuant to the terms of the Notice of Sale the purchaser
has elected to convert the $300,000 in 4 1/2% bonds into an issue of $330,500
in bonds bearing interest at the rates of 2 %, 4% and 4 1/4% per annum, and the
conversion has been examined by the City Council and has been determined to
be in accordance with the terms of the Notice of Sale and that the City will pay
no more and receive no less than it would have paid and received had the bonds
not been converted;
NOW, THEREFORE, BE IT ORDAINED) by the City Council of the City
of Jacksonville, Arkansas:
Section 1. That the sale of the Amendment No. 49 Bonds to Stephens,
Inc., Little Rock, Arkansas, and the conversion thereof be, and the same are
hereby, approved and confirmed.
Section 2. That under the authority of the Constitution and laws of.
the State of Arkansas, including particularly Amendment No. 49 to the Constitu-
tion of the State of Arkansas, City of Jacksonville, Arkansas, General Obligation
Industrial Development Bonds are hereby authorized and ordered issued in•
total principal amount of $330,500 for the purpose of furnishing permanent financ-
ing of a portion of the cost of securing and developing industry the particular
industrial project having been heretofore described in the recitals of this ordinance).
The bonds shall be dated February 1, 1966, and interedtt thereon shall be payable
semiannually on February 1 and August 1 of each year, commencing August 1, 1966
(Coupon No. 1 due August 1, 1966 will not be printed). The bonds shall be numbered
consecutively from one (1) to three hundred thirty -one (331), inclusive, and shall be
in the denomination of $1,000 each except Bond No. 8 which shall be in the denomin-
ation of $500. The bonds shall bear interest as follows: Bonds Nos. 1 to 128,
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inclusive, being the bonds maturing in the years 1969 to 1981, inclusive, shall
bear interest at the rate of 4% per annum; Bonds Nos. 129 to 296, inclusive,
being the bonds maturing in the years 1982 to 1994, inclusive, shall bear interest
at the rate of .4 1/4% per annum; and Bonds Nos. 297 to 331, inclusive, being the
bonds maturing in the years 1995 to 1996, shall bear interest at the rate of 2% per
annum. The principal and interest on the bonds shall be payable in lawful money
of the United States of America upon presentation of the bond or proper coupon at
the principal office of National Bank of Commerce in Memphis, Memphis, Tennessee
(the "Paying Agent ") . The bonds shall mature on February 1 of each year as follows,
but shall be callable for payment prior to maturity as hereafter set forth:
•
•
Page
YEAR BOND NOS .AMOUNT
1969 1 8
1970 9 _. IS , 10,000
1971 19 - 28 10,000
1972 29 - 38 10,000
1973 39 - 48 10,000
1974 49 - 58 10,000
1975 59 - 68 10,000
1976 69 - 78 10,000
1977 79 - 88 10,000
1978 . 89 - 98 10,000
1979 99 - 108 10,000
1980 109 - 118 10,000
1981 119 - 128 10,000
1982 129 - 138 10,000
1983 139 - 148 10,000
1984 149 - 159 11,000
1985 160 - 170 11,000
1986 171 - 182 12,000
1987 183 - 194 12,000
1988 195 - 207 13,000
1989 208 - 220 13,000
1990 .221 - 234 14,000
1991 235 - 248 14,000
1992 249 - 263 15,000
1993 264 - 279 16,000
1994 280 - 296 17,000
1995 297 - 313 . 17,000
1996 314 - 331 18,000
33%740 e_
Page 6
Section 3. 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 City Clerk, and shall have impressed thereon the seal
of the City. Interest coupons attached to the bonds shall be executed by the
facsimile signature of the Mayor of the City. The Mayor's facsimile signature
shall have the same force and effect as if he had personally signed each of the
bonds and coupons.
Section 4 . That the bonds and coupons shall be in substantially the
following form:
Page 7
UNITED STATES OF AMERICA
. STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF JACKSONVILLE
% GENERAL OBLIGATION INDUSTIAL DEVELOPMENT BOND
NO. $
KNOW .ALL MEN BY THESE PRESENTS:
That the City of Jacksonville, Pulaski County, Arkansas a city of
the first class under the laws of the State of Arkansas, (called "City "), for value
received promises to pay to bearer on February 1,19 the principal sum of
DOLLARS
in lawful money of. the United States of America, and to pay interest thereon at
the rate of per cent ( %) per annum from the date
hereof until paid, such interest to be payable semiannually on February 1 and
August 1 of each year, commencing August 1, 1966, upon presentation and
surrender of the annexed coupons as they severally became due. The principal
of this bond and the interest hereon are payable at the principal office of
National Bari: of Commerce in Memphis, Memphis, Tennessee (the "Paying Agent ").
This bond is one of an issue of three hundred thirty -one (331) bonds
•
aggregating Three Hundred Thirty Thousand Five Hundred Dollars ($330,500),
designated as "City of Jacksonville, Arkansas, General Obligation Industrial
Development Bonds ", dated February 1, 1966, numbered consecutively from
1 to 331, inclusive, all of like tenor and effect except as to number, denomination,
rate of interest, maturity and right of prior redemption, issued for the purpose of
financing a portion of the cost of an industrial development program consisting of
the acquisition of lands and improvements; constructing a manufacturing building
and improvements on a portion of the lands and purchasing and installing machinery,
equipment and facilities therein (herein called "Controls Project "); and the develop-
ment and utilization (including sale where necessary) of the remaining portion of
the lands and improvements with the overall program being herein called the
"Project "), paying necessary incidental expenses and expenditures in connection
•
Page 8
therewith, paying the expenses of issuing the bonds and providing for interest
until revenues are available for the principal of and interest on the bonds. The
balance of the Project costs is being financed by an issue of bonds of the City •
under Act No. 9 of the First Extraordinary Session of the Sixty- Second General
Assembly of the State of Arkansas, approved January 21, 1960, as amended
(called "Act No. 9 Bonds "), with it being understood that all references herein
to the unqualified word "bonds" shall mean only the Amendment No. 49 Bonds
of this issue and not the Act No. 9 Bonds.
The Controls Project has been leased to Controls Company of
America, a Delaware corporation (called "Controls "), for rentals sufficient to
provide tor the payment of the principal of and interest on the Act No. 9 Bonds
being issued by the City. The Amendment No. 49 Bonds are not secured by a
lien on or pledge of the.Project or any of the revenues therefrom.
The bonds are issued pursuant to and in full compliance with the
Constitution and laws of the State of Arkansas, particularly Amendment No. 49
to the Constitution of the State of Arkansas (called "Amendment No, 49 "), and
pursuant to Ordinance No. _ of the City passed and approved on the ,, ?_ `
day of August, 1966, and an election duly held at which the majority of the legal
voters of the City voting on the question voted in favor of the issuance of the
bonds. This bond and the issue of which it forms a part are general obligations
of the City to the payment of which the City pledges its full faith, credit and
taxing power including particularly a continuing annual special tax of three and
one -half (3 1/2) mills on the dollar of the assessed valuation of all taxable real
and personal property in the City, to be collected annually until the principal
Page 9
of and interest on the bonds are fully paid, or provision made therefor.
However, the City reserves the right to apply available revenues, including
the proceeds of the sale of lands, to the payment of the principal of and
interest on the bonds and to suspend collection of the tax on an annual
basis. Reference is hereby made to said Ordinance No. for the
details of the terms and conditions upon which the collection of the tax may
be suspended for any year, for the details of the nature and extent of the
security and of the rights and obligations of the City and the bondholders.
The City covenants that all proceeds derived from the special tax
in excess of the amount necessary to insure the prompt payment of the principal
of and interest on the bonds of this issue must be used from time to time on
each interest payment date to call the bonds of this issue for payment prior to
maturity in accordance with the redemption provisions herein set forth.
The bonds of this issue shall be subject to redemption prior to
maturity in inverse numerical order at a price of par and accrued interest as
follows: from surplus tax collections , or any available funds and income from
the development, utilization and sale of all or any part of the remaining portion
of the lands and improvements not leased to Controls, or from proceeds of the
sale of the bonds not needed for construction of the Project on any interest
payment date; from funds from any source on any interest payment date on and
after February 1, 1971.
Notice of the call for redemption shall be published one time in a news-
paper published in the City of Little Rock, Arkansas, and having a general
circulation. throughout the State of Arkansas, with the notice to give the number
and maturity of each bond being called, and with the publication to be at least
fifteen (15) days prior to the redemption date, and after the date fixed for
Page 10
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.
IT 13 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.
49 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 constitutional or statutory limitations; and that a tax sufficient
to pay the bonds and interest thereon has been duly levied in accordance with
the provisions of said Amendment No. 49 to the Constitution of the State of
Arkansas and made payable annually until all of the principal of and interest
on the bonds of this issue are fully paid and discharged, subject to the
suspension of the collection thereof referred to above.
This bond shall not be valid until it shall have been authenticated by
the Certificate hereon duly signed by National Bank of Commerce in Memphis,
Memphis, Tennessee.
IN WITNESS WHEREOF, the City of Jacksonville, Arkansas, has caused
this bond to be executed in its name by its Mayor and City Clerk, thereunto duly
authorized, with eae facsimile signature of the Mayor and the manual signature of
the City Clerk, and its corporate seal to be affixed, and has caused the interest
coupons hereto attached to be executed by the facsimile signature of its Mayor,
all as of the first day of February, 1966.
CITY OF JACKSONVITT,R ARKANSAS
By (facsim si gnature )
ATTEST: Mayor
City Clerk
(SEAL)
Page 11
(Form of Coupon)
$ No.
February
On the first day of August, 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
{ DOLLARS
1
in lawful money of the United States of America at the principal office of
National Bank of Commerce in Memphis, Memphis, Tennessee, being six (6)
months' interest then due on its General Obligation Industrial Development
Bond dated February 1, 1966, and numbered
CITY OF JACKSONVILLE, ARKANSAS
By (Facsimile signature)
Mayor
On each bond shall appear the following:
CERTIFICATE
This is to certify that this is one of the three hundred thirty -one
(331) City of Jacksonville, Arkansas, General Obligation Industrial Develop-
ment Bonds mentioned and described within.
NATIONAL BANK OF COMMERCE
IN MEMPHIS, MEMPHIS , TENNESSEE
• By
(Authorized Signature)
Page 7.2
Section 5. That in order to pay the principal of and interest on the
bonds as the same become due and payable and the Paying Agent's fees in connection
therewith, there is hereby levied a continuing annual special tax of 3 -1/2 mills on
the dollar of the taxable real and personal property in the City, which tax is hereby
pledged to the payment of the principal of, interest on and Paying Agent's fees in
connection with the Amendment No. 49 Bonds. Said special tax shall be collected
annually until all of the principal of and interest on the Amendment No. 49 Bonds are
paid in full, or adequate provision is made for their payment, unless the collection
thereof is suspended as hereafter set forth. The bonds are not secured by a lien on
the Project and are not secured by a pledge of any revenues derived from the Project.
However, the City reserves the right, at its option, until February 7., 1969 to use
available revenues derived from the Project, including the sale of land, for applica-
tion to the payment of the principal of and interest on the Amendment No. 49 Bonds at
maturity or at redemption prior to maturity. On and after February 1, 1969, the City
agrees that it shall be mandatory that the City use such available moneys to the
extent available over and above a one year's principal and interest requirements to
redeem the bonds in accordance with the redemption provisions heretofore set forth,
Provided, however, this covenant of mandatory use shall not apply to portions of the
lands involved in further industrial development, or revenues derived from such
portions which lands and revenues ,inciuding lease rentals ,may be mortgaged, pledged
or used in connection with industrial development, the financing thereof (including
without limitation financing under Act No. 9 of the First Extraordinary Session of the
Sixty- Second General Assembly of the State of Arkansas, approved January 21, 1960,
as amended, or any similar legislation) or the security therefor, free and clear of
this mandatory use covenant and free and clear of any claim of or in favor of the
bondholders or the bonds issued hereunder. There shall be no collection of the tax
for the year 1967 but the tax shall be collected in the year 1968 and each year there-
after unless the County Clerk receives on or before the lst day of November of the
year immediately preceding the year in which the tax is to be collected, a Certificate
Page 13
signed by the Mayor of the City and an authorized officer of the Paying Agent Bank that
the collection of all or a specified portion of said special tax is to be suspended for
the next calendar year. In this regard, it is understood that the Mayor and the
authorized officer of the Paying Agent Bank, in determining the action to be taken by
them concerning said Certificate, shall be guided solely by the amount of available
revenues actually on deposit in the Bond Fund (hereafter identified) and taxes to be
collected during the forthcoming year, and the collection may be suspended only to
the extent that there be available for the year for which the suspension is applicable
from tax proceeds to be collected from any unsuspended portion of the taxes and from
the available revenues an hand, as aforesaid, not less than the amount necessary for
the payment, when due, of the principal and interest requirements of the bonds for the
year for which the suspension is applicable plus the Paying Agent's fees. Based thereon,
the Mayor and the authorized officer of the Paying Agent Bank shall decide how much of
the special tax is to be collected and shall certify to the County Clerk whether the
entire special tax is to be collected or, if not, the portion thereof that is to be collected,
or that no portion thereof is to be collected. The County Clerk shall bo entitled to rely
upon said Certificate and shall act in accordance therewith.
AU proceeds derived from collections of the special tax referred to above
and all available revenues which the City elects to apply to the payment of the princi-
pal of and interest on the Amendment No. 49 Bonds shall be deposited, as, if and when
received, into a special fund in the name of the City designate(" City of Jacksonville,
Arkansas General Obligation Industrial Development Bond Fund - Controls Project"
(sometimes called "Bond Fund ") which fund shall be maintained in a bank to be
selected from time to time by the City but which is a member of the Federal Deposit
Insurance Corporation, and all moneys in the Bond Fund shall be used solely for the
payment of the principal of, interest on and Paying Agent's fees in connection with the
Amendment No. 49 Bonds at maturity and at redemption prior to maturity. The amounts
on deposit in the Bond Fund at any time 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 United States of America. As set forth
Page 14
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in the face of the bond form, the City covenants that all moneys in the Bond
Fund over and above the amount necessary to insure the prompt payment of
the principal of and interest on the bonds as the same become due and pay-
able must be used fromtime to time as and when available on each interest
payment date for the redemption of bonds prior to maturity in accordance with
the redemption provisions set forth in the face of the bonds and in this
ordinance. •
Section 6. That for the prompt payment of the principal of and
interest on the bonds of this issue and the Paying Agent's fees, the City of
Jacksonville, Arkansas, hereby pledges its full faith, credit and taxing power,
including the special continuing annual tax levied in Section 5 hereof, subject
to the suspension of the collection thereof referred to above.
• Section 7. That the moneys on deposit in the Bond Fund are hereby
appropriated to pay the principal of, interest on and Paying Agent's fees in
connection with the bonds authorized hereby as they mature in accordance with
the following schedule, and if said money be not sufficient for that purpose,
then there are hereby appropriated out of the general revenues of the City the
sums necessary to pay the principal of, interest on and Paying Agent's fees in
connection with the bonds as the same mature according to the following
schedule, and to the extent of available moneys therein, as the bonds may be
called for redemption prior to maturity:
Page 15
INTEREST
YEAR BOND NOS. PRINCIPAL FEBRUARY 1 AUGUST 1 TOTAL
1966 r i -, fr - 4-= 6,470.0.07 6,470.00
1967 C. .. 6_,479.00.. 12,940.00
1968 6,470.00 6,470.00 12,940.00
1969 _ 1 - 8 - x 7,.5.0.0 4 6471,0 6. 2Q,Q0 • 20,290.00
1970 9 - 18 0.0,000. 6,320.00• 6,120_.00_ 22,440.00
19,71-__19_7_28____ 10, 000 , 2 2 , 0 4 0 , 0 0 ,
172 29 - 38 11/.00 5.920.00 s �=n ✓ 21,640.00
1973 39 - 48 60,0o QLp c " 7911.00 5,520.00 21,240.00
1974 49 - 58 /10,0060%1 (5,520.00 5,320.00 20,840.00
1975 59 - 68 10,000 5,320.00 5,120.00 20,440.00
1976 69 - 78 10,000 5,120.00 4,920.00 20,040.00
1977 79 - 88 10,000 / 4,920.00 4,720.00 19,640.00
1978 89 - 98 ' 10,000, 4,720.00 4,520.00 19,240.00
1979 99 - 108 10,000 4,520.00 4,320.00 18,840.00
1980 109 - 118 10,000.' 4,320.00 4,120.00 18;440.00
1981 119 - 128 10,000 ' 4,120.00 3,920.00 18,040.00
1982 129 - 138 10,000 3,920.00 3,707.50 17,627.50
1983 139 - 148 10,000 3,707.50 3,495.00 17,202.50
1984 149 - 159 11,000 3,495.00 3,261.25 17,756.25
1985 160 - 170 11,000 3,261.25 3,027.50 17,288.75
1986 171 - 182 12,000 3,027.50 2,772.50 17,800.00
1987 183 - 194 12,000 2,772.50 2,517.50 17,290.00
1988 195 - 207 13,000 2,517.50 2,241.25 17,758.75
1989 208 - 220 13,000 2,241.25 1,965.00 17,206.25
1990 221 - 234 14,000 1,965.00 1,667,50 17,632.50
1991 235 - 248 14,000 1,667.50 1•,370.00 17,037.50
1992 249 - 263 15,000 1,370.00 1',051.25 17,421.25
1993 264 - 279 16,000 1,051.25 711.25 17,762.50
1994 280 - 296 17,000 711.25 350.00 18,061.25
1995 297 - 313 17,000 350.00 180.00 17,530.00
1996 314 - 331 18,000 180.00 • 18,180.00
I •
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Page 16
Section 8. That the bonds of this issue shall be callable for
payment prior to maturity in accordance with the terms set out in the face of
the bond form in Section 4 of this' ordinance.
Section 9. That the Treasurer of the City of Jacksonville,
Arkansas, is hereby ordered and directed to make available to the Paying Agent
prior to the maturity of any bond or interest coupon issued hereunder an amount,
from the moneys on deposit in the Bond Fund or frem moneys appropriated by
this ordinance, equal to the amount necessary for the payment of the principal
of, interest on and Paying Agent's fees in connection with the bonds as the
same become due in accordance with the schedule set forth in Section 7 hereof, or
as the bonds may be called for payment prior to maturity. This instruction to they
Treasurer is Irrevocable and may be enforced by mandamus.
Section 10. National Bank of Commerce in Memphis, Memphis,
Tennessee, is designated as Paying Agent. The holders of a majority in value
of the bonds at any time outstanding may by an instrument duly executed and
recorded in the office of the City Clerk appoint a new Paying Agent, who shall
have all the powers of the Paying Agent originally named, and the Paying Agent
may resign at any time upon ten (10) days notice in writing mailed to the City
Clerk. In the event of a vacancy in the office of Paying Agent and the failure
of the holders of a majority in value of the then outstanding bonds to take the
necessary action to appoint a new Paying Agent within thirty days after such
vacancy occurs, the City shall forthwith designate a new Paying Agent.
Section 11. That if default is made and continues for thirty days
in the payment of any interest coupon, the holder of the bond to which it is attached,
Page 17
may declare the same immediately due and payable, and the failure of the
holder to exercise this option upon any default shall not be a waiver of the
said holder's right to exercise the option upon any subsequent default.
Section 12. That when the bonds herein authorized to be executed
have been executed and sealed by the Mayor and City Clerk, they shall be
delivered to National Bank of Commerce in Memphis, Memphis, Tennessee,
which shall authenticate them and deliver them to the purchaser, Stephens, Inc.,
Little Rock, Arkansas, upon payment in cash of the purchase price of $300,000
plus accrued interest from August 1, 1966 to date of delivery (called "total sale
proceeds "). The total sale proceeds shall be disbursed as follows:
1. Deduct from the total sale proceeds the amount necessary
to pay the February 1, 1967 and August 1, 1967 interest
payments, including Paying Agent's fees, and deposit the
amount so withheld into the Bond Fund.
2. Deposit the remainder of the total sale proceeds into
a special account in the name of the City designated "city
of Jacksonville Amendment No. 49 Construction Fund - Controls
Project" (called "Construction Fund "), to be used for no other
purpose than to pay the costs incurred and expenditures required
by the City to be made in accordance with or incidental to the
constructing and equipping of the Project and the issuance of the bonds,
The depository of,tho Construction Fund shall be a bank or banks that are members
of the Federal Deposit Insurance Corporation. Disbursements from the Construction
Fund shall be made on checks, warrants or vouchers signed by a duly designated
representative of the City (which designation shall be in writing and filed with
the depository of the Construction Fund), and each disbursement shall be supported
by a certificate specifying at least the following:
Page 18
(1) The name of the person, firm or corporation to whom payment
is to be made;
(2) The amount of the payment;
(3) That the disbursement is a proper expenditure of moneys In the
Construction Fund; and
(4) The purpose of the disbursement.
When the City shall notify the depository of the Construction Fund that the
balance remaining in the Construction Fund will not be needed because all
t
costs and expenses payable from the Construction Fund have been paid, any
remaining balance in the Construction Fund shall be deposited in the Bond Fund.
The City may invest and reinvest the moneys on deposit in the Construction
Fund in any securities constituting authorized investments for municipal funds
under the laws of the State of Arkansas having maturity dates, or subject to
redemption by the holder, on or before the dates the moneys so invested will be
needed for the purposes for which said moneys may be expended.
Section 13. That the provisions of this ordinance are hereby declared
to be separable, and in the event any action, provision or part thereof shall be
held to be invalid, such invalidity shall not affect the remainder of the ordinance.
Section 14 .That all ordinances and parts thereof in conflict herewith
are hereby repealed to the extent of such conflict.
Section 15. 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 16. That there is hereby found and declared 'lo be an .
immediate need for the securing and developing of industry as hereinabove
. .
Page 19
in this ordinance set forth in order that additional payrolls and additional
employment may be secured and that said industry can be secured and
developed only by the issuance of the bonds authorized hereby. 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 be
in force and take effect immediately upon and after its passage.
• PASSED: , 1966.
APPS s .D:
ir / Iv
,ayor
MUM
City Clerk
(SEAL)
•
't P♦ ♦ l ..
.
CERTI1'ICATE
The undersigned, Clerk of the City of Jacksonville, Arkansas,
hereby certifies that the foregoing pages numbered from 1. to 19, inclusive,
are a true and compared copy of an ordinance passed at a
4
. 44,x'
session of the City Council of Jacksonville, Arkansas, held at the regular
meeting place of the Council of said City at 7 o'clock 0" .m. on the
2 of L1l tc , 1966, and that said ordinance is of
record in Ordinance Record Book / at Page 2o,:' , now in my
possession,
GIVEN under my hand and seal this . _ 6 °_ day of d .....,.,,,
1966.
City C lerk
t (SEAL)
.