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l } ORDINANCE NO.
AN ORDINANCE AUTHORIZING REFUNDING OF OUTSTANDING
GENERAL OBLIGATION BONDS OF THE CITY OF JACKSONVILLE,
ARKANSAS, DATED JULY 1, 1960; AUTHORIZING THE ACQUISITION
OF A SITE FOR AND THE CONSTRUCTION AND EQUIPMENT OF A
CITY LIBRARY; AUTHORIZING THE ACQUISITION OF A SITE FOR
AND THE CONSTRUCTION OF BUILDINGS FOR THE HOUSING OF
FIRE FIGHTING APPARATUS, AND FOR THE PURCHASE OF FIRE
FIGHTING APPARATUS; AUTHORIZING THE PURCHASE AND IM-
, PROVEMENT OF A CITY PARK, INCLUDING THE CONSTRUCTION
AND EQUIPMENT OF A COMMUNITY RECREATIONAL CENTER AND
SWIMMING POOL, WITH APPROPRIATE FIXTURES AND APPURTENANCES;
AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING
AND IMPROVEMENT BONDS; LEVYING A TAX TO PAY THE PRINCIPAL
OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY,
WHEREAS, the City of Jacksonville, Arkansas (called "City "), is a
city of the first class; and
WHEREAS, by Ordinance No. 196, duly passed by the City Council
of the City and approved on the 2nd day of November, 1967, there were sub-
miffed to the qualified electors of the City the question of issuing, under Amend-
ment No. 13 of the Constitution of the State of Arkansas, General Obligation
Refunding and Improvement Bonds (called "bonds ") for the following purposes:
1. $82,000 for the acquisition of a site for and the construction
and equipment of a city library, it being contemplated that
a portion of the cost will be financed by funds to be obtained
from an agency of the United States Government;
2. $120,000 for the acquisition of a site for and the construction
and equipment of buildings for the housing of fire fighting
apparatus, and for the purchase of fire fighting apparatus;
3. $118,000 for purchasing and improving a city park, including
the construction and equipping of a community recreational
center and swimming pool, with appropriate fixtures and
appurtenances, it being contemplated that a portion of the
cost will be financed by funds to be obtained from an agency
of the United States Government;
with provision made for the combining of those bonds approved by the electors
into one combined issue with refunding bonds in the amount of $105„000 for
refunding the outstanding General Obligation Hospital Bonds of the City, dated
July 1, 1960 (called "1960 bonds "); and
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WHEREAS, due notice of the election was given as required by law
and the election was duly- held on the 12th day of December, 1967, at which
election bonds for all the purposes enumerated above were approved; and
WHEREAS, the results of the election were announced by the Mayor by
a proclamation published on,the 28th day of December, 1967, in a newspaper
of bona fide circulation in the City; and
WHEREAS, the City duly offered for sale borlds in the aggregate -
principal amount of $425,000 which, after due advertisement for the time and
in the manner required by law, were sold on the 19th day of January, 1968, to
Stephens, Inc., Little Rock, Arkansas, at a price of par, plus accrued interest
for bonds bearing interest at 4,90% per annum; and
WHEREAS, as authorized the purchaser has elected to convert the
$425,000 in principal amount of 4.90% bonds to an issue of $475,000 in
principal amount of 2 -1/2 %, 4 -1/4 %, 4 -1/2% and 4 -3/4% bonds, hereinafter
described in detail, and the City Council has examined the conversion and has
found that the City will pay no more and receive no less than it would pay and
receive if the bonds had not been converted;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of Jacksonville, Arkansas:
Section 1. That the above - described acquisition of a site for and
construction and equipment of a city library, acquisition of a site for and con-
struction and equipment of buildings for the housing of fire fighting apparatus
and for the purchase of fire fighting apparatus, and purchase and improvement
of a city park, including construction and equipment of a community recreational
center and swimming pool, with appropriate fixtures and appurtenances (called
"improvements ") approved by the electors of the City at said election be accom-
plished and that the 1960 Bonds be refunded.
Page 3
Section 2. That the sale of $425,000 in unconverted principal amount
of bonds at the above - described price to the above -named purchaser and the
conversion of the bonds as set forth above 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 Amendment No. 13 to the Constitution
of the State of Arkansas, City of Jacksonville, Arkansas, General Obligation
Refunding and Improvement Bonds are hereby authorized ordered issued in the
total principal amount of $475,000, the proceeds of the sale of which are
necessary to provide sufficient funds for the improvements and refunding the
1960 Bonds, and to pay the necessary expenses incidental to the issuance of
the bonds. The bonds shall be numbered consecutively from one (1) to four
hundred seventy -five (475), inclusive, and all bonds shall be in the denomination
of $1,000 each. The bonds shall be dated February 1, 1968, and interest shall
be payable semiannually on February 1 and August 1 of each year, commencing
August 1, 1968. The bonds shall bear interest as follows: Bonds Nos. 1 to 88,
inclusive, being the bonds maturing in the years 1971 to 1978, inclusive, shall
bear interest at the rate of 4 -1/4% per annum; Bonds Nos. 89 to 152, inclusive,
being the bonds maturing in the years 1979 to 1983, inclusive, shall bear interest
at the rate of 4 -1/2% per annum; Bonds Nos. 153 to 226, inclusive, being the
bonds maturing in the years 1984 to 1988, inclusive, shall bear interest at the
rate of 4 -3/4% per annum; Bonds Nos. 227 to 322, inclusive, being the bonds
maturing in the years 1989 to 1993, inclusive, shall bear interest at the rate of
4 -1/2% per annum; Bonds Nos. 323 to 429, inclusive, being the bonds maturing
in the years 1994 to 1997, inclusive, shall bear interest at the rate of 4 -1/4%
per annum; and Bonds Nos . 430 to 475, inclusive, being the bonds maturing in
the year 1998, shall bear interest at the rate of 2 -1/2% per annum. The principal
and interest shall be payable in lawful money of the United States of America upon
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presentation of the bond or proper coupon at the office of ArKtth sr C Ran k f -
Tig.s Gni r,w y �m� S / r; ' l _s / A ricilicei The bonds (subject to the provisions
/
for redemption prior to maturity as hereafter set forth) shall mature on February 1
of each year as follows:
YEAR BOND NOS, AMOUNT
1971 1 -- 10 $10,000
1972 11 - 20 10,000
1973 21 - 31 11,000
1974 32 - 42 11,000
1975 43�- 5 , i 11
1976
1977 65 - 76 12,000
1978 77 - 88 12,000
1979 89 - 100 12,000
1980 101 - 112 12,000
1981 113 - 125 13,000
1982 126- 138 13,000
1983 139 - 152 14,000
1984 153 - 166 14,000
1985 167 - 180 14,000
1986 181 - 195 15,000
1987 196 - 210 15,000
1988 211 - 226 16,000
1989 227 - 243. 17,000
1990 244- 261 ;: , 18,000
1991 262 �;.
80s..g � . y � 4: 19,000
,
1992 281 - 300 ' { . 20,000
';:k 1993 301.-'322 22,000
11994: 323 - 346 24,000
w 199$ 347 - 372 26,000
1996 373- 400 28,000
0. „ M -1997 3 F - 401 - 429 29,000 i
1998 4 10 - 475 • 46,000.x'
Section 4. 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 the bonds shall be executed by the Mayor.
The bonds may and the coupons will be executed by the facsimile signature of
the Mayor, but the bonds must be executed by the manual signature of the City
Clerk. The facsimile signature of the Mayor on the bonds and coupons shall
have the same force and effect as if he had personally signed each of the bonds
and coupons.
Section_5. That the bonds and coupons shall be in substantially the
following form:
4
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF JACKSONVILLE
% GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BOND
No. $1,000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Jacksonville, Arkansas (called "City "), in the County
of Pulaski, acknowledges itself to owe and, for value received, promises to
pay to bearer the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America on the first day of February,
19, and to pay interest hereon at the rate of _
per cent ( %) per annum from date, semiannually on February 1 and August 1
of each year, commencing August 1, 1968, upon presentation and surrender of
the annexed coupons as they severally become due.
Both principal and interest of this bond are hereby made payable at
Arh'6119545 al K + 7`rKsf Coq) coy , 16t5•.^iti,s HY'1' ait5as
This bond is one of a series of four hundred seventy -five (475) bonds,
aggregating Four Hundred Seventy -Five Thousand Dollars ($475,000), dated
February 1, 1968, and numbered from one (1) to four hundred seventy -five (475),
inclusive, all of like tenor and effect except as to number, rate of interest,
maturity and right of prior redemption, and the bonds are issued for the purpose
of refunding the General Obligation Hospital Bonds of the City of Jacksonville,
Arkansas, dated July 1, 1960, and for the acquisition of a site for and the con-
struction and equipment of a city library, for the acquisition of a site for and the
construction and equipment of buildings for the housing of fire fighting apparatus,
and for the purchase of fire fighting apparatus, and for purchasing and improving
a city park, including the construction and equipping of a community recreational
center and swimming pool with appropriate fixtures and appurtenances.
Page 6
This bond and the issue of which it forms a part (called "bonds ") are
issued pursuant to and in full compliance with the Constitution and laws of the
State of Arkansas, including particularly Amendment No. 13 to the Constitution
of the State of Arkansas and pursuant to ordinances of the City Council of the
City 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. The bonds
are general obligations of the City of Jacksonville, Arkansas, payable from the
proceeds of a five (5) mill continuing annual special tax levied by the City
Council of the City under the authority of Amendment No. 13 to the Constitution
of the State of Arkansas, and the City hereby pledges its full faith, credit and
taxing power, including the five (5) mill continuing annual special tax, for the
payment of the bonds.
The City has agreed that all revenues received from the continuing annual•
special tax in excess of the amount necessary to insure the prompt payment of the
principal of, interest on and the Paying Agent's fees in connection with the bonds
as they mature must be used from time to time on each interest payment date for
redeeming bonds prior to maturity as those excess revenues are available therefor.
The bonds will be callable for payment prior to maturity in inverse
numerical order at par and accrued. interest as follows: From surplus proceeds of
the sale of the bonds not required for accomplishing the refunding and improvements
described above, and from surplus tax collections on any interest paying date; from
funds from any source on any interest paying date on and after February 1,-_1973.
Notice of the call for redemption shall be published one time in a newspaper
published in the City of Little Rock, Arkansas, and having a general circulation
throughout the State of Arkansas, giving the number and maturity of each bond
being called, with the 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.
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IT IS 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. 13
to the Constitution of the State of Arkansas, precedent to and in the issuance of
these bonds have existed, have happened and have been performed in due time,
form and manner as required by law; that the indebtedness represented by these
bonds does not exceed any constitutional or statutory limitation; and that a tax
sufficient to pay these bonds, together with interest thereon, has been duly
levied in accordance with Amendment No. 13 to the Constitution of the State of
Arkansas and made payable annually until all of the bonds and interest thereon
have been fully paid and discharged.
This bond shall not be valid until it shall have been authenticated by
the certificate hereon duly signed by ' f r . : t . • Y
IN WITNESS WHEREOF, the City of Jacksonville, Arkansas, has caused
this bond to be executed in its name by either the manual or facsimile signature
of its Mayor, and its corporate seal to be affixed and attested by the manual
signature of the County Clerk, 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, 1968.
CITY OF JACKSONVILLE, ARKANSAS
ATTEST:
By
Mayor
City Clerk
(SEAL)
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(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
inns� lawful money of the United States of America at the office of Ark'ghsal
Rem k it �u,sF -na+hf Z 7 /otfrr,h s s fd 1 kea n 54 s, being six months
interest then due on its neral Obligation Refunding and Improvement Bond,
dated February 1, 1968, and numbered .
CITY OF JACKSONVILLE, ARKANSAS
13y (facsimile si•nature
Mayor
On each bond shall appear the following:
CERTIFICATE
This is to certify that this is one of the 475 bonds of the issue mentioned
and described within.
, Trustee
By
(Authorized Signature)
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Section 6. That in order, to pay the principal of and interest on the
bonds as they mature there is hereby levied a tax of five (5) mills (called
"special tax ") on each dollar of assessed valuation of the taxable real and
personal property within the City, to be collected with the taxes collected
in the year 1969, and as long thereafter as may be necessary to pay the
principal of, interest on and Paying Agent's fees in connection with the bonds.
The City Clerk is directed to transmit a copy of this Ordinance to the County
Clerk of Pulaski County, Arkansas, to the end that the special tax may be
extended on the tax books of Pulaski County and collected annually along
with the other taxes until thr: bonds and interest thereon are paid in full. The
City covenants and agrees that all of the revenues derived from the special
tax shall be deposited in a separate fund, . which is_hereby created and
designated "1968 General Obligation Refunding and Improvement Bond Fund"
(called "Bond Fund "), in some bank that is a member of the Federal Deposit
Insurance Corporation, and & he used solely for the payment of the principal
of, interest on and Paying Agent's fees in connection with the bonds, as set
forth in this Ordinance. The amount of the Bond Fund depost_inexcess of that
insured by the Federal Deposit Insurance Corporation must be continuously se-
cured by direct or fully guaranteed obligations of the Government of the United
States of America The City covenants that all revenues 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 as they mature shall be used from time to time -On
each interest paying date for the redemption of bonds prior to maturity as and when
funds are available therefor.
Section 7. That for the prompt payment of the bonds, with interest, the
City of Jacksonville, Arkansas, hereby pledges its full faith, credit and taxing
power, including the special tax levied in Section 6 of this Ordinance.
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Section 8. That in order to pay the principal of and interest on the
bonds as they mature and as they are redeemed prior to maturity, there are
hereby appropriated the entire proceeds of the special tax levied in Section 6
of this Ordinance, and if the proceeds be not sufficient to pay the principal
of and interest on the bonds as they mature there are hereby appropriated
sufficient additional sums out of the general revenues of the City to accomplish •
payment at maturity. The principal of and interest on the bonds mature according
to the following schedule:
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INTEREST
YEAR BOND NOS. PRINCIPAL FEBRUARY 1 AUGUST 1 TOTAL
1968 S1,0,176.25, $10,070.25
1969 $10,076.25 10,076.25 20,152.50
1970 1Q Z 25 10,076.25 . 20 152.50
I;: r4 4 49 4
1971 1 — 10 $10 000 � � n78 25 9,�$_63,
1972 11 — 20 `10,000 �? • ';:9,863 75 7» . 6 j5' 29 515.00
1973 21 — 3,1 11,000 9,651 25 ' 9,417.50 30,068.75
1974 "32 — 42• '°•'ti h h *. ervi ;,y e";9„ ¢ 417 50,,`r 9,183.7_ ,,'29,601..25
1975 43 — 53 �'iL ",�, ,= '9,183.75 8a9.54..0®r, ;' 29,133.75
1976 54 — .64_ 110 11„000 561 8,950.00 8,716.25 28,666.25
1977 65 — 76 12,000 8,716.25 8,461.25 29,177.50
1978 77 — 88 12,000 8,461.25 8,206.25 28,667.50
1979 89 — 100 12,000 8,206.25 7,936.25 28,142.50
1980 101 — 112 "'' 12,000 7,936.25 7,666.25 27,602,50
1981 113 - 125 13,000 7,666.25 7,373.75 28,040.00
1982 126 — 138 ir 13,000 7,373.75 7,081.25 27,455.00
1983 139 — 152 ``" 14,000 7,081.25 6,766.25 27,847.50
1984 153 — 166 14,000 6,766.25 6,433.75 27,200.00
1985 167 — 180 14,000 6,433.75 6,101.25 26,535.00
1986 181 — 195 `` 15,000 6,101.25 5,745.00 26,846.25
1987 196 — 210 15,000 5,745.00 5,388.75 26,133.75
1988 211 — 226 t 16,000 5,388.75 5,008.75 26,397.50
1989 227 — 243 f,G0n ? ` 17,000 5,008.75 4,626.25 26,635.00
1990 244 — 261 1 ' ' .18,000 4,626.25 4,221.25 26,847.50
1991 (262 — 280) 5� -' '' 19,000 4,221.25 3,793.75 27,015.00
19925481 — 300•,, ;`: 20,000 3,793.75 3,343.75 27,137.50
1993x; > ' 301 — 322 , f. 22 3,343.75 2,848.75 28,192.50
1994 323 — 346 `, 24,000 2,848.75 2,338.75 29,187.50
1995 347 — 372 - 4' -%,.., 1 26,000 2,338.75 1,786.25 30,125.00
1996 373 — 400 28,000 1,786.25 1,191.25 30,977.50
1997 - 401 — 429 ' I, 1" •._ . 29,0(10_ , 1,191,25 575.00 30,766.25
1998 430 — 475 7, 46,000 575.00 46,575.00
,', ^+ ( el
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Section 9. That the bonds shall be callable for redemption prior to
maturity in accordance with the terms set out in the face of the bond form in
Section 5 of this Ordinance.
Section 10. That the Treasurer of the City of Jacksonville, Arkansas,
is hereby ordered and directed to place on deposit with the l itah54 , 1 Lione4-
/ Y11 i 5b r r',r s ArK sac , the Paying Agent, at least
five (5) days before the maturity or redemption of any bond or interest couporf
issued hereunder, an amount from the funds herein appropriated equal to the
amount of such bonds or coupons for the sole purpose of paying the same,
together with the customary Paying Agent's fees. Such deposit shall be at the
risk of the City and shall not operate as a payment of the bonds or coupons
until so applied. This instruction to the Treasurer is irrevocable and may en-
forced by mandamus.
Section 11. That A .h ; a K 130.4 1-- l Y tm sai '
1 1 h r , is designated as Paying Agent. The holders of a
majority in value of the outstanding bonds at any time may by an instrument
duly executed and recorded in the office of the City Clerk appoint a new Paying
Agent, who shall have all of the powers of the Paying Agent originally named,
and the Paying Agent herein named 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 outstanding bonds to take the necessary action to appoint a new Paying
Agent within thirty (30) days after such vacancy occurs, the City shall forthwith
designate a new Paying Agent.
Section 12. That if default is made and continues for thirty (30)
days in the payment of any interest coupon, the holder of the bond to which
it is attached may declare the same immediately due and payable, and the
failure of the holder to exercise this option upon any default shall not be a
waiver of his right to exercise the option upon any subsequent default.
Page 13
Section 13. That when the bonds have been executed by the Mayor
and City Clerk and the MO of the City impressed as herein provided, they N C �
shall be delivered to Q F15JC t 13451.h k!- Vas rt. r r
AA
i e dbt5n5 , the Trustee , which shall authenticate them and deliver them to
the purchaser upon payment of the purchase price of $425,000, plus accrued
interest from February 1, 1968 (called "total sale proceeds "). There shall be
deducted from the total sale proceeds and deposited in the Bond Fund, an amount
sufficient to provide for debt service requirements for which revenues derived
from the special tax are not available, the City expressly reserving the right to
reimburse the Construction Fund (hereafter defined) from the Bond Fund in the
amount of such deposit. There shall be deducted from the balance of the total
sale proceeds the amount which shall be sufficient to provide for the refunding
of the 1960 Bonds on the next redemption date, which amount shall be deposited
in trust with the Paying Agent of the 1960 Bonds being refunded with instructions
that the same be applied solely to the payment of the principal of and interest on
the 1960 Bonds. The remaining balance of the total sale proceeds, after deductions
for debt service requirements and the refund of the 1960 Bonds, as aforesaid, shall be
deposited in a special account of the City hereby created and designated the
"Construction Fund" in a bank that is a member of the Federal Deposit Insurance
Corporation. The moneys in the Construction Fund shall be used for accomplishing
the improvements, paying expenses incidental thereto, and paying the expenses
of issuing the bends, with any unexpended balance to be deposited in the Bond
Fund.
Section 14. That the terms of this Ordinance shall constitute a contract
between the City of Jacksonville, Arkansas, and the holder or holders of the bonds,
and no variations or change in the undertakings herein set forth shall be made
while any of these bonds are outstanding, and the holder of any bonds may at
any time for and on his own behalf or for and on behalf of all bondholders enforce
-
the obligations of the City by a proper suit for that purpose.
Section 15. That the provisions of this Ordinance are separable,
and in the event that any section or part hereof shall be held to be invalid,
such invalidity shall not affect the remainder of this Ordinance.
Page 14
Section 16. That all ordinances and resolutions and parts thereof
in conflict herewith are hereby repealed to the extent of such conflict.
Section 17. 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 shall be issued and delivered.
Section 18. That it is hereby ascertained and declared that there is
an immediate and urgent need for the acquisition of a site for and the construction
and equipment of a city library, for the acquisition of a site for and the con -
struction and equipment of buildings for the housing of fire fighting apparatus,
and for the purchase of fire fighting apparatus, and for purchasing and improving
a city park, including the construction and equipping of a community recreational
center and swimming pool, with appropriate fixtures and appurtenances, in order
to promote and protect the health, safety and welfare of the City and its inhabitants,
and that these improvements can be accomplished only by the issuance of bonds.
It is, therefore, declared that an emergency exists, and this Ordinance being
necessary for the immediate preservation of the public peace, health, safety and
welfare shall be in force and take effect immediately from and after its passage,
PASSED: '.
APPROVED: . •
ATTEST:
Mayor
City '` '?
(SEAL)
•
CERTIFICATE
The undersigned, City Clerk of Jacksonville, Arkansas, , hereby
certifies that the foregoing pages, numbered 1 to 14, inclusive, are a true
and perfect copy of Ordinance No. ^„, passed at a
session of the City Council of Jacksonville, Arkansas, held at the regular
meeting place of the Council at 7 o'clock rte. m. on the. day of
1968, and that said Ordinance is of record in Ordinance
Record Book No. 1 , Page 844 ,, now in my possession.
GIVVEN under my hand and seal this _ w day of ,
1968.
City Clerk
law Avire
(SEAL)
it