973
ORDINANCE NO.
AN ORDINANCE CALLING A SPECaA:: ELECTION
TO VO~'E ON THE QUESTION OF ISSUING BONDS
UNDER AMEIvDN~NT P10. 13 TO TI-?E CONSTITUTIGN
OF THE STATE OF ARi{ANSAS FOR THE PURPOSE
OF REFUNDING TP.c~ OUTSTANDItvG BONDS OF THE
CI^l Y'S GENERAL OBLIGATION ISSUE, DATED JULY 1,
1973, AND FOR THE PURPOSE OF PROJIDING FUNDS
FOR CONSTRUCTIi~G PUBLIC STP.EETS ( INCLUDING
THE AC~UISITICN OF NECESSARY P.IGHTS OF WAY)
AND FOR CONSTRUCTING AND EQUIPPING SE~~IER
FACIT,ITIES; PRESCRIBING OTHER :`~ATTEP.S RELATING
THERETO
WHEP.EAS, the City of West Memphis, Arkansas (the
"City"), is a city of the first class; and
WHEREAS, the City Council, after investigation, has
determined that it would be in the best interest of the City
to construct public streets (including the acquisition. of
necessary rights of way) at an estimated cost to the City of
$285,000, and to construct and equip sewer facilities, at an
works facilities at an estimated cost of $300,000 ("improve-
ments"), all to constitute facilities t€ be utilized in connec-
tion with a municipal river port to serve the City, and, in
connection therewith, to refund the General Obligation Refund-
ing and Improvement Bonds of the City dated July 1, 1973 (the
"1973 Bonds"), which estimates include necessary expenses in-
cidental to the accomplishing of the improvements and to the
estimated cost of $301,000, and to canstruc~t and equip water-
refunding and to the issuance of the bonds (hereinafter des-
cribed); and '
WHEREAS, the proposed improvements, described above,
~ can be accomplished onJ.y by the issuance of General Obligation.
Refunding and Improvement Bonds of the City (the "Bor:ds"), in
the total orincipal amount o~` >2,250,000, under tr;e provisions
of. Amer,c~:<<ent t~a_ 13 to the Constitution cf the State of
r.r::Gi:~.~:C ~~_'i(;,'w_ -__i~.Q JL~J,lil~n ~ a255,0:''~~ s,^.d $~'_~5,'JQO tC rilldrlCe
improvements, respectively, and $1,520,000 to effect the re-
funding);
NOW, THEREFORE, BE IT .ORDAINED by the City Council
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of the City of West Memphis, Arkansas:
Section 1. There is hereby called a special election
to be held in the City on the ~~ day of SL /~T~ ~(=~, ,
1979, at which election there shall be submitted to the elec-
tors of the City the question of issuing $2,250,000 in principal
amount of General Obligation Refunding and Improvement Bonds
for the purpose of providing funds which, together with other
available funds, will be sufficient for refunding all of the
outstanding 1973 Bonds and for financing the cost of the im-
provements as set forth below:
(a) $220,000 for constructing public streets
(including the acquisition of necessary rights
of way) ;
_ (b) $.255-,OAO for constructing and equipping.
sewer facilities;
and
(c) $255,000 for constructing and equipping
waterworks facilities.
Section 2. If Bonds for all the above purposes are
approved,~they will be combined into one issue, to be sold and
issued at one time or in series from time to time as the City
Council shall determine. The combined issue will be dated
January 1, 1980 and will bear interest at the lowest rate cr
rates (not exceeding b$ per annum) obtainable at public sale.
IntEYest will be payable semiannually on January 1 and July 1
l
of each year and the_.Bonds will mature serially on July 1 of
each year as set forth in the following schedule (but will be
made redeemable prior to maturity upon terms determined by the
City Council axed specified in the notice of public sale of the
Bonds):
J h
YEAR AMOUNT YEAR AMOUNT
1981 $ 40,000.00 1995 90,000.00
1982 40,000.00 1996 95,000.00
1983 45,000.00 1997 100,000.00
19$4 50,000.00 1998 105,000.00
1985 50,000.OG 1999 115,000.00
1986 55,000.00 2000 120,000.00
1987 55,000.00 2001 130,000.00
1988 60,000.UO 2002 135,000.00
1989 65,000.00 2003 145,000.00
1990 70,000.00 2004 155,000.00
1991 70,000.00 2005 40,000.00
1992 75,000.00 2006 40,000.00
1993 80,000.OG 2007 45,000.00
1994 85,000.00 2008 45,000.00
2009 50,000.00
At the discretion of the City Council, the Bonds may
be sold and delivered in series as funds are needed upon such
terms and pursuant to such conditions as the City Council may
specify in the ordinance authorizing the issuance of a parti-
cular series. In that event, a maturity schedule shall be set
up for each series in such manner that, when all series are
sold and delivered, the total principal maturing each year does
_ _ _ _ ..
not exceed the amount set forth for such year in the above
schedule (determined in each instance before any conversion).
The various series may bear interest at different rates, the
City Council, in its discretion, may specify different manda-
tory and/or optional redemption terms and provisions for various
series, and the City Council may issue temporary bonds in order
to obtain interim construction funds and subsequently replace
any such temporary bonds with permanent bonds (which may bear
interest at a greater rate of interest).
Section '3. The question shall be placed on the ballot
for the election in substantially the following form:
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Vote cn each measure by placing an "X" in the square
above the measure how you wish to vote:
FOR an issue of bonds in the amount of
$220,000 for constructing public streets
(including the acquisition of necessary
rights of wa.y) /-~
AGAINST an issue of bonds in the amount
of $220,000 for constructing public
streets (including the acquisition of
necessary rights of way) /-~
FOR an issue of bonds in the amount of
$255,000 for constructing and equipping '
sewer facilities / /
AGAINST an issue of bonds in the amount
of $255,000 for constructing and equipping
sewer facilities / /
FOR an issue of bonds in the amount of
$255,000 for constructing and equipping
waterworks facilities / /
AGAINST an issue of bonds in the amount
of $255,000 for constructing and equipping
waterworks facilities / /
It is proposed to issue Bonds under the provisions of
Amendment No. 13 to the Constitution of the State of
Arkansas. The principal amounts include the estimated
costs of authorizing, selling and issuing the Bonds.
The principal amounts also include approximately $30,000
that may be required for constructing and equipping
related and necessary electric facilities. The total
estimated cost of the street improvements is $285,000,
the total estimated cost of the sewer improvements is
$361,000 and the total estimated cost of the waterworks
improvements is $300,000; and the Bonds are being issued
to finance the stated portions of these estimated costs.
If Bonds for all the above set forth purposes are approved
_. by the electors, they will be combined into one issue
'~ _with the Bonds necessary to accomplish the refunding of
the outstanding General Obligation Refunding and Improve-
. ment Bonds of the City, dated July 1, 1973 (the "1973
,_,: Bor_ds") , which combined issue of Bonds ,will be in the
-aggregate principal amount of $2,250,000, will be dated
:. January 1, 1980, and will mat>>re serially on July 1 in
~,} each of the years 1981 to 2009, inclusive. The Bonds may
be sold and delivered in series as funds are needed upon
such terms and pursuant to such conditions as the City
Council may specify in the ordnance authorizing the
iss:.s~ce of a particular series. In that e~~ent,
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a maturity schedule shall be set up for each
series in such manner that, when all series are
sold and delivered, .the total principal maturing
each year does not exceed the amount set forth for
such year in the schedule in the ordinance calling
this election (determined in each instance before
any conversion). The various series may bear in-
terest at different rates, the City Council may
specify different mandatory and/or optional redem~-
tion terms and provisions for various series, and
the City Council may issue temporary Bonds in order
to obtain interim construction funds and subsequently
replace any such temporary Bonds with permanent Bonds
which may bear interest at a greater rate of interest.
If the issuance of the Bonds is approved by the elec-
tors for all of the above purposes, the City Council
will levy and there will be collected a continuing
annual tax in the amount of five (5) mills on the
dollar of the assessed valuation of the real and per-
sonal property in the City (the rate now in effect
for the 1973 Bonds) which will be pledged to the pay-
ment of the principal of and interest on the Bonds.
If Bonds for fewer than all the above purposes are
approved and the City Council determines to proceed
with the issuance of Bonds for the approved purpose
4r purposes, it will levy and there will be collected
a continuing annual tax in an amount sufficient to
insure the payment of the principal of and interest
on the Bonds that are issued.
Section 4. The election shall be held and the vote can-
vassed and the results declared under the law and in the manner
now provided for municipal elections, so far as the same is appli-
cable, and the Mayor is hereby authorized and directed to give
notice of the election by an advertisement published weekly once
a week for four consecutive weeks in a newspaper published in the
City and having a bona fide circulation therein, the last publi-
cation to be not less than ten days prior to the date of the
election. Only qualified voters of the City shall have the right
to vote at the election.
Section 5. The results of the election shall be proclaimed
by the Mayor, and his proclamation shall be published one time in
a newspaper published in the City and having a bona fide circula-
tion therein, which proclamation shall advise that the results as
proclaimed shall be conclusive snless attacked in the courts
within thirty days after the date of such proclamation.
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Section 6. The Mayor is authorized to advertise, accord-
ing to the terms of Amendment No. 13 to the Constitution of the
State of Arkansas, the public sale of the Bonds.
Section 7. A copy of this Ordinance shall be given to
the Crittenden County Board of Election Commissioners so that
the necessary election officials and supplies may be provided.
Section 8. All ordinances and parts of ordinances in con-
flict herewith are hereby repealed to the extent of such conflict.
PASSED: ~ ~ ~ ~- 197°.
APPROVED:
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