564ORDINANCE NO. ~~~ ~
AN ORDINANCE AMENDING ORDINANCE NO. 563 OF
THE ORDINANCES OF THE CITY OF WEST MEMPHIS,
ARKANSAS ADOPTED AND APPROVED JUNE 6, 1968; AND
DECLARING AN EMERGENCY.
BE IT ORDAINED by the City Council of the City of West Memphis,
Arkansas:
Section 1. That Section 11 of Ordinance No . 5 63 , adopted and
approved June 6, 1968, is hereby amended by adding a new sentence at the
end reading as follows:
"The reference in the bond form in Section 6 hereof, and in the
face of the bonds, to the ' 1968 Public Utility Bond Fund' is hereby declared to
mean the Public Utility Bond Fund referred to above which was created and is
now being maintained pursuant to the provisions of Section 13 of Ordinance
No. 526" .
Section 2. (a) The first sentence of sub-section (2) of Section 12
of Ordinance No . 5 63 is hereby amended to read a s follows
"The Trustee shall deposit the remainder of the total sale proceeds
in a special account in the name of the City designated ' 1968 Public Utility
Construction Fund' (' Construction Fund') with a depository designated by the
City and holding membership in the Federal Deposit Insurance Corporation. "
(b) The last sentence of Section 12 of Ordinance No. 563 is
hereby amended to read as follows:
"A copy of the certificate shall be filed with the depository of the
Construction Fund, and upon receipt thereof the depository of the Construction
Fund shall transfer any remaining balance in the Construction Fund to the Bond
Fund".
Section 3. Ordinance No. 563, as amended hereby, shall continue
in full force and effect.
Section 4. That it is hereby ascertained and declared that the
improvements authorized by Ordinance No. 563 must be accomplished as soon
as possible in order to make the System adequate for the needs of the City and
Page 2
its inhabitants, without which the life, health, safety and welfare thereof are
jeopardized, and that the issuance of the bonds and the taking of the other action
authorized by this Ordinance is necessary for the accomplishment thereof. 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 take
effect and be in force from and after its passage.
PASSED: July 2 1968.
APPROVED:
7
Mayor
ATTEST:
,,
City Clerk
(SEAL)