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~'1N OP.?FINl1NCF SlII3;IITTINu 7't~ TIFF: 'trC~`I'i',~5 t}}~ `fltl•: CITY ~~' ~,..;.
~1I:F:1'cNS~1S
j7I~ST ?~.1!:riPIIIS TIIii t~Fr}'r`F'+-i, '~ till;'I'~r~ia I'f ItITL.I.
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SSUI: TNI)US`I'P.T~T, IZr~~'FiI'III} I~~;~''':i I.'y ;; :~~` 1^~"~4~~II?°~`i' ii(?~" '1'~l
I:yCT:rl) $~?5,000 FOI. 'L'ti}: PI'I.r'~~;.,r C~a ~'lrY'.IF< 7 ~1F~
}?I"iV};F.t~I'IPJG INBIsSTI~1~ l9I`F'II IN ('tT~'~ 1~'}'~','; ,~~ss: f ~"~~y r)t• j'IT:ST
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fiP I_T ~RHI~INEp BY THE CITY COIF"~ICIi. 01: '~'1'l: F'.ii"Y t~I: t"J?;S~' ~}~P~IPIIIS:
~;rc"FICN 1. !1n election is hereby c;r31 E_rd to be t~.vlct at the
tzsuaa. nollins* places i.n tl~e City of l'~est Iemplii.s on the ~?th day
of re:brur~ry 1.071, fox" the' ptarr~;~~~~~ cif dctcrmini.nl; tvhethex
the r,; ty of latest A1emphi s twill is~,~ic~ nc~~;~7~.i.al,l.e ixic3,zs e r1.11 rovcnue
t~oncls tender tlic rrovi.sions of 11 c: t: ho. <."s c~A the F~i_xst I.~ctraordinwxy
Seas ~ nzl of the Sixty-second General lisp-pcr<<°>ly of tl;c rtatC ofr 1~rka5as
fox tl~~^ year 1960, ar americteci, 7.n yin ai*~ntz;it riot. to exceed ~?_50,000
for r?~e purpose of securing anci develo~~inF=, zndtasrr.•y within or near
the (;~.My of lVcst. Memphis to be sect;rent F>~r rz m~rf I*ris;e oai t3io lands
anct I7tzi.l.c}inl;s aegizirec} and canstrttctect {'rom tl~e F~x~oe•.ceds o-~ the;
of t?:e said incttzstri.al revenue F?n7<<ts a?1c~ a plecltyc:~ ~~s the revenues
tliercfr~m. ~ security intr.rest sic.all a°? r~, he' i.~,7cn in machinery
end equipment acr{tiired or purchased from the prnceecis of the said
industrial rovcnue bonds. The I~artictilar andustr~.pt. project (herein
called '°industrial. project"1 conc,i5ts ox, the coj~~s~-rttr.tion and ec~uip-
pin!T nl' mantafacttirirtl; fac9.lities: and tlr~ a.r~ctust?~ia1. project trill
bc~ ?easr.d to Aticl-South Foundry, Inc. , are ~1rl;ansas corporation, for
the c~.pansYOn of its foundry operation;.
c'': TION 2.. The bonds twill not be ~rnex•al obligations of the
('itv of Nest I`tentphi.s, but. till ho special ot~lil;atinns payable solely
from x^vcnixes derived from f:lzG .industrial project, and secured by
the mnrt~;arye anct srr.tirity interests as r! toxrsa i.d . The bonds may be
is~;uecl i.n one or more series, t~tav l~caz- siic'~ da~~.e or dates, may.
matitrc ~~t such time or times, may Dear 7_rll;nrCSt at stzclY rate ar
rat.e`,, not exccedinR Ii ~ per annuri, may tic soft tritli the pri.vilcge
-.
off' (-f~r~.ver.sinn to an issue hear:irl~* other ra~c or. rrt~:cr of i~tterest
,•ls ~„•t:,~~iclctl },v s:ti.cl :pct Nn. ~, anc~ rn~.v }~x•o~.ridc :;~~:?a tcrrrls f'nx rt:-
dem~~'-.~.on hert~rc maturity as may he esta'hi.i~;+lcrl h~ :xr)t~z°ol~rictte
(1r~t'. °+~~tnr,es of the City oT' 19est P1c~I~Ir)his, r•,,1,.+(-h o.~•,,-ina?.ces shall })e
COItS~~.S~'Cnt l•I:rth f:hC 1)Y't7V1S1C)n5 O~~ t}1(' /~~°~~1i?Sil~; T~"~iit17.C]1t~~1~1~:xC',~~ it r'1(~
('r,P^r;~-~.cs Industrial ]levr,7opmen~ ?tevenue 1~:>>ttI },rzr~.
`'~t'"`~:InN 3. Said ele(-tion sha11. he c~cmc':pcte~t4 an(1 t?t^ votes
the •~:rt~: cznvassecl arl;l the results declrtx•c~cl rrnclc~r ~:}tc ?.a~a arld in
t?s^ ?~rll.ner nor,r ~rnviclecl for munir.iral el(~r,;.a.otls, ,~n(:1 notice o~'
sa~.t' elec.taon ~;}t~zl1 he liven by the nt~t~~ar by advcr~iscmrnt t`~ee}<ly
~'t~~. ,~': leac;t four Cpl times its same nerrsna~~er ~u}~~J.ishcd in t1>e
('~'." ~,`~ 1'lE'S1` T`rt'.mr~h]5 ;trltl ?l;iV'tn~; ti bona ~~S(~r"' C71",'1!Tatl~rl t}1GrG7.rt,
tI~ ~ _;,~;` nu')1-ication to he not less than "gin (1 n) days prior to
t~-,t_, t';1"e of said eler.tiorl.
~^ hal1 o t s for aai.ti clec*,ion shall })c mzr}:cd
`'tote on mcasrrrf~ by n? ncins=, an "`~" _?~1 she si{riare above
~'•~, rneasu~~'c ezfihcr for ol° ;lsTainst.
"'~.")!'. 13n?','I) Tc,~t!~ ITS 11^? 111"t7[1;~1T N~1' 1('+ T:XC'~'T'?)
`r~1G.~TNST )3~Nn ISSIIE IN At~1Q[1P~~T NOT '1't; P.XC};r:i) _
'`Fond issue in an zmount nc)t to exc~~~ed `~251?,000 under t}ic
~t7vis ores to f: ~c_t rJo . ~ of the rir~.t` '?xt~'ac~rcl i riarv Ses t, _± on
c ,,~ the Sixty-~~cconcl (~ertei•tt~, Ilsselnl;I~• c~,, t,}: c' Si:,xteF o£ tlxkansas
"c~,~ t?le gear 7.~?t`;Q , ;ls arneIltlecl r far t?re Tritt•t~os;c or sectxri.nf,~T
;~~~.1 c}evel«ni.I~~; ;incitzstr~' tr:it:I)i.>-t or I.~~rt-~ ~:?1~~ ~~~i i =~ of 1';os~:
,-~1~.'%S , ~:~ l: fin`>C1S rC ~)E' ~~(Ctrl'CCl b~f id I71f':~i't!~af;C C9 S1 ~:he Lands
~'~'1 }>tl]ldinSyS ~at'(1U'~rCCI ai1C1 COnSti:rtt''`''C'(1 °.'('?iii i41t.'. }~Tf3Cee(1.5 O~
' lF' c;17i1 t3tdtltit?.'131. k't'VCI1t1C 13 C7 E'1C~.,r, ~~.''t~l ;3 ~1~.('(}"'C C9 c}hC reVenl.les
i tt7' ~'C~~Y'OIn. T}1C, }}(Zr?dS illa~r FCC? i.sstt~(1 1T1 C)S?(,' f)>' 7P.ay c SC'r1Cs
c;t(1 clc-l.iverc~(i J.;1 one or Inoue x.nstz.%.+i`t^ri.t:.,, arr. c3 may }.~e sold
C'_~. i_h~? ~'`f"tVl.~t.'.}~(~ C.c canvt-~rsson ~'.f) fl:f? ~rS~itrf_: lli'1F37ri? a~:}1er
"~t~:C O1 TatCS C)' lrt'(:E'i"E'St r1S ~lrl»lc~:_'i~ }?t'/ s<t1C1 1~Ci T'.°'a. ~, as
`,..• T'i.rv Coulxci l nary x~x'ovi(:!c }~y air>~'(~~~'-?a`c~~ crf}.irlance.
rr'~.~~?(', X)~irti.Ctllar ln(lUStx'1~'l llrn~ect C()`t~i~StS n_r t~?.e COnstrUG-
,: °.a~?1 and. edrrljth"nifr O? lilanttf~'t('t~~1R'iilf; ~a'.'?.~~'P tl<`.`i ~hex'cin Called
`"'i', Sri-11t}i.rSi-"i.~i~. 1)Pa7E'Ctrr~ , i''id ~:?lf? 't°t.1I,~>~:?':':11. ))1'C%:If,`eti t4ill
?•c~ l.ca:iccl to P~1it1-Sotath I'ota~ttl`i1r, Lrrc~. , a:~l .~1x•?;rln~>as corporation,
'~:~r the exhansann of :it-s {•ouz1c}ry o,~^~:•;~~-i ons .
'`Tl1C })on<ls wi11 not 1)c renex•al t)}~l:ia~-iost~> o#: the City o£
C•c~s+. ;~temrhis, brit will be slrecia.l ()~~.i,Tatic~ns }~aya})lc solely
3=t•^Sn rtwenrres ci.~l~ivcci £rol~ the irxdtr~-~ r-? raI ;)2'0~ ect . rr
~'T;r;~I~I~? n , ~ copy of this orciilirzzZ!CC: .?hr~i l tle I;~.ven to the
Cr;? t.*c~,~(ielz ~"c:ttnt.y Ra:trci o,""- }:lcct:i.c~n Cc~:-~^, <~^.~c?t~c~-~~ so tll~zt• ~.t may
,~? ~~.t:c F;hr, caltesti~n on t'.hr, bal:lclt for <t.t~y i e?.er:~:-±~z~t ~ nravitl.e 1:lze
~?~•~t~~•~• clert:i.on offici~l~i znd st~~ll~i.~~~sp r.:;ti C'~11+~~~~ •s ~.h~~ tTOte ari
ri,~ ca~testion.
C"''"l'l~(iN 5. lit. s~lici e~ectictn, o:tl}• rlr~;?~iif?_ecl. ~JO~.ez•s of thc~
Ca.%~J n` i~,e~t~~. P~icmphis trill lza~~e 4:lle ri.~ll~. _.:~ t'o~:c°. 'a'i?^ result of
~• ~ ~ ei.crti.on s}l~ti.l 17t~ i7t'acla:+.~neri lly tlt ~':.lvc~x i,,r, l~tt'll.ac~~;zon ixz
C`L t C9~ •r..,;~ ?sta,;ipi~l7.:; c n(i 7T~iV:,.111;
:t+~~~~f, ~~et,~sp~:ro~e~r i?tihli ,l-e~l izi t.'x«~~ v 1:. t .
;], ~~C~t^C',?"~1.1 C11'CLI.~~itY01'1 'r~?CZ't'.I27. ~:{(~: I':1C7T'(', i~_~~1':'. ~'.t9t,:~~'['. ~.~.a~ SCl'"J~1~~?.S
].-~s'- ~,??sta and leis llracl~ar3at:ioTZ shall r~<.1~se ;`~~<~ r.:l.E~~c~;ls ~znd iTro-
~~„?. ``. t?t+??1C',r5 O s:tltl C:tt~,~ or 1'fi',`>i: ~4C.iR~l~11 %ll.'1% ~'1'sE.' :t'est,tlt Ss ~r0-
~~;~ .r~ncl w7ll he cc:nt'11zs-r~Tc urzi.t~ss iLl.t".:1C:~;C(~ 7.31 i.ri(.` cotzr~:s t'J7.thIll
~', ,• L ~- (.yQ) ci~ys alter
~~~~,(;Ti~r7 r~ . z ~ ; ~;
aT~~1. "~t>ai.th oi' the Cl ~_y
o.~ ~=,~j''£~.cient indttstsy
~i; 1 ~ t?rtil.i?1nCC' CT111 talc
'f'11e da t"t? U.L S~.tL:.tl ~r~t;~ "31~?,~'''i C1? .
?l,t'e~'~`.;tJtlCCi t3ri~i ~~c',C~~"i'~<':~ 'i't1T?~: ~:lte 5Rfety
of ~Jes ~. P?eml~ll~ s a?,,, ~jer~~7~ xtl-i. ecl i?y the lack
azid t?z:t~r only l,~• rtt. ~: yc~z r;rztle loo>s3.i~1e by
c~.ty tT~~('crtal:e to ~~c~cts ~•e~ ,~ttci dcv'el a~ industry
Re`t~ i't7 ~~rO111Qte the 51;'E,''t.!'' lze~tlt.ll, c Tti4 tJR'l~'cLs E' C1~ Xt~ citl7.Cns.
1:~; :~ . ta.t~refora , declaxed t h~~ ~. an e;;:~~~'s~c~t~cy e~:i sts , that this
o~.~';~nan~ce is necessary for ttil~ ?mmetii<~tc, piesrrtratioz~ or the public
~,;~;;;-(~, l~ca'itlz anci ,afcty, anci t;llat tlzxt; cTx:iir!at?c°e' slta].l take effect
~~e~'. i,t, xTZ force fxeTm anti af'Y.c;x its par:,s~;I;~'.
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