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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 . Page 2 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 Page 3 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, • Page 4 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 • 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 • • 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) .