0075 RESOLUTION NO. / ,fj Y; 7
A RESOLUTION AUTHORIZING THE ISSUANCE OF A PROMISSORY
NOTE; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON SAID PROMISSORY NOTE; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
BE IT RESOLVED 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 City of Jacksonville, Arkansas
(called "City ") hereby authorizes and directs the issuance. and delivery
of a Revenue Promissory Note in the principal amount of $261,000,
to be dated as of the date of deliver, to be due on or before the
first day of June 1965, to be number 1 and to bear interest from
date until paid at the rate of 4 1/4% per annum.
The Revenue Promissory Note shall be in substantially
the following form, with substantially the following contents,
which form and contents are hereby made a part of this authorizing
Resolution:
UNITED STATES or AMER/CA
'STATEN' ACAS
COUNTY of Pisa
CITY OF aACESpNVI,B
WATERWORES :AND SEWER REVENUE PROMISSORY NOTE
Ros i.,«. 0261,000
ALL M. BY T ZSE PRESENTS:
That the City of Jacksonville, Pulaski County,' Arkansas
(called "City") acknowledges itself to owe and for value received
hereby promises to pay to the order of Stephens, Inc*, Little Rock,
Arkansas, solely from revenues derived from the operation of the
Waterwworrks and Sever System of the City (the Waterworks and Sewer
facilities are operated as one System and are referred to herein
as the "System ") the principal sum of
TWO FIMED SUETY -ONE MOUSAN0 UOLLARS
in lawful money of the United States of America on or before the
first day of dune, 1965 and to pey interest hereon at the rate of
four and one- fourth per cent (4 1/41) per 'annum from date until
paid. Principal and interest shall be payable at the office of
Stephens, Inc., Stephens Building, Little Rock, Arkansas,
This Revenue Promissory Note is being issued for the
purpose of supplying interim financing of a portion of the cost of
extensions, betterments and improvements to the System, authorized
by Ordinance No, 152 of the Ordinances of the City, adopted and approved
on the llth day of June, 1964, the permanent financing of which is to
be handled by Waterworks and Serer Revenue Bonds, Series B, dated
June 1, 1964, authorized by said Ordinance No* 152 (herein called
"Series b Bonds ")..
2 ..
•
This Note is issued and delivered pursuant to and in
full compliance with the Constitution and laws of the State of
Arkansas and does not constitute an indebtedness of the City within
any constitutional or statutory limitation. The Note is not a
general obligation of the City, but. Is a special obligation payable
solely front revenues derived from the operation of the System,
and the charge and lien of the Note on the revenues of the System
is subordinate to the charge and lien of all outstanding Waterworks
and Sewer Revenue Bonds of the City, but shall be superior to the
charge and lien on said revenues of any Waterworks and sever Revenue
Bonds of the City subsequently issued. The City agrees to pay and
retire all of this Note out of the proceeds of the Series 8 Bonds of
the City, referred to above, when delivered, and in this regard the
City agrees to deliver said Series B Bonds prior to the maturity date
of this Note.
The principal of this Note may be, prepaid, in whole or in
part, without penalty prior to the maturity date hereof at a price
of par and accrued interest with funds derived from any source. No
prior notice of any such prepayment is required.
This NOW shall be deemed a negotiable instrument under
the laws of the State of Arkansas and are executed with the intent
that the laws of the State of Arkansas shall govern the construction
thereof.
IT IS HERESY CERTIFIED, RECITED AND DECLARED that all
acts, conditions and things required to exist, happen and be per-
formed precedent to and in the issuance of this Note have existed,
have happened and have been performed in due time, form and manner
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Page 2
Section 2. That the Mayor and City Clerk be, and they
are hereby, authorized and directed to execute and deliver said
Revenue Promissory Note and to take all action and execute all
documents necessary to carry out the authority conferred by this
Resolution or to evidence the exercise thereof.
Section 3. The proceeds received from said Revenue
Promissory Note shall be deposited in the Construction Fund created
and being maintained pursuant to the provisions of Section 14 of
Ordinance No. 152 of the Ordinances of the City, adopted and approved
on the llth day of June, 1964, to be handled and disbursed for the
specified purposes and in accordance with the provisions of said
Ordinance No. 152.
Section 4. That it is hereby ascertained and declared
that the lack of adequate Waterworks and Sewer facilities for the
City greatly endangers the life, health, welfare and property of
the inhabitants thereof, and the proceeds of the Promissory Note
authorized by this Resolution are necessary for the construction
of needed extensions, betterments and improvements. It is, there-
fore, declared that an emergency exists and this Resolution being
necessary for the immediate preservation of the public peace, health
and safety shall take effect and be in force from and after its
passage.
PASSED: .-J 3 , 1964. k
APPRO as :
A 7
Mayo
ATTEST:
'City Clerk
(SEAL)
r .:<••• -
CERTIFICATE
The undersigned, City Clerk 6f Jacksonville, Arkansas,
hereby certifies that the foregoing pages, numbered 1 to 2, in-
clusive, are a true, perfect and compared copy of Resolution No.
764.4 passed at a Regular session of the City Council
of Jacksonville, Arkansas, held at the regular meeting place of
the Council in said City at 700 o'clock P..m. oa°the 3rd
day of Beoember , 1964, and that said Resolution is of
record in Record Book No. 1 , Page 356 , now in my
possession.
GIVEN under my hand and seal this 7th` day of
December_ , 1964.
City Clerk
(SEAL)