0076 RESO3iWTZON 10,
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A lESOIAIT/ONN AUUTHORIZaG THE Z$SOAWWE 0? ERONISSORT
• NOTES; r 1 FOR THE BATS OS' TEE PRINCIPAL
• OF Ala = ERNST 019 SAID PROMISSORY NOM' PaESCRTBW4
marszes 1412ATmo THERETO; A lRzflARIWG AN
8E. 1T RESOLVED by the City Counsil of the City of
decksonvLtle, Avionics:
Section 1. mat under the authority of the Cone titutiaa
and lave of the State of Arkansas- ' City of Jaekaonville,
Arkansas (called "_City") hereby authorised and directs the issuance
and delivery of Revenue Promissory'Sotee in the aggregate principal
amount of $264000, to be issued es follows: neveaue Promissory
- Rote 0*. 1 • $100,000 ; ` Revenue Promiesory Note Bo. 2 • $40,000;
and Revenue Promitasory'llete No. 5 4 $121,000, to be -dated•as'of
the date of delivery, to be due, on or 'before the first day of
June, 1965, and to bear interest from data until paid at the
rate of four and one- fa:web per ,tent (4 1/41) per annum.
The Reverts Promiaeosy'Notes ribs:l be in eubstentially
the following form, :with substantially the E 1 owing contents,
vhioh form and echtentaLare heretsp Cade a ° part *1 this authoriaing
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UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF JACKSONVILLE
WATERWORKS AND SEWER REVENUE PROMISSORY NOTE
No. $
KNOW ALL MEN BY THESE PRESENTS:
That the City of Jacksonville, Pulaski County, Arkansas
(called "City ") acknowledges itself to owe and for value received here-
by promises to pay to the order of Stephens, Inc., Little Rock, Arkansas,
solely from revenues derived from the operation of the Waterworks and
Sewer System of the City (the Waterworks and Sewer facilities are operat-
ed as one System and are referred to herein as the "System ") the principal
sum of
in lawful money of the United States of America on or before the first
day of June, 1965, and to pay interest hereon at the rate of four and
one - fourth per cent (4 1/4 %) 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 handl-
ed by Waterworks and Sewer Revenue Bonds, Series B, dated June 1, 1964,
authorized by said Ordinance No. 152 ( herein called "Series B Bonds ").
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 from 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 Sewer 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 B 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 Note 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 HEREBY 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
as required by law.
IN WITNESS WHEREOF, the City of Jacksonville, Arkansas has
caused this Note to be executed by the Mayor and City Clerk thereof,
with the seal of the City affixed, all as of the day of
, 1964.
CITY OF JACKS?NVILLE, ARKANSAS
By _/
, I
7'y.r
ATTEST:
City Clerk
(SEAL)
•
Section .2. That the Mayor and City Clerk be, and they
are hereby, authorised and directed to execute and deliver said
Revenue Promiseory.Notes and to take all action and execute all
documents necessary totem out the authority Conferred by this
Resolution or to:evidencs the exercise thereof.
Sect 3.. The proceeds received iMcm said Revenue
Promissory Notes shall be deposited in the Construction Fund
created and being maintained pursuant to the ptovisions of Section
14 of Ordinance le. 152 of the Ordinances of the City, adopted and
approved on the 11th day of Jame, 1984, to be handled and disbursed
for the specified purposes and in accordance :mith the provisions of
said Ordinance No. 152.
Section- 4. That it is hereby ascertained and declared
that the lack of adequate Waterworks and Sever facilities for the
City greatly endangers fibs life. health, welfare and property of
the inhabitants thereof, and the proceeds of the Promissory Notes
authorised by this Resolution are necessary for - the construction
of needed estensians, betterments andimpravements. It is, there-
fore, declared that as emergency exists and'thts 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
paste.
FASSID 1964;
AVMs •
City Clerk
(SEAL)
CERTIFICATE
STATE OF ARKANSAS)
COUNTY OF Pt1LASKI)
We, John.0. Maiden and Floy AvantS, Nayor and City Clerk,
respectively, of.Jlackaanville, Arkansas, bereby certify that as of
the 7� day of ','1964, se signed and delivered
Revenue Promissory Notes in the principal amount of $261,000, issued
as follows: Revenue Promissory Note No, 1 - $100,000; Revenue
Promissory Note No. 2.- $40,000; and Revenue Promissory Note No.
3 • $121,000, all dated 4 `I , 1964, bearing interest
at the rate of 4 114a annum, due on or before June 1, 1965.
The Revenue Promissory Notes contain a prepayment privilege
Without penalty.
We certify that on the date we signed the` above described
Promissory Notes se were the duly qualified and acting Mayor and
City Clerk of: Jacksonville, Arkansas and duly authorized to execute
said Notes.
We certify that there is :no litigation of any nature pond-
ins or threatened involving or questioning to Validity of said
Notes, the proceedinggs or authorization under which they are issued
and delivered or the proceedings or authorization for Waterworks
and Sewer Revenue Bonds, Series B dated June 1, 1964 and authoriz-
ed by Ordinance of the City adopted and approved on the llth day
of June, 1964.
For said Revenue Promissory Notes .the City received the
scan of $261.000.
WITNESS our hands and the. seal of City this 7 L-tt
day of o »mo I , 1964.
Mayor
(SEAL)
cr
City Clerk