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September 9, 1949M1NU'1'H:i Ur' AN AllJUUttNr;li -6~r;'1'1Nli Ur' 1'nr; U1'1'Y 1:U UNUIL UN' '1'tiC; Ul'1'Y UN' w~5'1' M~AdYri1S, ARKANSAS, HAA AND HELD ON SEPTEMBER 9, 19lr9. - The City Council of the City of West Memphis, Arkansas, met in regular session, pursuant to ad~oux~ent and the rules of said Council. The meeting was called to order by the Mayor and, on the roll being called, there were present P. M. Dacus, Mayor in the chair, and the following Aldermen: 0. I. Bollinger, James Bledsoe, P. B. Powers, R. L. Garrison, A. R. Manchester, Curtis Foster, and C. H. Rowton; City Attom ey J, H. Spears and City Clerk H. 0. Coats. Absent= Alderman R. R. Morley. A proposed Ordinance to be entitled: "AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF SE'rrER REt~1UE BONUS - SERIES 1949, OF 'CIS CITY OF 1~u1;ST MEMPHIS, ARKANSAS, FOR TfiE PURPOSE OF CONSTRUCTING EXTENSIONS, BETTER?1ENTS AND IMPROUEMEnITS TO THE MhNICIPAL SE69FR SYSTEM OF SAID CITY, '~ SETTING FORTH THE TERMS AIQD CONDITIONS UPON ti~HICH SAID EO?dDS AND ADDITIONAL BONDS ON A PARITY THEREV7ITH ARE TO BE AND MAY BE 7SSIJED AND OUTSTANDING, PROVIDING FOR THE ~I PAYh![ENT OF SUCH B041DS AND INTEREST TfiEt?EON FROM THE REVENUES OF SAID SYSTE?~, AND LIMITING THF. RIQiTS OF THE HOLDERS OF SAID BONDS IN THE ENFt~RCE~.2ENT TIiEREOF!' was introduced and read in fill. It was moved by Alderman 0. I. Bollinger that all rules requiring deferred consideration and several readings of such Ordinance be suspended and that said proposed Ordinance be now placed upon its final adop Lion. The motion was seconded by Alderman Curtis Foster and after dire consideration thereof by the Counci]. the Mayor put the question on the motion and, the roll being called, the following voted= Ayet 0. I. Bollinger, James Bledsoe, P. B. Powers, P.. L. Garrison, A. R. Manchester, Curtis roster, and C, H. Rowton. Nay: None. Whereupon said motion was declared duly carried by a two-thirds (2/3) majority and said Ordinance to have been placed upon its final passage and adoption. It was moved by Alderman James Bledsoe that said proposed Ordinance be adopted, seconded by Alderman R, L. Garrison and after due consideration thereof by the Council the Mayor put the question on the motion for adoption of said Ordinance and, the roll being called, the following voted: Ayes C. I. Bollinger, James Bledsoe, P. B. Powers, R. L. Garrison, A. R. Manchster, Curtis Foster, and C. H. Rowton, Nays None. ~~hereupon said Ordinance was declared duly adopted. ORDINANCE N0. 171 AN ORDINANCE authorizing and providing for the issuance of Sewer Revenue bonds - Series 191s9, of the City of Vlest Memphis, Arkansas, for the purpose of constructing extensions, betterments and improvements to the municipal sewer system of said city, setting forth the terms and conditions upon which said bonds and additional bonds on a parity therewith are to be and may be issued and outstanding, providing for td're payment of such bonds and interest thereon from the revenues of said system, and limiting the rights of the Yrolders of said bonds in the enforcement thereof. ~ ~tt- sa WHEREAS the municipal sewer system in and for the City of Vlest Memphis, Arkansas, is presently operated by said city as a revenue producing undertaking under supervision and control of a Sewer Committee, consisting of P. M. Dacus, J. 0. Spotts, and J. A. Johnson, and pursuant to a resolution adopted July 6, 1945, by the Council of said city the Sewer Revenue Refunding and Improvement Bonds of said city have heretofore been authorized, dated June 1, 1945, to the aggregate principal amount of 2P319,000, which by their terms are payable from the net revenues from the operation of said sewer system and in and by said resolution said city has reserved the right under specified conditions to issue additional bonds ranking on a parity with said authorized bonds; and l~7HEREAS said Sewer Committee has heretofore recommended and declared to be expedient the construction of extensions, bettermen is and improvements to said sewer system briefly and generally described ass Sewer mains, laterals, pumping stations, outfalls, service connections, and all other appurtenances thereto and in connection therewith all as contemplated by the report of A. E. Heagler, En~,~ineers, now on file with the City Clerk of said city, and the estimated cost of which is X150,000, and said Sewer Committee has appmoved the adoption of this ordinance for the issuance and sale of such additional parity revenue bonds as hereinafter authorized to the amount of $16l{,000, pursuant to the provisions of Section 19-4101 et seq, of Arkansas Statutes, 19117, for the purpose of assuring payment of all costs of said extensions, betterments and improvements, including all preliminary and incidental expenses; NOW, THEREFORE, Be It and It is Hereby Ordained by the City Council of the City of West ~emphis,~ Arl~sas, as followss Section 1. That the construction of the extensions, betterments and improvements to the municipal sewer system of the City of 'J~fest Memphis, Arkansas, as herein~efore briefly and generally described, and as cont~°mplated by the report of A. E. Heagler, Engineers, now on file with the City Clerk of said city, is hereby ordered. 30, . _ ,. _: Section 2. That for the purpose of defraying the cost of constructing said extens o~ ns, betterments and improvements to the municipal sewer system, and pursuant to the provisions of Act 132 of the General. Assembly of Arkansas 1933, as amended, there be and there is hereby authorized an issue of negotiable interest bearing revenue bonds of said City of West Memphis in the aggregate principal amount of $16l~,000, each of which shall be known and designated as a "Sewer Revenue Bond - Series 19l~9,~~ bearing date of August 1, lyl~9, numbered consecutively from 1 to 161, inclusive, of the denomination of X1,000, bearing interest at the rate of three per cent (3;~) ;Cter annum payable December 1, 1919, and semi-annually thereafter on June 1 and December 1 of each year, and maturing serially and in numerical order ~l~,000 on June 1, 1957; X5,000 on June 1 of each of the years 1958 to 1979, inclusive; and X50,000 on June 1, 1980; provided, however, said City of West Memphis shall rewerve the right and option to ca_11 and redeem said bonds numbered 15 to 164, inclusive, prior to maturity in whole or from time to time in part in the inverse order of their maturity (less than all of a single maturity to be selected try lot), on any interest payment date on or after June 1, 1959, upon terms of par and accrued interest, and in the event of redemption of any or all of said redeemable bonds notice thereof identifying the bonds to be redeemed will be given by publication at least once during each of two consecutive calendar weeks in a newspaper or financial journal of general circulation published in the City of Memphis, Tennessee, the first of such publications to be not less than thirty days prior to such redemption date. Section 3. That for the purpose of more effectively securing to the holder or holders o said bonds the covenants and provisions contained in this ordinance, it is hereby provided that the Union Planters National Bank & Trust Company, the principal office of which is located in the Gity of Memphis, Tennessee, is hereby designated as Trustee with the powers and duties hereinafter set forth, and with no liability in connection with any action or omission to act hereunder, except for its own negligence or willful breach of trust. Acceptance of said Trustee of the powers and duties herein- after set forth shall be conclusively presumed and evidenced by the execution of the authentication certificate as same is to be endorsed upon each of said bonds. Each sv.ch bond shall be executed on behalf of said city by being signed by the Mayor and attested by the City Clerk of said city, with the corporate seal of said city affixed thereto, and each of the interest coupons attached to said bonds shall be executed with the facsimile signatures of said Mayor and said City Clerk, which officials, by the execution of the bonds, shall thereby be conclusively presumed to have adopted as and for their own official signatures their facsimile signatures appearing on said coupons. The principal amount of said bands and all interest thereon shall be payable in lawful money of the United States of America at the principal office of the Union planters National Bank & Trust Company, in the City of Memphis, Tennessee, out of the ~~Sewer Revenue Bond Fluid," as hereinafter provided. Section 4. That each of said bonds shall be fully negotiable, provided, that upon presen a on at the office of the Trustee as Bond Registrar of any of said bonds same may be registered as to principal in the name of the holder thereof on the books of the city to be kept for that purpose in said office, which registration shall be noted on the back of the bonds so registered, and thereafter the principal of the bonds so registered shall be payable only to the registered holder, his legal representatives or assigns. Bonds so registered may be transferred to another registered holder or to bearer upon presentation to the Trustee as Bond Registrar with a legal assi~ment duly acknowledged or proved. Registration of any of said bonds as to principal shall not affect the negotiability of the coupons thereto attached, and such coupons shall continue to be transferable by delivery. Section 5. That each of said bonds and coupons attached thereto, and the provisions for reg s ration appertaining thereto, and the certificate of authentication by the Trustee to be dndorsed thereon, shall be in substantially the following form, respectively; (Form of Frond ) UNITED STATES OF AMERICA STATE OF ARKANSAS CITY OF WEST MEbII'HIS SFW~t RE7PNUR BOND SERIES 19l~9 Number $1,000 KNOW ALL MEN BY TF~ SE PRES~TTS that the City of West Memphis, in the County of Crittenden and State of Arkansas, for value received, hereby promises to pay to the bearer hereof, but solely from the source and in the manner hereinafter provided, the sum of One Thousand Dollars 01,000) on the first day of June 19 ,and in like manner to pay interest thereon at the rate of three per cent ~3~) per annum from date hereof on December 1, 19119, and semi-annually thereafter on June 1 and December 1 of each year until paid, except as to the provisions hereinafter set forth with respect to prepayment and redemption that may be and become applicable hereto. Such interest as aforesaid as may accrue on and prior to the maturity date of this bond shall be payable only upon presentation and surrender of the annexed interest coupons as the same severally become due; both principal and interest being payable in lawful money of the United States of America at the principal office of the Union Planters National Bank & Trust Company in the City of Memphis, Tennessee. This bond is one of a dnl;~ authorized series numbered consecutively 1 to 164 inclusive, issued by said City of i~Yest Memphis purszant to the constitution and laws of the State of Arkansas, and particularly Act No. 132 of the General Assembly of Arkansas, 1933, as amended, and as authorized by an ordinance duly adopted by the City Council of said city for the purpose of extending, bettering and improving the municipal sevrer system of said city. The bonds constituing said authorized issue, together with all interest thereon and any bonds ranking on a parity therewith heretofore issued, or that may be hereafter issued under the conditions and restrictions set forth in said ordinance, are payable solely from revenues to be derived from the opeation of said sewer systery a sufficient portion of which revenues has been ordered set aside as a special fund designated as the ~~Sewer Revenue Bond Fund~~ and pledged for that purpose. Under the provisions of said ordinance authorizing the issuance of this bond there shall be set aside into said fund out, of the revenues derived from the opera- tion of said sewer system remaining after payment only of the necessary expenses of operation and maintenance of said system, such sums as shall be sufficient for the payment of the principal of and interest on this bond and all other parity bonds outstanding from time to time. Reference is hereby made to the ordinance authorizing the issuance of this bond whereby Union planters National Lank ~ Trust Company, i.n the City of Memphis, Tennessee, has been designated Trustee for the holders of the issue of bonds of which this bond is one, and for a more complete description of the mr~ni.cipal sevrer system of said city, the nature and extent of the security, the rights and restrictions upon the holders of said bonds and the terms, restrictions and conditions upon which said bonds have been issued and additional bonds may be issued and secured on a parity therewith. The holder hereof, by the acceptance of this bond, hereby assents to all the provisions of said ordinance and this bond is issued and secured subject to and in accordance with the terms of said ordinance with like effect as if the same were herein fully set forth, neither this bond nor any of the coupons hereunto appertaining shall be deemed to have been issued until the authentication certificate hereon endoz•sed shall have been executed by the Trustee. Said city hereby reserves the right and option to call and redeem said bonds numL~ered 15 to 164, inclusive, p for to maturity in whole or from time to time in part in the inverse order of their maturity (less than all of a single maturity to be selected by lot), on any interest payment date on or after June 1, 1959, upon terms of par and accrued interest, and in the event of redemption of any of said redeemable bonds it is agreed that notice thereof identifying the bonds to be redeemed will be given by publicatior. at least once during each of two consecutive calendar weeks in a newspaper or financial journal of general circulation published in the City of ~'emphis, Tennessee, the first of such publ3.cations to be not less than thirty days prior to such redemption date, and all such bonds as to which said city reserves and exercises its right of redemption as a8resaid and as to which notice as aforesaid shall have been given, and for the retirement of which upon the terms aforesaid funds are duly provided, will cease to bear interest en the redemption date. This bond is neither payable from nor a charge upon any funds other than the net revenues of the muni;ipal sewer system of said city pledged to the payment thereof, as hereinbefore stated, and no holder or owner hereof or of any of the interest coupons hereunto appertaining shall ever have the right to compel any exercise of the taxing power of said city to pay this bond nor the interest thereon, nor shall this bond. constitute a charge, lien or encumbrance, legal or equit- able, upon any property or credit of said city other than the net revenues of said system pledged to said special fluid as aforesaid. This bond does not represent nor constitute an indebtedness of the City of ~tiest Memphis, Arkansas, within the meaning of any constitutional or statutory provisions or limitations. This bond shall be fully negot•table, but may be registered as to principal in the name of the holder on the books of said city in the office of said Trustee, such registration to be noted on the back hereof by the Trustee as 1]ond Registrar, after which no transfer hereof shall be valid unless made on said books and similarly noted nn the back hereof, but this bond may be discharSed from registration by being transferred to bearer after which it shall again be Hilly negotiable but may be again registered as before. The registration of this bond as to principal shall not restrain the negotiability of the coupons hereto attached by delivery merely.. It is hereby certified and recited that all.. acts, conditions and things required t.o exist, happen and be performed precedent to and in the issue of this bond do exist, Dave happened and have been performed in the manner and form required by law; that said city will cause said municipal sewer system to be continuously operated as a revenue producing enterprise; that a schedule of re+,os and charges for service thereof will '~e fixed, .revised, charged, collected and accounted for so that the revenues therefrom will be sufficient at all times to pay the cost of maintaining and operating the system and to promptly pay when due the interest. on all cf said bonds as may be outstandtr_g and to make annual payments sufficient to redeem and dully discharge all of the said bonds at or prior to maturity thereof; that a sufficient amount of the revenues t.o be derived from the operation of said sewer system has been pledged to and will he set aside each year in the said special .fund for the purpose of paying the interest on said bonds, and redeeming and fully discharging such bonds at or prior to the maturity thereof; and that the amount of this bond, together with all oblibations, does not exceed any limitation prescribed by law. IN '~'lI7NES5 JU]iEREOF said City ofJest t3emphis has caned this bond t.o be executed on it.s behalf by its Mayor, attested by its City Clerk and the offical seal of said city to be affixed hereto and the interest coupons attached hereto to be executed with the Facsimile signatures of said Mayor and City Clerk, each of which officers by the execution hereof adopts a, and for his own official signature his facsimile signature appearing on each of said coupons, all as of the first day of ~iugust, 1949. Mayor Attest; City Clerk 30~ (corm of Coupon) Number X15.00 On the first day of , 19 , the City of ~~est Memphis, Arkansas, will pay to bearer i'~ifteen and no/100 o ars (~1T-00) in lawful money of the United States of America, out of its ~~Sewer Revenue Bond F4xnd," at the principal office of the Union Planters National Bank & Trust Company, in the City cf Memphis, Tennessee, as provided in and being interest due that day on its Sewer Revenue Bond - Series 1949, dated August 1, 19Lt9, Number Mayor Attests 1 Y Cler (Form of Registration) Name of Date of Signature of Registered Holder Registration Trustee as Bond Registrar t s ~ (Form of Authentication Certificate) This bond is one of the issue of bonds authorized by the ordinance of the City Council of the City of ~~est Merrg~his as referred to herein. Union Planters National ;3ank & Trust Company, Trustee B,v Au or ze f cer Section 6. That the bonds hereinbefore authorized shall be prepared and executed as hereinn aut~r~zed as soon as may be after the adoption of this ordinance, and thereupon delivered to the Trustee, whereupon said Trustee is hereby authorized and requested to authenticate said bonds and deliver same to or upon the order of Leftwich & Ross, upon payment in current funds to the Trustee for the account•of the city of the purchase price as provided by the agreement heretofore entered into under date of August 16, 1949 for the sale of said bonds. The sale of said bonds, in the manner and upon the terms aforesaid, is hereby found and deemed for the best interests of said city. All sums received as accrued interest in the issuance of said bonds shall be paid into the Sewer Revenue Bond rund, hereinafter created. till sums exclusive of accrued interest thus received shall be deposited with the Trustee as a special deposit to be paid out upon orders of the City Council for the costs of constructing extensions,. betterments and impro~~ements to the municipal sewer system of said city, provided, that pending expenditures for said purpose said special deposit may be and shall be used to pay interest on any of said bonds hereby authorized as to which there is a deficiency or insufficient funds in the Sewer Revenue Bond rund to pay the same and any balance remining in said special deposit after construction of said extensions, betterments and improvements shall be by the Trustee, upon order of the City Council transferred to said sewer Revenue Bond Fund. Section 7. That responsive to the restrictions and conditions for the issuance of addit on~aI parity obligations payable from the net revenues of said municipal sewer system as set forth in the resolution adopted by the City Council of said city on July 6, 19h5,- and particularly Sertinn 9 thereof, it is hereby found and declared that the bonds authorized by this ordinance shall rank on a parity as to payment from the net revenues of said sewer system with the bonds authorized by said resolution and from time to time outstanding; and it is hereby further found and declared that the net revenues of said sewer system as defined by said resolution within the period of twelve nonsecutive months preceding September 1, 19119, as shown by the officially reported revenues of said system, were ~21,1~1~2.13; that the estimated net annual revenues from the area in tirhich the proceeds of the additional bonds herein authorized are to be expended for extensions, betterments and improvements according to an official estimate by A. E. Heagler, a reliable and competent engineer employed by the city, will be X18,996; that the aggregate net annual revenues of said sewer system after giving effect to the construction of said extensions, betterments and improvements and determined in the manner provided by said Section 9, will be ~la0,438.13; that one and one-half times the average annual principal and interest requirements on all unretired bonds or the other obligations authorized by said resolution adopted July 5, 195, is X12,605.00; that one and one-half times the average annual principal and interest require- ments for the additional bonds herein authorized to be issued is X11,598.00; so that one and one-half times the aggregate average annual principal and interest requirements on all bonds or other obligations to be outstanding after the issuance of the bonds herein authorized will be ~35,h54.50; and consequently, thzit the net revenues of said sewer system for the preceding twelve months' period as shown by the officially reported revenues when added to the estimated net revenues from the area in which the proceeds of the additional issued bonds are to be expended for sewer extensions, additions and improvements, according to an official estimate of a reliable and competent engineer employed by the city, are equal to at leapt the sum of one and one-half times the average annual principal and interest requirements on all bonds or other obligations outstanding pursuant to said resolution adopted July 6, 1945, and one and one-half times the average annual principal and interest requirements of such additional bonds or obligations now proposed to be issued. Section 8. That all of the covenants, restrictions, conditions and provisions as set forth~n said resolution adopted July 6, 1915, for the operation and maintenance of the municipal sewer system of said City of West Memphis for keeping records with relation thereto, for carrying insurance in connection therewith, and for charging rates and collect- ing and setting aside the revenues therefrom, for the payment of the reasonable and necessary expenses of operation and maintenance of such system from said revenues, and for the creation of a "Sewer Revenue Eond Fund" and the payment into said special fund in each year and in equal monthly installments of a sufficient portion of the net revenues of said sewer system so as to pay interest on and the principal of al 1 bonds issued or permitted to be issued by said resolution, as such interest andprincipal become due on the bonds then outstanding and for the care, custody and application of the amounts in said special fund, are hereby, each and all, ratified and confirmed, and shall continue in fr ce and inure to the security and benefit of the bonds herein authorized as fully and effectively as if herein set out in full, it being specifically hereby caenanted and agreed that the amaunts to be so paid into said Sewer Revenue Lond Flrnd, as afore- said, shall be sufficient to pay interest on and the principal of all. bonds issued pursuant to said resolution and the bonds issued pursuant to this ordinance and from time to time outstanding as such interest and principal become due. Section 9. For the purpose of creating and maintaining a special fund for the uses and purposes ~e3~nafter i.n this eectian specified, all revenues from said system in excess of the amounts required for operation and maintenance and for payment cf interest. on and principal of all bonds i.;-sued pursuant to this ordinance or ranking on a parity therewith and from time to time outstanding, shall be paid into said spacial fund v;hich i.s hereby designated as the "Sewer Reserve Fund" until. the amount in e~ai.d special. fhnd shall be equal to at least X650,000, and whenever expenditures are made from said special fund additional payments from said revenues shall. be made as aforesaid to replenish the aggregate therein to said sum of at least X50,000. Expenditures may be made from said Sewer Reserve Fund on order of the City Council for the purpose of paying the cost, of repairs, replacements, renewals, extensions and improvements to said sewer system, and also to pay when due the interest on or principal of any bonds issued pursuant to this ordinance or ranking on a p~ri.ty therewith to whatever extent the amount in said Sewer Revenue Eond fund might be insnffi.cient. 'o~henever such excess net revenues are not required as aforesaid to be paid into said Sewer keserve rund and are not required for the payment of any other bonds issued or abligations incurred by said city in connection with said sewer system, they may be used for paying the cost of repairs, replacements, renewals, extensions and improvements to said sewer system, or for redemption of bon is prior to maturity, and same shall const.i.tute the basis for reduction of rates and charges for the services and facilites of said system. any funds accumulated and held in said Sewer Reserve Fund may, on order of the City Council, be invested i.n direct obligations or guaranteed bonds or securities of the united States of America having a maturity date or being sut;ject to redemption at the option of the holder not metre than one year from the date of investment therein, and all such investments, to,;ether with interest and income therefrom, shall be carried to the credit of said Sewer Reserve Fund. Such invest.rr;ent•s may be saki upon order of the City Council whenever and to whatever extent cash fund represented thereby may be required for any of the authorized purpases. Section 10. That all of the provisions set forth in said resolution adapted July 6, 19L,5 with respec o e powers, duties, functions and immunities of the trustee and successor trustee, and the rights and restrictions upon the holder or holders of any of the bonds as set forth in said resolution adopted July 6, 1915, are hereby each and all ratified and confirmed., and shall continue in force and inure to the security and benefit of the bonds herein authorized as flzlly and effectively as if herein set out in full. Section 1.1. That a certified copy of this ordinance shall be filed with the Trustee, and acceptance ry~Te Trustee of the trusts hereby created and in accordance with the terms and conditions hereof will be conclusively presumed and evidenced by execution of the authentication certifidate endorsed upon t•he bonds, as hereinbefore provided. Section 12. That said City of 4Jest• ~c;mphis hereby reserves the right to issue or incur addit one o I3'gations payable from the net revenues of its municipal sewer system ranking on a parity as to payment therefrom with the bonds hereinbefore provided to be presently issued, provided interest thereon is payable semi-annually on June 1. and December 1 of each year and the principal payments are scheduled to became due on June 1 of the year or years of maturity thereof, and also provided that the net revenues of said sewer system for the preceding twelve months period immediately preceding the month in which such additional obligations are issued or incurred, as shovm by the officially reported revenues when added to the estimated net revenues from the area in which the proceeds of such additionally issued or incurred obligations are to be expended for sewer extensions, additions and improvements, according to an official estimate of a reliable and competent engineer employed by the city, are equal to at• least the sum of one and one-half times the average annual principal and interest requirements on all bonds or other obliatians then outstand.ng pursuant to this ordinance or ranking on a parity therewith, and one and one-half times the average ,nnual principal ar.d interest reauirements on such additional bonds or obligations proposed to be issued. 3Us "Net revenues" within the meaning of the provisions of this ordinance shall be construed to mean the amount remaining after deducting from gross reveues the amounts paid for reasonable expenses of operation and maintenance of the system, all as officially reported. Section 13. The provisions cf this ordinance shall constitute a contract between the city an e Trustee, and the holders of the bonds herein authorized or permitted to be issued, and after the issuance of any of the bonds no r,hange, variation or alteration of any kind of the provisions of this ordinanc shall be made in any manner except as herein provided until such time as all of said bonds issued hereunder and the interest thereon have been paid in fhll. Section ltt, That the bonds authorised nr permitt•ed to be issued hereunder shall not be en~Ze3-to priority one over the other in the application of the net revenues of said system, it being the intention that there shall be no priority among the bonds authorized or permitted to be issued hereunder re~*ardless of the fact that they may be actually delivered at different times, and nothing herein shall be construed to prevent said city from issuing other bonds and incurring other obligations which are payable from the revenues of the system, but unless same are issued or incurred consistent with the requirements of this ordinance so as to rank on a parity with. the bonds issued and outstand- ing hereunder, such other bonds and obligations shall be subject to the priority and prefer- ence of the provisions of this ordinance and of the bonds issued and outstanding hereunder. Section 1$. That all other ordinances and resolutions, or parts thereof in conflict. herein t are, to the e::tent of such conflict, hereby repealed, and this ordinance shall become effective forthwith upon i#.s passage. of ;:-3Naac ~;; ~q sr~c- On motion and vote the meeting adjourned until September 1Kth. Y g ATTESTe ~" K APPROVED: ~~'::T^i'TP la} lol,r.,.