388
ORDINANCE NO . 3 ~~
AN ORDINANCE TO REPEAL QRDINANCE NO. 387 AND TO AMEI~ID ORDINANCE
NO. 382, WHICH IS ENTITLED: AN ORDINANCE CALLING ANELECTION IN
THE CITY OF WEST MEMPHIS FOR THE PURPOSE OF SUBMITTING TO THE
ELECTORS OF SAID CITY THE QUESTION OF THE ISSUANCE OF BOAIDS U1~IDER
THE PROVISIONS OF AMENDMENT NO. 13 TO THE CONSTITUTION OF THE
STATE .OF ARANSAS FOR SEVERAL PURPOSES; AND DECLARING AN EMERGENCY.
Mr
WHEREAS, there was some confusion in the allocation of the
respective amounts to the different purposes set out in Ordinance
No. 387, and it is necessary to repeal that ordinance in order to re-
establish the correct purposes as set out in Ordinance No• 382; naw,
therefore,
BE IT ORDAINED by the City Council of the City of West
Memphis, Arkansas:
SECTION 1. Ordinance No. 387 of the City of West Memphis,
passed and approved May 9, 1960, is hereby repealed.
SECTION 2• Section 1 of Ordinance No• 382 is hereby amended
to read as follows:
Section 1. A special election is hereby called to be
held in said City on the 14th day of June, 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 following purposes:
(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 cost 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 agsroved, 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
12,000
13,000
14,000
15,000
16,000
18,000
19,000
20,000
21,000
22,000
23,000
25,000
26,000
27,000
29,000
in
in
in
in
in
in
in
in
in
in
in
in
in
in
in
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 inteest 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 conv+e~rt the bonds 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 3. All other provisions contained in Ordinance
No. 382 shall remain in full force and effect except as herein
s pecifically amended.
SECTION 4. This ordinance being necessary for the safety
and welfare of the inhabitants of the City of West Memphis, an
emergency is declared to exist and this ordinance shall be in full
force and effect after its passage.
Passed : June ~~______, 1960 .
APPROVED:
Attes Mayor
City Clerk