0416 1
a.
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ORDINANCE NO. /
AN ORDINANCE LEVYING A TAX SUFFICIENT TO PAY THE
PRINCIPAL OF AND INTEREST ON GENERAL OBLIGATION
IMPROVEMENT BONDS OF THE CITY OF JACKSONVILLE,
ARKANSAS, TO BE DATED FEBRUARY 1, 1977, PRESCRIBING
OTHER MATTERS PERTAINING THERETO; AND DECLARING
AN EMERGENCY.
WHEREAS, by Ordinance No. 410, duly adopted by the City Council
of the City of Jacksonville, Arkansas (the "City "), on the 16th day of September,
=- =1975, there was submitted to the qualified electors of the City at the general
election held November 2, 1976, the question of issuing bonds under Amendment
No. 13 to the Constitution of the State of Arkansas, in the following amounts for
the following specified purposes:
1. $935,000 for purchasing a site for and constructing and equipping
a new City Hall;
2. $305,000 for purchasing sites for and constructing and equipping
fire stations and constructing and equipping extensions, betterments and im-
provements to existing fire stations; and
3. $260,000 for purchasing a site for and constructing and equipping
a Municipal Building, including facilities for the Police Department, the Municipal
Court and a jail;
(the "improvements "), which amounts included expenses of authorizing and
issuing bonds (with the balance of the costs to be obtained from grant funds from
the United States of America and other available funds of the City); and
WHEREAS, due notice of the election was iven as required by law,
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and at the election the electors approved the issuance of bonds for purposes 2
and 3, but disapproved the issuance of bonds for purpose 1; and
WHEREAS, the City Council is taking necessary steps to accomplish
the sale and issuance of $565,000 in principal amount of bonds (the "Bonds ") so
as to accomplish purposes 2 and 3; and
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Page 2
WHEREAS, the Quorum Court of Pulaski County, Arkansas, convenes
on November 15, 1976, and it is necessary that the City levy a tax sufficient to
pay. the Bonds as they mature, with interest thereon, in time for the tax to be
collected in 1977;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of Jacksonville, Arkansas:
Section 1. That in order to pay the Bonds as they mature, with interest
thereon, there is hereby levied upon all taxable real and personal property
within the City a tax of mills on each dollar of assessed valuation, to be
collected with the taxes collected in the year 1977 and continuing each year
thereafter as long as necessary to pay the principal of, interest on and trustee's
and paying agent's fees in connection with the Bonds.
Section 2. That the City Clerk is hereby directed to transmit a
certified copy of this Ordinance to the County Clerk of Pulaski County, Arkansas,
to the end that the tax herein levied may be extended on the tax books of Pulaski
County, Arkansas, and collected with the other taxes in the year 1977.
Section 3. It is hereby ascertained and declared that there is an
immediate need for the improvements in order that the public health, welfare
and safety may be protected and that the improvements can be accomplished
only by the issuance of the Bonds. That in order to issue the Bonds it is necessary
that the tax be certified to the Quorum Court by November 15, 1976, and collected
in the year 1977. 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 from and after its
passage.
PASSED: , 1976.
APPROVED:
ATTEST:
Mayor
City Clerk
(SEAL)