768ORDINANCE NO. .~
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE ON
THE QUESTION OF ISSUING BONDS UNDER AMENDMENT
NO. 13 TO THE CONSTITUTION OF THE STATE OF ARKANSAS
FOR THE PURPOSE OF REFUNDING THE OUTSTANDING BONDS
OF THE CITY'S GENERAL OBLIGATION ISSUE, DATED AUGUST 1,
1964, AND FOR THE PURPOSE OF PROVIDING FUNDS FOR
CONSTRUCTING AND EQUIPPING A CITY HALL AND FOR CON-
STRUCTING AND EQUIPPING AN AUDITORIUM; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, 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 and equip a City Hall,
at an estimated cost to the City of $761,000, and to construct and equip an~
auditorium, at an estimated cost of $1,000,000 ("improvements") and to refund
the General Obligation Refunding and Improvement Bonds of the' City dated
August 1, 1964 (the "1964 Bonds"), 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
$2,000,000, under the provisions of Amendment No. 13 to the Constitution of
the State of Arkansas.
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 r~day of ~,~. M ~ 1973, at which election there
shall be submitted to the electors of the City the question of issuing $2,000,000
a..~ ~:.:a,_a~,~.:. .... ..,, _.. ~ ~ x _ ..~
Page 2
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 1964 Bonds and for financing
the cost of the improvements as set forth below:
(a) $761,000 for the construction and equipment of a City Hall;
and
(b) $1,000,000 for the construction and equipment of an audito~m.
Section 2. If bonds for both of the above purposes are approved, they
will be combined into one issue, to be sold and i~~ued at one time or in series
.from time to time as the City Council shall determine. The combined issue will
be dated July 1, 1973, 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, commencing January 1, 1974, and the bonds
will mature serially on July 1 in each of the years 1974 to 2003 , inclusive, as
sbt 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):
YEA R
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
AMOUNT
$ 24,000
24,000
31,000
33,000
35,000
37,000
39,000
41,000
43,000
45,000
48,000
51,000
53,000
56,000
59,000
63,000
YEAR
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
AMOUNT
66,000
70,000
73,000
78,000
82,000
86,000
90,000
85,000
100,000
105,000
112,000
115,000
121,000
125,000
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Page 3
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 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 bonds maturing each year do 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 mandatory 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 sub-
sequently 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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Page 4
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 $761,000
for the construction and equipment of a City Hall .~
AGAINST an issue of bonds in the amount of
$761,000 for the construction and equipment of
a City Hall .~~
FOR an issue of bonds in the amount of $1,000,000
for the construction and equipment of an auditorium .Q
AGAINST an issue of bonds in the amount of
$1, 000, 000 for the construction and equipment of
an auditorium .~
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. If bonds for both of the above set forth pur-
poses 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 Improvement Bonds
of the City, dated August 1, 1964 (the " 1964 Bands ") , which
combined issue of bonds will be in the aggregate principal amount
of $2,000,000, will be dated July 1, 1973, and will mature
serially on January 1 in each of the years 1974 to 2003, inclusive
(the "bonds"). 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
i~ssizance 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 bonds maturing each year
do 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 interest at
different rates, the City Council may specify different mandatory
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. If the issuance of the bonds is approved
by the electors, for both of the above purposes, the City Council
will continue to 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 personal property in the City
(the same amount now bes~g collected for the 1964 Bonds) which
will be pledged to the payment of the principal of and interest on
the bonds. If bonds for only one of the above purposes are approved
w
Page 5
and the City Council determines to proceed with the issuance of
bonds for the approved purpose, 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 canvassed and
the results declared under the law and in the manner no~v provided for municipal
elections, so far as the same is applicable, 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 publication 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 publishe. one time in a newspaper pub-
lished in the City and having a bona fide circulation therein, which proclama-
tion shall advise that the results as proclaimed shall be conclusive unless
I
attacked in the courts within thirty days after the date of such proclamation.
Section 6. The Mayor is authorized to advertise, according 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 conflict herewith
are hereby repealed to the extent of such conflict.
.~
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Section 9. It is hereby ascertained and declared that there is an
immediate and urgent need for a City Hall and for a municipal auditorium in
order to promote and protect the health, safety and welfare of the City and its
inhabitants, and that these improvements can be accomplished only by the
issuance of the bonds. It is, therefore, declared that an emergency 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: ~ ~ ~~ ~ f/ _, 1973.
~~
ATTEST
r-~-
ty Clerk
(SEAL)
APPROVED:
,e ~
Mayor
R