1008
I~,
O~DINA~CE ~O. 1008 (#21-93)
A~ O~DI~A~C~ AL--O~IZI~G T-~ ISSUA\C~ A~D SA_~ 0: ~OT -0 ~XC~~D
$2.1200.1000 OF WATER REVENUE REFUNDING BONDS BY THE CITY 0:
JAC(SO~VILL:J A~KANSASJ :O~ T~: )U~)OSE 0: R:FUNDI ~G C:~TAI ~
OUTSTANDING WATER. REVENUE BONDS OF THE CITY; AUTHORIZING THE
EX~CUTION AND DE_IVERY 0: A T~UST I ~DE~--U~E )U~SUA~T TO WHIC-
THE REFUNDING BONDS WILL BE ISSUED AND SECURED; AUTHORIZING THE
EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT; AUTHORIZING
TFE :XECUTIO-~ AND DELIVE~Y OF A BOND JURC-- AS: AGR:-:M:~~-
PROVIDING FOR THE SALE OF THE REFUNDING BONDS; AUTHORIZING THE
::X::CUTIO' A~D D:_IV:~Y 0: A L:TT:~ 0: ~:PR:S:~TATIO~;
AUT iOR I Z I ~G Tr E :XECUT I ON AND DEL I V :RY OF AN ESCROW D: )OS I T
AG~~~v:~T J~OVIDI~G :O~ --: )AY~:~T 0: T-~ OUTS-A~DI~G BO~DS TO
B: R~FUNDED; PR:SC~IBING OTr:~ ~ATT:~S ~:_ATI ~G T1:~:TO; A~DJ
D~C_A~I~G A~ :~~~G:~CY.
------~----~--~-------------~--~-~~--~----~~-----~------------
-~-------------~~-------~-----~~~----------~--~--------~-~~-~-
WHEREASJ THE CITY OF JACKSONVILLEJ ARKANSAS (THE HCITyH)J A
CITY OF THE FIRST CLASSJ PRESENTLY OWNS A WATER STORAGEJ
TREATMENT AND DISTRIBUTION SYSTEM (THE HSYSTEM") SERVING THE
RESIDENTS OF THE CITYJ WHICH SYSTEM IS OPERATED AND MAINTAINED
BY THE CITY'S WATER COMMISSION (THE HWATER COMMISSIONH)
PURSUANT TO ARKANSAS CODE ANNOTATED SECTIONS 14-234-301 TO 310
(1987 & SUPPa 1991);
WHEREASJ THE CITY HAS OUTSTANDING AN ISSUE OF WATER REVENUE
~EFUND I NG AND CONSTRUCT I ON BONDSJ SER I ES 1988.1 I SSUED I N THE
ORIGINAL PRINCIPAL AMOUNT OF $2J245JOOOJ OF WHICH $lJg45~OOO IN
PRINCIPAL AMOUNT CURRENTLY REMAINS OUTSTANDING (THE 'SERIES
1988 BONDS /I ) .1 I SSUED UNDER AND SECURED BY THE PROV I S IONS OF
ORDINANCE No. 894 OF THE CITYJ ADOPTED AND APPROVED ON NOVEMBER
17.1 1988;
W-:~:ASJ THE SERIES 1988 BONDS ARE SECURED BY A PLEDGE OF
THE RECEIPTS AND REVENUES OF THE SYSTEM AND WERE ISSUED FOR THE
PURPOSE OF F I NANC I NG THE COST OF EXTENS IONS .1 BETTERMENTS AND
I MPROVEMENTS TO THE SYSTEM AND FOR THE PURPOSE OF REFUND I NG
CERTAIN WATER AND SEWER REVENUE BONDS OF THE CITYJ ALL PURSUANT
TO THE CONSTITUTION OF THE STATE OF ARKANSAS AND ARKANSAS CODE
ANNOTATED SECTIONS 14-234-201 TO 218 AND SECTIONS 14-164-401 TO
418 (1987);
W~EREASJ THE CITY IS AUTHORIZED UNDER THE PROVISIONS OF
ARKANSAS CODE ANNOTATED SECTIONS 14-164-401 TO 418 AND SECTIONS
~4-231-101 TO 116 (1987 & SUPPa 1991) (COLLECTIVELYJ THE HACTH)
TO ISSUE AND SELL REVENUE BONDS FOR THE PURPOSE OF REFUNDING
THE SERIES 1988 BONDS;
W_-,ER~ASJ TO SECURE FUNDS NECESSARY TO REFUND THE SER I ES
1988 BONDSJ TO FUND A DEBT SERVICE RESERVE AND TO PAY PRINTINGJ
LEGALJ UNDERWRITING AND OTHER EXPENSES INCIDENTAL TO THE
ISSUANCE OF WATER REVENUE BONDS FOR SUCH PURPOSESJ THE CITY HAS
DETERMINED TO ISSUE ITS WATER ~EVENUE ~EFUNDING BONDSJ SERIES
1993.1 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2.1200.1000
(THE "SERIES 1993 BONDSH);
W~:R:ASJ THE CITY HAS DETERMINED TO ISSUE THE SERIES 1993
BONDS PURSUANT TO A TRUST INDENTURE (THE HTRUST INDENTUREH)J BY
AND BETWEEN THE CITY AND FIRST JACKSONV I LLE BANK & TRUSTJ AS
TRUSTEE (THE uTRUSTEEH)J A FORM OF WHICH HAS BEEN PRESENTED TO
AND IS BEFORE THIS MEETING;
W'. :~:ASJ A FORM OF JRELIMINARY OFFICIAL STATEMENT (THE
"PRELIMINARY OFFICIAL STATEMENTH)J OFFERING THE SERIES 1993
BONDS FOR SALE HAS BEEN PRESENTED TO AND IS BEFORE THIS
MEETING;
/7
W-~~EASJ THE CITY PROPOSES TO ENTSf INTO A BOND PURCHASE
AGREEMENT (THE nBOND PURCHASE AGREEMENT ) IN SUBSTANTIAllY THE
FORM PRESENTED TO AND BEFORE THIS MEETING1 WITH STEPHENS INC.J
_ITTlE ~OCKJ ARKANSASJ (THE "UNDERWRITER')J PROVIDING FOR THE
SALE OF THE SERIES 1993 BONDS;
W -t:~: ASJ THE CITY PROPOSES TO ENTER I NTO A _ETTER OF
REPRESENT AT ION (THE "LETTER OF REPRESENT A T ION /I ) IN
SUBST ANT I AllY THE FORM PRESENTED TO AND BEFORE TH I S MEET I NGJ
WITH THE UNDERWRITERJ WHEREBY CERTAIN REPRESENTATIONS AND
WARRANTIES WILL BE MADE BY THE CITY TO THE UNDERWRITER; ANDJ
WHEREAS1 IN ORDER TO PROVIDE FOR THE PAYMENT OF THE SERIES
1988 BONDSJ THE CITY PROPOSES TO ENTER INTO AN ESCROW DEPOSIT
AGREEMENT (THE "ESCROW DEPOSIT AGREEMENT") WITH FIRST
JACKSONVILLE BANK & TRUSTI AS ESCROW TRUSTEE (THE "~SCROW
TRUSTEE")I IN SUBSTANTIAllY THE FORM PRESENTED TO AND BEFORE
THIS MEETING;
~OWI T- :~::O~:I B: IT O~DAI ~:D BY T-E CITY COU~CIL 0: T-:
CITY OF JACKSONVILLEI ARKANSASI THAT:
SECTION ONE: THE CITY COUNCIL HEREBY FINDS AND DECLARES
THAT THE REFUND I NG OF THE SER I ES 1988 BONDS I SIN THE BEST
INTEREST OF THE CITY AND THE CUSTOMERS OF THE SYSTEM DUE TO A
REDUCT I ON I N THE AMOUNT OF I NTEREST EXPENSE SECURED BY THE
REVENUES OF THE SYSTEM FOllOWING SUCH REFUNDING. ACCORDINGlYI
THE REFUNDING OF THE SERIES 1988 BONDSI AS PROVIDED FOR IN THE
:SCROW DEPOSIT AGREEMENTI IS HEREBY AUTHORIZED.
S:CTIO~ TWO: UNDER THE AUTHORITY OF THE CONSTITUTION AND
LAWS OF THE STATE OF ARKANSASI INCLUDING PARTICULARLY AMENDMENT
65 TO THE CONSTITUTION OF ARKANSAS AND THE ACTI THERE IS HEREBY
AUTHORIZED THE ISSUANCE OF BONDS OF THE CITY TO BE DESIGNATED
AS "WATER REVENUE REFUND I NG BONDS I SER I ES 1993" (THE "SER I ES
1993 BONDS"). THE SER I ES 1993 BONDS SHALL BE I SSUED I N THE
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED Two
~ILLION Two -UNDRED -HOUSAND DOLLARS ($2J2001000)1 SHALL MATURE
NOT LATER THAN AUGUST 11 20081 AND SHALL BEAR INTEREST AT THE
RATES SPECIFIED IN THE BOND )URCHASE AGREEMENT. IN NO EVENT
SHALL THE I NTEREST RATE BORNE BY ANY SER I ES 1993 BOND EXCEED
5.5% PER ANNUM. THE SERIES 1993 BONDS SHALL BE ISSUED IN THE
FORMS AND DENOMINATIONSJ SHALL BE DATESI SHALL BE NUMBEREDJ
SHALL MATUREJ SHALL BE SUBJECT TO REDEMPTION PRIOR TO MATURITY
AND MAY CONTAIN SUCH OTHER TERMSJ COVENANTS AND CONDITIONSJ ALL
AS SET FORTH IN THE TRUST INDENTURE SECURING THE SERIES 1993
BONDS.
S:CTIO~ T-~::: To PRESCRIBE THE TERMS AND CONDITIONS UPON
WHICH THE SERIES 1993 BONDS ARE TO BE EXECUTED I AUTHENTICATEDI
ISSUEDJ ACCEPTEDI HELD AND SECUREDI THE ~AYOR IS HEREBY
AUTHOR I ZED AND DIRECTED TO EXECUTE AND ACKNOWLEDGE A TRUST
INDENTURE (THE "TRUST INDENTURE")I BY AND BETWEEN THE CITY AND
FIRST JACKSONV I LLE BANK & TRUST J AS TRUSTEE (THE "TRUSTEE") I
AND THE CITY CLERK IS HEREBY AUTHORIZED AND DIRECTED TO EXECUTE
AND ACKNOWLEDGE THE TRUST INDENTURE AND TO AFFIX THE SEAL OF
THE CITY THERETOJ AND THE ~AYOR AND THE CITY CLERK ARE HEREBY
AUTHOR I ZED AND DIRECTED TO CAUSE THE TRUST I NDENTURE TO BE
ACCEPTEDJ EXECUTED AND ACKNOWLEDGED BY THE TRUSTEE. THE TRUST
:NDENTURE IS HEREBY APPROVED IN SUBSTANTIALLY THE FORM
SUBMITTED TO THIS MEETINGJ INCLUDINGJ WITHOUT LIMITATIONI THE
PROVISIONS THEREOF PERTAINING TO THE MAINTENANCE OF RATES FOR
SERVICES OF THE SYSTEMJ THE PLEDGE OF SYSTEM REVENUES TO THE
SERIES 1993 BONDSJ THE DEPOSIT AND HANDLING OF SYSTEM REVENUESJ
AND THE TERMS OF THE SER I ES 1993 BONDS. THE vlA YOR I S HEREBY
AUTHORIZED TO CONFER WITH THE WATER COMMISSIONI THE TRUSTEE AND
THE UNDERWR I TER I N ORDER TO COMPLETE THE --RUST I NDENTURE IN
SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETING WITH SUCH
CHANGES AS SHALL BE APPROVED BY SUCH PERSONS EXECUTION THE
TRUST INDENTUREI THEIR EXECUTION TO CONSTITUTE CONCLUSIVE
EVIDENCE OF SUCH APPROVAL.
-2-
Ii
(ADVICE IS GIVEN THAT A COpy OF THE TRUST INDENTURE IN
SUBST ANT I ALLY THE FORM AUTHOR I ZED TO BE EXECUTED I S ON FILE
WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE MEETING AT
WHICH THIS ORDINANCE IS ADOPTEDJ AND SUCH COpy IS AVAILABLE FOR
INSPECTION BY ANY INTERESTED PERSON.)
SECTION FOUR: THERE IS HEREBY AUTHORIZED AND CONFIRMED A
PRELIMINARY OFFICIAL STATEMENT OF THE CITYJ INCLUDING THE COVER
PAGE AND APPENDICES ATTACHED THERETOJ RELATING TO THE SERIES
1993 BONDS. THE DISTRIBUTION OF THE PRELIMINARY OFFICIAL
5T A TEMENT I S HEREBY APPROVED AND RAT I F I ED . THE JREL I M I NARY
OFFICIAL STATEMENTJ AS AMENDED TO CONFORM TO THE TERMS OF THE
BOND )URCHASE AGREEMENTJ INCLUDING :XHIBIT A THERETOJ AND WITH
SUCH OTHER CHANGES AND AMENDMENTS AS ARE MUTUALLY AGREED TO BY
THE CITYJ THE WATER COMMISSION AND THE UNDERWRITERJ IS HEREIN
REFERRED TO AS THE HOFFICIAL STATEMENTJH AND THE MAYOR IS
HEREBY AUTHORIZED TO EXECUTE THE OFFICIAL STATEMENT FOR AND ON
BEHALF OF THE CITY. THE OFFICIAL STATEMENT IS HEREBY APPROVED
IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ AND THE
MAYOR IS HEREBY AUTHORIZED TO CONFER WITH THE WATER COMMISSIONJ
THE TRUSTEE AND THE UNDERWRITER IN ORDER TO COMPLETE THE
OFFICIAL STATEMENT IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS
MEETING WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONSJ
THE ~AYOR'S EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH
APPROVAL.
(ADVICE IS GIVEN THAT A COPY OF THE PRELIMINARY OFFICIAL
STATEMENT IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE
DISTRIBUTED IS ON FILE WITH THE CITY CLERK AS A PART OF THE
MINUTES OF THE MEETING AT WHICH THIS ORDINANCE IS ADOPTEDJ AND
SUCH COpy IS AVAILABLE FOR INSPECTION BY ANY INTERESTED
PERSON.)
S:CTIO~ :IV:: IN ORDER TO PRESCRIBE THE TERMS AND
CONDITIONS UPON WHICH THE SERIES 1993 BONDS ARE TO BE SOLD TO
THE UNDERWRITERJ THE MAYOR IS HEREBY AUTHORIZED AND DIRECTED TO
EXECUTE AT THE REQUEST OF THE WATER COMMISSION A BOND PURCHASE
AGREEMENT ON BEHALF OF THE CITYJ TO BE DATED AS OF THE DATE OF
ITS EXECUTION (THE HBOND PURCHASE AGREEMENTH)J BY AND BETWEEN
THE CITY AND THE UNDERWRITERJ AND THE BOND PURCHASE AGREEMENT
IS HEREBY APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS
MEETINGJ AND THE ~AYOR IS HEREBY AUTHORIZED TO CONFER WITH THE
WATER COMMISSION AND THE UNDERWRITER IN ORDER TO COMPLETE THE
BOND )URCHASE AGREEMENT IN SUBSTANTIALLY THE FORM SUBMITTED TO
TH I S MEET I NG WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH
PERSONS EXECUTING THE BOND )URCHASE AGREEMENTJ THEIR EXECUTION
TO CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL.
(ADVICE IS GIVEN THAT A COpy OF THE BOND PURCHASE
AGREEMENT IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE EXECUTED
IS ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE
MEETING AT WHICH THIS ORDINANCE IS ADOPTEDJ AND SUCH COPY IS
AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.)
S:CTIO~ SIX: IN ORDER TO INDUCE THE UNDERWRITER TO
PURCHASE THE SERIES 1993 BONDSJ THE MAYOR IS HEREBY AUTHORIZED
AND DIRECTED TO EXECUTE A _ETTER OF _~EPRESENTATION ON BEHALF OF
THE CITY J TO BE DATED AS OF THE DATE OF ITS EXECUT ION (THE
II __ETTER OF REPRESENTATION") J BY AND BETWEEN THE CITY AND THE
UNDERWRITERJ AND THE LETTER OF ~EPRESENTATION IS HEREBY
APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ
AND THE 'v'A YOR I S HEREBY AUTHOR I ZED TO CONFER WITH THE WATER
COMMISSION AND THE UNDERWRITER IN ORDER TO COMPLETE THE _ETTER
OF ~EPRESENTATION IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS
MEETING WITH SUCH CHANGES AS SHALL BE APPROVED BY SUCH PERSONS
EXECUTING THE _ETTER OF ~EPRESENTATIONJ THEIR EXECUTION TO
CONSTITUTE CONCLUSIVE EVIDENCE OF SUCH APPROVAL.
(ADVICE IS GIVEN THAT A COPY OF THE LETTER OF
-3-
/1
REPRESENTATION IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE
EXECUTED I S ON FILE WITH THE CITY CLERK AS A PART OF THE
MINUTES OF THE MEETING AT WHICH THIS ORDINANCE IS ADOPTED AND
SUCH COpy IS AVAILABLE FOR INSPECTION BY ANY INTERESTED
PERSON.)
SECTION SEVEN~ IN ORDER TO PROVIDE FOR THE PAYMENT OF THE
SERIES 1988 BONDSJ THE ~AYOR IS HEREBY AUTHORIZED AND DIRECTED
TO EXECUTE AND ACKNOWLEDGE AN ESCROW DEPOS I T AGREEMENT (THE
u~SCROW DEPOSIT AGREEMENTU)J BY AND BETWEEN THE CITY AND :IRST
JACKSONVILLE BANK & TRUSTJ AS ESCROW TRUSTEE (THE uESCROW
TRUSTEEU)J AND THE CITY CLERK IS HEREBY AUTHORIZED AND DIRECTED
TO EXECUTE AND ACKNOWLEDGE THE ESCROW DEPOSIT AGREEMENT AND TO
AFFIX THE SEAL OF THE CITY THERETOJ AND THE MAYOR AND THE CITY
CLERK ARE HEREBY AUTHOR I ZED AND DIRECTED TO CAUSE THE :SCROW
DEPOSIT AGREEMENT TO BE ACCEPTEDJ EXECUTED AND ACKNOWLEDGED BY
THE :SCROW TRUSTEE. THE :SCROW DEPOS I T AGREEMENT I S HEREBY
APPROVED IN SUBSTANTIALLY THE FORM SUBMITTED TO THIS MEETINGJ
AND THE vlA YOR I S HEREBY AUTHOR I ZED TO CONFER WITH THE WATER
COMMISSIONJ THE :SCROW TRUSTEEJ AND THE UNDERWRITER IN ORDER TO
COMPLETE THE :SCROW DEPOSIT AGREEMENT IN SUBSTANTIALLY THE FORM
SUBMITTED TO THIS MEETING WITH SUCH CHANGES AS SHALL BE
APPROVED BY SUCH PERSONS EXECUT I NG THE ESCROW DEPOS IT
AGREEMENTJ THEIR EXECUTION TO CONSTITUTE CONCLUSIVE EVIDENCE OF
SUCH APPROVAL.
(ADVICE IS GIVEN THAT A COPY OF THE ESCROW DEPOSIT
AGREEMENT IN SUBSTANTIALLY THE FORM AUTHORIZED TO BE EXECUTED
IS ON FILE WITH THE CITY CLERK AS A PART OF THE MINUTES OF THE
MEET I NG AT WH I CH TH I S ORD I NANCE I S ADOPTED J AND SUCH COPY I S
AVAILABLE FOR INSPECTION BY ANY INTERESTED PERSON.)
SECTION EIGHT: THE MAYOR AND CITY CLERKJ FOR AND ON
BEHALF OF THE CITY ARE HEREBY AUTHORIZED AND DIRECTED TO DO ANY
AND ALL THINGS NECESSARY TO EFFECT THE ISSUANCEJ SALEJ
EXECUTION AND DELIVERY OF THE SERIES 1993 BONDS AND TO EFFECT
THE EXECUTION AND DELIVERY OF THE -RUST INDENTUREJ THE ~SCROW
DEPOSIT AGREEMENTJ THE BOND PURCHASE AGREEMENTJ THE LETTER OF
~EPRESENTATIONJ THE OFFICIAL STATEMENT AND TAX ~EGULATORY
AGREEMENT RELATING TO THE TAX EXEMPTION OF INTEREST ON THE
SERIES 1993 BONDSJ AND TO PERFORM ALL OF THE OBLIGATIONS OF THE
CITY UNDER AND PURSUANT THERETO. THE MAYOR AND THE CITY CLERK
ARE FURTHER AUTHORIZED AND DIRECTEDJ FOR AND ON BEHALF OF THE
CITYJ TO EXECUTE ALL PAPERSJ DOCUMENTSJ CERTIFICATES AND OTHER
INSTRUMENTS THAT MAY BE REQUIRED FOR THE CARRYING OUT OF SUCH
AUTHORITY OR TO EVIDENCE THE EXERCISE THEREOF.
S:CTIO~ ~I~:: THE SERIES 1993 BONDS ARE HEREBY DESIGNATED
AS uQUALIFIED TAX-EXEMPT OBLIGATIONSu FOR PURPOSES OF SECTION
265(B),(3) OF THE INTERNAL ~EVENUE CODE OF 1986J AS AMENDED (THE
"CODE ') . IN CONNECTION WITH SUCH DES IGNATIONJ THE CITY
COVENANTS THAT NOT MORE THAN ~il0JOOOJOOO IN AGGREGATE PRINCIPAL
AMOUNT OF OBL I GAT IONS J THE I NTEREST ON WH I CH I S EXCLUDABLE
(UNDER SECTION 103(A) OF THE CODE) FROM GROSS INCOME FOR
FEDERAL INCOME TAX PURPOSES (EXCLUDINGJ HOWEVER.! PRIVATE
ACTIVITY BONDSJ AS DEFINED IN SECTION 141 OF THE CODEJ OTHER
THAN QUALIFIED 501(c)(3) BONDS AS DEFINED IN SECTION :.45 OF THE
CODE); INCLUDING THE SERIES 1993 BONDSJ HAVE BEEN OR SHALL BE
ISSUED BY THE CITYJ INCLUDING ALL SUBORDINATE ENTITIES OF THE
CITYJ DURING THE CALENDAR YEAR 1993.
SECTIO\ TEN: ROSE LAW FIRMJ A PROFESSIONAL ASSOCIATIONJ
OF _ I TTLE ROCKJ ARKANSAS J I S HEREBY APPO I NTED TO ACT AS BOND
COUNSEL ON BEHALF OF THE CITY IN CONNECTION WITH THE ISSUANCE
AND SALE OF THE SERIES 1993 BONDS.
SECTION EL:V:N: THE CITY CLERK IS HEREBY DIRECTED TO
PUBLISH THIS ORDINANCE FOR ONE INSERTION IN A NEWSPAPER
PUBLISHED AND OF GENERAL CIRCULATION IN THE CITYJ AND TO WHICH
THERE SHALL BE ATTACHED A ~OTICE OF PUBLIC 1EARING IN
SUBSTANTIALLY THE FORM ATTACHED TO THIS ORDINANCE.
-4-
~()
S:CTIO~ TWELV:: THE PROVISIONS OF THIS ORDINANCE ARE
HEREBY DECLARED TO BE SEVERABLEJ AND IF ANY SECTIONJ PHRASE OR
PROVI S ION SHALL FOR ANY REASON BE DECLARED TO BE I LLEGAL OR
INVALIDJ SUCH DECLARATION SHALL NOT AFFECT THE VALIDITY OF THE
REMAINDER OF THE SECTIONSJ PHRASES OR PROVISIONS OF THIS
ORDINANCE.
SECTION THIRTEEN: ALL ORDINANCESJ RESOLUTIONS AND PARTS
THEREOF IN CONFLICT HEREWITH ARE HEREBY REPEALED TO THE EXTENT
OF SUCH CONFLICT.
S:CTIO~ FOU~T:EN: IT IS HEREBY FOUND AND DETERMINED THAT
THERE I S AN URGENT NEED TO REF I NANCE THE OUTST AND I NG
INDEBTEDNESS OF THE CITY SECURED BY THE REVENUES OF THE SYSTEM
IN ORDER TO LOWER THE INTEREST COST ON OBLIGATIONS PAYABLE FROM
SYSTEM REVENUESJ AND IN ORDER TO DO SO ON THE MOST FAVORABLE
TERMSJ IT IS NECESSARY TO ENTER THE BOND )URCHASE AGREEMENT AS
SOON AS POSS IBLE. THEREFOREJ AN EMERGENCY I S HEREBY DECLARED
TO EXIST AND THIS ORDINANCEJ BEING NECESSARY FOR THE IMMEDIATE
PRESERVATION OF THE PUBLIC HEALTHJ SAFETY AND WELFAREJ SHALL BE
IN FORCE AND TAKE EFFECT IMMEDIATELY UPON AND AFTER ITS
PASSAGE.
A))~OVED A~D ADO)TED T-IS
(7~ DAY OF OCTOB:~, 1993.
J J~NL~
TO~~Y S4AI~, 1AYO~
A--T :ST:
~ ~.,~ ,..
(~ . / /
t""'.'.....,..- . / /,.' I
l.. ,,'" tJ4,. 1IrJ.~ /'( ';.,~~.<tfi-<P'L_./Li/t:4f;.~~
"LU ~~,,.M. LEO'NA.~'D-] C I TV CLERK
R~ r.;Z~
~OB::~ :. BA~l.G, )TY TO~~~
-5-