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0829 Jj3 ORDINANCE NO. 8 2 9 (#20-86) AN ORDINANCE DETERMINING THE NECESSITY OF ENTERING INTO A LEASE-PURCHASE AGREEMENT IN THE AMOUNT OF $1,423,000.00 BY THE CITY OF JACKSONVILLE, ARKANSAS, WITH THE ARKANSAS SOIL AND WATER CONSERVATION COMMISSION FOR THE PURPOSE OF PURCHASING IMPROVEMENTS TO THE CITY'S WATER SYSTEM; PLACING THIS QUESTION OF ENTERING INTO THE LEASE-PURCHASE AGREEMENT ON THE BALLOT OF THE NOVEMBER 4, 1986 ELECTION; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS, THAT: SECTION 1. The City Council hereby determines that entering into a Lease-Purchase Agreement in the amount of $1,423,000.00 with the Arkansas Soil and Water Conservation Commission is necessary for the purpose of purchasing improve- ments and betterments to the City's Water System. Said Lease-Purchase Agreement shall be secured by a pledge of the revenues of the City's Water System, all as more specifically provided and described in subsequent ordinances of City providing for the Lease-Purchase Agreement. SECTION 2. At the election to be held on November 4, 1986, the question of entering into a Lease-Purchase Agreement in the amount of $1,423,000.00 with the Arkansas Soil and Water Conservation Commission by the City of Jacksonville, Arkansas, for the purpose of purchasing improvements and betterments to the City's Water System, said Lease-Purchase Agreement to be secured by a pledge of the revenues of the City's Water System, will be placed on the ballot. SECTION 3. The question shall be placed on the ballot for election in substantially the following form: There is submitted to the qualified electors of the City of Jacksonville, Arkansas, the question of entering into a Lease-Purchase Agreement in the amount of $1,423,000.00 with the Arkansas Soil and Water Conservation Commission, or such lesser amount as shall be determined by the City Council of the City of Jacksonville, for the purpose of purchasing improvements and betterments to the City's Water System, said Lease-Purchase Agreement to be secured by a pledge of the revenues of the City's Water System, such revenues to be pledged to pay the principal of, interest on, and fees and expenses in connection with said Lease-Purchase Agreement. Vote on the question by placing an "X" in one of the following squares, either for or against: FOR entering in to the Lease-Purchase Agreement in the amount of $1,423,000.00 AGAINST entering into the Lease-Purchase Agreement in the amount of $1,423,000.00 SECTION 4. Notice of the election shall be given by the City Clerk by publication of a notice at least ten (10) days prior to the date of the election in a newspaper of general cir- culation within the City. No other notice by any other public official shall be required. The Election shall otherwise be held and conducted and the vote cast and the results declared in the Iff manner provided for municipal elections under the election laws of the State then in effect. Only qualified electors of the City shall have the right to vote at the election. SECTION 5. A copy of this Ordinance shall be furnished to the Pulaski County Board of Election Commissioners so that it may place the question on the ballot for the election, provide the proper election officials and supplies, and canvas the vote on the question. SECTION 6. The results of the election, after the vote has been canvassed by the Pulaski County Board of Election Commissioners, shall be proclaimed one time in a newspaper having general circulation in the City. The results as proclaimed by the Mayor shall be conclusive unless attacked in the Circuit Court of Pulaski County within thirty (30) days after the date of publication of the proclamation. SECTION 7. Any ordinances or parts of ordinances in conflict with the provisions of this ordinance are hereby repealed to the extent of such conflict. SECTION 8. The City Council hereby determines that the City of Jacksonville is in dire need of additional improvements and betterments to the City's Water System; that an appropriate way to provide such improvements and betterments is by the purchasing of said improvements and betterments from revenues of the Water System, as authorized by the Constitution and laws of the State of Arkansas; and that this ordinance shall be given immediate effect so that the essential improvments and better- ments to the City's Water System may be constructed as soon as possible. Therefore, an emergency is hereby declared to exist and this Ordinance, being necessary for the immediate preservation of the public health, safety, and welfare, shall be in full force and effect from and after its passage and approval. APPROVED AND ADOPTED THIS 1986. 21.6t DAY OF AUGUST ATTEST: ~... ~ // (;;:' j (~} J /---- ;.v~J / -,..-" ,7 (---'Y:Lk'~J. j ,//1./ . r-~_.-eJL//",~"CA...-p"-.~ · LUt'-A~'~M. LEONARD ,'-.CITY CLERK '- APPROVED AS TO FORM: t~~ }t:41 if- KEI H VAUGHAN, Clzry ATTORNEY -2-