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May 2, 1950sunulr:5 trr~ a xr;uul.ax sar;rrlaU ur~ ~rsir; ~rx wuN~u, ur~ 'rn~ t:.~~rx ur wr;5r ssr;ssrtu~, wccnnN5a5, ~-_~ A~i~ ~E[,D ON _~rAx 2, :19.50, The Council of the City of West Memphis met iri a regular session at the City Hall in said City at 730 P.M. on the 2nd day of May, 1950. The meeting was called to order by the Mayor and the roll being called there wares Presents 1[ayor P. M. Dacus in the chair; and the following named Aldermen: James Bledsoe, R. R. Morley, P,'B, powers; A. R. $anchester, Curti® Foster, 0. I. Bollinger,~R.~L. Garrison, and C. H. Rowton; City Attorney J. H. Spears and City Clerk H. O. Coats. Absent: None. The following procaedinga were had to-wits Minutes of Council Meeting on April 18th were read and approved. Mayor Dacus announced that he had called a point meeting of the Council and the Light & Water Commission to consider the proposed bond issue and the following comroissionera were presents Mr. E. J. White, Mr. Toney Peters, Mr. A. p. Dacus, and Mr. Charles Upton. Thereupon, the Mayor made a report to the Council of the negotiations of the point committees from the Council and Light & Water Commission with the following bond dealers: Leftwich & Roas of Memphis, Tennessee, and Raney ~ Sons of Little-Rock, Arkansas: It was-the opinion of the point committees that the better offer wa$ made to the City by T. J. Raney & Sons, and that their offer was recommended to the Gity ~ounoil. After discussion of the matter by all present, the following motion was made by Alderman Bledsoe: -That the 1[ayor'and City Clerk be and they are hereby authorized and directed to enter into a contract with T. J. Raney and Sona of Little Rock for the sale of $305;000 eater Revenue Bonds. The motion was seconded by Alderman Morley, sad upon the matter being called to vote, the following voted= Ayes Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nay: None. To City of West Memphis West Memphis, Ark. Gentlemen: Contract For your bond issue of $305,000.00 dated ~ maturing from 1951 to 1972 years, or earlier denominations X500.00 to~I;~S:~ bearing 2.70 interest, interest payable semi-amually, with such trustee and place of payment as we may designate, we agree to pay you 100¢ on the dollar of the face value of the bonds based on the following terms and conditions: We shall have the right to convert the bonds from 2.70 bonds to bonds bearing a lower rate of'interest and pay for same on the same basis price as bid you for 2.70$ bonds, conversion to be figured according to the Universal Bond Values Tables; you agree to deliver us the bonds as provided above, on or before 75 days from this date, therafter at our option. Callable at 102 for 4 years; far therafter keep schedule approx 33000- per yr 10 years. Then approx 35,000.00. }9e pay expenses. The above offer is made subject to our receiving the unqualified approving opinion of Wallace Tors-send as to the legality of these bonds. Yours very truly, T. J. RANEY & SONS By /e/ Dallas Raney Thereupon, the following ordinance was introduced in writing by Alderman Morley. Alderman Garrison moved that the rule requiring said ordinance to be read in full on three different days be suspended, and that said ordinance be placed on its second reading; motion was seconded by Alderman Foster, and thereafter the Mayor put the question on the adoption of said motion, and the roll being called, the following voted= Ayes Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nay: None. Whereupon-the Mayor declared-the motion duly passed and said ordinance placed on its second reading. The ordinance was then read the second tame by Alderman Rowton. 38~ Alderaan Manohester then moved that said ordinance be sox placed upon its final adoption; motion xae seconded by Alderman Bledsoe, and after due consideration thereof by said Council, the Mayor put the question on the adoption of the motion, and upon the roll being called, the folloxing voteds Aye: Bledsoe, Morley, Poxers, Manchester, Iroster, Bollinger, Garrison, and Roston. Nay: None. Whereupon the Mayor declared the motion duly carried and said ordinance placed upon its final reading and adoption. Said ordinance sae read in full by Alderman Bollinger, who moved its adoption, seconded by Alderman powers, and after due consideration thereof by said Council, the Mayor put'the question upon the adoption of said motion, and upon passage of said ordinance, and the roll being called, the f olloxing voted= 11ye: Bledsoe, Morley, poxes , Manchester, Foster, Bollinger, Garrison, and Roston. Nay: None. Whereupon the Mayor called to the Councils attention that the ordinance, adopted, contained as emeTgency'clauae and suggested that specific action should be taken by the Council a~n this clause, Whereupon motion was made by Alderman Morley and duly seconded by Alderman Garrison that the emergency clause of said ordinance be adopted, and the roll being called, the following voteds Aye: Bledsoe, Morley, Posers, Manchester, Foster, Bollinger, Garrison, and Roston. Nagy: None. Whereupon the Mayor declared said motion duly adopted and said ordinance duly passed, and signed his approval to said ordinance and the City Clerk xae directed to spread the same upon the record of Ordinances of the City of bleat Memphis, ~-rkansas, and to have same published as required by lax, and to number said ordinance No. 181. Said ordinance to shich no amendment xae offered read as folloxa: ORDINANCE N0. 181 A RESOLUTION PROVIDING FOR THE ISSUANCE OF 2.70 WATER REFUNDING AND IMPROVEMENT REVENUE BONDS TO PROVIDE FOR ADDITIONS TO THE WATERWORKS SYSTEM SERVING THE CITY OF WEST MEMPHIS, ARKANSAS, AND REFUNDING THE CITY'S OUTSTANDING 3~ WATER REVENUE BONDS: SETTING UP CERTAIN FUNDS: AND DECLARING AN EMERGENCY. WHEREAS, the City of West Memphis, Arloansas, (hereinafter called the "Cityp), owns its present waterororka system, on xhich it oxes a balance of X131,000, evidenced water revenue"refunding bonds dated July 1, 1946, bearing interest at the rate of 1 per annum, maturing on'January 1 of the years 1949 to 1956, both inclusive, authorized by Ordinance No. 121 of the City of-West Memphis, passed and approved ~ May 28, 1946 (sometimes hereinafter referred to as Ordinance No. 121); and it also owes a balance of X105,000 of 3~ Water Revenue Bonds dated Jnne~ 1, 1948, and maturing aerially on January 1 of the-years 1951 to 1961, both inclusive, which are callable for payment before maturity at a price of 102 cents on the dollar face value on any interest paying date on and after July 1, 1949, authorized by Ordinance No. 156 of the City of bleat Memphis (sometimes hereinafter referred to as Ordinance No. 156); and WHEREAS, Section 20 of said Ordinance No. 121 authorizes the City to issue additional revenue bonds to fiance or pap the cost of constructing any future better- ments and improvements to the system, provided, hoxever, that in order to insure the payment of the interest on and principal of such additional bonds, the City shall issue such additional revenue bonds xhile any of the bonds of the issue of July 1, 1946, remain outstanding only if, at the time of the passage of an ordinance authorizing such additional bonds, the revenues of the system for the fiscal year immediately preceding the passage of said ordinance (in this paragraph called the Revenues) shall have been sufficient in amount so that 3f they were deemed to be the total revenues derived from the entire waterworks system after the then Contemplated betterments and improvements had been completed, they'would be at least equal to the maximum amount required to pay the cost of operation, maintenance and depreciation of the system for the next ensuing fiscal year, and to pay the combined principal and interest maturity requirments of the remainder of the July 1, 1946 bonds and the bonds of the sex issue; and WHEREAS, the audit of the City~e operation of the system made by Oliver P. Cobb de Company of Memphis, Tennessee, certified public accountants, ahoxa that the revenues from the system for the immediately preceding fiscal year xhich ended December 31, 1949, fully and adequately meet the conditions set out in said Section 20, so that the City ie duly and legally authorized to issue the additional bonds sox proposed; and the City needs to replace some supply mains with larger mains and to lay additional mains to furnish service to nexly developed parts of the City and has had prepared plane, speci- fications and estimates of cost of the proposed improvements and extensions, shoeing an estimated coat of X200,000, and the plena, specifications and estimates have been filed sith the-City Clerk and have been examined and approved by the Mayor and City Council of said City; and WHEREAS, the City can refund the $105,000 of the 3~ Water Revenue Bonds dated June 1, 1 at a lower rate of interest, namely 2.70 per annum, which will result in a substantial savi. to the City; and WHEREAS, the City has entered ipto~a contract xith T. J. Raney & Sons of Little Rock; Arkansas, for the sale of $305,000 of 2.70 Water refunding and Improvement Revenue Bonds, to be issued for the purpose of making the needed additions to the watersorks system and refunding the outstanding 3~ bonds, said 2.70 bonds to be dated June 1, 1950, and to mature aerially on January 1 of the years 1952 to 1966, both inclusive, as hereinafter set out; and WHEREAS, the purchasers of the proposed bonds have elected to exercise the option to convert the new issue to bonds bearing a lower rate of interest upon the condition that the City will receive no leas and pay no more than it would receive or pay 3f the bonds xere not converted, and have presented computations showing that the cost of maturing the X305,000 in 2.70 bonds dated June 1, 1950, and maturing on January 1 of each year as folloxst 500 in 1952 2;000 in 1953 2;500 in 1954 1,;000 in 1955 5;500 in 1956 26;500 in 1957 27;000 in 1958 27;5 in 1959 28;500 in 1960 30;000 in 1961 32;000 in 1962 33;000 in 1963 34;000 in 1964 35;000 in 1965 17,000 in 1966 is $393,908.75 and that the cost of maturing the bonds as converted to X318,850 in 2~; 2-1/4~ and 2~~ bonds dated June 1, 1950, ~ maturing as hereinafter set out, is #393,901.93, so that the conversion is xithin the terms of the contract of sale; NOW,. THEREFORE, HE IT RESQLVED by the City Council of the City of West Memphis, Arkansas: SECTION 1. That the Council hereby finds and declares that there ~ immediate need for thx additions to the xaterworka system now supplying water services in and to said City and that a brief description of the additions to be made is: the replacing of certain water mains and laying additional water mains, at an estimated cost of $200,000; and it is the determination of the Council to make said additions and improvements and to refund at a lower interest rate the $105,000 of 396 Water Revenue Bonds now outstanding; and the present waterworks system xith the planned improvements is sometimes hereinafter referred to as the "Works." SECTION 2. The Council hereby declares that it has examined the plane, specifications, and estimates of cost for the proposed improvements and has determined that the plane, specifications and estimates of cost are adequate for the needs of the City; and likexise the Council has deter- mined that the contract with T. J. Raney ~ Sons for the sale of its issue of water refunding and improvement revenue bonds is at a fair and reasonable interest rate and at a price allowed by lax, so that the Council hereby determines to make said improvements anti does hereby ratify the contract for the sale of the new bonds. SECTION 3. The Council hereby finds and declares that the value of the existing system nox serving the City of West liemphis and its inhabitants is $354,136.69 and that the period of use- fulness of the present system is more than forty years, which is longer than the term of the pproposed water refunding and imp rovement revenue bonds; that the cost of the additions will be 16200;000 and that the value of the system after the additions have been completed will be X554,136.69. SECTION 4. The Council hereby finds that it is to the best interests of the City to authorise, issue and deliver at this time, in accordance with the contract made with T. J. Raney & Sons of Little Rock, Arkansas, X318,850 3n water refunding and improvement revenue bonds, as hereinafter described. SECTION 5. That under all lawful authority of the State of Arkansas, and particularly of Aot No. 297 of the Acts of the General Assembly of the-State of Arkansas for the year 1937, as amended by later acts of the Legislature (hereinafter called "Act No. 297, as amended"), water refunding and improvement revenue bonds of the City (hereinafter called "Bonds") be issued is theiotal amount of X318,850, the proceeds of xhich issue shall be used to provide funds to pay the coat of the new improvements, including legal and other necessary expenses and interest until the completion of the new improvement, and to refund the outstanding 3~ bonds; that said bonds shall be dated as of June 1, 1950, be numbered from l to 322, both inclusive, be callable for payment prior to maturity ae hereinafter set out, and mature in numerical order on the first day of January in each of the folloxing years and in the folloxing amounts, respectively= YEAR BOND NOS. AMOUNT (both inclusive) 1952 1953 1954 1955 1956 I95T 1958 1959 1960 I961 1962 1963 1964 1965 1966 1, 2 and 3 4 to 7 8 to 12 13 to 18 19 to 25 26 to 53 54 to 81 82 to 110 111 to 139 140 to 171 172 to 209 204 to 236 237 to 270 271 to 305 306 to 322 6 2;850 4;000 4;500 5;500 7;000 27;500 28;000 28;500 29;000 31;5 31;500 33;000 34;000 35;000 17,000 All the bonds shall be in the denomination of~$~1000 each except Bond No. 3, which shall be in the denomiri~ion of X850; and Bonds Nos. 12, 18, 53, 110, 171, and 203, which shall be in the denomination of X500 each. The bnnda shall bear the following rates of interest per annum from date until paid= Nos, l to 139, both inclusive, 2~; Nos. 140 to 270, both inclusive, 2 1/4~; and Nos. 271 to 322, both inclusive, 2 1/!~; interest shall be payable on January 1, 1951, and semi-annually thereafter on the first day of January and July of each year; that-the bonds be signed by the Mayor and City Clerk and sealed with the corporate seal of the City; that the interest upon the bonds be evidenced by coupons thereto attached, the coupons to be signed by said 1(ayor by his facsimile signature; that said Mayor shall by the execution of the bonds adopt ae and Por his own proper signature his facsimile signature appearing on said coupons; that the bonds and coupons be payable in such-funds as at the time of the respective payments are legal tender for the payment of debts due the United States of America at the office of the Commercial National Bank of Little Hock, Arkansas. The bonds, together-with interest thereon, shall be payable solely out of the Water Refunding and Improvement Revenue Bond Fund as hereinafter defined, and shall be payable in the first instance from such Fund and the amount of the revenues pledged to said Fund, which amount of said revenues is hereby pledged and mortgaged for the equal and ratable payment of the bonds and shall be used for no other purpose than to pay the principal and interest of the bonds, except as hereinafter set out. SECTION 6. That said bonds and coupons be in substantially the following form= UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF CRITTENDEN CITY OF WEST MEMPHIS $ Water Refunding and Improvement Revenue Bond No. KNOW ALL MEN BY THESE PRESENTSa That the City of West Memphis, in~the County oP Crittenden, State of Arkansas, for value received, hereby promises to pay, solely from the special fluid provided therefor as hereinafter set forth, to bearer, the sum of on the First day of January; 19 ;with interest thereon at the rate of per centum f ~) per annum from June 1, 19~, until paid, payable on January 1, 195E--and semi-annually tFie`reafter on the first day of January and July of each year, upon presentation and surrender of the annexed coupons as they severally become-due. Both principal hereof and interest hereon shall be payable in such funds as at the time of the respectivd payments are legal tender for the payment of debts due~the United Staten of America, at the office of The Commercial National Bank oY Little Rock, Arkansas. This bond is one of a aeriea~of 322 bonds aggregating Three Hundred ELghteen Thousand Eight Hundred Fifty Dollars (318,850), all of like tenor and effect except as to denomination, number, interest rate and maturity, numbered from 1 to 322, both inclusive, and is issued for the purpose of purchasing and constructing additions to the existing waterrrorka system now serving the City of West Memphis (hereinafter called the ~-y~ater~rorka System") and refund- ing outstanding water revenue bonds. __ _ _.. This bond and the series of which it forms a part are issued pursuant to and in accordance with all lawful authority of the State of Arkansas, and particularly with the provisions of bat No: 297 of the regular session of-the General Assembly of the State of Arkansas for the year 1937, as amended by later acts of said-oeneral Assembly of the State of Arkansas; and do not constitute an indebtedness of said City of West Memphis within any constitutional or statutory limitation. Zhese bonds are payable in-the flrst instance from a fixed amount of the net revenues of the waterworks system, sufficient to pay the principal of and interest on-the bonds. Said fixed amount of water revenue has been-duly set aside and pledged as a special. fund for that purpose and identified as the "11`ter Refunding and Improvement Revenue Bond Fund," created by Resolution No: ; duly adopted by the City Council of said City of West Memphis on the day of May, ~, under which this bond is authorized to be issued, and the said City o~'-weat Memphis has fixed and has covenanted and agreed to maintain rates for water services xhich shall be sufficient at all times to provide Yor the creation of separate depreciation funds, for necessary replacements to said wateriroria system, for the payment of the reasonable expenses of operation, admini~tra- tion and maintenance of said srateriaorle system, and fcr the payment of the principal of and interest on the bonds dated July 1, 1946, and the bonds of this issue, as the same become due and payable. This band is expressly made negotiable by the statute under which it is issued, and is issued with the intent that-the laws of the State of Arkansas shall govern the construction thereof, and the City hereby agrees and warrants that it has no offset, counterclaim or defense against this bond. The bonds of this issue shall be callable for payment prior to maturity in inverse numerical order, in a12 cases with accrued interest, as folloxas If called for payment from surplus funds earned from the operation of the waterworks system, at par on any interest pay- ing date; and from funds from any source, at a price"of-102 cents on the doilar face value on any interest paying date after d"ate hereof to and including January 1, 1954, and~at par on any interest paying date on and after July 1, 1954. In the event a sell ie made, the City shall publish notice of such call for redemption once a weeB[ for two weeks in some newspaper of general circulation throughout the State oP Arkansas and published in the City of Little Rock, Arkansas, giving the number and maturity of each bond being called, the first publi- cation to be at lea§t fifteen days prior to the date fixed for redemption, and after the date fixed for redemption, each bond so called xill cease to bear interest, provided funds for its payment are on deposit with the paying agent at that time. IT IS HEREBY CPRTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen, and be performed pursuant to and in the issuance of this bond have existed, happened and have-been performed in due time, form and manner, as required by law, and that sufficient of the income and revenue-which is deemed to be derived Prom the operation of said waterworle system has been pledged to and will be set aside into said special fhnd for the payment of the principal of and interest on said bonds. This bond shall not be valid-until it shall have been authenticated by the certificate hereon, duly signed by The Commercial National Bank of Little Rock, Arkansas. IN WITNESS WHEREOF, the City of Y~est Memphis, Arkansas, by its City Council, has caused this bond to be signed liy the Mayor and City Clerk thereof and sealed with the corporate seal of said City, and has caused the oonporis-hereto attached to'be executed by the facsimile signature of the said Yayor, all as of the first day of June, 1950. CITY OF WEST MEI~HIS, ARKANSAS r (Seal) Attests y er (Form of Coupon) No. Qn .the first day of duly =9,.19_, the.. City.- of -yYeat 1[emphis, Crittenden County, Arkansas, unless the bond to xhich-this coupon is attached is sooner called for payment, promises to pay to bearer the sum of DOLLARS, solely out of the fund specified in the bond to which this coupon appertains, a$~e office of The Commercial National Bank oY Little Rock, Arkansas, in such Sunda as at the time of payment hereof are legal tender for the payment of debts due the CTnited States of America, being aix'months' interest then due on its Water Refunding and Improvement Revenue Bond dated June 1, 1950, and numbered CITY OF WEST 1[El[PHIS, ARKANSAS BY 1[ayor (The first coupons shall be fair seven months' interest. The Yayor~s signature on the coupons may be lithographed or engraved.) On the back of said bonds shall appear the following: CERTIFICATE This is one of the three hundred and twenty-two bonds aggregating $318,850 described within. THE COMt~dERCL9L NATIONAL BANK OF LITTLE ROCK, ARKANSAS, Trustee By ce-Pres en acre ary Little Rock, Arkansas 1950. 38 SECTION 7. The City has established and nor- has on file with its water department a schedule of~ratea for the various types of service for water as supplied by said department of the City, and the Council hereby finds them to be reasonable and the necessary minimum rates to be charged, and the Council hereby confirms and continues said rates. This Council further finds and declares that the water rates as set out in the schedule above mentioned will produce a total revenue sufficient to pay the total operation, adminis- tration and maintenance expense of the YPorks and provide for the payment of the bonds dated July 1, 1946, and the bonds herein authorized to be issued, both principal"and interest, as the same fall due and are payable, and to create all funds herein provided. Except as herein authorized, said rates shall never be reduced until all bands herein authorized and all coupons thereto attached-have been paid in full, and shall when necessary be increased in an amount sufficient to provide for the maintenance of the funds hereinafter described. Whenever the total ssount of the outatanding~bonded indebtedness have been reduced to sixty per aentum ('60%) of-its original total or less, exclusive of interest, and it shall be made to appear to the.Trustee that-the earning capacity of the ~orka is sufficiently large to ~astify it, a reduction may be made in the rates hereinabove described, by and with the consent of the Trustee, and tb continue for such time ab the Trustee in its sole discretion may deem consistent with the ability of the City to meet bond and interest payments promptly, provided no reduction in rates shall be made that will produce~an estimated net revenue, after setting up necessary funds for operation, administration, maintenance and depreciation of the Works, less than 150 of the average annual requirements for'all rho payment of principal and interest of-all bonds of boils issues then outstanding, and although a reduction in rates may be granted, the original rates hereinabove described may be restored at any time later, upon the sole demand of"the Trustee. The discretion of the Yxtiatee shall be final, either as to granting, refusing or terminating any reduction in rates. SECTION 8. None of the facilities or services afforded by the Works shall be furnished without a reasonable charge being made therefor. In the event that the City or any department, agency or instrumentality thereof shall avail itself of the facilities or services afforded by the Works, the reasonable value of the services and facilities so afforded shall be charged against the City or such departments agency or instrumentality, and shall be paid for as the charges therefor accrue. the revenues so received from the City shall be deemed to be revenues derived from the operation of the Works and shall be used and accounted for in the same manner as any other revenues derived from the operation of the Works; provided, however, that noth- ing herein shall be construed as requiring the City or atq~ department, agency or instrument- ality thereof to avail itself of the facilities orservices afforded by the Worls. SECTION 9. All moneys paid as accrued interest on the bonds issued hereunder shall be placed in the Mater Refunding and Ia;provement Revenue Bond Fund, hereinafter created, and applied to the payment of interest payable on such bonds on the next interest payment date. SECTION 10. The Treasurer of the City shall be the custodian of the revenues derived from the Works and shall give bond for the faithful discharge of all duties as such custodian. Such bond shall be in an amount not less than $20,000, with a corporate surety authorized to ?io business in Arkansas. SECTION 11. 1Pater gevenue Fand. From and after the delivery of any bonds issued under the provisions of s reso u on, a revenues of the xaterworks system of the Oity and as it may hereafter be improved and extended, shall be kept separate from the general fund and all other-Funds of the City, and shall be set aside and placed into a special and separate fund known as'the alPater Revenue Fund,+~-and such revenues are hereby pledged and shall be applied,-first, to the payment of the cost of operation, administration and maintenance of the lforka. SECTION 12. -Water System Depreciation Fund. ,After making due provision for the operation, adminia ra on an ma n enance o e Works, there shall be paid from the Water Revenue Fund into a fund which is hereby created and designated mNater System Depreciation Fund,„ on or before the tenth day of each month while any of the bonds issued under this resolution shall be outstanding, five per cantata (5~) of all moneys derived from the operation of the Works. lbneya in the Water System Depreciation Fund shall be used solely for the purpose of paying costs of replacements made necessary by the depreciation of the Worle, except as otheririae provided herein. SECTION 13. The net revenue from the Worle after the completion of the additions will be that revenue remaining after making due provision for the operation, administration and maintenance of the Works, and depreciation thereon. SECTION 14. Since the City operates its-water and electric systems jointly, the Council hereby finds and declares that the necessary general administrative expense for water and electric operations shall be allocated se follower 40~ of this expense shall be charged against the revenues from-the water system and the remaining 60~ of the expense shall be charged against the revenues from the electric system. SECTION 15. Water Revenue Refunding Bond Fund. This fund shall remain and be set up as provided by Sec on o r Hance o~I-o~'•"~5e City d West ~'lemphis, approved May 28, 1946. SECTION 16. Water Refunding and Improvement Revenue Bond Pond. .- (1) After making due provision for the operation, administration and maintenance of the 1lorka and depreciation thereon, and the said Water Revenue Refunding Bond Fund, there shall be paid into a fund which is hereby created and designated Nliater Refunding and Improvement Revenue Bond Phndn (sometimes hereinafter termed the Ksinking fund„), the sums in the amounts and at the time hereinafter stated in-sub-section (2) for the purpose of providing funds as a reserve and for the payment of the prinoipal and interest on the bonds authorized by Chia resolution as they mature according to the following schedule= YEAR PRINCIPAL INTEREST TOTAL Jan. 1 of January 1 and ,Tuly 1 each year of each year 1951 ; ;4;061:17 ;3;481,00 ; 7;542.17 1952 2;850.00 3;!181:00 3;452:50 9;783:50 1953 4;000:00 3;452:50 3;412;50 10;865:00 1954 4;500.00 3;412:50 3;367:50 11;280:00 1955 5;500.00 3;367:50 3;312:50 12;180;00 1956 7;000:00 3;312:50 3;242:50 13;555:00 1957 27;500:00 3;242:50 2;967:50 33;710:00 1958 28;000:00 2;967:50 2;687:50 33;655:00 1959 28;500: 2;687.50 2;402:50 33;590:00 1960 29;000:00 2;402:50 2;112:50 33;515.00 1961 31;500.00 2;112:50 1;758:13 35;370.63 1962 31;500.00 1;758:13 1;403:75 34;661:88 1963 33,000.00 1,403.75 1,032:50 35,436:25 1964 34,000.00 1,032.50 650:00 35;662.50 1965 35;000.00 650.00 212.50 35;862:50 1966 17,000.00 212.50 17,212.50 (2) There shall be paid from the Water Revenue Fund into the Water Refunding and Improvement Revenue Bond Fund, to be deposited with the Trustee, beginning on or before the tenth day oY the month after the completion and putting into service of the improvements, and continuing on or before the tenth day of each month thereafter-until all the bonds with interest issued under this resolution have been paid in full, or provision made for such payment, a sum equal to one-fifth (1/5) of the next installment of interest and one-tenth (1/10) of the next installment of principal of the bonds, until the reserves in the Water Revenue Refunding Bond Fund for the July 1, 1946 bonds and in this sinking fund total ;35,000; provided, however, that when in any fiscal year no principal or interest of the bonds of either issue is in defait and the amount of reserve in the two funds equals the total amount required for making all principal and interest payments on the bonds of both issues during the succeeding twelve months, the amount so payable each month into this sinking fund shall equal one-sixth (1/6) of the next installment of interest and one-twelfth (1/12) of the next installment of principal of this bond issue. The City further agrees that the payments herein provided to be made into the sinking Hind shall be made by the City in equal monthly installments, beginning upon the completion and putting into service of the improvements, sufficient to meet the next requirem~ts of principal and interest, by depositing said amounts with-the Trustee and paying agent; provided, that such deposits shall be at the sole risk of the City and shall not operate as a payment of the bonds or coupons until so~applied. ,may funds in the reserve hereinabove set up shall, upon the request of the City, b® invested in United States Ooverrtment Bonds~of such type and maturities as the Trustee and the Mayor of the City shall mutually agree upon. (3) If the revenues of the Worka in any month are insufficient to make the required payment on or before the tenth day of the following month into the Water Refunding and Improvement Revenue Bond Fund, then the amount of any deficiency in the payment made shall be added to the amount otherti+ise required to be paid into said fund on or before the tenth day of the next month. The amount by which payments in any fiscal year exceed the aggregate amount of interest and principal payable in the next succeeding fiscal year shall be held in said Water Refunding and Improvement Revenue Bond Fund as a reserve and used solely as herein provided; provided, however, that when the moneys held in the Water Refunding and Improvement Revenue Bond Fund, including the reserve, shall be and remain sufficient to pay the principal of-and interest on all the bonds of this issue then outstanding, the City shall not be obliged to make any further payments into the Water Refunding and Improvement Revenue Bond Fund. If for any reason the City shall fail at any time to make any of such payments into the Water Refunding and Improvement Revenue Bond Fund, any sums then held as a reserve shall be used to the extent necessary in the payment of the interest on and the principal of the bonds, but such reserve shall be reimbursed from the Water Revenue Pond out of the first moneys available in said Water Revenue Fund after making the payments hereinabove required to be made.- .All moneys in the Water Refunding and Improvement Revenue Bond Fund shall be used solely for the purpose of paying the interest on and the principal of the bonds issued under this resolution and the paying agent~a fees. ~~~ SECTION 17. After the City shall have established the Water Revenue Refunding Bond Fund and the Water Refunding-and Improvement Revenue Bond Fund as hereinabove set out, and shall maintain such funds, the-City may use~the surplus revenue arising from the operation of the Works for argr municipal purpose. If any surplus shall be accumulated in the Water System Depreciation Fund over and above the amount-which shall be necessary to defray the-coat of the probable replacements during the then ourrent fiscal year and next onsuing fiscal year, and which in the judg- ment of the Council is not needed for replacements, such surplus or excess may be trans- ferred by the Council and paid into the Water ~tevenue Refunding Bond Fund or the water Refunding and Improvement Revenue Bond Fund as hereinabove defined; provided, harrever, that such transfer or payment into said funds shall be in addition toall other payments hereinabove required to be made into said funds. SECTION 18. The bonds of the July 1, 1946 issue and of this June 1, 1950 issue are hereby declared to be on a parity and shall share ratably in the net revenues from the Works. SECTION 19. Under the provisions of the statute, being Section 19-11207, 91rk. State. 1947, there is created a statutory mor~age lien upon the improvements to be acquired and constructed from the proceeds of the bonds authorized to be issued by this resolution, which shall exist in favor of the holders of said bonds and each of them, and to and in favor of the holders of the coupons-attached to said bonds, and such improveme~ta shall remain subject to such statutory mortgage lien until the payment in full of the principal and interest of the water refunding and improvement revenue bonds, and this lien may be enforced according to the provisions of said Section 19-11207. SECTION 20. The City hereby agrees to make all payments on bonds and interest only through the paying agent. All bonds paid or purchased, either at or before maturity, shall be canceled when such payment or purchase is made, together with all unmatured coupons appertaining thereto, and held by the pity Treasurer, and shall not be reissued. All unpaid interest coupons maturing on or prior to the date of such payment or purchase shall continue to be payable bo the rospective bearers thereof. SECTION 21. The bonds, together with interest thereon, are not general obligations of the Citq nor do they constitute ari indebtedness of the City within the meaning of any constitutional or statutory provision or limitation, but shall be payable solely out of the Water Refunding and Improvement ~{evenue Bond Fund as hereinbefore provided, and shall be a valid claim of the holders thereof only against said-Fund, and the amount of the revenues pledged to said Fund, which amount of said revenues is hereby pledged for the equal and ratable payment of the bonds issued, and shall be used for no other purpose than to pay the principal and-interest of the bonds as the same accrue, except ae provided in this resolution: The bonds~ahall carry a statement that they have been issued pursuant to Act 297 of 1937, as amended. SECTION 22. The City Dena and operates its electric system, and for the purpose of preventing any default in the bonds authorized by this resolution, it hereby pledgee ae additional security for the payment of said :;cads and interest thereon, the surplus revenue derived each year from the operation of said electric system, with the provision that the surplus revenue shall~be that revenue which remains after making full provision for the operation, maintenance, repair, replacement and depreciation of the electric system, and any sum or sums that may be necessary to prevent a default at any time in the payment of either principal or interest of the bonds authorized by this resolution shall be paid from said net revenues of the electric system direct to the Trustee; and the surplus electric revenue not needed in any year for the purpose of preventing a default in the bonds for that year, or curing a default that may have previously occurred, shall thereupon be released from this pledge, but such release in one year shall not release said auplus of succeeding years from this pledge. This pledge of the net revenues of the electric system shall, to the extent hereinabove set out, as long as arty of the bonds remain outstanding, be prior to ar~q other liens of any kind or character that the City may later place on the electric system or arty subsequent pledge of its net revenues. SECTION 23. All revenues from the Worls shall be deposited in such depository or depositories as may be lawfully designated from time to time, aub~ect, however, to the giving of security by such depository as now or as hereafter may be required by law, and provided such depository or depositories shall hold membership in the Federal Deposit Insurance Corporation. All deposits shall be made in the name of the City and be s© designated as to indicate the particular fund to which the revenues belong. SECTION Q4. It is recognized that with the continued growth of the City of Weat ltemphie, it will be necessary for said City to issue from time to time additional water revenue bonds to firianoe and pay-the cost of constructing additional improvements and betterments to the Works, arid~ttie right~of the City to do so is hereby expressly preserved, aub~ect to the following provisions, namelyt In order to insure-the payment of the interest on and principal of such additional bonds, the City shall issue such additional revenue-bonds while any of the bonds of the issue of July 1, 1946 and of Chia issue remain outstanding if, at the time of the passage of a resolution authorizing such additional bonds, the revenues of the Works for the fiscal year immediately preceding the passage of said resolution (in this paragraph called the „Revenues") shall have been sufficient in amount so that, if they were deemed to be the total revenues derived from the entire waterworla system after the then contemplated betterments and improvements had been completed, they would be sufficient to pay the costa of operation, administration and depreciation for the next ensuing year and 125 of the aggregate of the combined annu3 principal and interest maturity requirements of the remainder of all the then outstanding bonds and the bonds of the new issue. _ _. _ . _ _ _- ,_ -_ - __ _.., _. i SECTION 25. The works shall he operated upon a Fiscal year basis, beginning January 1 of each year and ending on and including the following December 31. ~ !; SECTION 26. It is covenanted and agreed by the City with the holder or holders of the jl bonds, or any of them, that it will faithfully and punctually perform all duties with '~ reference to the Worlo required by the Constitution and statutes of the State of Nrkansas, j! including making and collecting of reasonable and sufficient rates laxfully established for j services rendered by the Works, segregating the revenues of the system and their application to the respective funds herein created. ;I SECTIODI 27. The City will maintain the Works in-good condition and operate the same in an efficient manner and at a reasonable cost. So-long as any of the bonds are outstanding, the City agrees to maintain fire, lightning and tornado insurance on said Works in an amount which normally would be carried by 9 private company engaged in a similar type of business. These insurance policies-are to betaken with companies approved by the Trustee, are to carry a clause making them payable to the Trustee as-its interest may appear; are to be kept contin- uously in force, and are either to be placed in the custody of the Trustee or the Trustee shall be furnished a certificate of execution of said policies. In the event of loss, the proceeds of such insurance are to be applied solely toward the reconstruction, replacement or repair of the Worls. In such -event the City will,-with reasonable promptness, cause to be commenced and completed the reconstruction, replacement and repair, and the Trustee shall pay such money to the~City for such purposes upon the' estimates of a mutually selected engineer or architect. Nothing herein shall be construed as requiring the City to expend any funds forpremiums on its insurance on the works xhich are derived from sources other than the operation of the Works, but nothing herein shall be construed as preventing the City Prom doing so. gICCTION ~8. So long as any of the bonds are outstanding, the City will not mortgage, pledge, or othersie encumber the 1lorls or any part thereof or any revenues therefrom, except as herein provided,'and will not sell, lease, or otherwise dispose of any substantial portion of the same. SECTION 29. That the City will keep proper books of record and accounts (separate from all other records and accounts) in which complete and correct entries shall b® made of all transactions relating to the Works. The City agrees that it will have made each year an audit by an independent public accountant and will promptly file a copy of such audit with the Trustee, and in the event that it shall fail to have-such annual audit made, the Trustee is authorized to have the audit made and to charge the cost thereof against the funds set aside for maintenance and operation. The audit shall include the following: (a) A statement in detail of the income and expenditures of the system for such fiscal year. (b) A balance sheet as of the end of such fiscal year. (c) The accountants comment regarding the manner in which the City has carried out the requirements of this resolution, and the ',j accountants recommendation for any change or improvement in the operation of the system. (d) A list of the insurance policies in force at the end of the fiscal year, setting out as to each policy the risks covered, the name of ~'~ the insurer, and the expiration date of the policy. SECTION 30. If there be any default in the payment of either the principal of or ~' interest on any of the bonds, the holder or holders of aqy of the bonds may b9 proper suit compel the performance of the duties of the officials of the City, as set forth in said it Act No. 297, as amended. If there be default in the payment of the principal of or interest ~~I on the bonds or if the `'ity shall-fail to keep arty other obligation which it herein assumes, and such default shall continue for thirty days thereafter, any court having jurisdiction in any proper action, which may be instituted either by the Trustee on behalf of all the bond- holders or by any holder of a bond in default, may appoint a receiver to administer the Works 'I' on behalf of the City, with power to charge and collect rates sufficient to provide for the ;~, expenses of the receivership, the payment of the bonds and interest thereon, and far the payment of the operating expenses, and to apply the income and revenues in conformity with said Act and this resolution providing for the issuance of said bonds, but when all-default are cured, the I) receivership shall be ended and the management and control of the Yorks restored to the City. ~ SECTION 31. The City further covenants and agrees that if default is made in the payment of any bond or coupon, or if the City fails to meet any sinking fund requirements, the holder of such bond may declare that bond immediately due and payable, and such bonds shall thereupon be immediately due and payable and in default, and either the Trustee on behalf of all the bondholders or any bondholder-for himself may institute suit to enforce the pledge lien herein granted. The failure to exercise this option upon any default shall not be a waiver of right to exercise it upon any subsequent default. ~~~ SECTION 32. The bonds in the face amount of X318,850 shall be delivered to T. J. Raney & Sons of Little Rock; Arkansas, upon payment by them in cash of the full purchase price of said bonds, together Kith the accrued interest on said bonds. The money received by the City for accrued interest shall be paid into the Water Refunding and Improvement Revenue Bond F~md. The balance of the price received for the bonds shall be deposited by the City in a special fund to be known as the ~Conetruction 'pond Account" and to be ubed solely for the purpose of paying the cost of the improvements which the City has planned. SECTION 33. The bonds authorized hereby shall be callable ae set out in the face thereof. SECTIC~1 34. In order that the pledge of net revenues shall be a~matter of record, a certified copy of this resolution shall be placed of record in the office of the Circuit Clerk and ex officio Recorder of Crittenden County, Arkansas. SECTION 35. 1Yhereever reference is made in this resolution to a Trustee, it shall refer to The Commercial National Bank of Little Rock, Arkansas. The said Trustee shall be responsible only for wilful misconduct in the execution of this trust. The recitals of tact herein contained, and contained in the bonds except-the recitals in the Trustee's certificate, are statements of the City-and shall not be construed as being made by the Trustee. The"Trustee shall not be required to effect insurance against fire or damage to property, nor to advance any money to pay insurance premiums, nor to see that this pledge of revenues is properly recorded and kept in force as s pledge, nor shall it be required to take notice or be deemed to have had notice of any default of the City in the failure to perform any of the conditions of this resolutions, unless said Trustee shall have been epecifieally notified in writing of said default; nor shall it be required to take any action hereunder until it'has been indemnified to its satis- faction by the holders of 'the bonds herein mentioned, or some of them, against loss or damage on account thereof: The Trustee may resign at any time upon ten days' notice in writing to the City Clerk, and thereupon the ma3ority in value of the holders of the then outstanding bonds of this issue may, by an instrument in writing duly acknowledge and recorded in-the offioe of the Circuit Clerk and ex officio Recorder, appoint a new Trustee. The majority in value of the holders of the outstanding bonds at any time may remove the Trustee by a like instrument in miting, duly acknowledgesand recorded in the offico of the Circuit Clerk and ex officio Recorder for Crittenden County. The successor Trustee shall have and exercise all the powers herein granted to the Trustee. SECTION 36. It Ys hereby declared that the provisions of this resolution are separable ands if any provision of this resolution shall for any reason be held illegal or invalid, it shall not affect the validity of the remainder of the resolution. SECTION 37. "The 1(~yor is hereby directed to publish for one insertion in the West Memphis News, which is hereby found and declared bo be a newspaper published is and of general circulation in the City of Weat Memphis, Arkansas, a certified copy of this resolution, attached to a notice signed by him, in substantially the Following forms N O T I C E Notice is hereby given that the City Council of the City of feat Memphis, Arkansas, has adopted the resolution hereinafter set out; that said City contemplates the issuance of the bonds described in said resolution; that any person interested may appear before the Council on the 16th day of May, 1950 at 8=00 o~clock p.~[. at the usual place oP meeting in the City-~a`TI-in the City of west Memphis and be heard. At such hearing all ob3ections and suggestions will be heard and the said Council will take such action as is deemed proper in the premises. DATED this ~ day of liay, 1950. ~" ~~ ~ ~ C~c,~,~,;, ayor o ea amp s, Ar ansas Attest /~ d SECTION 38. All ordinances or parts of ordinances in conflict hereirith are hereby repealed. SECTION 39. It is hereby ascertained and declared that there is immediate need, in order to protect the health and property of the inhabitants of the City,-for the additions to the waterworks system-now eervii-g the City of ~~est Memphis; therefore, an emergency exists acid this resolution ie necessary for the preservation of the public peace, health and safety, and shall take effect and be in force without delay from and after its passage. It now being necessary that the 1948 bonds be called, the following resolution authorizing the Mayor and City Clerk to call the said issue, was introduced in writing and read in full by Alderman Rowton; RESOLUTION N0. 12 RESOLUTION AUTHORIZING THE PUBLICATION OF NOTICE OF CALL OF THE OUTSTANDING 3% WATER REVENUE BONDS DATID JUNE 1, 1948. WHEREAS, the City of ti~est Memphis has outstanding a balance of X10$,000 in 3~ water revenue bonds issued under date of June l; 1948; which are callable for payment prior to maturity from funds from any source at a price of 102 cents on the dollar face value on any interest paying date on and after January 1, 1949; and WHEREAS, the City proposes to issue X318;8$0 in water refunding and improvement revenue bonds, part of the proceeds of which t-i11 be used to refund the outstanding June 1, 1948 bonds at a lower rate of interest, which will result in a substantial saving to the City, and it is necessary under the terms in the face of the June 1, 1948 bonds that notice of the call be duly published; now, therefore, BE IT RESOLVED by the City Council of the City of Y'~est Memphis, Arkansas: SECTION 1. That the 1(ayor and the City Cleric be and they are hereby authorised and directed to proceed to publish in some newspaper published in the City of Little Rock and having a general circulation throughout the-State of Arkansas, a notice of the call for' redemption of the entire outstanding balance of the June 1, 1948 3~ water xevenue bonds, being Bonds Nos. 6 to 110, both inclusive; and maturing serially on January 1 of the years 19$1 to 1961, both inclusive; that said notice be published prior to-June 1$, 19$0, and that proof of the publication of said notice be furnished for the transcript of the proposed new bond issue. SECTION 2. It is hereby ascertained-and declared that there is immediate need, in order to protect the health-and property of the inhabitants of the City, for additions to the waterworks system now serving the City of Weat Memphis, and that in order to secure the necessary funds it is necessary to issue refunding and improvement bonds, and therefore an emergency exists and this resolution is necessary for tha preservation of the public peace, health and safety and shall take effect and be in force without delay from and after its passage. Motion was made by Alderman Bledsoe and seconded by Alderman garrison that the resolution be adopted, and the roll being called, the following voted: Ayes Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nay= None. Whereupon the Mayor called to the Council's attention that the resolution, adopted, contained an emergsncy'clause and suggested that specific action should be taken by the Council on this clause. Whereupon motion was made by Alderman Morley and seconded by Alderman Manchester that the emergency clause of said resolution be adopted, and the roll being called, the following voted= Ayes Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nays None. Mayor Dacus advised the Council and the Light & v+ater Commission that an engineering survey of the City's Electrical System had been discussed by both groups from time to time but nothing had been done toward actually having the survey made. Thereupon motion was made, passed and adopted by both the City Council and the Water & Light Commission that an engineering survey of the City's Electrical System had been discussed by both groups from time to time but nothing had been done toward actually having the survey made. Thereupon motion was made, passed and adopted by both the City Council and the Water & Light Commission that a survey of the electrical system be made. It was further pointed out that the Arkansas power & Light Company had proposed to send a member or members of their engineering at~ff from Pine Bluff to Mest Memphis to make a survey. That a discussion had been had with the engineering firm of Allen & Hoss~ll of Memphis relative to conducting the survey and that this survey could be had for sp proximately X4,000.00. Veld' t. Motion was then made by Alderman Morley and seconded by Alderman Bledsoe that the Mayor be, and he is, hereby authorized and directed to secure proposal from the Arkansas Power & Light Company for making the survey, and when the proposal of the Arkansas Power & Light Company has been made that 3t be compared with that of Allen & Hossall, and that the Contract be let to the party making the beat proposal and the one that xould more adequately serve the needs and requirements of the City of West Memphis and that the Mayor use his discretion in making the selection. Upon the matter being called to note, the following voteds Ayes Powers, Manchester, Morley, Bledsoe, Foster, Rowton, Bollinger, and Garrison. Nays None. The Mayor as Chairman of the Light do Water Commission requested that the Light ~ Water Commission take a vote on the wine resolution. Thereupon the motion was duly adopted by the Light do water Commission. The employment of Mr. Ke1cy Warner as Forman of the water Crew of the Light & hater Department was approved. ][ayor Dacus announced that the meeting was now open for discussion of the ordinance entitled pAn Ordinance Creating p Board~of Censors for the City of west Memphis, Providing Pbr The Organization and Duties Thereof, providing For Censoring F,xhibitiona of Motion Picture Shows, paudeville, and other theaters, playhouses, circuses, carnivals, and all other shows and performances, providing for the censoring of advertising, publicly diap}aged pictures, literature, magazines and publications, providing for a penalty for the violation thereof, repealing certain ordinances, and for other purposes" that the third and final reading of the ordinance had been delayed on April 18th in order that the interested citizens of s~est~Mettiphis~might appear to make their views known. Appearing were Mr. and Mrs. A. Bretherick, Mrs. J. Lon Pell, and Mr. Bruce Young. After discussion of the matter and due to the apparent lack of interest by the citizens it was the decision of the Council to post-pone the final consideration of the ordinance. Mr. N. H. Hundhauaen appeared before the Council to request permission to rebuild his warehouse that had been recently destroyed by fire, said location being in the fire zone. After discussion of the matter, Mr. Hundhauseri was advised to submit hia applica- tion to the Building Inspector for his consideration. An ordinance entitled wpn Ordinance Providing For Fire Limits, and Regulations Governing the Construction, Alteration, ~uipment, Or Removal of Buildings or Structures" was presented by City Attorney Spears, and after discussion of the ordinance and The National Building Code, the ordinance was introduced in writing by Alderman Morley. City Attorney Spears advised the Council that the following resolution had been prepared for the consideration of the Councils RPSOLU TION N0. l~ WHEREAS, Bragg Auto Compan4V, Inc. A Corporation, has offered to grant to the City of west l[emphis an easement of certain lands being located in the City of bleat Memphis, containing certain restrictions, and said easement being in words and figures as followss "That Bragg Auto Company, A Corporation, duly organized and existing under and by vil+tue of the laws of the State of Arknsas, for and in consideration of the sum of One and no/100 01.00) Dollar, cash in hand paid, the receipt of which is hereby acknowledged, and the premises hereinafter set forth, does hereby give and grant unto the City of West Memphis, prkansas, its successors and assigns, during the will and pleasure of the grantor and subject to the restrictions as hereinafter set forth, an easement for street purposes over and across the following described property, to-wit: "The point of beginning or the point of entry to said property is sixteen and eighty-eight one hundredths feet (16.88 0 west of the Northeast (N.E.) corner of Lot Twenty seven (27), Block Ohs (1), M. L. Thompaon~s second addition~to the City of west Memphis, and continuing in a Southeasterly (S.E.) direction on a thirty (30) degree curve to a point on the-property line of Lot Thirty Qne C31),"Block One Cl), of said M. L. Thompson~s second addition, said point being seventy-three (73) feet north and thirteen (13) feet east of the southeast corner of Lot Thirty"One (31), Block One (1). Block One (1) is a portion of Miley L. Thompeon~s second addition to hest Memphis, Arkansas, Section Seven (7), Township Six (6) North, Range Nine (9) East, Crittenden County, Arkansas. "It being understood between the grantor and grantee that grantor does not dedicate any portion of the above described"land for the permanent-use of the grantee or the traveling public as a street or highway, and grantee acknowledges that there is no intent or declaration on the part of the grantor to dedicate said property as a permanent attest or highway. "Said described land is to be used only by the grantee and the traveling public during the will and pleasure of the grantor; and grantor may at any time re-take said property for its own use by giving five days notice to the grantee that it desires to re-take said property. Any period of use by the traveling public shall be considered permissive and shall in no way be considered adversely to any rights of the grantor, regardless of the time said easement is used by the traveling public, and that the grantor at all times retains the title to said property in fee. That grantee does not accept this easement as arty dedication of a street or highway and accepts all the restrictions as hereinabove set forth. This instrument is to be recorded in the office of the Recorder of -Leeds of Crittenden County, Arkansas. "IN TESTIMONY WHEREOF; The name of the grantor is hereunto affixed by its President and its seal affixed by its Secretary, this day of ~ 1950." NOWT TfIEREEORE, BE IT RESOLVEb by the Gity Council of the City of West Memphis that the City of West Memphis accepts same on behalf of the City and the traveling public with the restrictions as therein stated, it being fully understood by the City council that there is no dedication an the part of the grantor for the use of §aid easement as a permanent highway or street for the use of the traveling public, and that the grantor may at any time re-tale said property for its own use by giving five days notice to the City Council of the City of nest Memphis, and that the City of West Memphis does not accept this easement as any dedi- cation whatsoever and agrees that the fee simple title to said property shall remain in the Bragg Auto Company, Inc. That any period of use by the City of 'pest Memphis or the traveling public shall be considered permissive and shall not be considered adversely to any right of grantor regard- less of the time said easement is used by the City of West Memphis and the traveling public. ~~r~~ Motion was made by Alderman Foster and seconded by Alderman Hledsoe to adopt the resolution. Upon the matter being called to vote, the following voted: Aye= Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nay: None. City Attorney Spears presented an Amended Plat of Block F of the Lyndon Addition in behalf of the Guaranty Loan & Real Estate Company for the consideration of the Council. After discussion of the matter, motion was made, passed, and adopted to approve the amended plat. Mr. A. Widdicombe of Wm. L. Johnson company appeared before the Council to submit the plat to be made of record of the George T. Kendal Second Addition to West Memphis and also submitted the following proposal To- City Council bleat Memphis, Arkansas William L. Johnson Co., Inc., hereby agrees with the City oP West Memphis to do as follows in connection with the development of the George T. Kendal Second Addition to West Memphis prior to the sale of lots therein; 1. Grade Streets 2. Surface streets with gravel 3. Provide drainage as approved by ~~est Memphis City Engineer It is understood that the above improvements may be made block by block as desired by the developer. WILLIAM L. JOHNSON CO., INC. By /S/ Abbott Widdicombe res ~e'n~"-~ Attest: /S/ Stella White cre ary After discussion of the matter, motion was wade by Alderman Morley and seconded by Alderman Bledsoe to approve the plat subject to approval of the City F¢igineer. Upon the matter being called to vote, the following voted; Ayes Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nay: None. ~, ~r In the absence of the Building Inspector the following building permits he had authorized to be issued were presented. Motion was made, passed and adopted to confirm tihe actions of the Building Inspector in the issuance of the following building permitas Guaranty Loan & Real Estate Co. - 14 Sadie Lou Banks Herman gpicer Broadxay Motors W. L. Sharpe Mrs. R. L. W~cerson W. E. Hilliard Charlie Rainer West Memphis Lumber Company - 2 Henry Gates Guaranty-Loan & Real Estate Daniel W. Knciwles F: E: Denson R. R: Selvidge L. E. Miles Hollis Y+arren Mattie Taylor Herman Spears L. P. Bernhard Motion xas made by Alderman Bollinger and seconded by Alderman Rowton to approve authorize, ratify and/or confirm payment of the following bills= , GENERAL FUND GENERAL FUND - CONTINUED Lewis Hathcock $45.00 Felix T. Williams $18.55 Mack Howell 45:00 W. M~ Fire Department 721.00 George Gooch 30:55 West Memphis News 76.00 Eugene Hale 30:55 B. Moritz Foundary 27.50 John W. Dabney 32:90 Missouri Pacific RR 63.06 J. P. Harris 30:55 W. M. Lbr. Co. 60.61 Willie B. Harris 30.55 Garrison Ready-Mix Concrete 138.46 J. E. Boyld.ns 30:55 W. M. Electric Motor Service 65.78 Ed Hudson 35:25 McCaa Chevrolet Co. 22.25 Cletis Tabor 35:25 Haryve White 83.05 Jessie Horton 33.80 Collector Internal Revenue 555.30 Robert Washington 27.63 Southwestern Bell Telephone 106.06 Andy Richmond 27.63 p. V, McFarland 24.00 Wayne Nevill 35:25 Sarah Y. Smith X0.00 Sarah Y. Smith 50:00 Perry Rogers 50.00 Perry kogers 50:00 J: p; Cooke 45.00 J: P: Cooke 45:cx~ M: H: Neal 40.00 M; H: Neal 40:00 F; p: Barnes 37.50 F: C. Barnes 37:50 W: C: Walker 65.00 W. C~ Walker 65:00 p'. E. Watts 45.00 Frank ~, Watts 45:00 James E. Brown 20.00 James E. Brown 20.00 Ed Hudson 35.25 Bragg Auto Co. 27:55 Cletia Tabor 35.25 Esso Standard 011 418.57 ti-`ayne Nevill 35.25 Commercial Printing~Co. 44:46 Lewis Hathcock 45.00 Oliver P: Cobb ~ Co. 334:00 Mack Howell 45.00 Crane Co. 2:54 George Gooch 30.55 E. Dacus Studio 52.50 Eugene Hale 30.55 Demuth Plumbing Co. 4:24 John W. Dabney 32.90 Farmers Machine Shop 4:26 J. P. Harris 3G.55 Garrison Ready-Mix Concrete Co. 8:04 Willie B. Harris 30.55 General Electric Co: 44:97 James E. Boykins 30.55 Graybar Electric Co. 9:75 ,41. V. McFarland 32.00 Griffin & Goe ~ectric Co. 7.33 Lewis Hathcock 45.00 Kenny's Linoleum Shop 247:32 Mack Howell 45.E H. A. Johnson 581:75 George Gooch 30.55 Leggett Esso Station 2:25 Eugne Hale 30.55 Julius Lewis 116.60 J; W. Dabney 32.90 Farmers Supply Co. 46.86 J. P. Harris 30.55 Meriwether Apothecary 3.57 Willie B. Harris 3G•55 Mid-South Oil Co. 4:35 J. S. Boykins 30.55 Odorite 'Co. 42:00 Ed Hudson 35.25 Mid-South Oxygen Co. 28.48 Clefts Tabor 35.25 Modern Merc. Co. b:94 ~Yayne Nevill 39.75 Ozburn-Abston Co. 35.22 Robert Washington 10.73 Crittenden County Times 112:12 Andy hichmond 10.73 Johnson Auto Co. 3.50 Will Brown 10.73 0. K. Rubber Welders 4:86 Cesser vifalah 5.53 Remington Rand, Inc. 133.02 Earlean Arnold 5.53 Royal Typewriter Co. 71:23 1Yardell Thomas 10.73 Gordon B. Holloway 4:68 Anderson Murry 5.53 Jim Riehl, Inc. 124:54 Sarah Y. Smith 50.00 Southwestern Bell Telephone Co. 6:56 Perry Rogers 50.00 Steepleton General fiire Co. 166:27 J, P; Cooke 45.00 Taylor Machinery Co. 44:00 M: H. Neal 40.00 S: C: Toof & Co. ~ 59:83 F; C; Barnes 37.50 W. M. Concrete Products Co: 54:60 W. C. Walker 65.00 West Memphis Auto Parts Co. .60 Frank E. ~~atts 45.00 GENERAL FUND - CON TINUED SEWER REVENUE FUND James E. Brown X20:00 Henry Palmer ~40.Ia0 A. V. McFarland 32.00 Hubert Lee 44.20 Roberta Coles 20:80 Earlean Arnold 25.03 ~ Hudson 35:25 Will Brown 27,63 Cletis Tabor 35:25 Wardell Thomas 25.p3 Wayne Nevill 37;$0 Harry Granger 19.50 Jessie Horton 33:80 Aaron {Yhite 27.63 Sarah Y. Smith Ferr Ro ers 50:00 Bowers and Wood Welding Co. 12.30 y g 50:00 Choctar, Inc. 861:62 J. p, pooke 4$;00 Griffin & Goe 2.91 M: H. Neal 40:00 Lsso Standard Oil 127.81 F. C. Barnes 37:50 Union Auto Electric Service 10.19 W. C. Walker 65:00 sliver-Wheeler-Thomas Co. 14.92 James E. frown 20.00 Otiburn-Abston & Co. 28.09 Lewis Hathcock 45;00 W. ~(, Electric Motor Service 69.00 Mack Howell 45:00 Collector Internal Revenue 28.60 George Gooch - 30.55 Henry Palmer 40.40 Eugene Hale 30:55 Hubert Lee 38.68 John W. Dabner 32:90 Farleana Arnold 30.55 J. P. Harris 30:55 Will Brown 30.55 Willie B. Harris 30:55 Wardell Thomas 30.55 James E. Bo kips y 30:5$ Harry Granger 20.80 P. M. Dacus 150:00 Aaron White 30.55 H. 0. Coats 25:00 Andy Richmond 30.55 IIayton Sackett 25:00 Robert Washington 30.55 C. H. Rowton 10:00 Willie Smith 27.95 James Bledsoe 20:00 Anderson Murry 22.10 Curtis Foster 20.00 Henry Collins 20.80 0. I. Bollinger 10;00 J. . Collins 20.80 R. L. Garrison 20:00 , Alex Ureen 20.80 R, R; Morley 20:00 Robert Boyd 6.83 P. B; Powers 20:00 Willie Laird 6.83 A: R: Manchester 20:00 Ceaser Walsh 22.10 J. H. Spears 150;00 Robert Washington 22.10 Doyne Dodd 145:83 Andy xichmond 22.10 Jean Hillencamp 152:50 Will Brown 22.10 Odis Ball 15:00 Ceaser Walsh 22.10 H: D. Holland 250:00 Earlena Arnold 22.10 H. D. Holland 9:00 Wardell Thoma§ 22.10 Frank Reese 195:00 Anderson Murry 22.10 0. J. Hatton 215:00 Henry ~ollina 20.48 J. F. Wright 230:00 J. C. Collins 20.48 Richard Davey 200:00 Robert Boyd 20.48 Bud Holland 420:35 Alex Green 20.48 W. E. Johnson 200:b0 Willie P. Laird 20.48 B. ~. Whitten 185:00 Harry Granger 20.48 J. B. Ouinga 185:00 Oliver Hudson 22.10 Horace Brown 25;00 Henry Palmer 40.Ij0 Mrs. M. B. Currie 35:00 Hubert Lee 38.68 G. G. Kietzman 300:00 Henry Palmer 40.40 P. R. Byrd 100:00 Hubert Lee 38.68 Jim Bailey 300.00 Robert Washington 26.65 Ben Ellison 112:50 Andy Richmond 38.18 T. W. Stacy 30;00 Will Brown 30.55 Prince i~reeman 20,00 Frank Hodges 30.55 3[erchants and Planters Bank 175:00 Earlena Arnold 27.95 1(erchants and Planters Bank 46:47 Wardell Thomas 30.55 Peoples Implement Go. 107;20 Anderson Murry 33.46 Monroe Calculating Co. 20;43 Henry Collins 11.05 Collector of Internal Revenue 257.1x0 J. C. Collins 11.05 Robert Boyd 11.05 SEWER EXTENSION AND REPAIR FUND Alex Green 11.0$ Willie Laird 11.05 Perkins Oil Co. ~ 7.00 Harry Granger 11.05 St. Louie Railway Co. 619:40 Oliver Hudson 11.05 C. J. Upton & Co. 88:83 Bud Lee 11.05 Collector Internal Revenue 18.20 J. D. Jones 11.05 James Hudson 11.05 STREET IMPROVEMENT FUND Ceaser Walsh 22.43 B. A. 1[aplea 21.25 Lehman-Roberts Co. X304.82 Carlyle Rubber Co. 36;75 Jim Bailey 100.00 FIREMEN'S RELIEF AND PENSION FUND Frank Watts 45.00 Collector of Internal Revenues 12.10 T. H. McGough $~ 50.00 Upon the matter being called to vote, the following voted; Ayes Bledsoe, Morley, Powers, Manchester, Foster, Bollinger, Garrison, and Rowton. Nays None. No further business appearing, the meeting was adjourned. t ATTEST; ~ \ , `~ APPROVEDs MAY 16, 1950