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RESOLUTION NO. 3
A RESOLUTION APPPOVTNG THE BALE AND CONVERSION OF
mvATERWORRS Ar SEWER REFUNDING AND IMPROVEMENT
REVENUE; ?ONDS OF THE CITY OF JACRSONVILI.E, ARK-
ANSAS; PRESCRIBTNG OTHER MATTERS RELATING THERETO;
ANP DECLARING AN EMERGENCY
WHEREAS, on the 30th day of October, 195 the City Counoil of Jacksonville, Arkansas enacted Resol-
ution No. 2 entitled
A Resolution Authorizing thn Execution of an
Agreement Terminating an Existing Lease of Rater
and Sewer Properties and the Purchase of Rater
and Sewer Properties by the City of Jacksonville
now Owned by Jacksonville Water Company; Authoriz-
ing the Issuance of Waterworks and Sewer Refund-
ing and Improvement Revenue Bonds by the City •
of Jacksonville, Arkansas for the Purpose of
Refinanoing Certain Outstanding Waterworks and
Sewer Revenue Bonds Heretofore Issued and For
Improving and Extending the Jacksonville Water
works and Sewer Systems; Setting up Certain Funds
for their Payment; Prescribing other Matters
Relating Thereto; and Deelaring,an Emergency; and
WHEREAS, the City duly advertised the public sale of its 3115,000.00 Combined Waterworks and Sever
Refunding and Improvement Revenue Bonds, authorised by said Resolution No. 1, the bonds to be dated
December 1, 1952, and 352,000.00 of said bonds to bear interest at the rate of 3% per annum and 363,000.00
of said bonds to bear interest at the rate of 3.886,6 per annum from December 1, 1952. payable semi - annually
on the first day of June and December of each year. with the first interest payment due on June 1, 1953,
and to mature serially on the 1st day of December in eaoh of the years 1953 to 1982, inclusive, with the
privilege of conversion to an issue of bonds bearing a lower rate or rates of interest in accordance with
the Universal Bond Values Tables upon such terms that the City will receive no less and pay no more than
it would receive and pay if the bonds were not converted; and
WHEREAS, said sale was held on November 10, 195 at which W. R. Stephens Investment Company, Inc., of
Little Rook., Arkansas, offered the price of Par for said 3115,000.00 Waterworks and Sewer Refunding and
Improvement Revenue Bonds bearing interest at % and 3.886%, and this being the hest bid, said bonds vsre
sold to it at said price; and
WHEREAS, the purchaser has elected to convert the 3115,000.00 of 3% and 3.88E% bonds into an issue
hearing lower rates of interest as hereinafter set out, which the Camotl has examined and finds is in
accordance with the universal Bond Vnluns Tablas, and by which the City will receive }no less and pay no
more than it would receive and pay if the bonds were not converted.
NOW, THEREFORE, BE IT RESOLVED BY the City Council of the City et Jacksonville, Arkansas,
Section 1. That the sale of the bonds to W. R. Stephens Investment Company, Inc. be and the same
hereby is approved.
Section 2. That the conversion of said bonds from $115,000.00 in 3°6 and 3.°8E% bonds to 3127,000.00
in bonds bearing interest and maturing as hereinaf' ,. set out be and the same hereby in approved.
Section 3. That the issue of bonds shall be designated "City of Jacksonville' Combined Faterworka and
Sewer Refunding and Improvement 24g, 2 -3174 and 3% Revenue Ronde in the aggregate principal amount of
/127,000.00. Said bonds shall be numbered consecutively from 1 to 127, inclusive, and shall be in the
denomination of 31,000.00 each. The bonds shall be dated December 1, 1952 at the rate of 2 per annum;
Bonds Nos. 31 to 48, inclusive, shall bear interest from December 1, 1952 at the rate of 2 -3 i% per annum;
and Bonds Nos. 49 to 127 Anolusive, shall bear interest from December 1. 1952 at the rate of 374 per annum.
The interest shall be payable semi - annually on the first day of June and December of each year, with
the first interest payment due on June 1, 1953, such interest to be evidenced by interest coupons. and
the principal and interest shall be payable in lawful money of the United States upon presentation of
the bond or proper coupon at the Union National Bank of Little Rock, Arkansas. Said bonds shall mature
on December 1 of each year as follows,
YEAR BOND Nos. (both inoi.) AMOUNT
1953 1 _ 3 $3,000.00 - 6 3,000.00
1955 7 - 9 3,000.00
1956 10 - 12 3,000.00
1957 13 - 15 3,000.00
1958 16 - 18 3,000.00
1959 19 - 21 3,000.00
1969 22 - 24 3,000.00
1961. 25 - 27 3,000.00
1962 3,000.00
1963 3 - 33 3,000.00
1 9 6 4 34 - 36 ,000.00
1965 41 - 40 • 4.x. 0
19 45 - 46 4,000.00
19 49 - 52 4,00.00
1969 53 - 56 4,000.00
1 97 0 57 - 60 4,00o.0o
1972 61 - 70, 5,000.00
973 5,000.00
1474 71 - 8o• 5,000.00
5,000.00
1975 81 - 85 5,000.00
1976 86 - 90 5,000.00
1977 91 - 95 5,000.00
1978 96 - 101. 6,000.00
1979 102 - 107 6,000.00
1980 108.- 113 6,000.00
YEAR BOND Dos. (both incl.) AMOUNT
1981 114 - 120 $7,000.00
1982 121 - 127 7,000.00
Section 4. As provided in Resolution No. 2, authorizing the issuance of these bonds, the principal of
and interest on the bonds of this issue shall be paid from the funds in the Waterworks and Sewer Revenue
Bond Fund, as provided in Section 9 of said Resolution No. 2, as they mature according to the following
schedule:
Bond Nos. Principal Interest ,,
Year (boph inol) Dec. 1 ea. yr. June 1 Dec. 1 Total
1953 1 - 3 PP $3,000.00 91,807.50 41,807.50 56,615.00
1954 4 - 6 pG 3,000.00 1,770.00 1,770.00 6,54o.00
1955 7 - 9 ro 3,000.00 1,732.50 1,732.50 6,465.00
1956 10 - 12 PO 3,000.00 1,695.00 1,695.00 6,39
1957 13 - 15 PD 3, 000 . 00 1,657.50 1, 6 ,315. 00
1958 16 - 18 PD 3,000.00 1,620.00 1,620.00 6,240.00
1959 19 - gt (o. 3,000.00 1,582.504 1,582.5061u1 6,165.00 379"
1960 22 - 2 4 3,9 1,545. 1,545.00. 6,090.0o-
1961 25 - 27 3,000.00 1,9907 150 1,5507.50 6,015.00
1962 28 - 30 3,000.00 1,470.00 1,470.00 5,940.00
1963
31 - 33 3, 1,!:32.50 1.432.50 5,8
1 9 6 4 34 - 36 3,000.00 1,391.25
1,391.25 5,782.50
1965 37 - 40 4,000.00 1,350.00 1,350.00 6,700.00
1966 41 - 44 4,000.00 1,295.00 1,295.00 6,7990.00
1967 45 - 48 4,000.00 1,240.00 1,240.00 6,480.00
1968 49 - 5 4,000.00 1,185.00 1,185.00 6,370.00
1969 53 - 56 4,000.00 1,125.00 1,125.00 (6,250.00
1970 57 - 60 4,000.00 1,065.00 1,065.00 6,130.00 -
1971 61 - 65 5,000.00 1,005.00 1,005.00 7,010.00
1972 66 - 7o 5,000.00 930.0o 930.00 6,86o.00
1973 71 - 75 5,000.00 855.0o 855.00 6,710.00
1974 76 - 80 5,000.00 780.00 780.00 6,560.00
1975 81 - 85 5,000.00 705.00 705.00 6,410.00
1976 86 - 90 5,000.00 630.00 630.00 6,260.00
1977 91 - 95 5,000.00 555.00 555.00 6,11o.00
1978 96 - 101 6,000.00 480.0o 480.00 6,960.00
1979 1 6,000.00- iemdpv 390.00 390.00 6,780.00
11 114 11 6,000:00 300.00 300.00 6,600.00
7,000.00 210.00 210.00 7,420.00
1982 121 - 127 7,000600 105.00 105.00 7,210.00
CnLLE0 fr3 - LI7
Section 5, It is hereby ascertained and declared that the improvement and extensions to the waterworks
and sewer systems authorized by Resolution No. 2 should be made immediately in order to protect the life,
health, safety and property of the inhabitants of the City of Jacksonville, Arkansas, and that it is to the
immediate advantage of the City and the inhabitants thereof that its outstanding Combined Waterworks and
Sewer Revenue 3% Bonds be refunded. It is, therefore, declared that an etergenoy estate and that this
Resolution le necessary for the immediate preservation of the public peaoe, health andlsafety, and shall
take effect and be in force from and after its passage
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' ADOPTED, ROVE9BER 11 . 1952.
APPROVED: a h1
SIGNED: W. F. CRAMER
MAYOR
ATTEST:
/ j
SIGNED DAVID AD
CI RECORDER
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