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975ORDINANCE NO. AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE ON THE QUESTION OF ISSUING BINDS UNDER AMENDMENT NO. 13 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FUR THE PURPOSE OF REFUNDING THE OUTSTANDING BONDS OF THE CITY'S GENERAL OBLIGATIOr1 ISSUE, DATED JULY 1, 1973, AND FOR THE PURPOSE OF PROVIDING FUNDS FOR CONSTRUCTING PUBLIC STREETS (INCLUDIrIG THE ACQUISITION OF NECESSARY RIGHTS OF WAY AND THE ACCOMPLISHMENT OF NECESSARY DRAINAGE WORK) AND FOR CONSTRUCTING AND EQUIPPING SEWER FACILITIES; PRESCRIBING OTHER MATTERS RELATING THERETO;. AND DECLARING AN EMERGENCY. WHEREAS, the City of 'rVest Memphis, Arkansas (the "City"), is a city of the first class; and WHEREAS, the City Council, after investigation, has 4 determined that it would be in the best interest of the City to construct public streets (including the acquisition of necessary rights of way and tY~e accomplishment of necessary drainage work) at an estimated cost to the City of $285,000, and to construct and equip sewer facilities, at an estimated cost of $361,000, and to construct and equip waterwor~:s facilities at an estimated cost of $300,000 ("improvements") and, in connection therewith, to refund the General Obligation Refunding and Improvement Bonds of the City dated July 1, 1973 (the "1973 Bands"), which estimates include necessary expenses incidental to the accomplishing of the improvements and to the refunding and to the issuance of the bonds (hereinafter described); and WHEREAS, the proposed improvements, described above, can be accomplished only by the issuance of General Obligation Refunding and Improvement Bonds of the City (the "Bonds"), in the total principal amount of $2,250,000, under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas (providing $220,000, $255,000 and $255,000 to finance the street improvements, the sewer improvements and the water improvements, respectively, and $1,520,000 to effect the re- funding); NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of West Memphis, Arkansas: Section 1. There is hereby called a special election to be held in the City on the ~$ day of September 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- improvements as set forth below. (a) $220,000 for constructing public streets (.including the acquisition of necessary rights of way and the accomplishment of necessary drainage work); (b) $255,000 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 or rates (not exceeding 6~ per annum) obtainable at public sale. Interest will be payable semiannually on January 1 and July 1 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 and specified in the notice of public sale of the Bonds) ~- 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 1984 50,000.00 1998 105,000.00 1985 50,000.00 1999 115,000.00 1986 55,000.00 2000 120,000.00 1987 55,000.00 2001 130,000.00 1988 60,000.00 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 80,000.00 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 rateo.f i.nterest). Section 3. The question shall be placed on the ballot for the election in substantially the following form: i/ .. .r ' Vote on 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 ;ir.c !.~~di.,icx tnE~ acquisition of necessary rights of way and the accomplishment of necessary drainage works l / AGAINST an issue of bonds in the amount of $220,000 for constructing public streets (including the acquisition of necessary rights of way and the accomplishment of necessary drainage ~vork). 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 Bonds"), which combined issue of Bonds will be in the ag g to principal amount of $2,250,000, will be dated 3e~i~ 1, 19~t~', and will mat»re serially on Jul~~ 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 ordinance authorizing the issua:.ce of a particular 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 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 redemo_- 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 or 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 p~~oclaimed 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 unless attacked in the courts within thirty days after the date of such proclamation. 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- a flict herewith are hey,. ..,r .:~ ~,-~ i_~ L~~e extent of such conflict. Section 9. Ordinance IJo.973 of the City, adopted and approved August 2 _, 1979, is hereby repealed. It is the intention of the City Council by the adoption of this Ordinance to ensure that the street improvements proposed are not restricted to those to be utilized in connection with a municipal river port. The intention of the City Council that the proposed waterworks improvements and sewer improvements be utilized in connection with a municipal river port. Section 10. It is hereby ascertained and declared that there is an immediate and urgent need for the improvements des- cribed herein in order that the City may have river port facilities which are essential to the continued growth and development of the City, and that these improvements can be accomplished only by the issuance of the Bonds. It is, therefore, declared that an em- ergency exists and this Ordinance, being necessary for the immediate preservation of the public peace, health and safety, shall be in force and take effect immediately from and after its passage. PASSED: _~ G + ~ ~ , 1979. ATTF.~T (SEAL ) APPROVED: ~~ r ik ,,.