0199 -
ORDINANCE NO, ,
AN ORDINANCE AUTHORIZING THE EXECUTION AND
DELIVERY OF CERTIFICATES OF INDEBTEDNESS FOR
THE PURPOSE OF PROVIDING FUNDS IMMEDIATELY
NEEDED FOR PUBLIC IMPROVEMENTS; PROVIDING
FOR THEIR PAYMENT; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the electors of the City of Jacksonville, Arkansas (called
"City "), at an election duly called and held on December 12, 1967, under the
provisions of Amendment No. 13 to the Constitution of the State of Arkansas,
have approved the issuance of $425,000 in principal amount of various purpose
General Obligation Refunding and Improvement Bonds; and
WHEREAS, the City is proceeding forthwith with the necessary steps
to sell and deliver the bonds; and
WHEREAS, an .immediate need exists for $82,000 in principal amount
in order to make certain payments for a portion of the authorized purposes,
which, if made at this time will result in considerable savings to the City; and
WHEREAS, the City has made the necessary arrangements to obtain the
needed funds by issuing Certificates of Indebtedness to be retired out of the
proceeds of the bonds as soon as they can be sold and delivered;
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of Jacksonville, Arkansas:
Section 1. That under the authority of the Constitution and laws of
the State of Arkansas, the Mayor and City Clerk be, and they are hereby,
authorized for and on behalf cf the City to execute, affix the seal of the City
thereto, and deliver Certificates of Indebtedness in the aggregate principal
amount of not to exceed $82,000. The Certificates of Indebtedness may be
delivered at one time or from time to time, shall be in such denominations,
each shall be dated as of the date of its delivery, and shall bear interest at
the rate of 4.9% per annum. The principal of all of the Certificates of
Indebtedness shall be due four (4) months from date of delivery unless sooner
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prepaid The Certificates of Indebtedness shall be in substantially the
following form with substantially the following contents, the form and contents
being made a part of this authorizing Ordinance, towit:
CERTIFICATE OF INDEBTEDNESS
No. Jacksonville, Arkansas
, 1968
FOR VALUE RECEIVED, the City of Jacksonville, Arkansas (called
"City "), hereby promises to pay to bearer the sum of
DOLLARS
four (4) months from the date of the delivery hereof, with interest from date
until paid at the rate of 4.9% per annum. Principal and interest shall be pay-
able at the office of Stephens, Inc., Little Rock, Arkansas.
This Certificate of Indebtedness is one of an issue of Certificates
of Indebtedness aggregating $82,000 in principal amount, issued and delivered
under the provisions of the Constitution and laws of the State of Arkansas, for
the purpose of financing a portion of the cost of public improvements authorized
by the electors of the City at an election duly called and held on the 12th day
of December, 1967, under the provisions of Amendment No. 13 to the Constitution
of the State of Arkansas. The City is proceeding forthwith to sell and deliver
various purpose General Obligation Refunding and Improvement Bonds in the
principal amount of $425,000 (authorized by the electors at the above - referred
to election), and the City covenants that it will use as soon as available that
portion of the proceeds derived from the sale of the bonds necessary to retire
in full (principal and accrued interest) all of the outstanding Certificates of
Indebtedness. Until paid, the Certificate of Indebtedness shall enjoy the
same security, including particularly a pledge of the proceeds of the special
tax levied under Amendment No. 13 in the amount necessary to insure the pay-
ment, principal and interest, of the Certificates when due.
The City reserves the right to prepay all or any part of the principal
of this Certificate without penalty on any date.
Section 2, The City agrees that the proceeds of the Certificates
shall be deposited in a special account or accounts of the City in a bank or
banks that are members of the Federal Deposit Insurance Corporation, and
shall be expended solely for the payment of the cost of the public improve-
ments authorized by the electors on the 12th day of December, 1967.
Section 3. That the provisions of this Ordinance are hereby declared
to be separable and if any section, phrase or provision shall for any reason
be declared to be invalid, such declaration shall not affect the remainder of
the sections, phrases and provisions.
Section 4, That is is hereby ascertained and declared that there is
an immediate need for the public improvements without which the public health,
safety and welfare of the citizens of the City are in jeopardy and that the im-
provements can be accomplished only by the issuance of the Certificates
authorized by this Ordinance. It is, therefore, declared that an emergency
exists and this Ordinance being necessary for the preservation of the public
health, safety and welfare shall be in force and take effect immediately upon
its passage.
PASSED:
APPROVED: r,
ATTEST:
- Mayeir
City Clerk
(SEAL)
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This Certificate of Indebtedness shall be deemed a negotiable
instrument under the laws of the State of .Arkansas and is executed with the
intent that the laws of the State of Arkansas shall govern its construction.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts,
conditions and things required to exist, happen and be performed precedent
to and in the issuance of this Certificate have existed, have happened and
have been performed in due time, form and manner as required by law.
IN WITNESS WHEREOF, the City of Jacksonville, Arkansas, by its
City Council, has caused this Certificate to be executed by the Mayor and
City Clerk and sealed with the corporate seal of the City, as of the date
above set forth .
CITY OF JACKSONVILLE, ARKANSAS
ATTEST:
By
, Mayor
City Clerk
(SEAL)
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CERTIFICATE
The undersigned, City Clerk of the City of Jacksonville, Arkansas,
hereby certifies that the foregoing pages are a true and perfect copy of an
Ordinance passed and approved at a — session of the City
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Council of Jacksonville, Arkansas, held at the regular meeting place of
the Council at o'clock 5 MI., o n the -•••;- day of
19 and that said Ordinance is of record in the record books of the City
in Book .1 Page , now in my possession.
GIVEN under my hand and seal this , . day of X ,
19_4.
City Clerk
(SEAL)
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