November 5, 1964360
MINUTES OF A REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF WEST N~HIS HELD ON
N(1{IF.MRF.R Ky_19fili.
The Council of the City of West Memphis, met in regular session at its regular meeting
place in West N;emphis, Arkansas at 3:00 o~clock p.m., on the 5th day of November, 1964.
The following were present: Mayor Bob Eden; City Clerk, Charles DeGraff; and Aldermen:
C. H. Rowton, F. C. Weis, 0. I. Bollinger, R. C. Howie, Earl Felts, and Kirby Leggett.
Absent: Aldermen: Y. G. Sims, Paul Matthews, and City Attorney W. H. Dillahunty.
It being determined a quorum was present, the following proceedings were had to-wit:
Minutes of Council Meeting on October 15th were approved as read.
Mayor Eden announced the committee composed of Aldermen Matthews, Bowie, and Bollinger
appointed October 15, 1964, to canvass and award the bid for the City of West Memphis
"Industrial Project" (Mid-South Foundry, Inc.) had awarded the bid to Clinton Construction
Company of Sikeston, Missouri in the amount of y269,000 plus cost of Performance Bond.
The Mayor stated that consideration should be given to an ordinance authorizing
improvement of public parks, issuance oP bonds, and other matters relating thereto.
This was a matter with xhich the Council was familiar and after a discussion, Alderman Rowton
introduced an ordinance entitled: "An Ordinance Authorizing Refunding Of The Outstanding
Bonds Of The City Of West Memphis General Obligation Bonds Dated July 1, 1960; Authorizing
Developing And Improving Public Parks; Authorizing The Issuance Of Bonds; Levying A Tax To
Pay.The Principal Of Aad Interest On The Bonds; Prescribing Other Matters Relating Thereto;
And Declaring An Emergency" and the City Clerk read the ordinance in full.
Alderman Weis, seconded by Alderman Bollinger, moved that the rule requiring the reading
of an ordinance or resolution in full on three different days be suspended and that the
ordinance be placed on its second reading. The Mayer put the question on the adoption of the
motion and the roll being called, the following voted:
Aye: Aldermen: Rowton, Weis, Bollinger, Felts, Bowie, and Leggett,
and the following voted
Nay: None.
Thereupon the Mayor declared that at least two-thirds of all members of the Council
having voted in favor of the motion to suspend the rule, the motion was carried and the rule
suspended. The ordinance was then read by the City Clerk.
Alderman Felts, seconded by Alderman Bowie then moved that the rule requiring the
reading of an ordinance in full on three different days be further suspended and that
the ordinance be placed on its third reading. The Mayor put the question on the adoption
of the motion and the roll being called the following voted:
Aye: Aldermen: Rowton, Weis, Bollinger, Felts, Bowie, and Leggett,
and the following voted
Nay: None.
The Mayor declared that at least two-thirds of all members elected to the Council
having voted in favor of the motion to suspend the rule, the motion was carried and the
rule suspended. The ordinance was then read by the City Clerk.
Alderman Leggett, seconded by Alderman Rowton, moved that the ordinance be adopted.
The question was put by the Mayor on the adoption of the motion and the roll being called,
the following voted:
Aye: Aldermen: Rowton, Weis, Bollinger, Felts, Bowie, and Leggett,
and the following voted
Nay: None.
Alderman Weis, seconded by Alderman Bollinger, moved that Section 18, the emergency
clause, be adopted, and on roll call the following voted:
Aye: Aldermen: Rowton, Weis, Bollinger, Felts, Bowie, and Leggett,
and the following voted
Nay: None.
The Nayor thereupon declared the ordinance and the emergency clause adopted and
signed the ordinance, which was attested by the City Clerk and impressed with the seal
of the City. The ordinance was given No. 469.
The ordinance read as follows:
Page 3
principal amount of $735,000, the proceeds of the sale of which are
necessary to provide sufficient funds for the above described ~~
improvements and refunding the outstanding bonds of the City's
General Obligation Bonds dated July 1, 1960, and to pay necessary ~
expenses incidental to the issuance of the bonds. The bonds shall
be numbered consecutively from one (1) to seven hundred thirty-five
(735), inclusive, and all bonds shall be in the denomination of
$1,000 each. The bonds shall be dated August 1, 1964 and interest
shall be payable semiannually on February 1 and August 1 of each
year commencing February 1, 1965. The bonds shall bear interest
as follows: Bonds Nos. 1 to 176, inclusive, being the bonds matur-
ing in the years 1967 to 1974, inclusive, shall bear interest at
the rate of 3% per annum; Bonds Nos. 177 to 278, inclusive, being
the bonds maturing in the years 1975 to 1978, inclusive, shall bear
interest at the rate of 3 1/4% per annum; Bonds Nos. 279 to 452,
inclusive, being the bonds maturing in the years 1979 to 1984,
inclusive, shall bear interest at the rate of 3 1/2% per annum; ~ .
Bonds Nos. 453 to 554, inclusive, being the bonds maturing in the
years 1985 to 1987, inclusive, shall bear interest at the rate of
.~
3 1/4% per annum; Bonds Ivos. 555 to 665, inclusive, being the bonds
R
maturing in the years 1988 to 1990, inclusive, shall bear interest
at the rate of 3% per annum; and Bonds Nos. 666 to 735, inclusive,
being the bonds maturing in the year 1991, shall bear interest
at the rate of 1/4% per annum. The principal and interest shall "
be payable in lawful money of the United States of America upon
presentation of the bond or proper coupon at the office of Bank a
of West Memphis, West Memphis, Arkansas. The bonds shall mature ?
I '
~ on August 1 of each year as follows, but shall be callable
{
as hereinafter set forth: ,
Page 5
k:'
UNITED STATES OF AMERICA ~;;
STATE OF ARKANSn,S
COUATTY Or CRITTENDEN ~:
CITY OF NEST MEMPHIS ',
GENERAL OBLIGATION REFUNDING AND It•1PROVEMENT BOND
i
No. $1,000 x''
~'„
KNOW ALL bfEN BY THESE PP,ESENTS: ~
That the City of West Memphis in the County of Critten- F
den an3 State of <3rkansas acknowledges itself to owe and for
~;
value received promises to pay to bearer the sum of
ODTE THOUSAND DOLLARS ~'
4
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in lawful money of the United States of America on the first day ~'
of August, 19 and to pay interest hereon at the rate of
oer cent ( %) per annum from date,
semiannually on February 1 =nd August 1 of each year, commencing iii
February 1, 1965, upon presentation aad surrender of the annexed.
coupons as they severally become due.
Both principal and interest of this bond are hereby made ~~
II
payable at Bank of t+7est Memphis, West Memphis, Arkansas. i
This bond is one of a series of seven hundred thirty-five
(735) bonds, aggregating Seven Hundred Thirty-Five Thousand Dollars ',
($735,000), dated August 1, 1964, and numbered from One (1) to
Seven hundred thirty-five (735), inclusive, all of like tenor and '
effect e.ccept as to number, rate of interest and maturity, and the
bonds are issued for the purpose of refunding the General Obliges-
tion Bonds of the City dated ,7uly 1, 1960-and developing and
improving public parks, including the construction and equipping
of two community buildings and related improvements.
This bond and the series of which it forms a part are
issued pursuant to and in full compliance with the Constitution
and laws of the State of Arkansas, including particularly Amendment I
Pane 6
No. 13 to the Constitution of the State of Arkansas, and pursuant
~e
to ordinznces of the City Council of said City and an election duly E',
I
held at which the majoritc of the legal voters of said City voting ~'
on the question voted in favor of the issuance of the bonds. This f,1.
~.
bond and the series of which it forms a part are general obligations ~!,
of the City of [•Test Memphis, Arkansas, nay able from the proceeds ~~
I
of a five (5) mill special tax levied by the City Council under K!
fl
~:
the authority of Amendment No. 13 to the Constitution of the State
of Arkansas, and the City of West Memphis hereby pledges its full
faith, credit and taxing power, including the said five (5) mill
continuing annual special tax, for the payment of this bond and I~
the series of which it forms a part. ~
The City has agreed that all revenues received from the
I
said special continuing ta:: in excess of the amount necessary to
i
insure the prompt payment of the principal of, interest on and
Paying Agent's fees in connection c•*ith the bonds as they mature, i
must be used from time to time on each interestp~+ying date for
calling the bonds for paymen*_ prior to maturity as soon as funds
are available therefor. !
The bonds of this issue will be callable for pa}anent
prior to maturity in inverse pus.>rical order at par and accrued
interest as follows: Prom surplus proceeds of the sale of the
bonds not required for completing the improvements and from surplus
tax collections on any interest paying date; from funds from any
source on any interest paying date on .and after August 1, 1969. i
Notice of the cell for redemption shall be published
one time in a nec•~spaper published in the City of Little Rock,
Page 7
P,rkansas, and having a general circulation throughout the State
of kansas, giving the number and maturity of each bond being i'
S~i
f
called, kith the publication to be at least fifteen (15) days prior ~''~
~;
to the redemption date, and after tine date fixed for redemption each ~,
bond so called shall cease to bear interest, provided funds for its ~,
payment are on deposit with the °aying Agent at that time. P.I
s
IT IS HERSB`~ .^.ERTIFIED, RECITED :'llVD DECL^.RED that all tl,
acts, conditions and things required to exist, happen and be per-
formed, under the Constitution and laws of the State of Arkansas,
particularly Amendment No. 13 to the Constitution of the State of
Arkansas, precedent to and in the issuance of this bond have existed,
have happened and have been performed in due time, form and manner I
as required by law; that the indebtedness represented by this bond
1
and the issue of which it forms a part, does not exceed any constitu- ~
tional or statutory limitation; and that a tax sufficient to pay this f
bond and the issue of which it forms a part, together with interest
thereon, has been duly levied in accordance with said F,mendment No. I
13 to the Constitution of the State of Arkansas and made payable I
annually until all of the bonds and interest theraon have been
fully paid and discharged.
This bond shall not be valid until it shall have been
authenticated by the certificate hereon duly si,;ned by Bank of
West Alemphis, West Memphis, Arkansas.
Page 8
IN GIITNESS ~d'r1ERF.OF, the City of 47est Memphis, Arkansas,
has caused this bond to be executed by either the manual or
facsimile signature of its Mayor and by the manual sio ature of
its City Clerk and its corporate seal to be affixed and has caused
the coupons attached hereto to be executed by the facsimile signature
of its Mayor, all as of the first day of August, 1964.
CITY OF FTEST MEMPHIS, ARKANSAS
By "'
Mayor
ATTEST:
City Cleric
(SEAL)
Page 9
(Form of Coupon)
$ No. f
February t'
On the first day of August 19 the City of 4
West Memphis, Crittenden County, Arkansas, unless the bond to which ~,,
this coupon is attached is paid prior thereto, hereby promises to
pay to bearer ri,
DOLLAP~S I
~%
in la~~.ful money of the United States of America at the office of ~~ii
I
Bank of West Memphis, West Memphis, Arkansas, being six months'
~I',
interest then due on its General Obligation Refunding and Improve- i!
ment Bond, dated August 1, 1964, and numbered j.
CITY OF ~~TEST MEMPHIS, ARKANSAS
By
Mayor
On each bond shall appear the following:
CERTIFICATE
This is to certify that this is one of the seven hundred
thirty-five (735) bonds of the issue mentioned and described
within.
BANK OF WEST MEB4PHIS,
WEST MEMPHIS, ARKANSAS
By ~
i
(Authorized Signature) ~
Page 10
4,
Section 6. That in order to pay the bonus as they mature,
k;'
with interest thereon, there is hereby levied upon all taxable
real and personal property within the City of West Memphis, Arkansas
a tax of five (5) mills on each dollar of assessed valuation to
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be collected with the tales collected in the year 1965 and continu- 4r
i
ing through the year 1991, and as long thereafter as may be necessary ~',
~i
to pay the principal of, interest on and paying agent's fees in con-
C'
nection with the bonds authorized by this Ordinance, being a sum
sufficient to pay the principal of, interest on and paying agent's ~'
i~
fees in connection with the bonds, as they mature, with more than `i
five per cent (5°a) added for unforeseen contingencies; and the `!
I.
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City Clerk is directed to transmit a copy of this Ordinance to
~'i
the County Clerk of Crittenden County, Arkansas to the end that
said tax may be extended on the tax books of the County and collect- ~
I
I
ed annually along with the other taxes until the bonds and interest i
I
thereon are paid in full. The City covenants and agrees that all
i
of the revenues derived from said five (5) mill tax shall be placed i
in a separate fund which is hereby created and designated "1964
General Obligation Improvement Bond Fund" and shall be used solely
~I
for the payment of the principal of, interest on and paying agent's
fees in connection with tiie bonds of this issue, as set forth in this
Ordinance. The amount of said deposit in excess of that insured
by the Federal Deposit Insurance Corporation must be continuously
secured by bonds or other direct or fully guaranteed obligations
of the United States of America. The City covenants that all
revenues derived from said special tax in excess of the amount
necessary to insure the prompt payment of the principal of, interest
on and paying agent's fees in connection with the bonds, as they
Page 11
mature, shall be used from time to time on each interest paying
date for calling the bonds for payment prior to maturity as soon
as funds are available therefor.
Section 7. That for the prompt payment of the bonds of
this issue, with interest, the City of West Memphis, Arkansas
1-
hereby pledges its full faith, credit and ta~;ing power, including C;
the tax levied in Section 6.
I+I
Section 8. That in order to pay the principal of and
interest on said bonds as they mature and as they are redeemed Z;
prior to maturity, there are hereby appropriated the entire proceeds
E
of the said special tax levied in Section 6 hereof and if said
proceeds be not sufficient to pay the principal of and interest on of
the bonds as they mature, then there are hereby appropriated {
sufficient additional sums out of the General Revenues of the i
i
City to accomplish said payment at maturity. The principal of j
i
and interest on the bonds mature according to the following schedule:
YEAR BOND NOS. PRINCIPAL IIQTEP~F.ST TOTAL
FEBRUARY 1 !:UGUST 1
1965 $10,752.50 $10,752.50 $21,505.00
1966 10,752.50 10,752.50 21,505.00
1967 1 - 2C $20,000 10,752.50 10,752.50 41,505.00
1968 21 - 41 21,000 10,452.50 10,452.50 41,905.00
1969 42 - 52 21,000 10,137.50 10,137.50 41,275.00
1970 63 - 84 22,000 9,522.50 9,822.50 41,645.00
1971 85 - l0u 22,000 9,492.50 9,492.50 40,955.00
1972 107 - 129 23,000 9,162.50 9,162.50 41,325.00 '
1973 130 - 152 23,000 8,517.50 8,817.50 40,635.00
1974
153 -
176
24,000
8,472.50
5,472.50
40,945.00
f
1975 177 - 200 24,000 5,112.50 8,112.50 40,225.00 it
1976 201 - 225 25,600 7,722.50 7,722.50 40,445.00 ~!
1977 226 - 251 26,000 7,316.25 7,316.25 40,632.50 €i
1975 252 - 275 27,000 6,893.75 6,893.75 40,787.50 ii
1979 279 - 305 27,000 6,455.00 6,455.00 39,910.00
1950 306 - 333 28,000 5,952.50 5,982.50 39,965.00
1951 334 - 361 25,000 5,492.50 5,492.50 38,985.00
1982 302 - 390 29,000 5,002.50 5,002.50 39,005.00
1983 391 - 420 30,000 4,495.00 4,495.00 38,990.00
1954 421 - [r52 32,000 3,970.00 3,970.00 39,940.00
1955 453 - 485 33,000 3,410.00 3,410.00 39,8?_0.00
1986 456 - 519 34,000 2,073.75 2,873.75 39,747.50
1987 520 - 554 35,000 2,321.25 2,321.25 39,642.50
1988 555 - 590 36,000 1,752.50 1,752.50 39,505.00
1989 591 - 627 37,000 1,212.50 1,212.50 39,425.00
1990 628 - 665 35,000 657.50 657.50 39,315.00
1991 666 - 735 70,000 87.50 87.50 70,175.00
Page 13
Section 9. That the bonds of this issue shall be
callable for payment prior to maturity in accordance with the
terms set out in the face of the bond form in Section 5 of this
k'
ordinance. ~ Gi
Section 10. That the Treasurer of the City of West Memphis,
it
Arkansas is hereby ordered and directed to place on deposit with the ~',
Bank of West Memphis, West Memphis, Arkansas, the paying '.~
agent, at least five (S) days before the maturity or redemption of `
any bond or interest coupon issued hereunder, an amount from the
funds herein appropriated equal to the amount of such bonds or coupons
I
for the sole purpose of paying the same, together with the customary
paying agent's fees. Such deposit shall be at the risk of the City
and shall not operate as a payment of the bonds or coupons until so
applied. This instruction to the Treasurer is irrevocable and may
be enforced by mandamus.
Section 11. That Bank of West Memphis, West Memphis, Arkansas
is designated as paying agent. The holders of a majority in value of
the outstanding bonds at any time may by an instrument duly
executed and recorded in the office of the City Clerk appoint
a new paying agent, who shall have all of the powers of the paying
agent originally named, and the paying agent herein named may
resign at any time upon ten (10) days' notice in writing mailed
to the City Clerk. In the event of a vacancy in the office of
paying agent and the failure of the holders of a majority in
value of the outstanding bonds to take the necessary action to
appoint a new paying agent within thirty (30) days after such vacancy
occurs, the City shall forthwith designate a new paying agent.
Page 14
Section 12. That if default is made and continues for
thirty (30) days in the payment of any interest coupon, the holder
of the bond to which it is attached may declare the same immediately
due and payable, and the failure of the holder to exercise this ~.
p,,
option upon any default shall not be a waiver of hi_s right to exer- ~
cise the option upon any subsequent default.
~~
}.
Section 13. That when the bands herein authorized to ~.
be issued have been executed by the t4ayor and City Clerk and the i
seal of the City impressed as herein provided, they shall be
delivered to Bank of West Memphis, [Nest Memphis, Arkansas, which ~.
shall authenticate them and deliver them to the purchaser upon pay- ~
U
went of the purchase price of $675,000 plus accrued interest from. ii
August 1, 1964 to the date of delivery, plus a premium of $20,600 i
(called °ftotal sale proceeds").
{
There is presently being collected a five (5) mill tax
i
for the purpose of providing f_or the payment of the bonds being
refunded by the bonds of this issue, which five (5) mill special
tax, as heretofore provided in Section 6 hereof, is being continued
as a continuing annual levy pledged to the payment of the principal
of and interest on the bonds authorized hereby. From the moneys
presently on hand S30,C35.84 shall be applied to refunding said
outstanding July 1, 1960 bonds. There shall be deducted from the
total sale proceeds of the bonds authorized hereby the amount which,
together ~~~ith said $30,035.84, shall be sufficient to provide for
the refunding of said July 1, 1960 bonds on the next redemption date,
August 1, 1965, which amount, together with said $30,035.84, shall
be deposited in trust un_th the Paying Agent oL- said July 1, 1960
Page 15
bonds being refunded, with instructions that the same be applied
solely to the payment of ~ he principal of and interest on said
bonds. In this regard, the Trustee is to see that the required
notice of redemption is published calling for redemption of said
July 1, 1960 bonds on August 1, 1965 and the terms of the trust
deposit shall be such that said paying agent shall pay the principal ',
~.
of any of said July 1, 1960 bonds that are turned in for redemption
prior to August 1, 1965 plus interest to the date that said bonds I'~
are turned in. If, after ~!,ugust 1, 1965, there are any moneys ~,
F'
remaining in said trust deposit by virtue of some of the bonds '!
having been paid earlier sai3 remaining balance shall be transferred
s
to the Bond Fund created and referred to in Section 6 hereof. The
'i
balance oL the total sale proceeds of the bonds authorized hereby
not required to accomplish the refunding of the July 1, 1960 bonds, i
as aforesaid, shall be deposited in a special account of the City
to be known as the "Construction Fund'' in a banlc that is a member
of the Federal Deposit Insurance Corporation. The moneys in the
said Construction Fund shall be used for accomplishing the author-
i
ized improvements, paying expenses incidental thereto, and paying j
the expenses of issuing the bonds, with any une~:pencled balance to
be deposited in the Bond Fund.
Section 14. That the terms of this Ordinance shall
constitute a contract between the City of West Memphis, Arkansas
and the holder or holders o~ the bonds, and no variations or
change in the undertakings herein set .forth shall be made while
any of these bonds are outstanding, and the holder of any bonds
may at any time for and on hi.s own behalf or for anti on behalf of
all bondholders .enforce the obligations of the City by a proper
suit for that purpose.
Pave 16
Section 15, That the provisions of this Ordinance are
separable, and in the event that any section or pars hereof shall
r~
be held to be invalid, such invalidity shall not affect the remain-
der of this Ordinance.
Section 15. That all ordinances and resolutions and
parts thereof in conflict herewith are hereby repealed to the extent
of such conflict.
Section 17. That this Ordinance shall not create any r~
right of any character and no right of any character shall arise E~.
under or pursuant to it until the bonds authorized by this Ordinance ~
3
shall be issued and delivered,
Section 18. That it is hereby ascertained and declared
that there is an immediate and urgent need for developing and
improving the public parks, including the constructing and equipping ,'
of two communitybuildings, in order to promote and protect the
health, safety and welfare of the City and its inhabitants, and ,
that said improvements can be accomplished only by the issuance
of bonds, It is, therefore, declared that an emergency exists,
and this Ordinance being necessary for the immediate preservation
of the public peace, health, safety and. welfare shall be in force
and take effect immediately from and after its passage,
PASSED •_ ,,,,, , ~, ~ 1964.
APPR0~7ED:
~+" ~~~
-~i~,
i
ATTEST:
_ /! ~~~ ~ ~
City Clerk
I
Alderman 0. I. Bollinger presented check to the City in the amount of $17,1il13.16
from Southland Racing Corporation, said check represented 1/3 of the breaks for the
last session of the racing season. Alderman Bollinger called to the Council's
attention a total of $311,935.94 had been received by the City for 1°b11.
There being no further business, the Council adjourned.
~~
ATTEST • l
C
APPROVED: NOVENIHER 19, 1961y