August 1, 1963NSNUTES OF A REGULAR MEETING OF THE CITY COUiJCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS, HELD
AT mHE CrTy HALL IN SAID CITY ON THE 1ST DAY OF AUGUST 19~ AT 9.0o P N _
The City Council of the City of West Memphis, Arkansas, met in Regular Session at 3:00
o'clock P.M. on the 1st day of AuQUSt, 1963, in the City Hall in said City, the regular meetins
place of the Council. There were present Mayor Bob Eden, City Clerk Charles F. DeGraff, and
Aldermen: I{irby Leggett, Paul Matthews, Y. G. Sims, F. C. Weis, 0. I. Bollinger, and R. C. Bowie;
and City Attorney W. H. Dillahmity.
Absent: Aldermen: Earl Felts, and C. H. Rowton.
Minutes of Council Meeting on July 18th were approved as read.
I:ayor Eden informed the Council the Housing and Home Finance Agancy has authorized the
Council to accept bids for Water and Sewer Improvements until 2:00 o'clock P.M. on August 20, 1963.
After discussion, motion was made by Alderman Leggett, seconded by Alderman '~deis: That the N.ayor
be authorized to advertise for bids for Water and Sewer Improvements to be received until 2:00 P.hL,
August 20, 1963. Upon vote, the voiing was as follows:
Yes: Aldermen: Leggett, Matthews, Sirs, lveis, Bcllirger, .;:r.~ Pc•_~-.
No: None.
The Mayor announa~l the next order of business would 'oe considarata-~~n of ar. ordinance for
issuance of Airport Revenue Bonds.
Alderman Matthews introduced an ordinance entitled:
AN ORDINANCE AUTHORIZING TILE' ISSUANCE ADTD DELIVERY OF CITY OF 'iJEST NH';MPHIS,
ARKANSAS, AIRPORT REVENUE BONDS: SETTING U"i CERTAIN FUNDS: AND DECLARING AN
EMERGENCY,
which was read in full by the City Clerk.
Alderman Bollinger moved that the rule requiring the reading in full of an ordinance on
three different days be dispensed with. The motion was seconded by Alderman Weis, and en
roll call the following aldermen voted:
Aye: Leggett, Matthews, Sims, irdeis, Bollinger, and Bowie.
No: None.
The Iiayor declared that more than two-thirds of the members composing the Council had
voted in favor of the motion to suspend the rule and that it was carried. Alderman Bowie
moved that the ordinance as read be adopted. This motion was seconded by Alderman Leggett,
and on roll call the following Aldermen voted:
Aye: Leggett, Matthews, Sims, Weis, Bollinger, and Bowie.
No: None.
The Mayor then called attention to the fact that Section lly, the emergency section, must
be adopted upon a separate roll call in order to be effective. The City Clerk read said
section again. Alderman Matthews moved that said emergency section be adopted. This motion
was seconded by Alderman 9tfis, and on roll call the following alderman voted:
P.ye: Leggett, Fiatthews, Sims, Weis, Bollinger, a_zd Bowie.
No: None.
The Mayor declared that the ordinance and the emergency section had been duly passed, and
thereupon he signed the ordinance in open Council meeting, his signature was attested by the
City Clerk under the seal of the City, and the ordinance No. 439 became effective immediately.
The ordinance read as follows:
F
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ORDINANCE NO.~
AN ORDINANCE AUTHORIZING THE ISSUANCE A~
DELIVERY OF CITY OF WEST rtEMPH29, P1;I~1I SAS,
AIRPORT REVENUE BONDS; SEi•TING UP CERTAIN
FUNS; AL7D' DECLP12IIvG AN Er1ERGENCY. ,... 1~~1 !',; _~,EF>=.~, ~
Y7HEREAS, The City of West Memphis, Arkansas, created an Airport
Commission by Ordinance No. 422, passed June 15, 1962, by authority
- of .Act No. 175 of the General Assembly of the State of Arkansas for
the year 1959, for the purpose of operating and managing its municipal
airport; and
i
WHEREAS, said Commission has employed C. H. Bond, Jr., a
registered professional engineer, who has prepared plans for the ~
proposed improvement which were filed on March 8, 1963, in the office
of the City Clerk and show an estimated cost of S6K7.GGO.G0
of which the City is to provide the sum of S388,.OOO by tha'isapa'ttce o¢
airport revenue bonds; and
WHEREAS, after due advertisemei,t in The Bond Huyer, a national
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financial journal, a public sale was had of said ponds at 3:00 PP1 CST
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a May 28, 1963, in the office of the Mayor in the Cite Hall in RTest I
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Memphis, Arkansas, at which time the only bidder was the r_'nited ~~
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States, acting by and through the Administrator of the Housing and ii
.Home Finance Agency, who submitted a bid for all of .the bonds, maturing ~l
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according to the schedule set out in the notice of sale., of par p?us r~
~~ }
E'' accrued interest for bonds bearing interest at the rate of 3 3/E;n '
ea
per annum, which is a bid allowed by law, and in the opinion of the
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members of the City Council it ie a good and acceptab'±e bid; ncca,
therefore, ~,;
BE IT ORDAINED by the City Council of the City o= West Memphis, ~,;
- ,:~
Arkansas:
SECTION 1. That the City Council hereby finds and dsclares u.
`--that there is immediate need for the construction of the proposed
improvements to the municipal airport in order to9meet the civic and
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cotmvercial needs of the community, and that the purpose of the bond
~~ issue is to construct an airport, including runwa s, taxi
4.;rr Y ways, parking .
ramps, hangars, utilities., buildings, and accessories, according to
_, .; plans now on file in the office of the City Clerk, at an estimated
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'= cost to the City of $388,000. (The entire project, including the
~.:
T lands, buildings and improvements thereon, shall. be hereinafter col-
lectively referred to as the °Airport.")
~ SECTION 2. That the City Council further finds and declares
that the offer of the Housing and Home Finance .Agency for the $388,000
bond issue is a fair price and one that is a1lrn~ed by law, and there-
.. fore said bonds are hereby sold to said Housing and Home Finance
Agency.
SECTION 3. That under the authority of the general statutes
a, of the State of Arkansas, particularly Act No. 175 of the Acts of
the General Assembly of the State of Aransas for the year 1959 '
:, (hereinafter milled "Act
No.175"), revenue bonds be issued in the
~'
total amount of $388,000, the proceeds from the sale of which shall
a'
be used to pay the cost of the improvements hereinabove described, +
t;
;;: including engineering and legal fees, interest on the bonds during ~.a
the period of construction, and other necessary expenses; that the
ii
bonds be designated "City of West Memphis, Arkansas, Airport Revenue. '?
~ Bonds," be dated as of April 1, 1963, be numbered from 1 to 388 both ~!
`~` inclusive, be in the denomination of $1000 each, be sometimes here- -f~
;,, inafter referred to as "Bonds,° be callable as hereinafter set out, ~
and mature in numerical order on April 1 of each year as follows:
a_.%
a'.' S,
g' -
3 - ~ ~~~
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A ~ -
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~S
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ygAR BOND NOS. AMOUNT.
(both inclusive)
' ~ ` 1966 1', 2 & 3 $ 3 , 000
'~ '''• 1967
- 4, 5 4 6 3 , 000
1968 7 to 10 4,000
?;~ ,v 1969
, 11 to 14 4,000
,
1970 15 to 19 5,000
" 1971
'' 20 to 24 5,000
_
~. 1972 25 to 30 6,000
1973 31 to 36 6,000
'`'~' 1974 37 to 42 6, 000
1975 43 to 49 7,000
1976 50 to 56 7,000
1977 57 to 63 7,000
1978 64 to 70 7,000
1979 71 to 78 8,000
1980 79 to 86 8,000
1981 87 to 94 8,000
1982 95 to 102 8,000
lgg3 103 to 110 8,000
1984 111 to 119 9,000
1985 120 to 128 9,000
1986 129 to 138 10,000
lgg7 139 to 148 10,000
lggg 149 to 156 10,000
1989 159 to 168 10,000
1990 169 to 179 11,000
1991 180 to 190 11,000
lgg2 191 to 201 11,000
_
1993 202 to 213 12,000
1994 214 to 226 13,000
1995 227 to 240 14,000
1996 241 to 255 15,000
lgg7 256 to 271 16,000
1998 272 to 288 17,000
1999 289 to 306 18,000
2000 307 to 325 19,000
2001 326 to 345 20,000
2002 346 to 366 21,000
2003 367 to 388 22,000
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The Bonds shall be negotiable and shall bear interest payable
semi-annually on April 1 and October 1 in each year, beginning
October 1, 1963, at the rate of 3 3/8% per annum, until the principal
and interest shall have been fully paid. The Bonds shall be signed
by the Mayor and City Clerk and sealed with the corporate seal of the
City; the interest upon the Bonds shall be evidenced by coupons at-
tached thereto, the coupons to be signed by said Mayor by his fac-
simile signature, and the Mayor shall by the execution of the Bonds
adopt as and for his own proper signature his facsimile signature
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~~~ appearing on said coupons. Both the principal of and interest on
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~?"~ said Bonds shall be payable in any coin or currency which on the
4'•..""~°S respective dates of payment thereof is legal tender for payment of
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debts due the United States of America, at the main office of The '
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First National Hank in Little Rock, Little Rock, Arkansas, or, at
s' the option of the holder, at the main office of the Chase Manhattan
M.
Bank, New York, New York (sometimes hereinafter called the °Bank of
r; ..
~~ Payment°).
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~~` The Bonds, together with interest thereon, shall be payable
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- solely out of the Airport Revenue Bond and Interest Sinking Fund, as
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hereinafter defined, and shall be a valid claim of the holder thereof
.only against such fund, and the amount of revenues pledged to said
fund, which amount o£ said revenues is hereby pledged .and mortgaged _
x`. ~;
for the equal and ratable payment of the Bonds and shall be used for
.3:~'.~ _. ..
no other purpose, except as hereinafter set out.
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G~., SECTION 4. That said Bonds and coupons shall be in substantially
,:fit"
..the following form:
h
•h " UNITED STATES OF AMERICA '..
STATE OF ARKANSAS
`' COUNTY OF CRITTENDEN
ar,. CITY OF WEST MEMEHIS , '" ;~
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-. 3 3/8°,6 Airport Revenue Bond I~
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~'. No. $1000
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';" ISTOW ALL MEN BY THESE PRESENTS: `:,;#'
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That the City of West Memphis, in the County of Crittenden, j;
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State of Arkansas, for value received hereb romisea to `'
Y P pay to bearer,
` solely from the special fund provided therefor as hereinafter set forth,
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the sum of
ONE THOUSAND DOLLARS ~.
- ~~'
on the first day of Aprils with interest thereon at the rate "'
s
°~ of three and three-eighths per centum (3 3/8%) per annum payable on the
o-r,.
4,` first day of April and October in each year beginning October 1, 1963,
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;~^, until the principal hereof is paid, only upon presentation and sur-
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~'~• render of the annexed coupons as they severally become due. Both the ~'»
~~ principal of and interest m this Bond shall be payable in any coin
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?f, or currency which on the respective dates of payment thereof is legal ~,,.,
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tender for payment of debts due the United States of America
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,,, main office of The First National Bank in Little Rock, Little Rock,
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'`~ Arkansas, or, at the option of the holder hereof, .at the main office ,li
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Df The Chase Manhattan Bank, New York, New York (hereinafter col-
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lectively called the "Bank of Payment").
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~' This Bond is one of a series of Bonds aggregating Three Hundred
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r~,~ Eighty-eight Thousand Dollars ($388,000), all of-.like tenor and effect
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'$"Y' except as to number, maturit and
h=:~. Y. privilege of prepayment
numbered
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``' from 1 to 388 both inclusive, and issued for the purpose of paying y
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~' part of the cost of constructing an airport, with all runways, buildings ?~
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and appurtenances
(hereinafter collectively called the "Airport"). ~
,
Thia Bond and the series of which it forms apart.. are issued
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;fir- pursuant to and in accordance with the provisions of the laws and
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Constitution of the State of Arkanssa, particularly Act No. 175 of
the Acts of the General Assembly of the State of Arkansas for the
year 1959, and do not constitute an indebtedness of the City of West
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~~ Memphis within any constitutional or statutory limitation.. Said Bonds
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"` are payable from and secured by a first lien on and pledge of a fixed
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~- amount of the gross revenues derived from the operation of the Airport,
?~^. and are further secured by a pledge of general revenues of the City,
and said amount shall be sufficient to pay the principal of and '
interest on the Bonds as the same become due and payable. Said amount
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has been dul set aside and
Y pledged as a special fund for that purpose ''
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and identified as the "Airport Revenue Bend and Interest Sinking Fund,"
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°`r created by the ordinance by which this Bond is authorized to be issued, t
;F :.and the said City of West Memphis has fixed and has covenanted and
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agreed to maintain rates for Airport services which shall be sufficient
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>, at all times to provide for the payment of the reasonable expenses of
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® Operation and maintenance of the Airport, to provide for adequate
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s~i depreciation, and to provide for the payment of the principal of
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and interest on the Bonds of this issue as the same become due and
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r,~,y payable.
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This Bond is expressly made negotiable by the statutes under
which it is issued, and is issued with the intent that the lava of
the State of Arkansas shall govern the construction thereof.
,. The Bonds of this issue are callable at the option of the City
on any interest paying date on and after April 1, 1973, for payment
prior to the stated maturities thereof, in whole or in part, in inverse
- numerical order, at par plus accrued interest to the date of redemption,
~. plus a premium of 4% on all Bonds called for redemption prior to
maturity at the expiration of the tenth year, with a reduction of
~:.. 1/4 of 1% per year until the expiration of the 26th year after issue,
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~` after which there shall be no premium on Bonde called for prepayment. G
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In the event the City elects to exercise the option to call any Bonds
~~ for prepayment, it shall publish notice thereof, giving the number and
:~.., .
maturity of each Bond being called, once a week for two weeks in an
English-language newspaper of general circulation throughout the State ~'
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of Arkansas, the first publication to be not leas than thirty days
~',
prior to the date fixed for redemption. All Bonds so called shall
~',
t`. cease to bear interest after the date fixed for their redemption,
provided the funds for their payment are on deposit with the Bank of
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Payment at that time.
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IT IS HEREBY CERTIFIED, RECITED AND DECLARID that all conditions, s'
acts and things required to exist, to be performed, and to happen ~,~
precedent to and in the issuance of this Bond do exist, have been
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performed, and hrve happened in due time, form and manner as required t"
lhhy~.
by law, and that a fired amount of the gross revenues derived from Ga
the operation of the Airport haB been pledged to and will be set
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"- aside. into said special fund for the payment of the principal of and , ~ {
interest on said Bonds; and these Bonds do not exceed any consti- C,h
tutional or statutory limitation. ~~•
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This Bond shall not be valid until it shall have been authenti- ~~,,'
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_;= Gated by the certificate hereon, duly signed by The First .National ~ .
u>~~
. Bank in Little Rock, Little Rock, Arkansas.
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7.p-; ~., IN WITNESS WHEREOF, the City of West Memphis, Arkansas, by its
City Council, has caused this Bond to be signed by the Mayor and City
--<
:~, Clerk thereof and sealed with the corporate seal of said City, and has
I a:: caused the coupons hereto attached to be executed. by the facsimile
'. M. signature of said Mayor, all as of the first day of April, 1963. '
CITY OF WEST MEMPHISi ARKANSAS
°= (Seal)
j~ { By__!~~~~~_-- •
;'~ ~' Attest: Mayor
~;
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City Clerk
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(Form of,Coupon} ,..
"
~~, No. $ w
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,, April
On the first day of October. upon surrender hereof, unless ~.
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~ao the Bond to which this coupon is attached is sooner called. for payment, k
the City of West Memphis, Arkansas, promises to pay to bearer the sum e
of DOLLARS in any coin or currency .which on said !,
`~ date is legal tender for payment of debts due the United States of ~;
;' America, solely out of the fund specified in the Bond to which this
~: coupon appertains, at the main office of The First National Bank in
Little Rock, Little Rock, Arkansas, or, at the option of the holder,
at the main office of The Chase Manhattan Bank, t?ecv York, New York, R
'~ being interest then due on its Airport Revenue Bond dated April 1 r,
•;~ 1963, and numbered
.
;~
CITY OF WEST MEMPHIS, ARKANSAS
~;
By~< 9 ~~J.~J'CI~ryLi~
Mayor
a (All coupons shall be for six months' interest. The Mayor's
signatre on the coupons may be lithographed or engraveu.}
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C''
., r..; CERTIFICATE
~~
-- This Bond is one of the 388 City of West Memphis, Arkansas,
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~~~~ Airport Revenue Bonds aggregating $388,000 described within.
~` ~_ THE FIRST NATIONAL BAI1K IN LITTLE ROCK,
~~ - LITTLE ROCK, ARKANSAS, Trustee
By
Authorized Officer
Little Rock, Arkansas
SECTION 5. In order to pay the Hinds and interest thereon as
they mature, the Airport Commission, under authority of the statutes
of Arkansas and of West Memphis Ordinance No. 422, by which it was
`.'~' created, will fix rates, rentals and charges for the uses of the
~:
Airport facilities, which will be pledged to the payment of said
k'~~. Bonds and interest, and in addition the City Council hereby appropri-
~'' ates out of the City's general revenues the sum of $5000, to be
~ ;
N deposited in the Airport Revenue Fund upon the initiation of operation
,s
"'?+ of the Airport. The City Council finds and declares that the rates,
-:
;°* rentals and charges for Airport services, together with said deposit
•.,
~'; of $5000, will produce a sum total that will be large enough to meet
=;<~' the payments of principal and interest as they mature and to pay the
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r.:{-, reasonable costs of the operation, repair and maintenance of the
.r~ "
~~ Airport, and to provide adequate depreciation as hereinafter defined,
'''~''r._ and that the amount available for the payment of Bonds and interest
ss;.';
shall be equivalent to 150° of the average annual prindgsl and interest
maturities of the Bonds. The rates and charges so fixed shall never
°^ .
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be reduced until the Bonds and all interest thereon shall have been
paid in full, and shall when necessary be increased in an amount
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sufficient to provide for the maintenance o£ the funds hereinafter
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- described.
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SECTION 6. The City covenants and .agrees to establish, aad
~r'._. to maintain so long as a~ of the Bonds are outs"tanding, the following -.
~~
~; ; special funds:
'_
~; .
A. The Airport Revenue Fund, to be kept separate and
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''' apart from all other funds, into which shall be .deposited all income
C~".
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~ and revenues derived from the operation of the Airport and the sum. ~'
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v of $5000 from the City's general revenues, to be expended and used'
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only in the manner and order hereinafter specified,. all as permitted.- _
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and defined by applicable statutes.
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>: B. 7$e Airport Revenue Bond and Interest Sinking Fund, o '
~' "~~ (sometimes hereinafter called °Revenue Bond Fund`), into which shall ~.
be deposited all accrued interest received from the sale of the Bonds
,
`~
is any proceeds of the sale of the Bonds remaining after the completion
~
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of construction, and, by transfer from the Airport Revenue Fund on - ~,
!.`
or before the fifth day of each month, sums equal to at least one
';~. fifth of the amount of interest due the next succeeding interest
'
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payment date plus one tenth of the principal due the noxt princi al
p
,.
`
payment date plus paying charges, until a debt service reserve in the ~ `
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amount of $46,000 has been accumulated. Thereafter, it shall transfer ~
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~' and deposit such sums as may be necessary to meet the then current
!"'
g year's debt service and maintain the reserve of $46,000.
,~_
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Provided, however, that no further payments need be i
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:: made into said Revenue Bond Fund after and so long as such amount of
~~
` the Bonds shall have been retired that the amount then held in such
~
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Revenue Bond Fund, including the reserve, is equal to the entire amount. f
of the interest and principal that will have accrued aad becgme due at_
. the time of theretirement or maturity of all the Bonds then remaining ,
~
~ outstanding.
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The undertaking to transfer the prescribed amounts g
'" from said Airport Revenue Fund into said Revenue Bond Fund shall be
"~
cumulative, so that in the event the revenues during any month are j
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inadequate to make the required transfer and payment, or if for any
other reason there be a failure to make such transfer and payment, ,
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the amount of the deficiency shall be made up from the first available
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revenues thereafter received, and the same shall be in addition to the
'~~~ amounts otherwise required to be t~sferred and paid into said Revenue
:- ~ x -~.
Bond Fund.
C. The Airport Depreciation Fund (sometimes hereinafter F
r.
called °Depreciation Fund°), into which shall be transferred from the
Airport Revenue Fund on or before the fifth day of each month sums ~'
,.equivalent to five per centum of the gross revenues of the Airport for
'~ the preceding month. Moneys in this fund are to be used to pay for
x`~.`
T' necessary replacements or repairs to the facilities of the Airport or'
~.
#or the cost of economically justifiable extensions to the Airport. ~.;
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~ Nowever, in the event that funds in the Revenue Bond'b'und should. be ,`i
4' reduced below the amount required to meet the current debt service ,~°!
ss ;
~': plus the reserve of $A6,000, funds on deposit in the Depreciation Fund
may be transferred to the Revenue Bond Fund to the extent xequired to
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`„
.eliminate the deficiency in that fund. #
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~'~ D. The Airport Operation and Maintenance Fund (sometimes ''d
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hereinafter called "Operation and Maintenance Fund°), into which shall. i
M ` i.
~ be transferred from the Airport Revenue Fund, on or before the fifth - Ch
~ day of each month, such sums as are estimated to be required for the
necessary operatiott and maintenance expenses of the Airport for the P;
current month as the same become due and payable.
~~ SECTION 7. Subject to the foregoing, which are cumulative, any
,. ~.
.~~ balance in the Airport Revenue Fund shall be used by the Airport Com- ~~
`a If y
w,"' mission for the purpose of acquiring outstanding Bonds for cancellation; r'
,,: I:.
-for redeeming outstanding Bonds on the next interest paying date in
':~>" inverse numerical order at not to exceed the applicable call price; or
~~- for the expansion, maintenance, or operation of the Airport or any of
~' its facilities, buildings, or other improvements, including the payment
~'` of principal of and interest upon other bonds issued under said Acts
~.~ S7o. 175.
~. _._.s._..~.,.,,.__.M .. - ,~- ~ _~_.
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SECTION 8. The pledge of revenues from the operation of the s`,
_~ Airport and from the general revenues of the City is subject to the ,.
~
,
`,
restriction that the City shall never in any fiscal year be liound
' beyond an amount that would, together with the other expenditures
t
"- and contracts of the Cit call for a p ym
y, payment or a ents in that U
C.~
~,~ fiscal year in excess of the total revenue for the City for that
fiscal year, so that the City shall never at any time by its contract
`' or pledge of .revenues and rentals violate the provisions of Amendment
~:' ,
No, 10 to the Constitution of the State of Arkansas.
SECTION 9. The City covenants and agrees that it will not
„` issue any bonds on a parity with these Bonds unless the net revenues
of the Airport for the fiscal year immediately preceding such issuance
r and sale of additional bonds be equal to at least one and one-half
times the average annual debt service requirements of the then out- '
standing Bonds as certified by an independent public accountant and
:rl
unless the projected net .revenues of the Airport for the life of the
then outstanding Bonds and the prgmsed additional revenue bonds be
equal to at least one and one-half times the average annual debt
;
;
service requirements of the then outstanding Bonds combined with the
4~: average annual debt service requirements of the proposed additional
_a
revenue bonds, as prepared by a qualified recognized consulting ~
1
engineer. Provided, no bonds shall be issued having a lien on the
revenues of the Airport prior to the lien of the'Bonds authorized by
~' this ordinance, but nothing herein shall be construed to prevent the
~ City from issuing bonds to secure funds for extensions or improvements
t o the Airport subject to the prior lien of said Bonds. '
SECTION 10. The Revenue Bond Fund shall be used solely and only
and is hey pledged for the purpose of paying the interest on and
accomplishing the retirement of the Bonds. It shall be the duty of
fi-~
. the City Treasurer to deposit in the Revenue Bond Fund on the fifth ~'
day of each month after the issuance of these Bonds the respective ~^
k
soma which are required to be withdrawn from the Airport Revenue Fund
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and paid
into said Revenue Bond Fund, and this Revenue Bond Fund shall
~ be and r emain in and on deposit as a trust account until applied in
.
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E'° payment of pri ncipal and interest of the Bonds, as follows:
YEAR PRINCIPAL INTEREST TOTAL
• ' Apr. 1 of April 1 and Oct. 1 "
,'• G',; each year of each year
+ ~'~
%.;. x 1963 $ $ $6,547.50 $ 6,547.50
~` ~ `J 1964 6,547.50 6,547.50 13,095.00
~° 1965 6,547.50 6,547.50 13,095.00
~" 1966 3,000.00 6,547.50 6,496.87 16,044.37
y,; 1967 3,000.00 6,496.88 6,446.25 15,943.13
1968 4,000.00 6,446.25 6,378.75 16,825.00
4`
s 1969 4,000.00 6,378.75 6,311.25 16,690.00
', 1970 5,000.00 6,311.25 6,226.87 17,538.12
`^'- 1971 5,000.00 6,226.88 6,142.50 17,369.38
-k"tM 1972 6,000.00 6,142.50 6,041.25 18,183.75
1973 6,000.00 6,041.25 5,940.00 17,981.25
a~."
. 1974 6,000.00 5,940.00 5,838.75 17,778.75
^.~ 1975 7,000.00 5,838.75 5,720.62 18,559.37
-
.., 1976 7,000.00 5,720.63 5,602.50 18,323.13
~ 1977 7,000.00 5,602.50 5,484.37 18,086.87
1978 7,000.00 5,484.38 5,366.25 17,850.63
1979 8,000.00 5,366.25 5,231.25 18,897.50
1980 8,000.00 5,231.25' 5,096.25 18,327.50
~ 1981 8,000.00 5,096.25 4,961.25 18,057.50
Yt'}
- 1982..• 8,000.00 4,961.25 4,826.25 17,787.50
1983 8,000.00 4,826.25 4,691.25 17,517.50
¢ ,.
1984
9,000.00
4,691.25
4,539.87
18,231.12
't' 1985 9,000.00 4,539.88 4,387.50 18,927.38
~~~ ~, 1986 10,000.00 4,387.50 4,218.75 18,596.25
•
" 1987 10,000.00 4,218.75 4,450.00 18,268.75
~~
~
' 1988 10,000.00 4,050.00 3,881.25 17,931.25
~*•' 1989 10,000.00 3,881.25 3,712.50 17,593.75
'~ 1990 11,000.00 3,712.50 3,526.87 18,239.37
1991 11,000.00 3,526.88 3,341.25 17,868.13
1992 11,000.00 3,341.25 3,155.62 17,496.87
'^~" 1993 12,000.00 3,155.63 2,953.12 18,108.75
~~ 1994 13,000.00 2,953.13 2,733.75 18,686.88
1995 14,000.00 2,733.75 2,497.50 19,231.25
* 1996 15,000.00 2,497.50 2,244.37 19,741.87
FY.,- 1997 16,000.00 2,244.38 1,974.37 20,218.75
1998 17,000.00 1,974.38 1,687.50 20,661.88
¢:- 1999 18,000.00 1,687.50 1,383.75 21,071.25 •
z 2000 19,000.00 1,383.75 1,063.12 21,446.87
2001 20,000.00 1,063.13 725.62 21,788.75
. 2002. 21,000.00 725.63 371.25 22,096..88
•~'iy
,
'o-~.' 2003 22,000.00 371.25
- ------ 22,371.25
F' '
~~f'
It
shall be the duly of the
City Treasurer to deliver to the
' "~ .,
Trustee,
not less than five days before the due date of any semi-
%` annual payment of interest or annual payment of principal, a check or _,
-~ voucher drawn on the Revenue Bond Fund, to be used to meet the pay-
f: -
i ~,'4.: ,
+~ ment then due, together with the paying charges hereinafter set out.
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'
~
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~: 6ECTION 11. The Mayor and City Clerk are hereby authorized
~~ r= and directed to execute the Bonds and deliver them to the buyer upon, f
x
``.' payment of thefull purchase price with accrued interest to .date of
c
delivery of the Bonds. The money received for accrued interest shall,
M t
' ~
~' be paid into the Revenue Bond Fund. The balance of the .money received .
. _
~
,
4u.
for the Bonds shall be deposited in a fund hereby created and desig-, -.3
`~3
,`,;
~.:-:; noted "Conbtruction Account,° and shall be expended solely for such
:`~'~
purposes as shall have been previously specified in a signed certifi= ...'r
~~"
' Cate of purposes filed with and approved by the Administrator. of-the
;~,_ Housing and Home Finance Agency. Any funds remaining in the Cori-
..
struction Account after the completion of the construction of the
improvements shall be promptly used for the Redemption of Bonds; _" ~
'~'' provided, however, that if-the funds remaining amount to less than ::i
- i
$1000, such funds shall ba deposited in the Revenue Bond Fund.
SECTION 12. The depository bank of each fund hereinabove
~x ,created shall give security, either by a corporate bond or by the
3:,'
~',-
~
escrow deposit of bonds or other direct or fully guaranteed nbliga-
_
bona of the IInited States of America, for all sums of each fund on
•'
deposit with it in excess of $10,000.
<v : . IIpon request by the City, moneys on deposit, to the credit of •
~'..` accounts and funds established and maintained in conformity with
F
"~
€. the provisions of this ordinance shall be invested by the depository
~'
G. bank in direct obligations of, or obligations the principal of and k
I~
interest on which are guaranteed by, the IInited States Government.
i
a Where the City is required to maintain fixed amounts in such n
~i
F
~ accounts and funds, the investments shall be valued in terms of
~„ current market value as of June 30 and December 31 of each year. •eE
Interest earned on such investments shall be deposited in the fund ~'
~::
Erom which the investment was made.
~!
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Y
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ra` ~ $ECTIDN~_. The terms "City" and "Bond Fund" as used in this section shall mean, respectivelyy, the Incorporated Town or
{ I the City issuing the Bonds and the Fund provided by this ordinance for the payment of the bonds. °$y9t@IR° Iil_a279 gAir,EJOrt .°
' ~ For and in consideration of the purchase and acceptance of the Bonds authorized by this ordinance and to facilitate their payment,
with interest, the City agrees to the following terms:
(a) None of the facilities or services afforded by the System shall be furnished without a reasonable charge being made therofor.
In the event that the City or any department, agency, or instrumentality thereof shall Quail itself of the facilities or services afforded by
the System, the reasonable value of the services and facilities so afforded shall be charged against the City or such department, agency,
ar instrumentality, and shall be paid for as the charges therefor accrue. The evenues so received from the City shall be deemed to be
revenues derived from the operation of the System; provided, however, that nothing herein shall be construed as requiring the City or any
(~: department, agency, or instrumentality thereof to avail itself of the facilities or services afforded by the System. -
~C'~' Ibl The Ciiy will maintain the System in good condition and operate the same in an efficient manner and at o reasonable Lost.
t-~ So Tong as any of the Bonds are outstanding, the City agrees to mot ntain fire, lightning and tornado insurance on the System in an
amount which normally would be carried by a private company engaged in a similar type of business. These insurance policies ore to be
:~ taken with companies approved by the Trustee, are to mrry a clause making them payable to the Trustee as its interest may aPPeor, are
- to be kept continuously n force, and either the original policies of insurance shall be placed in the Custody o£ the Trustee or the Tru^,-
tee shall be furnished evidence satisfactory to it shot the policies have been issued and carry Cho loss payable to the Trustee clause. In '
the event of loss, the proceeds of such insurance are to be applied solely toward the reconstruction, replacement, or repair of Cho System. In
~~._. much event the Ciry will, with reasonable promptness, [cruse to be commenced and completed the reconstruction, replacement and repairs.
~y'yl Nothing herein shall be construed as requiring the City to expend any funds for premiums on its insurance an the System which ore derived
from sources other than the operation of the System. -
~~~ Icl The City Treasurer shall be the Custodian of the revenues derived from the System, and shall give band as such custodian.
Such bend shall be in an amount not less than $F r's~~~.00 and shall be approved by the Trustee.
Id) The System shall be operated upon a fiscal year basis, beginning January 1 of each year and
' ending and including the following r)e r 4l -
lel So long as any of the Bonds ore outstanding, the City will not mortgage, pledge, ar otherwise encumber the System or any
port thereof ar any revenues therefrom, except os herein provided, and will not sell, lease, or otherwise dispose of any substantial portion
of. the same. The obligations of the Ciry set out in this ordinance, the pledge of evenues, and the City's agreement not to mortgage,
pledge, or otherwise encumber the System, shall be made o matter o£ public record by having o certified copy of this ordinance recorded as
o mortgage in the office of the Circuit Clerk and ex-officio Recorder of Crittenden County, Arkansas.
(fl All revenues from the System shall be deposited In such depository or depositories as may be lawfully designated from time to
time, subject, however, to the giving of security by each such depository as now or as hereatter may be required, and provided each such
- - depository shall hold membership in the Federal Deposit Insurance Corporation. All deposits shall 6e mode in the name of the City and ba
so designated as to indicate the particular fund to which the revenues belong. payments from each fund set out in this ordinance shall be
&(:~ mode by check ar voucher signed by two duly designated persons and drawn on the depository in which the moneys in said fund shall have
been deposited, and each such check or voucher shall briefly specify the purpose of the expenditure.
~L Ig) The Bonds, together with interest thereon, are not general obligations of the City nor da they constitute an indebtedness of
r' ~ the City within the meaning of any constitutional or statutory provision or limitation, but shall be payable solely out of the Bond Fund
- and shall be o valid claim of the holders thereof only against said Fund, and the amount of the revenues pledged to said Fund, which Fund
is hereby pledged 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 as the same mature, except as provided in this ordinance.
' ~- Ihl It is covenanted and agreed by the City with the holder or holders of the Bonds, or any of them,. that it will faithfully and
punctually perform all duties with reference to the System required by the Constitution and statutes of the State of Arkansas, including the
making and toll=cling of reasonable and sufficient rotes lawfully established for services rendered by the System and applying the revenues
therefrom to the respective funds herein created.
lil The City w71 keep proper books of records and accounts (sepprate from all other records and occountsl in which complete and
correct entries shall be made of any transactions relating to the System. The City agrees to have these records audited by on independent
- certified public accountant of least once each year, and it shall Turnish the Trustee o copy of this audit. In the event that the City fails
. or refuses to make the audit, the Trustee may have the audit made, the cost thereof to be charged to the cost of operation.
Ijl If there be any default in the payment of either the principal of or the interest on any of the Bonds, the holder or
holders thereof may enforce any mortgage Lien granted by statute and may by proper suit compel the performance of the duties of the
officials of the Ciry, as set forth in the statutes ou thorizing the Bonds. I( there be default in the payment of the principal of ar interest
on the Bonds or if the City shall fail ro keep any other obligation which ii herein assumes, and such default shall Continue for thirty
days thereafter, any court having jurisdiction in any proper action, which may 6e instituted either by the Trustee on behalf of all the bond-
holders, ar by the holder of a Bond in default, may appoint a receiver to administer the System 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 the pay- i
moot of the operating ezpenses, and to apply the income and revenues in conformity with said statutes and this ordinance providing for
the issuance of said Bonds, but when all defaults are cured, the receivership shall be ended and the management and control of the Sys-
tem restored to the City.
Ikl The City further covenants and agrees that if default is mode i the payment of any Bond ar coupon, or if the City fails to ~
meet any Bond Fund requirements, the holder of such Bond may declare that Bond 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. - j
The failure to exercise this option upon any default shall not be a waiver of the right to exercise it upon any subsequent de£cult.
(I) The Bands authorized hereby shall be callable for payment before maturity according to the terms set out in the bond form.
(ml The City hereby agrees to make all payments on Bonds and interest only through the designated paying agent. All Bonds paid i
. or purchased, either at or before maturity, shall be canceled when such payment or purchase is made, together with all unmatured cou-
pons appertaining thereto, shall be returned to the City, and shall not be reissued. All unpaid interest coupons maturing on or prior to -~
the date of such payment or purchase shall continue to 6e payable to the respective bearers thereof.
Inl The char es for i - ~ r
g paying Bonds and interest coupons shall be /e of 1 % on principal and Sc per coupon; provided, the minimum p.
fee for any semi-annual payment shall be $ 5-~~ No withdrawal from the Bond Fund shall be made for any purpose other - ~~
than the payment of Bonds and interest, and the monthly deposits in the Bond Fund or with the Trustee shall be at the sole risk of the
City and shall not operate os a payment of the Bands or coupons until so applied.
(ol Wherever reference is made in this ordinance to a Trustee, it shall refer to `
The First Nati anal Aanlc ; n ; i P Ro k r ; rrr P nnrl. Arkansas E'
Tha said Trustee shall be responsible only 4or wilful misconduct in the execution of this trust. The recitals of fact herein contained, and ~
contained in the Bonds, except the recitals in The Trustee's Certificate, are statements of iha City and shall of be construed os being
made by the Trustee. The Trustee shall not be required to effect insurance ogalnst hire or damage to mortgaged property, nor to advance 6
any money to pay insurance premiums, nor to pay any charges or special assessments opainst said proporty, nor to sco that this pledge of
revenue is properly recorded and kept in force as o Pledge, nor shall 't ba required to take notice or bo deemed to have had notic^_ of any {
default of the City in the failure to perform any of the conditions of this ordinance, unless said Trustee shall have been specifically nofi- E
tied in writing of said default; nor shalt it 6e required to coke any action hereunder until it shall hove been indemnified to its satisfaction
by the holders of the Bonds, or some of them, against loss or damage on account thereof. The Trustee is authorized in it•, discretion r
to release any real or personal property no longer used in the opera Lion of the System. The holder or holders of o majority in value of
the Bonds at any time outstanding may ai their option remove the Trustee, and may appoint a successor trustee for one either removed
or resigned, by an instrument duly acknowledged and filed for record in the office of the Circuit Clerk and ez-officio Recorder of k.
Crittenden county.
The Trustee may resign at any time upon ten days' written notice to the City Clerk The successor trustee shall have r
all the rights and powers of the originally appointed Trustee.
Ipl It is hereby declared that the provisions of this ordinance ore separable, and 'f any provision of this ordinance shall for any E
reason be held illegal or invalid, it shall not affect the validity of the remainder of the ordinance. - p
Iq) It is hereby declared that the provisions of this ordinance constitute o contract by and between the City and the holders of the b~.
Bands and interest coupons issued by authority hereof; and after the Bonds trove been issued and paid for, the terms of said provisions
-shall not be changed except with the written consent of the holdors of all Bonds and coupons then outstan~inp.
- - _ ;.
,. .. ~.
a'
155
- - ---~--~-'R~-,...
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7 1 r T
!~
~ -. `.
~ "~. SECTION 14. It is hereby ascertained and declared that there
`•,
is immediate need, in order to protect the lives and property of the x
inhabitants of the City of S4est Memphis, to improve-and equip t?ie Y,I
C3°?
~ municipal airport; therefore, an emergency exists and this ordinance, ~,°
~ ,, z
,t~", being necessary for the preservation of the public peace, health and •..5,
~ ::safety, shall take effect and be in force from and after its passage. ~~,_
3~ Passed: Aueust 1 1963. ,
~- ~ .. r
APPROVID:
~,~~/ ,
~'
Mayor ~ ' 1 ~ ~~.
Attest: ,,, s
_ ~ 5` :.
//'~ ~ , ?1
...c City -Clerk ~ x~"
t y
+ ^~ ' ~.
m' ~, - ..
~ CERTIFICATE ~.
s+
~ - , /..
w,.
I, the undersigned, City Clerk of the City of West Diemphis, ~`+
c.
Arkansas, hereby certify the foregoing to be a true copy of an
~.~ ordinance adopted by said Council at a duly called and constituted ,,~ r ~.
meeting at which more than two thirds of the members-elect of said
Council were present and voted in favor of said ordinance.
~ ~ CERTIFIID under my hand and the seal of said City, .this
0
ist day of Aueust 1963.
_~
o / (-.
r°. ~ ~ City C~~~k
j i
{seal) ~ J, ; .State of Arkansas; County of CrittendetP ~
~ ~ a j ~ , ~. Filed far record the.......day of.....~l~d. ~ 1 ...e
r~,
a ~ - ~/ ~
t. ~ ` r ' ~-k /} M..and recorded in Book... 6.~-,Pago,.l,{0_`~ ~' t _.
Y i ..^ ~ ,.
,~ Hu^lDHal1S N Jr., rrcmt Clerk !r s `
,,.
f
S+
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.ae` , 7
f ..... ..... ... ~.. ...... k ` r
r _ + 4 ,.
'~ t4 ~'L
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156
Piayor Eden brought to the Council's attention several requests have been made by
Independent Baseball Teams tc use Hospital Field. Thy I,oyor stateo fire Utility Engineer
had figured the cost of providing light for the Field for four hours would be y31.10.
After discussion it was the concensus of opinion that when the Bal7field is not being
used by West Memphis Teams under supervision of Recreation Commission that a charge of
$35.00 be paid in advance by the ]independent Team to Recreation Commission, and that
said money be paid to the Utility Cemmission for electricity and replacing of light
bulbs.
Building Application of L. A. '+Jillis to build an addition of two rooms 1!r x 25
on back of four room house with one bath at 230 W. Pond was presented. The Council
was informed that under Crdinance Ito. !~11 this would be a Non Conforming Use, hoxever,
the City can not prohibit extension or enlargement of his home as long as the owner
of the property at the time of the passage of the ordinance lives in the home. After
discussion, mction was made by Alderman Matthews, seccnded b,r Alderman Leggett: That
the applicaticn of L. A. Willis be approved. Upon vote, the veting eras as fellows:
Yes: Aldermen: Leggett, Matthews, Sirs, Weis, Bollinger, and Bowe.
No: None.
Resoluticn Approving Engineer's Report And The Financing And Construction of A
Puni.cipal Airport adopted by the Airport Cotra^issicn of West Memphis, kArkansas, on
July 23, 1963, was presented and ordered Filed with City Clerk.
Alderman N;attheiys commended the Engineering Department on supervision of
construction of dressing room and restrcom facilities at Hospital Field.
Ito Further business being presented, motion was made by Alderman Matthews, seconded
by Alderman Weis tc adjourn. L'pon votie, the voting was as follows:
Yes: Aldermen: Leggett, Matthews, Sims, lveis, Bellinger, and Bowie.
No: None.
~ ice- , '`
~`~.. _.
ATTEST•
IT_
APP30vnD: AUUUBT 15, 1963
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