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382.~ _ .~. • -' ,. oRDZ~A~cE N~o. 3 ~i AN ORDINANCE CALLING AN ELECTION IN THE CITY OF WEST MEMPHIS FOR THE PURPOSE OF SUBMITTING TO THE ELECTORB OF SAID CITY TAE QUESTION OF THE ISSUANCE OF BONDS UNDER THE .PROVISIONS OF AMENDMENT NO. 13 TO THE CONSTITUTION OF TAE STATE OF ARKANSAS FOR SEVERAL PURPOSES; AND DECLARING AN EMERGENCY. WHEREAS, the City of West Memphis, Arkansas, a city of the first class, in order to give adequate service and protection to its citizens needs at this time to construct and equip a city jail, to purchase additional fire-»fighting apparatus and equipment, and to purchase a site for and construct housing for fire-fighting apparatus -~-~ all at an estimated cost of $223,000; and WHEREAS, the City now has outstanding $187,000 in bonds issued under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas under date of December 1, 1954, which may be called for payment on July 1, 1960, and for the payment of said bonds the City has pledged the full five mill special tax allowed under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas, so that it will be necessary to refund the presently outstanding bonds in order that the City may issue the additional bonds to pay for the improvements hereinabove described; and the refunding bonds and such of the new bonds as are approved can be combined into one issue, all to be paid out of the proceeds of the five mill tax authorized by Amendment No. 13, but in order to issue these bonds it is necessary that the proposal be approved by the electors of the City; now, therefore, BE IT ORDAINED by the City Council of the City of West Memphis, Arkansas; SECTION 1. A special election is hereby called to be held in said City on the ~~4th day of May, 1960, for the purpose of voting on the question of issuing bonds under the authority of Amendment No. 13 to the Constitution of the State of Arkansas, for the fol- lowing purposess (a) For refunding at the same interest rates they now bear the $187,000 outstanding balance of bonds issued by the City under the provisions of Amendment No. 13 and dated December 1, 1954; (b) For the construction and equipment of a city jail, at an estimated cast of $58,300; (c) For the purchase of fire-fighting apparatus and equipment, at an estimated cost of $93,900; and (d) For the purchase of a site for and the construction of housing for fire-fighting apparatus, at an estimated cost of $70,800. If all of the, purposes are approved, the bonds will be combined into one issue of refunding and improvement bonds dated as of June 1, 1960, and maturing on July 1 of each year as follows: $11,000 in 12,000 in 13,000 in 14,000 in 15,000 in 16,040 in 18,000 in 19,000 in 20,000 in 21,000 in 22,000 in 23,000 in 25,000 in 26,000 in 27,000 in 29,000 in 1963 1964, 1965 and 1966 1967 1968, 1969 and 1970 1971 and 1972 1973, 1974 and 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 The new improvement bonds will bear a rate of interest acceptable to the City Council, and the refunding bonds will bear interest at the same rates that the December 1, 1954 bonds bear; the entire issue will be sold with the privilege granted to the buyer to convert the bond s to a lower rate or rates of interest, upon such terms that the City will receive no less and pay no more than it would receive or pay if the bonds were not converted. SECTION 2. The ballot for said election shall be in sub- stantially the following form: ', ~ ~'~ BALLOT Special Election West Memphis, Arkansas May ,~,, 1960 Vote on measure by placing an "X" in the square opposite the measure either for or a ainst. Be sure to vote on each ro sition. ~ ., For refunding presently outstanding bonds, $187,000. L,f Against refunding presently--outstanding bonds, $187,000. L f For the construction and equipment of a city _ jail, $58,300. . ~..1 Against the construction and equipment of a city mil, $58, 300. For the purchase of fire-fighting apparatus _ and equipment, $93, 900 L Against the purchase of fire--fighting apparatus and equipment, $93, 900 L, f For the purchase of a site for and the construction of housing for fire-fighting _ apparatus, $70,800 ~( f Against the purchase of a site for and the construction of housing for fire--fighting _ apparatus, $70, 800 ~ f Bonds .will be issued for the total amount of the purposes approved by the majority of the qualified electors of the City voting on the questions, and will be combined into one issue. The refunding bonds will bear the same rates of interest as those now borne by the December 1, 1954 bonds being refunded, and the new improvement: br~rida will bear a rate of interest acceptable to the City Council. The bonds will be convertible to a lower rate or rates of interest upon such terms that the City will receive no less and pay no more than it would receive and pay if the bonds were not converted, and will mature serially on July 1 of the years 1963 to 1985, inclusive, but callable for payment prior to maturity at the City's option.. LIST OF VOTERS N[TMBER ... -X SECTION 3. Said election shall be held and conducted and the vote thereof canvassed and the result declared under the law and in the manner naw provided for municipal elections, so far as the same may be applicable, and the Mayor of the City of West Memphis hereby is authorized and directed to give notice of such election by an advertisement published weekly, once a week for four times, in EVENING TIMES a newspaper published and having a bona fide circulation in the City of West Memphis, the last publication to be not less than ten days prior to the date of said election, and only qualified electors of the City of West Memphis shall have the right to vote at said election. SECTION 4. The result of said election shall be proclaimed by the Mayor and his proclamation shall be published one time in said newspaper, and the result of said election as proclaimed by the Mayor shall be conclusive unless attacked in the courts within thirty days after the date of such proclamation. SECTION 5. The Mayor and City Clerk are authorized and directed to advertise, according to the terms of Amendment No. 13 to the Constitution of the State of Arkansas, the public sale of the proposed bond issue, the form, time and place to be fixed by them, and in said notice they shall provide that the buyer may have the right to convert the bonds to bonds bearing a lower rate or rates of interest, upon such terms that the City will receive no less and pay no more than it would receive and pay if the bonds were not converted= that the buyer may designate the trustee and place of payment of the issuep and that the bonds will be callable for payment prior to maturity in inverse numerical order at par and accrued interest, as followss From surplus revenues derived from the special tax or unused proceeds from the bond sale, on any interest paying date= from funds from any source, on any interest paying date on and after July 1, 1965. ~~ ~ ~~ r ~~~~~~ `. SECTION 6. A copy of this ordinance shall be given to the Crittenden County Board of Election Commissioners so that said Board may provide the proper election officials and supplies. SECTION 7. It is hereby ascertained and declared that there w.. is immediate and urgent need for each of the proposed improvements set out in this ordinance, in order to protect the health, life, and property of the inhabitants of the City of West Memphis; therefore, an emergency exists and this ordinance, being necessary for the preservation of the public peace, health and safety, shall take effect and be in force without delay upon and after its passage. Passed s April ~,______, 1960. Attests ---~, !~ City Clerk APPROVED: Mayor CERTIFICATE I, the undersigned, City Clerk of the City of West Memphis, Arkansas, hereby certify the foregoing to be a true copy of an ordinance passed by the City Council at a duly called and constituted meeting at which more than two-»thirds of the total number of Councilxeen•-elect were present and voted for the ordinance. CERTIFIED under my hand and the seal of said City, this ~1 day of April, 1960. -- City Clerk (Seal)