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152 t ~. -fir ORDINANCE NUIdBER AId ORDINANCE CALLING A SPECIAL ELECTION TO DETERMINE WHETHER THE CITY OF WEST ~QEI~IPHIS, SHALL ISSUE BONDS FOR THE PURPOSE OF THE CONSTRUCTION OF A PUBLIC AUDITORIUM AND A BUILDING FOR HOUSING FIRE FIGHTING APPARATUS~- ,AND/OR CONSTRUCTION OF ADDITION TO SEti'VER. SYSTEM. WHEREAS, the City of West Memphis has outstanding ~Ir) X35,000 principal amount of non-callable bonds bearing interest at the rate of 4~ per annum, dated December 1, 1938, and maturing. serially on January 1, in the years 1949 to 1960, inclusive, which were approved by the electors at a special election held on the 25th day of October, 1938, under Amendment No. 13 to the CoB~tution of Arkansas, and authorized by Ordinance No. 77 passed and approved on the 26th day of November, 1938, for the payment of which a special tax levy of five mills on the dollar was pledged, the limit authorized by Amendment No. 13 to the Constitution of .Arkansas; and WHEREAS, because of the greatly increased assessed valuation in the~•:f~~.:~y, the five mill tax levy pledged for the payment of the said outstanding bonds is more than sufficient to pay their principal and interest and a large surplus is accumulating each year; and the City proposed in 1947 to issue X50,000 of 4~ bonds under said Amendment No. 13 for the con- struction of a public auditorium, and to pledge,the~aid surplus for their payment, and a large majority of the electors voted in favor of the issue at a special election on the 10th day of June, 1947; and WHEREAS, the City was enjoined by the courts from issuing the X50,000 of bonds for the auditorium for the reason that the whole of the five mill tax was pledged for _ payment of the outstanding bonds and the said surplus could not be used for the proposed bonds for the auditorium while the said bonds, dated December 1, 1938, were outstanding; and that as more than five mills could not be levied under Amendment N'o. 13, the City had exhausted its power to issue bonds; and WHEREAS, the Council now finds that the City can refund the said X35,000 of outstanding bonds under an arrangement with their owners by which they will exchange them for refunding bonds to be issued by the City of a like par amount, bearing the same rate of interest, and having the same maturities, on the understanding that they will be a part of an authorized ~....: ,.issue of not to exceed X110,000 of bonds of the City, all to oe secured equally and ratably by a pledge of the five mill tax; and WHEREAS, the Council now proposes to authorize the issuance of X50,000 of bonds for the construction of a public auditorium, and an issue of X25,000 for the construction of an Candor construction of addition to ewer system) additional. building to house fire fighting apparatus~if they are approved by the electors at the special election hereinafter called, and to combine them with the said $35,000 of refunding bonds, making a total of X110,000; and WHEREAS, by reason of the aforesaid arrangement with the owners of the said outstanding bonds, the pledge of the whole five mill tax for the payment of their bonds will be released, which will permit a pledge of the whole five mill tax for payment equally and ratably of all of the X110,000 ,, of bonds; and WHEREAS, an election on the said X35,000 of refunding bonds is not required under decisions of the Supreme Court of - 2 - Arkansas, but is required on the said X50,000 and X25,000 issues; and WHEREAS, The Council finds that the City is badly in need of the auditorium .and the additional building for housing, fire fighting apparatus, and that the issuance of the proposed bonds will be for the best interests of the City, NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS: Section 1. An election is hereby called to be held at the usual polling places in the City of West Memphis, on the day of , 194g, for the purpose of deter~.ning whet th City of West Memphis shall issue the following negotiable..bond~:._ X50,_000 for the purpo~s~ of the ,construction of a public auditorium, and $25,000 for the purpose of the construction of an additional building for housingL fire fighting apparatus d~,pN °$~ a ~ ~~"~ X_~ ~µ~ --r~~~ ~ Said bonds shall be pay,.ab~.le as hereinafter set forth, bear interest at the rate of ~~L~ per ~entum (~) per a~anum for the first year and four per centum (4~) ger annum thereafter, and be dated June 1, 194g• Section 2. If the vote is favorable to both issues they will be combined in one issue, .maturing serially on January 1 in the amounts and years as follows: 3,000 in each of the years 1952 to 1954, inclusive 3,500 ~n each of the years 1955 to 1960 inclusive X4,040 in each of the years 195 9 , X5,000 in the years 1.961. and 1962 X6,500 in the year 1963 X8,500 in each of the years 1964 to 1966, inclusive X1,500 in the year 1967 If only one issue is approved the bonds will have the same maturity dates, though for proportionately less amounts. - 3 - Section 3. Said election shall be conducted and the votes thereat canvassed and the result thereof declared under the law and in the manner now provided for municipal elections, and notice of said election shall be given by the Mayor by advertisement weekly for at least four C4) times in some newspaper published in the City of West Memphis, and having a bona fide circulation therein, the last publi- cation to be not less than ten days prior to the date of said election. The ballots for said election shall be marked FOR Bond issue of X50,000 for the purpose of the construction of a public auditorium. "AGAINST Bond issue of X50,000 for the purpose of the construction of a public auditorium. ~, j ttFOR Bond issue of ~~5,000 for the purpose of ~r°' the construction of a building. for the ..__., ~~i~~~~~g~ ~ ire f ghting a pa s . ~,~, ~ "A AINST Bond issue of ~~~~ X25,000 for the purpose of the construction of a building for the ous~g , Qf fire fighting apparatus. G.~-~-~.. Qw -~~t, ~ ' At tee ection only qualified voters of the City of West Memphis will have the right to vote. The result of the election shall be proclaimed by the ~da.yor by publication in some newspaper published in said City of West ~Cemphis, Arkansas, and his pro- clamation shall advise the citizens and property owners of said City that the result as proclaimed will be conclusive unless attacked in the courts within thirty (30) days after the date of such proclamatic-n. - 4 - ~, Section 4. This ordinance shall take effect and be in force on and after its passage. PASSED: APPRaVE~ ATTEST: 191~g 1918 APPROVED: ~ ~~ ~ ~~c.~~ MAYOR CITY CLERK STATE OF ARKANSAS ss. t;OUNTY OF CRITTENDEN I, ~•~~~ , City Clerk of the City of West Memphis, Arkansas, hereby certify that the. foregoing is a true and com~pyared copy of Ordinance No.~~, passed and approved on the ~'' day of , 19.8, and now of record in Ordinance Book No. , at pa es . WITNESS my hand and the seal of the City this day of ,, , 19l~8 . - CITY CLERK - 5 -