0113 J .
ORDINANCE 00. / ./ 1
AN ORDINANCE it 2WG TUE ISSUANCE OF W)WS
IFOR THE IMPOSE OP FINANCING A PORTION OF THE
COST OW ACQUIRING A SITE $OR, CONSTRUCTING
EQUIPPING A ; as{ ' ICIPAL HOSPITAL; LEVYING A TAX
SUFFICIENT TO PAY ',1 PRINCIPAL 07 AND INTEREST
,.:1' g PRESCRIBING OTHER MATTERS RELATING
I:e; : r; AND DECLARING EMERGENCY.
WVENIAS Y;
by Ordinance No. 108, duly passed by the City
amen of the City of Jacksonville, Arkansas, and approved on
the 17th day of March, 1960, there was submitted to the qualified .
elector of the City of Jacksonville, Arkansas the question of
ieseing 6150,000 in general obligation bonds under the provisions
of a =F = t Po. 13 to the Constitution of the State of Arkansas
for the impose of financing a portion of the cost of acquiring
a site for, constructing and equipping a municipal hospital; and 4°
11 due notice of the election was given as retteired
by law and said election was duly bald on the 17th day of May,
1960, at shish election the electors approved the issuance of
bonds for said purposes; and
WHEREAS the results of the election were envouneed
by the r by a proclamation duly published an the 2nd day
Of June, 1960 in a newspaper of bona fide circulation in the
City of Jacksonville, Arkansas; and
HENNAS after due advertisement for the time and in
the manner required by law, bonds in the amount of ,$130,000
were offered for sale on auction bids at the l4unicipal Court
Room in Jeaksonville, Arkansas on the 30th day of November, 1960,
and at said sale Stephens, Inc" Little Rock. Arkansas, bid
and offered the price of 1000 on the dollar and accrued interest
to date of delivery for bonds bearing interest at the rate of
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per annum, and this being the best bid said bonds
wore sold to Stephens, Inc., Little Rock, Arkansas, at said price;
and
+` - +' < pursuant to the authorisation is the Notice of
Sale the purchaser has elected to convert the $150,000 of bonds
bearing interest at the'rate of 1 per annum to an .
isms of $172,000 of 3 1/471, 3 1/21 and 3 3/41 bonds, hereinafter
described in detail, and the Council has examined said conversion
and bas found the same to be within the provisions of the Notice
of Sale, and that by virtue of which the City will pay no more
• .receive no less than it would pay and receive if the bow
were mot converted;
Imo, - 14 ;R,iRE, BE IT 09DAINEA by the City Council •
of the City of Jacksonville, Arkansas:
Section; Z. That the above referred to improvements
approved by the electors at said special election be made and
constructed.
Section 2, That the sale of $150,000 of bonds
bearing interest at the rate of if/ 1 per annum to
Stephens, Inc., Little Rock, Arkansas, and the conversion of said
bonds to an issue of $172,000 of 3 1/41, 3 1/271 and 3 3/41 bonds
be, and the setae hereby are, approved and confirmed.
Sestion_,3. That under the authority of the Constitution
and laws of the State of Arkansas, including particularly Amend-
ment No. 13 to the Constitution of the State of Arkansas, the
City of Jacksonville General Obligation Hospital Bonds are
her 'y authorized and ordered issued in the total principal
amount of $172,000, the proceeds of the sale of which are
Page 3
necessary to provide sufficient funds for paying the City's
portion of the cost of acquiring a site for, constructing
and equipping a municipal hospital, including necessary =ponies
incidental thereto and to the issuance of the bonds, and includi
as amount sufficient to pay interest on the bonds until tax eel.
lections are available., The bonds shall be numbered consecutively
from 1 to 172, inclusive, and all bonds shall be in the denomina-
tion of $1,000 each. The bonds shall be dated July 1, 1960.
s Nos. 1 to 40, inclusive, shall bear interest at the rate
of 3 1 /4x per annum; Bonds Nos. 41 to 66, inclusive, shall bear
interest et the rate of 3 1/22 per annum; Sonde Nos. 67 to.12S :
inclusive, shall bear interest at the rate of 3 3/4% per mamma;
and Bonds Nos. 126 to 172, inclusive, shall bear interest at the
rate of 3 1 /4% per annum. Interest shall be payable semiaannually er
on January 1 and July 1 of each year commencin4 January 1, 1961
The principal and interest shall be payable in lawful money oi'
the United States of America upon presentation of the bond's/
proper coupon at the office of Worthen Bank & Trust Companya,
Little Sock, Arkansas. The bonds shall mature on July 1 of each
year as follows, but are callable as hereinafter sot forth:
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UAR b0 $08. A
1963 1 - 4 $4,000
1964 5 - 8 4,000
1965 9 - 12 4,000
1966 13 - 16 4,000
1967 17 - 20 4,000
1968 21 - 25 5,000
1969 26 - 30 5,000
1970 31 - 35 5,000
1971 36 - 40 5,000
1972 - 41 - 45 5,000
1973 46 - 50 5,000
1974 51 - 55 5,000
1975 56 - 60 5,000
1976 61 - 66 6,000
1977 67 - 72 6,000
1978 73 - 78 6,000
1979 79 - 84 6,000
1980 85 - 90 6,000
1981 91 - 96 6,000
1982 97 - 103 7,000
1983 104 - 110 7,000
1984 111 - 117 7,000
1985 118 - 125 8,000
1986 . 126 - 134 9,000
1987 135 - 143 9,000
1988 144 - 152 9,000
1989 153 - 162 10,000
1990 163 - 172 10,000
jitaion it. 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 sash •
of the bonds may have the facsimile signature of the Mayor of the
City lithographed or printed thereon, which signature shall havo
the sae force and effect as if he had personally signed each of
said coupons.
baton 5. That the bonds and coupons shall be in
,; stentially the following forms
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UNITED STATES O CA
STATE OF AS
CITY OP MONTT r OF KI
W ACKSONVILLE
2 GENERAL OBLIGATION HOSPITAL BOND
NO. 01,
PRESENTS: ALL BY THESE
That the City of Jacksonville in be County of
State of Arkansas acknowledges itself to owe and far value
promises received to pay to bearer the sme of
ONE THOUSAND DOLLARS
in lawful =nay of the United States of America on the fires
day of July, 19. and to pay interest hereon at the rate of
tent ( _ 1) per annum fran date.
14014, , ♦., ; .: r ly on January 1 and July 1 of each yenr, conatesing
Scoassy 1, 1961,. upon ;presentation surrender of the annexed '
coupons as they severally become dun.
Both principal and interest of this bond are hereby
ands - % abler at Wortheu Sank & Trust Company. Littletask, Arkansas,
This is cue of a sees of one hundred sementrtwo O)
, . aggregating One Hundred Seventy Two Thousand Dollars .
(0172.11 „ 'f ). dated July 1, 1960, and numbered ewe ens (1) to
one dry saventysteo (172), inclusive, all of like tenor mad
affect except as to number. rate of interest and maturity, tad
She , . ;,:♦ ate issued for the purpose of financing a portion Of
the coat of acquiring a site for, constructing and equippiug a
hospital.
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Ibis bond and the series of widish it forms a past are
iasaad pursuant to and in full compliance with the Constitution and
lama of the State of Arkansas, particularly Amandumnt So. 13 to
the Constitution of the State of Arkansas, and pursuant to ordi..c
wawas of the City Council of said City and an election duly held
at rich the majority.af the legal voters of said City voting on
the question voted in favor of the issuance of the bonds. Ibis
bond and the series of which it forms a part are general *lie
rations of the City of Jacksonville. Arkansas, payable from the
proceeds of a throe andone•balf (31) mill spacial tax levied by
the City Council under the authority of Aaenchlent 140. 13 to the
Constitution of the State of Arkansas, and the City of Jacksonville
hereby pledges its full faith, credit and taxing power, inraludin:
the said three one -half (31) mill special tax, for the t
of this bond and the series of which it forms a part.
The City bas agreed that all revenues derived from
said tans in excess of the amount necessary to insure the prompt
payment of the principal of and Interest an the bonds as'they
mature, and the paying agent's fees, and to establish said maintain
a reserve for contingencies in the amt oft $S, QOO,2wrist" ba wad
to pall the bonds of this issue for payment prior to maturity et
the times and in the manner provided herein for Ball and peyment
prior to maturity.
the bonds of this issue mill be callable for payment
0[ to maturity in inverse numerical order at par and accrued
interest from surplus proceeds of the sale of the bonds not
required for acquiring a site for, constructing and equipping
the municipal hospital, and from surplus tax collections on ,.:_;
_.
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iatemast paying date. They will be callable in inverse numerical
order at par and aecruad.interest from funds from any source on
any interest paying date on or after Juljl, 1965. 'Notice of the
sell for redemption shall be published once a week for two (2)
weds in a newspaper published in the City of Little Rock,
Arkansas, having a general circulation throughout the State
of Arkansas, giving the ,,. •.,;: < ar and maturity of each bond bei.Ag
called, the first publication to be at least fifteen (15) days
pry' to the to,0rr:tion date, and after the date fixed for
ration each bond so called shall cease to bear interest,
provided funds for its payment are an deposit with the paying
agent at that time.
IT IS HEREBY CtRrIfIED, RECITED AND DECLARED that all
acts, condition and things required to exist, happen and be per'
breed, under the Constitution and laws of the State of Arkansas.
particularly Amendment . 13 to the Constitution of the State of
Asas, precedent to and in the issuance of this band have
nisted, have ha 4::-J and have been performed in due time, form
and manner as required by law; that the indebtedness represented
Ii by this boned and the issue of which it forms a part does not
exceed any constitutional or statutory limitation, and that a
tax sufficient to pay the bonds and interest thereon has been duly
levied in accordance with said Aetendmeft iio. 13 to the Constitur,
Mon of the State of Arkansas and made payable annually until
all of the bonds and interest thereon have been fully paid acid
discharged.
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shall This bond not be valid until it shall bare been
authenticated by the certificate hereon duly signed by Worths
Beek t ,, Little Rock, Arkansas.
IN NUMB ,o+ the City of Jacksonville, Awkassas
bac executed this bond by the hands of its Mayor and City Clerk
and attested it with its corporate seal and bas caused tbe
coupons hereto attached to be authenticated by the facetaile
signature of its Mayor all as of the first day of .Holy, 1960.
CITY or JACKSOBVILLB, ARZANSAS
By
Mayor
a
City Clerk
(SEW
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(Foram of span)
S
January
On the first day of July . 19 , the City of
Jentommmille, bilaski County, Arkansas, unless the bored to which
this Coupon As attached d prior thereto, hereby promises
to POY to Nearer
DOLLARS
la lawful money of the United States of America at the office
of ihsthen Sank 6 Trust Company, Little Rock, Arkansas, being
dz 06) ° interest then due on its General Obligation
nal Bond dated July 1 1960, and numbered
CITY OF JACKSONVILLE, ARKANSAS
By .. _.�_ ..
or
shall Oa each bond appear following
CERTIFICATE
This is to certify that Otis is oar of the one hundred
esommtrotwo (172) bonds of the issue mentioned and described
within.
ROOMS BARK di TRUST COMPANY
LITTLE ROCK, ARKANSAS
By
Little Rook, Arkameas
1960.
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Section 6. That in order to pay the bonds as they
mature, with interest thereon, there is hereby levied upon all
triable real end personal property within the City of Jacksonville,
Arkansas, a continuing special tax of three and one -half (30 mills
on each dollar of assessed valuation to be collected with the taxes
4o14acted in the year 1961 and continuing as long thereafter as may
be necessary to pay the principal of and interest on the bonds
authorized by this ordinance, being a sum sufficient to pay the
principal of and interest on the bonds as they mature, with more
than five (5) per cent added for unforeseen contingencies; and
t h e City Clerk is directed to transmit a copy of this ordinance
to the County Clerk of Pulaski County, Arkansas, to the and that
said has may be extended on the tax books of the County and
collected annually along with the other taxes until the bonds
and interest thereon are paid in full. The City covenants and
agrees that all of the revenues from the said three and one -half
(3) trill tax shall be placed in a separate fund which is hereby
created and dist'. ted "1960 General Obligation Hospital Bond
Fund", and shall be used solely for the payment of the principal
of and interest on the bonds of this iiane, and the paying agent's
fees, as set forth in this ordinance. The amount of said deposit
to cans of: that_ insured by the Federal Deposit Insurance Corpora -
'.tio:31214st Abe continuously secured by bonds or other direct or
fully guaranteed obligations of the United States of America.
The City covenants that all revenues derived from said special
tax in excess of the amount necessary to insure the prompt pay-
ment of the principal of and interest on the bonds as they
mature, and the paying agent's fees, and in excess of the
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amount necessary to establish and maintain a reserve for tontiaa-
gencies in the act of $5,000, must be used to call the bonds
of this Josue for payment prior to maturity at the times and in
the meaner provided herein for call and payment prior to maturity.
gpatian 7. That for the pr. , , =:t payment of the bonds
of this issue with interest, the City of Jacksonville, Arkansas
hersby pledges its full faith, credit and taxing power, ivaluding
the tax levied in Section 6.
Section 8 That in order to pay the principal of and
interest on said bonds as they mature, there are hereby appropriated
out of the proceeds of the tax herein levied, and if such proceeds
be not sufficient, then out of the general revenues of the City,
the following sums:
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TEAR 1010 l ' . PRINCIPAL INTEREST TOTAL i.
JANU RT 1 JULY 1
1961 $ $2,975.00 62,973,00 45,130.00
1962 2,975,00 ✓ 2,975.00 • '.11
1963 1 - 4 4,0 2,975.00 2,875.00
,, 4 ,,
1964 5 - 8 ,4,000 , 2,910.00 2,910.00 9 0830,00
1 96 5 __-- -- _._ ].2 L4, ''t''- 2e�''!, 2.,80..-00 Xi- 9.
,116C---____a_•___16 : _ 4,00031 � , :A 4 e a4 't <<c 2,780.00 . ' 9,560.00
1987 17 - 20 4,000 2,715.00 2,715.00 9,430.00
1968 21 • 25 5,000 2,636.00 2,650.00 10,300.00
1969 26 - 30 5,000 2,568.75 2,568.75 10,137.50
1970 31 - 33 5,000 2,487.50 2,487.50 9,975.00
1971 36 - 40 5,000 2,406.25 2,406.25 9,812.30
1972 41 - 45 5,000 2,325.00 2,325.00 " ';9,630,00
1973 46 - 30 5,000 2,237.50 2,237.50 9,473.00
1974 51 - 35 5,000 2,150.00 2,150.00 9,300.00
1973 36 - 60 5,000 2,062.50 2,062.50 ;9.12},00
1976 61 - 66 6,000 1,975.00 1,975.00 .9,930.00
1977 67 - 72 6,000 1,870.00 1,870.00 9,740.00
1978 ; 73 • 78 6,000 1,757.50 1,757.50 9,315,00
1979 79 - 84 6,000 1,645.00 1,645.00 9,290.00
1980 85 • 90 6,000 1,532.50 1,532.50 9,065.00
1981 91 - 96 6,000 1,420.00 1,420.00 8,840.00
1982 97 - 103 7,000 1,307.50 1,307.50 9,613.00
1983 104 - 110 7,000 1,176.25 1,176.25 9,352.50
1984 111 - 117 7,000 1,045.00 1,045.00 9,090.00
1985 118 - 125 8,000 913.75 913.75 9,827.30
1986 126 - 134 9,000 , ',I / : E 763.75 763.73 10,527.30
1987 135 - 143 9,006V- 617.50 617.50 10,235.00
1988 144 - 152 � > 9,000 471.25 471.25 9,942,50
1989, 153 • 162 710,000 :` j 323.00 325.00 10,630.00
1990. 163 - 172 t 10,000 i. 162.50 162.50 10,325.00'
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That the bonds of this issue shall be
callable for payment prior to maturity in accordance with the
terse set out in the face of the bond form in Section 3 of this
oar e.
Sgption Q. That the Treasurer of the City of Jac lle,
Arkansas ap
is hereby ordered and directed to place an deposit with
Worthen Sank b Trust Compmay, Little Rock, Arkansas, the paying
agent, at least five (5) days before the maturity date of any bed
sr interest coupon issued hereunder, an amount from the im
appropriated equal to the ammmnt of such bonds or coupons, for the
soles purpose of paying the same, together with the customary paying
agent's fee. Such dopacit shall he at the rick of the City and shall
not operate as a payment of the bonds or coupons until so applied,
Ibis instruction to the Treasurer is irrevocable and may be enforced
hysanderms.
Pion 11, That Worthen t Company, Little
, Arkansas, is designated as paying agent. The holders of a
$ority In value of the outstanding bonds at any time may by a
instrument duly easseuted and recorded in the office of the City
Clerk appoint a new paying agent, who shall have all of the pavers
Of the Plying agent originally named, and the Paying Agent herein
mead T resign at way time wan ten (10) days' notice in sera
mailed to the City Clerk. In the event of a vacoacy in the office
of ?wine Agent and the failure of the holders of a majority in
value of the outstanding i bonds to take the necessary action to
appoint a new paying agent within thirty (30) days after such vattacy
occurs, the City shall forthwith designate a new
paying agent.
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► jeetiOn n 1t 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
end able, and the failure of the holder to exercise tbis
option upon any default shall not be a waiver of his right to
exercise the option upon any subsequent default.
jgglis That when the bonds heroin authertied
to be executed have been ted by the Mayor and City Clerk and
the seal of the City impressed as herein provided, they shalt be
delivered to Worthen Bank it Trust Company, Little Rock Arkansas,
1 aide shall authenticate them and deliver than to tt ,,
Little Rock. Arkansas, or, order, upon payment in calk of the
purchase price plus accrued interest. The accrued interest Ovs
amount such ot proceeds of the sale of the boade as shall .
be sufficient to pay the interest on the bonds until proceeds of
the spacial tax are available shall be deposited in the "1900
General Obligation Hospital paced".
The balance of the proceeds of the bonds shall be
deposited in trust in a special account designated filespital
Construction " and used for no other purpose than acquiring
a site for, constructing and equipping the municipal hospital*
pains necessary expenses iucidental thereto and payiug the
esspenses of issuing the bonds. The City expressly reserves
the right to pay into the Hospital Construction Fund out of the
ftrst available proceeds of the special tax not required for
meetins bond principal and interest payments and payiug eat
feea an amount equal to the amount of the proceeds of the bonds
used to pay interest before the proceeds of the special tanners
available. Any unexpended balance remaining in the fund after
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the . ., latices of said improvements nay be used to call tbs
of this ' issue for payment prior to maturity, but Leon
@g
soused, bed sited in the "1960 General Obligation Mo i t r_ fund", •
Section, 14 (a) That the terms of this ordinanei shall
stratitute a cantract between the City oflacheonvillse Amtanses
e the holder or holders of the bonds and no variation or e
in the undertaking herein set forth 1 be made'While any of
theme are outstanding, except as hereinafter set forth in
Section Ca), and the holder of any bonds may at any timefar .. ea
® ova behalf or for and en behalf of all bondholders enforce the ,
obligatices of the City by a proper wait for that purpomes
Subject to the terms and prettoices contateed in
this section add not otherwise, the holders of not Tess than �-
seventyefive per cent (7 51) in aggregate principal amount of the
bonds then outstanding shall have the right, from time to►
anything contained in this ordinance to the contrary notwithstande
int, to consent to and approve the adoption by the City of
otteance supplemental beret* as shall be necessary or desirable
for the purpose of modifying, altering, amending, adding to or
rescinding, in any particular, any of the terms or
contained in this ordinance or in any supplemental ordinance;
provided, however, that nothing herein contained shall permit or
b® construed as permitting (a) an extension of the maturity of
the principal of or the interest on any bond issued hereunder,
or ) a reduction in the principal mount of any bend or the rate
of interest therein, or (a) the creation of a pledge of tee
revenues other than the pledge created by this ordinance, or
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(d) a privilege of priority of any bond or bonds over spy other
bond as bonds, or (e) a reduction in the aggregate principal
amount of the bonds required for consent to sudh supplemental
ordinance.
boat 1l. That the provisions of this ordleance afe
separable and in the event that any section or part hereof Shell
be held to be invalid, such invalidity shall not affect the
6
remainder of this ordinance.
$fit lb. That all ordinannee and resolutions and parte
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
ligglAggAZ. That this ordinance shall not create say
right of any character and no right of any character Oball arise
ender or pursuant to it until the bonds authorized by this
ordinance Shall be issued and delivered.
SPetien 18. That it is hereby ascertained and deelesed
that the acquisition . of a site for construction and equipment
of s municipal hospital is inatediately necessary for the premiere
'ration of the public peace, health and safety. Such acquisition,
construction and mg—element cannot be made without the issuance
of these beads and, therefore, it is declared that an
exists and this ordinance being necessary for the preservatiom
of the public peace, health and safety shall be in force and
take effect immediately upon after its passage.
PASSED: F / ® � g p
8 ‘.1 . t ' a — , 1960,
4 / /
ATTEST: Mayor
W i t C L 1 lts2
ity e
( )
CUZTIVICATE
The signed, City Clerk of the City of
Jacksonville„ Arkansas, hereby certifies, that the foregoing
A.,
numbered 1 to 13, inclusive, are a true and correct'
copy of Ordinance adopted at a '
sass ,. of the Council of the City of Jacksonville, e
held at the regular meeting place of the Council in said
City at o'clock .m., on the day
of 1960, and that said ordinance is
of record in Ordinance Record Rook No. .4 page
now in my possession.
and
Given r my hand/seal this day of
0 1960. .'
1
City Clerk"
0 -3 Jacksonville, Ark. G/0 Hospital
July 1 Jan. 1
Tear Bond # Prin-.- ._ 11 , �� ter- sc� ci e A Q � i -
196i,_,131,1& ►►1 J. 2 t "� -4._ ►► `' ,. 67 7 20 il 2,3.11,00 2,390.00
1968 21/2c ,000. 1,3/5.0( 2,325.00
1969 26/30445,000.00 2,243.75 2,243.75 1,
1970 31/35 5,000.00 2,162.50 2,162.50
1971 36/40 5,000.00 2,081.25 2 081.25
1972. 41/45 5,000.00 2,000.00�,0 ).
1973 46/50 5,000.00 1,913.50 1,912.50
1974 . 51/55`5,000.00 1,825.00 1,825.00
1975 56/60 x `' • 5,000.00 1,737.50 1,737.50
1976 61(66 6,000.00 1,650.00 1,650.00
1977 67/72 6,000.00 1,545.00 1,545.00
1978 73/78 6,000.00 1,432.50 1,432.50
1979 79/84 6,000.00 1,320.00 1,320.00
• 1980 .85/90 1,207.50 1,207.50
1981 . 91/96 6,000.00 1,095.00 1,095.00
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1982 97/103 7,000.00 982.50 982.50
1983 104/110 .7,000.00 851.25 851.25
1984 111/117 7,000.00 720.00 720.00
--� 1985 118/125 8,000.00 51& _2,5 588.75 �<..'..e, 7 ,Y " 7 4 4
>" , . .9 CP e. f0 986 1 26/134 X11 ?438:25.--ear 8.7 - _.50
1987 292.50 292.50 Pcw - 7 '"
' 1988 144/152 '9,000.00 146.25 146.25) VJt /L /'
To reflect chanve after call of bonds #
- 153/172 on 7/1/65.
■ Fee 5g per coupon, 1.25 per M Principal
$5.00 minimum each six months
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