353,_
ORDINANCE NO. J
"AN ORDINANCE PLEDGING AID TC)WARD THE PAYMENT OF BONDED INDEBTEDNESS
OF CURB AND GUTTER IMPROVEMENT DISTRICT NO. 3 AND STREET IMPROVEMENT
DISTRICT NO. 4, BOTH OF WEST MEMPHIS, ARKANSAS,, AND ANY ANNEXES THAT
MAY BE ADDED TO EITHER DISTRICT.
WHEREAS, the City has pledged help to Curb and Gutter Improvement
District No. 1 and Street Improvement District No. 2 of West Memphis
because of the direct benefits that the public generally will derive
from the improvements constructed by said Districts; and
WHEREAS, the City and general public will derive the same direct
benefits from the districts hereinafter named, and any annexes thereto;
now, therefore,
BE IT ORDAINED by the City Council of the City of West Memphis,
Arkansas.:
SECTION 1. The City Council does hereby find and declare that
the construction of the improveents to be built by the districts
hereinafter named, and any annexes that may be added to either district,
will result in considerable saving to the City by relieving the City of
the cost of maintenance of those streets and will be of great public
benefit to the inhabitants of the City because of the increased facility
for passage of ambulances, police cars, and fire-fighting equipment.
SECTION 2. For and in consideration of the benefits hereinabove
recited, the City Council hereby agrees, on behalf of the City of West
Memphis, to pay solely from the net revenues derived from the operation
of its electric light and power system each year one third of that
year's principal and interest requirements of the bonds to be issued
by Curb and Gutter Improvement District No. 3 and Street Improvement
. District No. 4, both of West Memphis, Arkansas, and any annexes that
may be added to either district.
SECTION 3. This ordinance shall be in full force and effect
from. and after its passage. n
Passed: / ~_ 1958.
%~ ~~
APPROVED:
Attest- _ Mayor
City Clerk