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August 25, 1948,, Id12dUTES OF AN ADJOURNED MEETIPIG OF T![L CITY COUNCIL OF ~~'ST I~T,?PHIS ... _ ~ :_ : _ ~L'~'_U$T 25, ?.948..:: _<.. _ .__ _ _..: >,. The City Council of the City of 1Vest Memphis in the County of ~%rittenden, State of Arkansas, met in an adjourned session at the City Hall in said city at 7:30 P.M. on the 25th day of du gust, 1948, pursuant to an ad3ournment of August 18, 1948. The meeting was called to order by the Mayor and upon the roll being ca:Lled there were: Present: P. M. Dacus in the chair, and the follovring named Aldermen; Curtis Foster, r,. H. Rowton, R. R. Morley, and G. id. McAuley; and City Attorney Herman Spears and City Clerk H. 0. Coats. Absent: tildermen 0. I. Bollinger and Ray Garrison. It being determined a quorurn was present, the follotiving proceedings were had and held to-writ: Minutes of the meetings of August 4th and august 18th were read and approved. Mrs. ,. B. Hicks appeared before the Council to request the use of the Community House to conduct a kindergarten. Due to the problem of heating the building, action was delayed until more information could be obtained on the cost of heating. Several of the citizens of the Worthington Park Subdivision appeared before the Council in regard to the bus service in that area. Mayor ilacus advised the citizens that he knew of no contemplated changes in the present system, and assured the citizens that the Council would do everything possible to provide adequate bus service in .Vest Memphis. The Mayor advised the Council that the meeting ~;ras adjourned over from August 18th to this date, August 25th, for the purpose of receiving bids on the sale of One Hundred Ten Thousand ("110,000.00) Dollars of bonds as advertised in the Crittenden County Times on July 23rd, 30th, August 6th, August 13th, and August 20th, 1948; that the meeting was now open for the purpose of receiving bids on said issues. Thereupon Mr. F. D. Schas of the firm of Bu"llington and Schas presented the following bid to the City Council= Memphis, Tennessee August 25, 1948 TO 'PHL CITY OF 1i[EST MEtdPHIS, ARKANSAS: For your X75,000 principal amount of bonds dated July 1, 1948, and more fully described in your notice of sale published in the Crittenden County Times on July 23 and 30, August 6, August 13, and August 2U, 1948, rove hereby offer to pay you 100 cents on the dollar plus accrued interest to date of delivery. We understand that the a~75,o00 principal amount of bonds will be part of an authorized issue of X110,000 principal amount of negotiable coupon bonds of the City, dated July 1, 1948, and more fully described in the said published notice. sue hereby agree that if wa become the purchaser of the °~75~000 of bonds we will cause the Union Planters National Bank & Trust Company of Memj~his, Tennessee, to file with the City Clerk vrithin thirty (30) days From this date its certificate in duplicate that there have been deposited with it by the o~rners X35,000 principal amount of outstanding 4~ Improvement Bonds of the City dated December 1, 1938, with all interest coupons maturing January 1, 1949, and thereafter attached, numbered 17 to 54, inclusive, and maturing on January 1, in the amounts and years, respectively, as follows: $2,500 in each of the years 191G9 to 1951 °3,000 in each of the years 1952 to 1956 X3,500 in each of the years 1957 to 1959 X2,000 in the year 1960 for exchange for X35,000 principal amount of the said $110,000 authorized issue, the $35,000 of bonds bearing 4% interest and of the same denominations and maturities as the bonds deposited; and that the owners have authorized it to make the said exchange on such conditions. This offer is subject to all the terms and conditions set out in the said published notice of sale, including furnishing us at your expense the opinion of Rose, llobyns, , Meek & House unqualifiedly approving the x$110,000 principal amount of bonds, and the following further conditionss (1) That the coupons for the first years interest (January 1, 1949 and July 1, 1949) attached to the 975,000 principal amount of bonds will be split, one for 3-3/4~ and one for 2~; and (2) That the said X75,000 principal amount of bonds are delivered to us and the said ?35,000 principal amount o£ bonds are exchanged contemporaneously on or before October 1, 1918, and thereafter at our option. 1'Ve attach herewith our certified check on the First National hank, Memphis, Tennessee for ",1,000.00, to be cashed only when the X75,000 of bonds are delivered to us and applied by you on the purchase price. If vre fail to carry out our agreement to purchase the bonds, including our agreement to cause the said certificate to be filed by the said Union Planters National Dank & Trust Company within the time above stated, you may cash the check and retain the proceeds as liquidated damages. .. _ ~ ___.~__ This offer will become a contract between you and us on the delivery to us of the attached carbon copy with an endorsement of acceptance thereon, duly executed by the Mayor and Gity Clerk, °,;hen duly authorized to do so by proper resolution of the City Council. Bl7LLI?7GTON-SCHP.S & COI,T'ANY By/s/F. D. Schas No other person, firm or corporation appeared to submit bids and the b4a~ror thereupon stated the bid would now open for discussion, and after a discussion of the matter, Alderman Morley introduced the following resolution in writing. RESOLU TION N0. 103 A R:?SOLUTION ACC~~PTIIIG A DID FOR x$75,000 OF BONDS TO 1E ISSUL'D DY THl. CITY OF t"JEST 1'~L4PHIS, ARKANSAS, FOR TH;; PURPOSi; OF THE OOtdSTRUCTION OF A PI7BLIC AUDITORIUM, ArI 11DDITIODI,4L B7iILDIi'IG ~R HOUSING FIRE-FIGHTING APPARATUS AIdD ADDITIONAL SE'IFRS ,~JHrRF~AS, after due advertisement for the time and in the manner required by law, duly published in a newspaper having; a bona fide circulation in the City of ;Vest I~Iemnhis, Arkansas, X75,000 of bonds of the said City Cbeing part of an authorized issue of ~,~110,000), to be issued for the purpose of the construction of a public auditorium, an additional building for housing fire-fighting apparatus and additional sewers, vrere offered for sale to the hi~~hest bidder for cash at public auction at a meeting of the Council in the City Hall at 4'Jest I~iemphis, Arkansas, at 7;30 orclock, P.M., on the 25th day of August, 1948; and the following bids were received; NAI,r1E ADDRESS BID Bullin gton-Schas & Co. lst National Banlt Bldg. 100¢ on dollar Aiemphis, Tenn. PJHEF,EF~S, the Council finds that the bid of Wallington-Schas & Co, of Memphis, Tenn., for the X75,000 of bonds at the price of 100 cents on the dollar and accrued interest to date of delivery was the best bid, and should be accepted; N0~°J, THER'3F0RF, BF IT RESOLVED BY TIC CITY COUNCIL OF TH:~ CITY OF ':VEST P.:!Eli??HIS, ARKAPIS~S: Section 1. That said bid of Wallington-Schas & Co., Memphis, Tenn. be accepted, and that the Mayor and City Clerk be and are hereby authorised to execute on behalf of the City the following contract for the sale of sa9.d bonds: Idemphis, Tennessee August 25, ].9lr8 TO THE CITY O?' ';17:"T P"E&~Il'HIS, ARKANSAS; For your X75,000 principal amount of bonds dated July 1, 19!18, and more fully described in your notice of sale published in the Crittenden County Times on July 23 and 30, riugust 6, August 13, and August 20, 19118, we hereby offer to pay you 100 cents on the dollar, plus accrued interest to date of delivery. ~Je understand that the °;75,000 principal amount of bonds vril.l be part of an authorized issue of X110,000 principal amount of negotiable coupon bonds of the City, dated July 1, 19118, azrd more fully described in the said published notice. VJe hereby agree that if vve become the purchaser of the X75,000 of bonds we vrill cause the Union Planters National bank & Trust Company, of Memphis, Tennessee, to file with the City Clerk within thirty ('30) days from this date its certifi::ate in duplicate that there have been deposited with it by the ov~rners ?35,000 principal amount of outstanding li°! Improvement Bonds of the p.ty dated December 1, 193£3, with all interest coupons maturing January 1, lyl19, and thereafter attached, numbered 17 to 511, inclusive, and maturing on J-;nuary 1, in the amounts and years, respectively, as follows; ;2,500 in each of. the years 1S1r9 to 1951 Y?,000 in each of the years 1952 to 1956 rk3,500 in each of the years 1957 to 1959 ?2,000 in the near 1y60 for exchange for '~i5,000 principal amount o° the said °110,000 authorized is~ze, the :Y~35,000 of bonds bearing 11a~ in+.erest and of the same denominations and maturities as the bonds deposited; and that the owners have authorized it to make the said exchange on such conditions. This offer is subject to all the terms and conditions set out in the said published notice of sale, including furnishing us at your expense the opinion of Ito se, ??obyns, Meek & House unqualifiedly approving the X110,000 principal amount of bonds, and the following further conditions: (1) That th.e coupons for the first year's interest (January 1, 1y~,9 and July 1, 19!x9) attached to the X75,000 principal amount of bonds will be split, one for 3-3/4~ and one for 2~; and (2) That the said E675,000 principal. amount of bonds are delivered to us and the said X35,000 principal amount of bonds are exchanged contemporaneously on or before October 1, 191x8, and thereafter at our option. re attach herewith our certified check on the First National Bank, Pd:mphis, Tennessee for X1,000.00, to be cashed only when the X75,000 of bonds are delivered to us and applied by you on the purchase price. If we fail to carry out our agreement to purchase the bonds, including our agreement to cause the said certificate to be filed by the said Union Planters National Bank & Trust Company vvithin the time above stated, you may cash the check and retain the proceeds as liquidated damages. This offer will become a contract between you and us on the delivery to us of the attached carbon copy with an endorsement of acceptance thereon, duly executed by the Mayor and ':%ity Clerk, when duly authorized to do so by proper resolution of the City Council. Section 2. It is ascertained and declared that the sewer system of the City of ,'Vest Memphis is wholly inadequate, and that the buildings for housing fire-fiFhtina apparatus are also inadequate, all of tivhich is a daily menace to the peace, health and safety of the inhabitants and their property; and that for said reason it is necessary for the preservation of the public peace, health and safety that this resolution take effect without delay. inn emergency is, there- fore, declared to exist, and this resolution shall be in force from and after its passage. Alderman I'dcAuley moved that the rule requiring the resolution to be read in full on three different days be suspended, which motion was seconded by Alderman ltowton; and upon roll call the following members of the Council present voted: ccpye~c; G, 6u. McAuley, H. R. Marley, Curtis Foster, and C, Ii. Rowton. '~Nayec~s None. Thereupon, Alderman roster moved the adoption of the resolution, which was seconded by +~lderman Morley; and upon roll call the following members of the Counci_1 present voted: "AJ'ecc~ G. Y'l. McAuley, R, R, Morley, Curtis Foster, and C. H. Rowton, "Nayec~: None. Alderman Rowton moved that Section 2, the emergency clause, be adopted; ~rrhich mction was seconded by ilderman PdcAuley; and upon roll :;all the following members of the Council present voted: "Ayec~; G. V0. I~dcAuley, H. R, Idorley, Curtis Foster, anal C. H. RoYVton. ~cNaye~c: None. Thereupon, the PSayor announced that the Resolution had been duly adopted and was novv in effect and that it be numbered 103. The Mayor next directed attention to the fact that the Ordinance authorizing the issuance of the bonds had been prepared by the firm of hose, ~obyns, Meek and House, Attorneys of Kittle Rock, Arkansas; that Mr. A. VV, Dobyns was present, ~chereupon he was recognized and the Mayor then stated that it would be in order that the ordinance be taken up for consideration. Thereupon the folloroving Ordinance in writing was introduced and read in full by Alderman Foster; "An Ordinance Providing For The Issuance Of Bonds By The City Of .Nest Memphis, Arkansas, For The Purpose Of Refunding Outstanding Bonds And The Construction Of A Public Auditorium, An Additional Building To House Fire Figtrting Apparatus, And Additional Sewers, And Levying A Tax To pay The Same.c~ Alderman Morley moved that the rule requiring the Ordinance to be read in Hill on three different days be suspended, which motion was seconded by Alderman Rowton; and upon roll call the following members of the Council present voted= "Ayec~: G. l'V. McAuley, R, R. Morley, Curtis Foster, and C. H. Rowton. ccNaye~c; None. Thereupon, alderman PdcAuley moved the adoption of the Ordinance, iv}rich was seconded by alderman Foster; and upon roll call the following members of the council present voted: "Aye": C. H. Rowton, G. ~~`. Idcxuley, R. R. L4orley and Curtis Foster. "ATay": None. ~'+hereupon, the Mayor called to the council's attention that the ordinance as adopted contained an emergency clause and sugtJested that spc;cific action should he taken by the Council on this clause. l~hereupon, alderman Morley moved that Section 12, the emergence clause, be adopted; which motion was seconded by Alderman McAuley; and upon roll call the follotvine members of the Council present voted: "Aye": C. H. Rowton, G. ~}. hlcntaey, R. H. idorl.ey, and Curtis ~~oster. +'Nay"; None. ++hereupon, the Mayor declared said motion duly adopted and said Ordinance duly passed, and sinned his approval to said Ordinance and the City Clerk w,as directed to spread the same upon the record of Ordinances of the City of ++est Memphis, Arkansas, and to have same published as required by law, and to ntrmber said Ordinance PIo. 157. ."-,aid Ordinance to which no amendment was offered read as follows: ORDINANCE ti0. 157 API OItDIPIANCE PROVIllIPIG FOR THE ISSUANCE OF BONDS i'Y Tlfi': CITY Ol'' ;r~ST IiLCP.9PHIS, ARKI;NSAS, )i'OR THE PURPO:Sia OF RFF[RJDING OUTSTAPIP.IPJG BOPIDS APID THE COI`ISTRUCTIOtJ OF A PUBLIC AUDITORIUPd, API ADDITIONAL BUILDING TO HOUSL FIRE FTGHTLN G APPARATUS, ACID ADDITIONAL SE~iERS, AND LEVYING A TA:{ TO PAY T}iE SAPdE !':+fiERE4S, by Ordinance Plo. 754 duly passed on the 5th day of May, 1948, there was submitted to the qualified electors of the City of YVest Memphis, Arkansas, the question tvhether it should issue X50,000 of bonds for the construction of a public auditorium, ~p15,000 for an additional building to house fire fiohtin}, apparatus, and ;10,000 for additional sewers, to be combined in an issue of ~~75,000, bearing interest at the rate of five and three-fourths per centirm (5-3i4`~) per annum for the first year, and three and three-fourths per centum (3-3/4~) per annum there- after, and maturing on January 1, in the amounts and years as follolrs; •fp3,000 in each of the years 1952 to 1954, inclusive $3,500 in each of the years 1955 to 1957, inclusive ~IG,p00 an each of the years 1958 to 1960, inclusive ~5,oG0 in the years 1961 and 1962 ~6,5U0 in the year 1963 <68,500 in each of the years 19611 t.o 1966inclusive 71,500 in the year 1967 and l'JfIE}tl'sAS, due notice of the election t°ras riven as required by larv, and at said election 75 votes were cast in _+'avor of said bond issue for the auditorium, and onl~J 2 votes were cast against it; 77 votes were cyst in favor of the= bond issue for the additional building to house fire fi.rhting apparatus, and no votes were cast against it; and 75 votes were cast in favor of the bond issue for additional sewers, and only 2 votes were cast against it; and '~+lJF1ZLAS, after due adv+>rtisement for the time and in the manner required by law, duly published in a newspaper havin a bona fide circulation in the City of ?Jest "rernphis, the x;75,000 of bonds mere offered for sale at public auction at a meeting of the City Council, at 7;30 o'olock P. Pd., on the 25th day of Au rust, 1948, on the understanding that they would be a part of the authorized issue of ~P11U,000 of bonds hereinafter referred to; and at said sale }3uillington-Schas & Company, of Memphis, Tennessee, bid and offered the price of par, and accrued interest to date of delivery, and this being the best bid, the bonds were sold to them at that price; and -:YHEF.PAS, the City has outstanding and unmatured x35,000 principal amount of an issue of X50,000 of bonds issued for the purpose of the construction of a combination city hall and build- ing for the housing of fire fi,;hting apparatus and equippin; the city hall, and the construction and improving of streets and storm sewers, approved by the electors at a special election held on October 25, 1938, under Amendment No. 13 to the Constitution of Arkansas, and issued pursuant to Ordinance PIo. 77 of the city Council passed and approved on Novenber 26, 1938, for the payment of which a special tax levy of five mills on the dollars vras pledged. The said bonds are dated December 1, 1938, bear interest at the rate of 4;~ per annum and are of the following numbers, denominations and maturities: NUMBr'.RS OF BONDS DENOMIPIATION AMOUNT MATLki ITY January 1 17 ~ 500.00 ~ 500.00 1949 13 and 19 1,000.00 2,000.00 1949 20 500.00 500.00 1950 21 and 22 1,000.00 2,000.00 1950 23 500.00 5:0.00 1951 24 and 25 1,000.00 2,000.00 1951 26, 27 and 28 l,ooo.o0 3,000.00 1952 29, 30 and 31 1,000.00 3,000.00 1953 32, 33 and 34 1,000.00 3,000.00 1954 35, 36 and 37 1,000.00 3,000.00 1955 38, 39 and !a0 1,000.00 3,000.00 1956 41 500.00 500.00 1957 42, 43 and 44 l,ooo.o0 3,0.00 x.957 45 500.00 500.00 1958 46, 47 and 48 1,000.00 3,000.00 1958 49 500.00 500.00 1959 50, 51 and 52 1,000.00 3,000.00 1959 53 and 54 1,000.00 2,000.00 1960 The said ?35,000 of bonds are the only bonds of the City issued under Amendment No. 13 to the Constitution of r~rkansas now outstandin ;; and '~JHBREAS, because of the fact that the whole five mill special tax, the limit allowed by Amendment No. 13, was pledf=ed for the payment of the said X35,000 of outstanding bonds, it would be beyond the power of the City to issue the said additional X75,000 0£ bonds unless the owners of the said X35,000 of bonds would agree to accept in exchange X35,000 of refunding bonds on the understanding that they would be combined with the said X75,000 of bonds, making an aggregate issue of X110,000, and all to be secured equally and ratably by a pledge of the five mill special tax; and ~;lH~fiEAS, the Council has reason to belive that the owners of the said X535,000 of outstanding bonds vrill agree to exchange them for the ~~35,000 of refunding bonds, bearing the same rate of interest and vrith the same maturities, which the council finds rviil he to the great advantage of the City, as otherwise, it could not finance the construction of the auditorium, the additional building for fire £i2;hting apparatus, and the additional servers, which are badly needed. NO'.~J, THFRi:P'ORE, BE IT ORDAINED BY TIir CITY COUNCIL OF THI3 CITY OF ':'NEST PrLMPHIS; Section 1. The Ma~ror and City Clerk are hereby authorized and directed to execute the bonds of this City in the aggregate principal amount of X110,000, dated as of July 1, 1918, their numbers, denominations and maturities to be as follows, but subject to redemption before maturity as hereinafter set out; NUY~dBERS OF BONDS Dr'I'10r~IATI0t1 AP.40tiNT MATURITY January 1 1 ~ 500.00 ~ 500.00 1949 2 and 3 1,000.00 2,000.pO 1949 ~, 500.00 500.00 1950 5 and 6 l,ooo.o0 2,000.00 1950 7 Soo.oo 500.00 1951 8 and 9 1,000.00 2,000.00 1951 10 to 15, incl., 1,000.00 - 6,000.00.=~ 1952' 16 to 21, incl., 1,000.00 6,000.00 r^ 1953 22 to 27, incl., 1,000.00 6,000.00 1954 28 500.00 500.00 1955 29 to 31i, incl., 1,000.00 6,000.00 1955 35 500.00 500.~~ 1956 36 to 41, incl., 1,000.00 6,000.00 1956 42 and 43 500.00 1,000.00 1957 44 to 49, incl., 1,000.00 6,000.00 1957 50 500.00 500.00 1958 51 to 57, incl., 1,000.00 7,000.00 1958 58 5.00 5~~0.00 1959 59 to 65, incl., 1,000.00 7,000.00 1959 66 tp 71, incl., l,ooo.o0 6,000.00 1960 72 to 76, incl., 1,000.00 5,000.00 1961 77 to 81, incl., 1,000.00 S,000.JO 1y62 82 500.00 SOO.oo 1963 83 to 88, incl., 1,000.00 6,000.00 1963 89 5on.oo 500.00 1964 90 to 97, incl., 1,000.00 8,000.00 1964 98 500.00 500.00 1965 99 to 106, incl., 1,000.00 8,000.00 1965 101 500.00 500.00 1966 1C8 to 115, inrl., 1,000.00 8,000.00 166 116 500.00 500.00 1967 117 1,000.00 1,000.00 1967 I~ Bonds numbered 1 to 12, inclusive, 16 to 18, inclusive, 22 to 2h, inclusive, 29 to 31, i! inclusiva, 36 to 38, inclusive, Lt2, 44 to Lt6, inclusive, 50 to 53, inclusive, ~8 to 61, inclusive, ~ it 66 to 67, shall bear interest at the rate of four per centum (1tq) per annum from their date; and the remaining bonds shall bear interest at the rate of five and three-fourths per centum (5-3!11) per annum for the first year and three and three-fourths per centum (3-3/L1;Z) per annum thereafter. l Section 2. The bonds shall be in substantially the following form= UNIT~3D STATS OF ALi;;RICA STATE OF ARK:'~NSAS CITY OF i~'ST Nl?',T~NIS COUT.dTY OF CRIT`Z'1~TIDFN REFUPIDING ATID IT.gPROVFT:4ENT BOPID No . ?~ _ KNO'~1 ALL Ti!~'T I3Y Tti}s"L' PFY~,SF1dTS: . That the City of ?9est 1~lemphis, in the County of Crittenden, State of Arkansas, acknowledges itself to ovre and for value received promises to pay to bearer the sum of DOLLARS in lavrful money of the United States of Hmerica, on the first day of January, 19+, vvi.th interest thereon from the date hereof at the rate of , payable on the first day of January, 19119, and semiannually thereafter on the first day o u y and January of each year, on presentation and surrender of the annexed interest coupons as they severally mature. Both principal and interest of this bond are hereby made payablie at the office of Union Planters Tational Bank & Trust Company, in the City of 1~mphis, Tennessee. This is one of a series of 117 bonds, a„oragatin Ono Hundred `Pen Thousand Dollars (;x7.10,000), all of tike tenor and effect, except as to number, denomination, rate of interest, right of prior redemption, and maturity, numbered from 1 to 117, inclusive, bonds numbered 1 to 12, inclusive, 16 to 18, inclusive, 22 to 2Lt, inclusive, 29 to 31, inclusive, 36 to 38, inclusive, 1a2, !i!t to 116, inclusive 50 to K3, inclusive, 58 to 61, inclusive, 66 and 67, in the principal amount of ~;a35,000, being issued for the purpose of refunding a like par amount of legally binding bonds of the City dated December 1, 1938, and the remaininY; bonds for the purpose of thc: construction of a public auditorium, an additional building to house fire-fighting apparatus and additional sewers; and the City of ~+est Ivlemphis hereby covenants that in tkre iss~iir;g of this bond it has proceeded in accordance with the provisions of the Amendment which vras adopted as Amendment No. 1S to the Constitution of the State of ~rkarxsas, novr 1'Jnendment Tto. 13, and in accordance with the laws of said Mate, under ordinances of the City ~ounci.l of said L'ity, duly passed, and in pursuance of an election duly held at which the majority of the legal voters of said City voting at said election voted in favor of the issuance of the bonds; that all things necessary to the validity of this bond under the lays of the State of -:rltansas, and narticulari.y under said ;amendment to its Constitution, have existed, have happened and have been performed as squired by law; that a tart sufficient to pay the bonds aforesaid has been duly levied in accordance with saic9 Constitutional Amendment, and made payable annurrl.ly until the last, of the principal of and. interest on tyre bonds has been ilzlly paid and discharged; and that the indebtedness represented by this bond and the issue of which it forms a part does not exceed any constitutional or statutory limitations. For the prompt pa,lment of this bond and all others of this issue and the interest ih~;reon, the :aid City of ;Jest Memphis hereby pled;~es its full faith, credit and taxing power, including the five mill tax authorized to be levied by said Amendment to the Constitution, and Levied by Ordinance No. of the City of nest Turemphi.s, passed and approved on the ,day of , .19118. Bonds numbered 28, 32, 33, 31a., 35, 39, 40, 111, 113, 47, ItB, Iro, 511, 55, ~6, ,=7, 62, 63, 611, 65, and 68 to 117 inclusive, are subject to call for redemption prior to matnrit;,r, if no bonds of this issue are in default, in imrerse numerical order, at the option of the City, on the following terms and conditions; (a) on January 1, 1955, and on any interest-paying date thereafter up to and including July 1, 1y59, at a premium of four per cent (Lt o) of the principal amount, plus accrzzed interest; and on January 1, 1960, and any interest-paying date thereafter at a premium of two per cent (2~) of the principal amount, plus accrued interest; (b) from time to time, from any surplus of tax collections pledged for their payment remaining in any year after there has been set aside as a reserve an amount sufficient to pay the principal of and interest on all the bonds of the issue maturing during the currently succeeding twelve months' period and the next succeed- ing twelve months' period, or with any other available funds. In case the City shall desire to exercise such right of redemption, notice of the call shall be published by the City Clerk in a newspaper of general circulation published in the City of lulemphis, Tennessee, for one insertion not less than thirty (30) days before the date set for the redemption; and after the redemption date mentioned in the notice the bons or bonds so called will cease to bear interest, provided fLnds for their payment are on deposit at the place of payment at that time. This bond stxall not be valid until authenticated b;,• the certificate of the Union Planters National Bank R~ Trust Company, of Memphis, Tennessee. IN 1'JITNESS 1JHEREOF, the City of ++est 1~Jemphis, in tkie State of Arkansas, has executed t~iis bond by the hands of its Mayor and City Clerk and attested it with its corporate seal, and has caused the coupons hereto attached to be authenticated by the facsimile signature of its Mayor, as of the first day of Jul;;r, 1948. CITY OF ~"JEST kdEkdPHIS, ARKANSAS By Mayor ATTaST: CITY CL}~}.K In the proper blank for the interest rate in the first paragraph of the above bond form there shall be filled in for all the $35,000 of bonds numbered 1 to 12, inclusive, lei to 18, inclusive, 22 to 24, inclusivej~ 50 to 53, inclusive, 58 to 61, inclusive, F,6 and 67: "four per centum (h~) per annum from the date hereof"; and for the remaining ?575,000 of bonds: "five and three-fourths per centum (5-3/4°x) per annum from the date hereof up to and including July 1, 1949, and thereafter at the rate of three and t.hree- fourths per centum (3-3/!1°x) per annum". j: ~i~,t~i43~b ~~i;l~nc~u§i~e,to 38, inclusive, To each of the bonds tkrere shall be attached coupons f'or the semiannual interest in the following form: ~ No. On the 1st day of January, 19 the Cit of k9est Memphis Arkansas / July, , y , , promises to pay to bearer Dollars, in lavrilzl money of the United Statue of ;imerica at the o ice of Union P anters Plational Bank & Trust Company, in the City of Memphis, Tennessee, being the amount of interest for six months at the rate of per annum then due on its refunding and improvement bond dated July 1, 19h8, anT- numbered ; unless the bond to tivhich this coupon appertains is callable and sooner called for payment. Z YOR The coupons to be attached to the X75,00 of bonds bearing interest at the rate of five and three-fourths per centum (5-3/!;~) per annum up to and including July 1, 1949, shall be in two sets, one for the amount of interest at the rate of three and three- fourths per centum (3-3/4~) per annum, and the other for the amount of interest at the rate of two per centum (2~) per annum, as the case may be. (The signature of the Mayor to the coupons attached to said bonds may be lithographed or engraved) (The number and date of passage of this ordinance shall be filled in the proper blanks in the bonds wren printed) On the back of said bonds shall appear the following: CERTIFICATE This is to certify that this is one of the 117 bonds of the issue mentioned and described within. UPIION PLANTERS NATIONAL BAIIK & TRiIST COMPANY By Memphis, Tennessee 194a Section 3. If default is made for thirty days in the payment of any interest coupon, the holder of the bond to which it is attached ma~• declare the same immediately due and payable. Section 4. In order to pay the said wllO,000 of refunding and improvement bonds of the City of :"lest Memphis, dated July 1, 1948, as they mature, with interest thereon, there is hereby levied upon all real and personal property within the City of !Jest Memphis, Arkansas, a tax of five (5) mills for each of the years 19118 to 1966, inclusive, being a sum sufficient to meet said bonds and interest as they mature, with five per cent added for unforeseen contingencies, which levy shall be in lieu of the levy of five mills made by Ordinance No. 77 of the City council passed November 26, 1938; and the City Clerk is directed to transmit a certified copy of this section of this ordinance to the County Clerk of Crittenden County, to the end that said. taxes may be extended on the tax books of the county and collected annually alon}; with the other taxes until the bonds and interest tkrereon are paid in full. Section 5. For the prompt payment of the bonds of this issue with interest the City of West Memphis hereby pledges its £ull faith, credit and taxing pouter, including the tax levied in Section It and the part of the proceeds of the rive-mill tax levied by sa9.d Ordinance T?o. 77 now in the pity treasury. Section 6. In order to pay the bonds as they rnature, there is hereby appropriated out of the monies now in the bond i'und derived from the five-mill tax levied by Ordinance No. 77 passed Novemb<r 26, 1938, and out of the proceeds of the tar. herein levied, and if such proceeds be not sufficient, then out of the general revenues of the City=, the i'ollowing sums to pay the principal of and interest on the bonds as they mature: PRIN CIP.4L IIdTERi~,ST TOTAL Jan. 1, 19!19 °T2,500.00 X2,856.25 July 1, 191.,9 2,806.25 8,162.50 Jan. 1, 1950 2,500.00 2,056.25 July 1, 1y50 2,006.25 6,562.50 Jan. 1, 1`151 2,500.00 2,006.25 July 1, 1951 1,956.25 6,!162.50 Jan. 1, 1952 6,000.00 1.,956.25 July 1, 1952 1,8LJG.00 9,796.25 Jan. 1, 1953 6,000.00 1,8110.00 July 1, 1953 1,723.75 9,563.75 Jan. 1, 1954 6,000.00 1,723.75 July ]., 1954 1,607.50 9,331.25 Jan. 1, 1955 6,5oa.cx) 1,607.50 July 1, 1955 1,4©1.37 9,589.37 Jan. 1, 1956 6,50.00 1,481.88 July 1, 1956 1,356.25 9,338.13 Jan. 1, 1957 7,000.0 1,356.25 July 1, 19K7 1,220.62 9,576.87 Jan. 1, 1958 7,500.00 1,220.63 July 1, 1~5p 1,u75.62 9,'196.25 Jan. 1, 1959 7,500.00 1,075.63 July 1, 1959 9?0.62 9,706.25 Jan. 1,1960 6,000.00 930.63 July 1, 1960 81.,.62 7,746.25 Jan. 1, 1961 5,000.00 815.63 July 1, 1961 721-•~7 6,537.50 Jan. 1, 1962 [,000.00 721.88 July 1, 1962 628.12 6,350.00 Jan. 1, 1963 6,500.00 628.13 Jul;;= 1, 1963 506.25 7,634.3 Jan. 1, 1964 8,5.00 506.25 July 1, 1964 3!16.87 9,353.12 Jan. 1, 1965 8,5c)o.oo 3lab.~c3 July 1, 1965 137.50 9,03!1.38 Jan. 1, 1966 8,500.00 187.50 July 1, 1966 28.12 8,7].5.62 Jan. 1, 1967 1,500.00 28.13 1,528.13 Section 7. Bonds numbered 28, 32, 33, 34, 35, 39, 40, L11, Lt3, 47, 48, 49, 54, 55, 56, 57, 62, 6~s 6l~, b5, and 68 to i.17 inclusive, shall be subject to call for recernpti.on prior to maturity, if no bonds of the entire issu? are in default, in inverse numercia7. order, at the option of the City, on the follovrinR terms sand conditions; (a) on January 1, 1955, and on any interact-payinn date thereafter up to and including July 1, 1959, at a premium of four per cent (4~) of the principal amount, plus accrued interest; and on January 1, 1960, and ~ y interest- paying date thereafter at a premium of t:vo per cent (2%) of the principal amount, plus accrued interest; (b) from time to time, from any surplus of tax collections pledged for their pay- ment remaining in any year after there has been set aside as a reserve an amount sufficient to pay the principal of and interest on all the bonds of the issue maturing durinEY the currently succeeding tvrelve months' period and the next succeeding twelve months' period, or vrith any other available funds. In case the City shall desire to exercise such ri};ht of redemption, notice of the call shall be published by the pity Clerk in a newspaper of general circulation published in the City of idemphis, Tennessee, for ona insertion not less than thirty (30) days before the date set for the redemption; and after the redemption date mentioned in the notice the bond or bonds so called. will cease to bear interest, provided funds for their payment are on deposit at the place of payment at that time. Section 8. It shall be the duty of the City Treasurer to deposit vrith the anion Planters National Bank ~ '?7ust Gom,,any, at i~uemphis, Tennessee, the payinh a~*ent, at least tevo days before the maturity date of any bond or interest coupon issued hereunder, an amount from the funds herein appropriated equal to the amount of such bond or coupon for the sole purpose of paying the same, togetrher with the paying agent's fee of 12z¢ for each 9k100 par value of bonds and 5¢ for each coupon. Such deposit shall be at the sole risl: of the City and shall not operate as a payment of the bonds or coupons until so applied. Section 9. The holders of said 9,35,000 of bonds of this issue which are to refund the ;35,000 of the issue dated December 1, 1938, shall be subrogated to all the rights of the holders of the bonds reflrnded, except that all of the i~110,000 of bonds herein authorised to be issued shall be equally and ratabl~r secured by the said five (5) mill tax. Section 10. ~+hen the X110,000 of bonds have been duly executed and sealed they shall be delivered by the Gity Clerk to the Union Planters Dlational Rank & Trust Company, of Iviemphis, Tennessee, with instructions to authenticate and deliver them only on the following conditions; 1. v~75,000 principal amount of the bonds numbered 13, 14, 15, 19, 20, 21, 25, 26, 27, 28, 32, 33, 34, 35, 39, 40, lGl, 113, 47, 48, 49, 54, 55, 56, 57, 62, 63, 64, 65, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 811, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100, 101, 102, 103, lOlt, 105, 106, 107, 108, 109, 110, 111, 112, 113, 1111, 115, 116, and 117 shall be delivered to Wallington-Schas F'i Company, of Memphis, Tenrresse, on payment of the purchase price of 100 cents on the dollar and accrued interest to date of delivery; 2. The remaininP $p35,000 of bonds shall be exchan};ed for outstanding 4;1' Improvement Bonds of the City dated December 1, 1938, tivith all interest coupons maturing January 1, 19119, and thereafter attached, in accordance vrith the following schedule; 1938 BODiD5 TO L'E EI.CIIAN GED FOFt lgl18 BONDS NUMBr~.S Dt~10Y~ILIATION AtdOUNT PIUF.;BERS ~7 ;~ 500 ~ 500 1 18, 19 1,000 2,000 2, 20 500 500 4 21, 22 1,000 2,000 5, 23 5~ 500 7 211, 25 1,000 2,000 8, 26, 27, 28 1,000 3,~0 10, 29, 30, 31 1,000 3,000 16, 32, 33, 3~1 1,000 3,000 22, 35, 36, 37 1,000 3,000 29, 38, 39, 40 1,000 3,000 36, 41 500 500 42 42, 43, 44 1,000 3,000 114, 45 5~ 500 50 46, 47, 48 1,000 3,000 51, 49 500 500 58 50, 51, 52 1,000 3,000 59, 53, 54 1,000 2,000 66, 3. None of the y~110,000 of bonds shall be delivered unless and until the exchange of all the said X35,000 of bonds is made contemporaneously with the delivery. 9 11, 12 17, 18 23, 2!1 30, 31 37, 38 45, 46 52, 53 bo, 61 67 The outstanding bonds and interest coupons received in exchange shall be marked "refunded and canceled" and delivered to the City Clerk who shall hold them subject to the further orders of the Council. Section 11. ~+ny surplus remaining of the proceeds of the sale of the X75,000 of bonds after the improvements for which they are issued are completed shall be set aside and used only for the payment of the principal of and interest on the :75,000 of bonds herein authorized to be issued. Section 12. It is ascertained and declared that the buildings for housing fire-fighting apparatus are inadequate, and that the sewer system of the City is also wholly inadequate, all of which is a daily menace to the peace, health and safety of the inhabitants and their property; and that for said reason it is necessary for the preservation of the public peace, health and safety that this ordinance take effect without delay. Wn emergency is, therefore, declared to exist, and this ordinance shall be in force from and after its passage. ~=.~hr-~t~rn :H~f Mr. F. D. Schas of the firm of uullin;ton-Schas and Company then advised the council that all of the outstanding bonds of the 1938 issue hrad been secured and had been deposited v~rith the Trust Department of the Union Planters National yank and 'trust Company o£ }demphis, Tennessee for exchange for refunding bonds dated July 1, 19li8, and he then presented the Council with the following Certificates C ?' R T I F I C A T E STATE OF T~df}E5S'3E) ss. COUNTY ~")F SHELBY ) I, R. N. Lloyd, Jr., Vice President of the Union Planters P}ational Bank ~ Trust Company of Memphis, Tennessee, on behalf of the Bank, hereby certify that there have been deposited with the Bank by the owners, X35,000 principal amount of outstanding 14~ Improvement Bonds of the City of +est Memphis, Arkansas, dated December 1, 1938, vrith all interest coupons maturing January 1, 1949, and thereafter attached, numbered. 17 to 51t, inclusive, and maturing on January 1, in the amounts and years, respectively, as follows: X2,500 in each of the years 19l~9 to 1951 ;3,000 in each of the years 1952 to 1956 `3,500 in each of the years 1y57 to 1959 p2 ,000 in the year 1960 for exchange for X35,000 principal amount of an authorized issue of rD110,000 of bonds of the City dated July 1, 19l~9, the ~'~35,000 of bonds bearing 4? interest and of the same denominations and maturities as the bonds deposited; and that the owners have authorized this Bank to make the said exchange contemporaneously with the delivery of the remaining X75,000 of the 4110,000 authorized issue to the purchaser. '~JI`I}QESS my hand as such officer, this 25th day of Auiust, 19l~8. /s/ R. N. Lloyd, Jr. It was ordered by the Mayor that the foregoing Certificate be spread upon the records of the proceedings of the Council. The Lease ACreement to be e~:ecuted by the I}ulbert-'Jest ~4:mphis School Board and the City of Jest Memphis was discussed. Action ryas delayed on the Lease Agreement until the members of the School Board could meet with the Council for discussion, thereupon, }+~ayor Dacus stated that he would write the members of the School Board requesting them to meet with the City Council at the next regular meeting on September 1st. Mayor Dacus advised the Council that there is an urgent need for funds to pay part of the City's share of the construction of the Municipal .]uditorium and as the money from the sale of the bonds as outlined in Ordinance No. 157 will not be available for some 30 days that it would be necessary for the City to obtain part of the money from another source. ,after discussion of the matter, the following motion ryas made by tilderman McAuley: That the Mayor be and he is hereby authorized. to secure an advernce of 459,000 from 1917 taxes from the 5hc:riff and Collector of Crittenden County, Arkansas, From the tax collection for the General blind of the City of UJest ~y}emphis; that said'n9,000 be deposited in a special account known as the .+uditorium, F9se Station, and sewer Construction b'und; and The }~iyor and City Clerk are further authorized and directed to pay said sum to Frank H. Lee & Company as a part of the City~s share of the cost of construction of the }.'~nici.nal Auditorium; and That said sum be paid into the General }lrnd of the City of ',lest +~emphis from the Auditorium, Fire Station, Sewer Con4tx•urt:.vn t''und when Funds are available. 'T'he motion vvas seconded by alderman P".erle~~; and upon roll call all members of the Council present voted: ~~.t~ve~ u. T~Tcauley, R, P., Llorley, Curtis Foster, a+.;d C, I:r, ~~orrton. ~rn?aye~~ :IJone . Oity Attorney ST>ears presE:nted the follovring letter from Riggs Tractor Company; John Herman .,ears Attorney At Latin spears ]3ui.lding ++est Memphis, Arkansas Dear T~lr. Spears: Reference is n!a.de to ~~our letter of July 22 referring to our driving tractors ever t•he city streets. 'r:'e Sucre certainly not aware that rre h<,d done an,r damage to the st.reet.s. Cur records show that vas have received only one tractor this -rear by rail. This was a Caterpillar DST, received in Tdrarch, unloaded at the r~^isce dock and delivered t•o our place of business. '•ll other model tractors are delivered. directly to our place of business from the factory by motor truck. fiery truly yours, J. 1+. RIGu~S TRACTOR CO::g'ANY ;~S/ 3, A. itOYl:,R Branch Tanager Tdayor liacus read the follovaing letter of resi„nation from fir, i^, Y. Larnhard t.o the Council: To the Honorable Tlaror, board of Aldermen, and Doard of Light and eater Co!mni.ssion, City of .'Jest +~:rnphis, •~rkansas Gentlemen: This letter will serve as my resignation from any and ail duties that I nova have or have ha.d with the city or any departments thereof. In giving you this, my resignation, I hope that each of ~rou will understand that I am not doing so with any grievance or ill feeling whatever. un the contrary, I take this opportunity to express my kindest feeling of friendship for each of you and hope that this same spirit of friendship and good vrill between us may continue in the future as it has in the past. I also vv ant you to I;now that I deeply appreciate the fine cooperation that you individually and collectively have ~*iven me durinn the five past ~~°-ars. ~~ithout this cooperation even the few things that have been done could not have been accorlplished, 1 further vrish here t,o express my appreciation for the spl®did cooperation with me by all tlxe otlur fellow employees of the city, without a single exception, in all of the departments. It has been a pleasure to work with you and to have had a part in the progress and improvement of this our community. It ha.s been an experience that I vron't forget and one in vrhich I think I vvi11 feel some pride in in the years to come. Sincerely and respectfully yours, / S/ L . i' . E?~PP,I HARD Action on the acceptance of R4r. Bernhard's resignation eras delayed until a later date. G, G. Kietzmart, Building Inspector, appeared before the Council to recommend that a building on Lot 73 of the Horsley subdivision be removed according to the provisions of Ordinance PJo. 142 of the City of ';'lest Memphis. Motion made, passed, and adopted to authorize I~Ir. Kietzman to proceed vrith the condenuiation proceedings under the Ordinances of the City. 'The Building Inspector presented the building permits he had authorized to be issued. Motion was made, passed, and adopted to confirm the actions of the ~tildin~~ Inspector in the issuance of the following building permits; C. F. meanly Scott-9enhausen +~ealy Co. J. T. Bryson Southwestern Bell Telephone Co. Everard lVeisburd Clemmie Patterson Haydon blator Co. Grace Baptist Church Fannie ('clover George Jordan Mattie Taylor Johnny Hit~,Kins pndrevr Bass Violet Sharv Joe Tate Mary iaatewood John Curtis Gr, H. Rains Clyde Ralph ~+'est Memphis Homes Scott-Senha~.isen Realy Co. E, B. biller C, J. Upton Earnest James No further business appearing, the meeting was adjourned. MAYOR P.TTEST ; 5 CITY C EItK AP'PRO'VED: SEPT'.CIaIB:6N f3, 19la3