May 28, 1964---- .- - --- - MINUTES OF A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS,
HELD AT THE CITY HALL IN SAID CITY ON THE 28TH DAY OF MAY, 196(1
The Council of the City of West Memphis, in the County of Crittenden, State of
Arkansas, met in special session at the City Hall in said City, at 4:30 o'clock P.M.,
on the 28th day of May, 1964.
The meeting was called to order by the Mayor, and the roll being called, there were:
Present: Bob Eden, b;ayor, in the chair, and the following named Aldermen:
0. I. Bollinger Y. G. Sims
R. C. Bowie C. H. Rowton
Kirby Leggett F. C. Weis
and also: City Attorney W. H. Dillahunty.
Absent: Aldermen Earl Felts and Paul Matthews, who had notice of the meeting and ~{ad
signed Waivers consenting to holding of the meeting, the Waivers were orde~i~ed
filed.
City Attorney Dillahunty pursuant to instructions of the Council presented the following
Resolution:
RESOLUTION N0. 275
WHEREAS, John N. Wood has served the City of West Memphis as a member of the
Utility Commission for a period of ten (10) years; and
WHEREAS, during this appointment to the office of Utility Commissioner, John N. Wood,
has faithfully served the City of Weat Memphis and has been attentive to his duties; and
WHEREAS, John N. hood has discharged these duties as Commissioner and as Chairman of
the Utility Commission during his tenure of office with diligence and has performed many
services and duties as Commissioner beyond the prescribed statutory requirements; and
WHEREAS, the City of 'lest Memphis and the citizens therein have been greatly benefited
by the services o£ John N. Wood;
THEREFORE, we, the Mayor and the members of the City Council, pass this Resolution
and extend our sincere appreciation to John N. Wood for services rendered as a member of
the Utility Commission and order that this resolution be made a part of the official minutes
of .this meeting and that a certified copy thereof be delivered to John N. Wood.
Motion was made by Alderman Rowton and seconded by Alderman Leggett: That the Resolution
as presented be adopted. Upon vote, the voting was as follows:
Yes: Aldermen: Bollinger, Bowie, Leggett, Sims, Rowton, Weis.
No: None.
Mayor Eden informed the Council the Airport Commissioners had recommended
Chan Watkins be appointed to fill the unexpired term of P. G. Para, who had resigned on
May 21st. After discussion, motion was made by Alderman Weis, seconded by Alderman Rowton:
That Chan Watkins be appointed to fill the unexpired term of P. G. Para as a member of the
Airport Commission in accordance with Ordinance No. 422. Upon vote, the voting was as
follows:
Yes: Aldermen: Bollinger, Bowie, Leggett, Sims, Rowton, Weis.
No: None.
City Attorney Dillahunty informed the Council the prime purpose of the meeting was
East St. Louis Casting Company is planning to establish a plant in West Memphis provided
the City can finance the construction of a plant to be leased by the Company. In order
to obtain the financing by bonds under Amendment 49 and Act 9 of 1960 Trulock & Company,
Inc. and W. H. Satterfield & Company, Inc, of Little Rock had presented the following
proposals:
Mayor and City Council
City of West Memphis, Arkansas
Gentlemen:
To assist you in financing the construction of a slant to be leased to the East
St. Louis Casting Compax~y, we submit the following alternative proposals.
1. As Principal, we will purchase from you X750,000 of bonds divided into two separate
issues as follows:
GENERAL OBLIGATION, Industrial Development Bonds - $300,000
(issued under Amendment 49)
Maturing over a 25 year period
Secured by: (a) pledge of 2 mills
(b) second lien on lease rentals
Interest rate: 3.55
INDUSTRIAL DEVELOPMIENT REOENUE Bonds - 450,000
(issued under Act 9 0£ 1950)
Maturing over 25 years
Secured by: (a) first mortgage ott plant
(b) first lien on lease rentals
(c) a lus utility revenues
Interest rate: 4.50,
Arkansas, met in special session at the City Hall in said ity, at 0 o c oc .,
on the 28th day of May, 1964.
The meeting was called to order by the Mayor, and the roll being called, there were:
Present: Bob Eden, Mayor, in the chair, and the following named Aldermen:
0. I. Bollinger Y. G. Sims
R. C. Bowie C. H. Rowton
Kirby Leggett F. C. Weis
and also: City Attorney W. H. Dillahunty.
Absent: Aldermen Earl Felts and Paul Matthews, :3:o had notice of the meeting and ~{ad
signed Waivers consenting to holding of the meeting, the Waivers were ordek~ed
filed.
City Attorney Dillahunty pursuant to instructions of the Council presented the following
Resolution:
RESOLUTION N0. 275
WHEREAS, John N. Wood has served the City of West Memphis as a member of the
Utility Commission for a period of ten (10) years; and
WHEREAS, during this appointment to the office of Utility Commissioner, John N. Wood,
has faithfully served the City of Weat Memphis and has been attentive to his duties; and
WHEREAS, John N, kbod has discharged these duties as Commissioner and as Chairman of
the Utility Commission during his tenure of office with diligence and has performed many
services and duties as Commissioner beyond the prescribed statutory requirements; and
WHEREAS, the City of West Memphis and the citizens therein have been greatly benefited
by the services o£ John N. Wood;
THEREFORE, we, the Mayor and the members of the City Council, pass this Resolution
and extend our sincere appreciation to John N. Wood for services rendered as a member of
the Utility Commission and order that this resolution be made a part of the official minutes
of .this meeting and that a certified copy thereof be delivered to John N. Wood.
-~-tt
Motion was made by Alderman Rowton and seconded by Alderman Leggett: That the Resolution
as presented be adopted. Upon vote, the voting was as follows:
Yes: Aldermen: Bollinger, Bowie, Leggett, Sims, Rowton, Weis.
No: None.
Mayor Eden informed the Council the Airport Commissioners had recommended
Chan Watkins be appointed to fill the unexpired term of P. G. Para, who had resigned on
May 21st. After discussion, motion was made by Alderman Weis, seconded by Alderman Rowton:
That Chan Watkins be appointed to fill the unexpired term of P. G. Para as a member of the
Airport Com:rdsaion in accordance with Ordinance No. 422. Upon vote, the voting was as
follows:
Yes: Aldermen: Bollinger, Bowie, Leggett, Sims, Rowton, Weis.
No: None.
City Attorney Dillahunty informed the Council the prime purpose of the meeting was
Fast St. Louis Casting Company is planning to establish a plant in West Memphis provided
the City can finance the construction of a plant to be leased by the Company. In order
to obtain the financing by bonds under Amendment 49 and Act 9 of 1960 Trulock & Company,
Inc. and W. H. Satterfield & Company, Inc, of Little Rock had presented the following
proposals:
Z`:ayor and City Council
City of West Memphis, Arkansas
Gentlemen:
To assist you in financing the construction of a plant to be leased to the East
St. Louis Casting Company, we submit the following alternative proposals.
1. Aa Principal, we will purchase from you $750,000 of bonds divided into two separate
issues as follows:
GENERAL OBLIGATION, Industrial Development Bonds - $300,000
(issued under Amendment 49)
Maturing over a 25 year period
Secured by: (a) pledge of 2 mills
(b) second lien on lease rentals
Interest rate: 3.65%
INDUSTRIAL DEVELOPMENT REVENUE Bonds - 450,000
(issued under Act 9 of 1960)
Maturing over 25 years
Secured by: (a) first mortgage on plant
(b) first lien on lease rentals
(c) surplus utility revenues
Interest rate: 4.50
Total $750,000
Under this proposal, we will pay the ¢st of printing the bonds, the approving attorney's
fees, the trustee's fee, and the publication of ordinances and notices. The purchase o£ the
Act 9 bonds is contingent upon the issuance of and our purchase of the Amendment 119 bonds.
2. As Principal, we will purchase $750,000 of bonds divided into two separate issues as
follows:
GENERAL OBLIGATION, Industrial Development Bonds - $!150,000
Maturing over a period of 25 years
Secured by: (a) pledge of 3 mills
(b) second lien on lease rentals
Interest rate: 3.65
INDUSTRIAL DEVELOPASENT REVENUE Bonds - 300,000
Maturing over 25 years
Secured by: (a) first mortgage on plant
(b) first lien on lease rentals
Interest rate: 5.75
Total $750.000
Under this proposal, we will pay the cost of printing the bonds, the approving attorney's
fees, the trustee's fee, and the publication of ordinances and notices. The purchase of
the Act 9 bonds is contingent upon the issuance of and our purchase of the Amendment 49
bonds.
3. As Agent, we will assist you in selling $750,000 of industrial development bonds at
public sale. We will prepare all bond schedules and emoloy bond counsel to prepare necessary
instruments. We will pay the costs of printing the bonds, the attorneys' fees; the trustees'
fees, and the publication of ordinances and notices. In return for these services, we will
receive a fee in the amount of 2% of the total principal amount of bonds issued.
It is understood that the Company will make minimum annual lease payments of $65,000.
The bonds as issued will be subject to converstion to a lower rate cr rates of interest
provided that the City will receive no less, nor ply more as a result of the conversion.
Respectfully submitted
TRULOCK & COP3ANY, INC.
W. H. SATTERFIELD & CO., INC.
By/S/ JOHN A. FOGLEMAN, JR.
Date May 28, 1964
Accepted 196!1
Proposal #
CITY OF WEST I~iEM;FHIS
BY
Mayor
Clerk
It was brought to the Council's attention East St. Louis Casting Company had approved
Proposal No. 2 and recommended to the Council No. 2 be accepted. Also, that the money
will be for construction of the building, that East St. Louis Casting Cortmany will provide
$300,000 cash as their working capital, will buy $50,000 of Act 9 bonds, and will pay the
City $60,000 per year in accordance with lease agreement to be executed that said amount
will be approximately $10,000 in excess of the amount needed for retiring the bonds. After
discussion, motion was made by Alderman Bollinger, seconded by Alderman Sias: That the
Mayor and City Clerk be authorized to accept Proposal No. 2 of Trulock & Comoany, Inc. and
W. H. Satterfield & Co ., Inc. as presented. Upon vote, the voting was as Follows:
Yes: Aldermen: Bollinger, Bowie, Leggett, Sims, Rawton, and Weis.
No: None.
The Mayo stated that consideration should be directed by said Council to the question of
the passage and adoption of an ordinance to authorize an election anon the question of whether
or not bonds of said City should be issued in the amount of $1150,000.00 for the purpose of
securing and de eloping industry within or near the City of West Memphis, Arkansas.
After discussion by said Covncll, Alderman Rowton introduced in writing an ordinance
entitled "AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF WEST MEMPHIS, ARKANSAS, THE
QUESTION WHETHER IT WILL ISSUE BONDS TO THE EXTENT OF $LtS0,000.00 FOR THE PURPOSE OF SECURING
AND DEVELOPING INDUSTRY WITHIN OR N"nAR THE CITT OF WEST MEMPHIS, ARKANSAS," and moved that the
same be read in Full. The motion being seconded by Alderman Weis, the question was put by the
Mayor on the adoption of said motion, and the roll being called, the following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared the motion duly passed and ordered that said ordinance
be read. Said ordinance ryas then read in full by the Clerk.
Alderman Bowie, then moved that the rule requiring an ordinance or resolution to be
read in full on three different days be suspended and that said ordinance be placed on its
second reading, seconded by Alderman Leggett, and thereafter the Mayor put the question on
the adoption of said motion, and the roll being called, the following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Aiayor declared the motion duly passed and said ordinance placed on
its second reading. The ordinance was then read by the Clerk.
Alderman Sims moved that the rules be further suspended and the ordinance be placed
on its third and final reading. This motion was seconded by Alderman Bollinger, and
thereafter the Playor put the question on the adoption of the said motion, and the roll
being called, the following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the b;ayor declared said motion duly adopted and said ordinance placed on its
final reading.
Said ordinance was read in full by the Clerk. Alderman Rowton moved its adoption, seconded
by Alderman Weis, and after due consideration thereof by said Council, the Mayor put the question
upon the adoption of said motion and the passage of said ordinance, and the roll being called,
the following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared said motion duly adopted and said ordinance duly pasaed,
and signed his approval. The said ordinance was attested by the Clerk and impressed with
the seal of the City.
Alderman Sims then moved that said ordinance go into immediate operation and become
effective without delay because of the emergency declared in the final section, which
section was then read in full. The motion was seconded by Alderman Bollinger. The Mayor
put the question on the adoption of the said motion, and the roll being called, the
following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared the said motion duly passed.
Said ordinance, to which no amendment was offered, read as follows:
_..._._ __ ....r-~-- , - - - --
ORDINANCE N0. 459
AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY
OF t•JEST MEMPHIS, ARKANSAS, THE QUESTION tdl-TETHER IT
47ILL ISSUE BONDS TO THE EXTENT OF $450,000.00 FOR
THE PURPOSE OF SECURING AND DEVELOPING INDUSTRY
WITHIN OR NEAR THE CITY OF WEST p'~MPHIS, ARKANSAS
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS:
SECTION 1. An election is hereby called to be held at the
usual polling places in the City of West Memphis on the daY
of _, 1964, for the purpose of determining whether the
City of mphis will issue negotiable bonds to the extent of
$450,000.00 for the purpose of securing and developing industry
within or near the City of West Memphis to be secured by a levy of
three (3) mills on the dollar collectible annually on the real and
personal taxable property within the City of West Memphis. The
City may, from time to time, suspend the collection of such annual
levy, in whole or in part, when it is not required for payment o£
said bonds. Said bonds shall be payable as hereinafter set forth,
bear interest at such rate as the Council may determine in the
sale of the bonds, and be dated June 1, 196+, but convertible at
the option of the purchaser, subject to the approval of the City,
into bonds bearing a lower rate or rates of interest on such terms
that the City shall receive therefor and pay thereon substantially
the same amount Qf money as if the said bonds were not converted.
The bonds of this issue will supplement $300,000.00 of
bonds proposed to be issued by the City of West Memphis under
Act No. 9 of 1960, and the proceeds of both issues will be used
-5-
for the purpose of secuiing and developing industry within or
near the City of West Memphis by aiding in the construction of a
manufacturing plant and facilities to be leased to the East St.
or a vinolly ovmed subsidiary whereof,
' Louis Castings Company, ~~ , ~~'.Z~~`C:n'7Gfl2i, for
the manufacture of metal castings and related items.
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~1 SECTION 2. The bonds shall mature serially on December 1
in the amounts and years as follows:
$10,000 in each of the years 1967 and 1968;
$11,000 in each of the years 1969 and 1970;
$12,000
i in each of the years 1971 and 1972;
$13,000 in each of the years 1973 and 1974;
$14,000 in the year 1975;
$15,000 in the year 1976;
$16,000 in each of the years 1977 and 1978;
y $17,000 in the year 1979;
$18,000 in the year 1980;
'~ $19,000 in the year 1981;
~ $20,000
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~ in the year 1982;
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$21,000
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in
the
year 1983;
$22,000 in each of the yee.s 1984 and 1985;
'~ $23,000
i in the year 1986;
$25,000 in the year 1987;
,~ $26,000 in the year 1988;
$27,000 in the year 1989;
$28,000 in the year 1990; and
$29,000 in the year 1991.
-6-
The bonds may be made subject to call for redemption before
maturity at the option of the City on such terms as the City may
specify in the notice of the sale.
SECTION 3. Said election shall be conducted and the votes
thereat canvassed and the results declared under the law and in
the manner now provided for municipal elections, and notice of
said election shall be given by the Mayor by advertisement weekly
for at least four (4) times in some newspaper published in the
City of West Memphis and having a bona fide circulation therein,
the last publication to be not less than ten (10) days prior to
the date of said election.
The ballots for said election shall be marked:
"Vote on measure by placing an 'x' in the square above
the measure either for or against.
"FOR BOND ISSUE OF $450,000 -------------------- ~ ~
"AGAINST BOND ISSUE OF $450,000 ----------------/ ~
"Bond issue in the amount of $450,000.00 for the pur-
pose of securing and developing industry within or
near the City of L7est Memphis, Arkansas, to be
secured by a levy of three (3) mills on the dollar
collectible annually on the real and personal tax-
able property within the City of Y7est Memphis. The
City may, from time to time, suspend the collection
of such annual levy, in whole or in part, when it is
not required for the payment of said bonds.
"The bonds of this issue will supplement $300,000.00
of bonds proposed to be issued by the City of idest
Memphis under Act No. 9 of 1960, and the proceeds of
both issues will be used for the purpose of securing
Yu and developing industry within or near the City of
.R~ iJest Memphis by aiding in the construction of a
manufacturing plant and facilities to be leased to
the East St. Louis Castings Company, ~~IIfiii, 3,E~C".<:);.Y:Dv~or a wholly oc~•rn
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~:~ ~;,~~~^~~.'1"~L'jl4L_~[, for the manufacture of subsidiary
thereof,
metal castings and related items."
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'; SECTION 4. A copy of this ordinance shall be given to the
Crittenden County Board of Election Commissioners so that they
may place the question on the ballot for said election, provide
the proper election officials and supplies, and canvass the vote
on the question.
SECTION 5. At said election, only qualified voters of the
City of West Memphis will have the right to vote. The result o£
said election shall be proclaimed by the Mayor by publication in
some ne~ospaper published in the City of West Memphis and having a
general circulation therein for more than twelve (12) months last
past, and his proclamation shall advise the citizens and property
owners of said City of West Memphis that the result as proclaimed
will be conclusive unless attacked in the courts within thirty
(30) days after the date of such proclamation.
SECTION 6. It is ascertained and declared that the safety
and health of the City of West i4emphis are jeopardized by the
lack of sufficient industry and that only by action made possible
by this ordinance can the City undertake to secure and develop
industry and to promote the safety, health, and ~oelfare of its
citizens. It is, therefore, declared that an emergency exists,
that this ordinance is necessary for the immediate preservation
of the public peace, health and safety, and that this ordinance
- shall take effect and be in force from and after its passage.
PASSED: May 28 1964.
APPROVED: -7
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Mayor
A/TTE STy /~
Clerk
-8-
The Mayor stated that consideration should be directed by said Council to the question
of the passage and adoption of an ordinance to authorize an election upon the question of
whether or not bonds of said City should be issued in the amount of X300,000.00 for the
purpose of securing and developing industry within or near the City of West Aiemphis, Arkansas.
After discussion by said Council, Alderman Leggett introduced in writing an ordinance
entitled, "AN ORDINANCE SUEMSLfING TO THE VOTERS OF THE CITY OF WEST MEMPHIS, ARKANSAS, THE
QUESTION WHETHER IT WILL ISSUE INDUSTRIAL REVENUE BONDS TO THE E•tCTENT OF X300,000.00 FOR THE
PURPOSE OF SECURING AND DEVELOPING INDUSTRY WITHIN OR NEAR THE CITY OF WEST MEMPHIS, ARKANSAS','
and moved that the same be read in full.. The motion being seconded by Alderman Bowie, the
question was put by the Mayor on the adoption of said motion, and the roll being called, the
following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared the motion duly passed and ordered that said ordinance be
read. Said ordinance was then read in full by the Clerk.
Alderman Bollinger, then moved that the rule requiring an ordinance or resolution to be
read in ~~.full on three different days be suspended and that said ordinance be placed on its
second reading, seconded by Alderman Sims, and thereafter the Mayor put the question on the
adoption of said motion, and the roll being called, the following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Bowie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared the motion duly passed and said ordinance placed on its
second reading. The ordinance was then read by the Clerk.
Alderman Weis moved that the rules be further suspended and the ordinance be placed on its
third and final reading. This motion was seconded by Alderman Rowton, and thereafter the Mayor
put the question on the adoption of the said motion, and the roll being called, the following
voted:
Aye: 0. I. Bollinger, Y, G. Sims,
R. C. Bowie, C. H. Rowton
Kirby Leggett, ~
F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared said motion duly adopted and said ordinance placed on its
Final reading.
Said ordinance was read in full by the Clerk. Alderman Leggett moved its adoption, seconded
by Alderman Bowie, and after due consideration thereof by said Council, the Mayor put the question
upon the adoption of said motion and the passage of said ordinance, and the roll being called, the
following voted:
Aye: 0. I. Bollinger, Y. G. Sims,
R. C. Howie, C. H. Rowton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared said motion duly adopted and said ordinance duly passed, and
signed hie approval. The said ordinance was attested by the Clerk and impressed with the seal of
the City.
Alderman Hollinger then moved that said ordinance go into immediate operation and become
effective without delay because of the ®ergency declared in the final section, which section was
then read in full. The motion was seconded by Alderman Sims. The Mayor put the question on the
adoption of the said. motion, and the roll being called, the following voted:
Aye: 0. I. Bollinger, Y. G. Sims
R. C. Bowie, C. H. Rawton,
Kirby Leggett, F. C. Weis,
and the following voted:
Nay: None.
Whereupon, the Mayor declared the said motion duly passed. Said ordinance, to which no
amendment was offered, read as Follows:
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OP.DINANCE NO, ~~~ ~%
?.N GP~DT_N~_NCE SUSMITTZNG TO THE VOTERS CF THE
CITY OF [;TEST MEMPHIS, ~.RR~.NSAS, THE QUnSTIOiQ
G?FB;THER IT WILL ISSUE IIQDUSTRIAL REVENUE' BOi~~DS
TO THE EXTENT OF S300,000,00 FOP. T'xH; PURPOSE
OF SECURING AN'D DEVELOPIi~'G INDUSTRY 41ITHIN OR
NEAR THE CITY OF WEST MEMPHIS, AP.KAIvSAS
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS:
r
j SECTION 1. An election is hereby called to be held at the
9
usual polling places in the City of G7est Memphis on the ICS day
y
'~ of .~~aL,., 19u4, for the purpose of determining ~ohether the City of
.l
47est Memphis will issue negotiable industrial revenue bonds under
the provisions of Act No. 9 of the First Extraordinary Session of
9
j the Sixty-second General Assembly of the State of Arkansas for the
year 1960, as amended, to the extent of $300,000.00 for the purpose
of securing and developing industry within or near the City of West
J
Memphis to be secured by a statutory mortgage on the lands and
~~ building acquired and constructed from the proceeds of the said
;~ industrial revenue bonds and a pledge of the revenues therefrom.
"~ Said bonds shall be payable as hereinafter set fc:th, bear interest
~ at such rate as the Ccuncil may determi:e in the sale of the bonds,
and be dated June 1, 1964, but conve_t;bie a.: the option of the
" purchaser, subject to the approval of the City, into bonds bearing
4
a lo~oer rate or rates of interest on such tercas that the City shall
s
,a receive no less and pay no more than it would receive and pay if
"~ the said bonds were aot converted.
1
a The bonds o= tiffs issue will supplement $!:50,000.00 of bonds
,,
~~
proposed to be issued by the City of West Memphis under Amendment 49
a
y
•
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to the Constitution of the State of Arkansas, and the proceeds of
both issues will be used for the purpose of securing and developing
industry within or near the City of t•Iest Memphis by aiding in the
construction of a manufacturing plant and facilities to be leased
or a wholly owned subsidiary
to the East St, Louis Casting Company, Imo., axxx:cxxxxxxxx::xxxxxxxthereof,
ctr€e~, for the manufacture of metal castings and related
items.
SECTION 2. The bonds shall mature serially on December 1 in
the amounts and years as follows:
$ 7,000 in the year 1965;
8,000 in each of the years 1966 to 1968, inclusive;
9,000 in each of the years 1969 to 1971, inclusive;
10,000 in each of the years 1972 to 1974, inclusive;
11,000 in each of the years 1975 and 1976;
12,000 in each of the years 1977 and 1978;
13,000 in each of the years 1979 to 1981, inclusive;
14,000 in each of the years 1982 and 1983;
15,000 in the year 1984;
16,000 in each of the years 1985 and 1986;
17,000 in each of the years 1987 and 1988; and
18,000 in the year 1989. _
The bonds may be made subject ~o call for redemption before
maturity at the option of the City on such terms as the City may
specify in the notice of the sale.
SECTION 3. Said election shall be conducted and the votes
thereat canvassed and the results d~^lared under the Iaw and in
6 -
the manner now provided for municipal elections, and notice of said
election shall be given by the Mayor by advertisement weekly for
at least four (4) times in some newspaper published in the City of
West Memphis and having a bona fide circulation therein, the last
publication to be not less than ten (10) days prior to the date of
said election,
The ballots for said election shall be marked:
"Vote on measure by placing an "X" in the square
above the measure either for or against.
"FOR BOND ISSUE OF $300,000----------/-]
"AGAINST BO;v"D ISSUE OF $300,000------/~
"Bond issue in the amount of S300,000.00 under the
Drovisions of Act No. 9 of the First Extt-aordinary
Session of the Sixty-second General Assembly of the
State of Arkansas for the year 19n0, as amended,
for the purpose of securing and developing industry
within or rear the City of [lest Memphis, A-_iw.nsas,
to be secured by a statutory mortgage on the lands
and buildings acquired and constructed from the
proceeds of *_he said industrial revenue bonds and
a pledge of the revenues therefrom.
"The bonds of this issue will supplement $450,000.00
of bonds proposed to be issued by the City of 47est
Memphis under F.mendment 49 to the Constitution of
the State of Arkansas, and the proceeds of both issues
will be used for the purpose of securing and develop-
ing industry within or near the City of Glest Pdemphis
by aiding in the construction of a manufacturing plant
and facilities to be leased to the East St. Louis
C"astyngr Company, Y~ ~zxxxxxxxxxxxx,:x~i~csteS or a wholly owner
for the, manufacture of metal castings and related subsidiary
thereof
items."
'~ SECTION 4, A copy of this ordinance shall be given to the
Crittenden County Board of Election commissioners so that it may
place the question on the ballot for said election, provide the
proper election officials and supplies, and canvass the vote on
the question.
as
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s~ -
SECTION 5. At said election, only qualified voters of the
City of [lest Memphis will have the right to vote. The result of
said election shall be proclaimed by the Mayor by publication in
some neorspaper published in the City of Llest Memphis and having a
'i general circulation therein for more than twelve (12) months last
past, and his proclamation shall advise the citizens and property
owners of said City of 4lest Memphis that the result as proclaimed
caill be conclusive unless attacked in the courts within thirty (30)
days after the date of such proclamation.
SECTION 6. It is ascertained and declated that the safety
and health of the City of [lest Memphis are jeopardized by the lack
of sufficient industry and that only by action made possible by
this ordinance can the City undertake to secure a^•d develop indus-
try and to promote the safety, health, and welfare of its citizens.
It is, therefore, declared that an emergency exists, that this
ordinance is necessary for the immediate preservation of the
~' public peace, health and safety, and that this ordinance shall
^o
~~ take effect and be in force from and after its passage.
PASSED: May 2~_. 1964.
APPP.OVED
~~i~,/~
--t~:.
Sayor
ATTEST:
•~ C ler
There being no further business, the Council ad3ourned.
~""~` ~"" Mnxutt
ATTEST:~-~~~ ~ C
APPROV"r.D: JUNE 18, 1964