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July 1, 1965t:~NUTES OF REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS HAD AND HELD ON THE 1ST DAY OF JULY, 1965. The Council of the City of West Memphis is the County of Crittenden, State of Arkansas, met in regalar session at the City Hall in said City at 3:00 o'clock P.M. on the 1st day of July, 1965. 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: C. H. Rowton 0. I. Bollinger F. C. Weis R. C. Bowie Franklin Hassett Hirby Leggett and City Attorney W. H. Dillahunty. Absent: Aldermen: Paul Matthews and Earl Felts. It being determined a quorum was present, the following proceedings were had to-wit: Minutes of Council Meeting on June 17, 1965, were approved as read. Three residents of Memphis View Subdivision, who live is the area where McAuley Drive South circles into McAuley Drive East, appeared before the Council with reference to creating additional parking apace. A sketch of the street and island in the street were shown to the Council. Mayor Edea informed those present, the matter was going to be remedied by the Engineering Department and would not require Council action. Mr. Bill Bowling, who informed the Council he is a "book peddler" and a student at the University of Florida, appearec oefore the Council to request permission to have his group sell books house to house. City Attorney Dillahunty advised Mr. Bowling of the provisions of Ordinance No. 206 which prohibits going from house to house without being invited for the purpose of soliciting orders or peddling. Enforcement and penalties of the ordinance were explained to N,r. Howling. The Council was advised due to the recent ruling of the Arkansas Attorney General as to requirements for voter registration under Amendment 51, the election on the bond issue under provisions of Act No. 9 for financing of an industrial plant for Pidgeon- Thomas Co ., Inc. could beheld at an earlier date than anticipated. Mr. McVay Smith representing First National Bank of Memphis Municipal Services Department was introduced to the Council. After discussion as to there being no financial obligation of the City in case of a default by Pidgeon-Thomas Co., an ordinance entitled "An Ordinance Calling A Special Election To Vote Upoa The Question Of Issuing Honda Under The Provisions Of Act No. 9 Of The First Extraordinary Session Of The Sixty-Second General Assembly Of The State Of Arkansas, Approved January 21, 1960, As Amended, For The Purpose Of Financing The Coat Of Securing And Developing Industry; Prescribing Other Matters Relating Thereto; And Declaring An Emergency" was introduced by Alderman Rowton and read in full by Alderman Weis. Alderman Bollinger then moved that the rule requiring the reading in full of an ordinance on three different days be dispensed with. The motion was aecoaded by Alderman Leggett and on the roll being called the voting was as follows: Yea: Aldermen: Rowton, Weis, Bassett, Bollinger, Bowie, and Leggett. Nay: None. The Mayor 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 xas carried. Alderman Bassett then moved that the ordinance as read be adopted. This motion was duly seconded by Alderman Bowie, and on the roll being called the voting was as follows: Yes: Aldermen: Rowton, Weis, Bassett, Bollinger, Bowie, and Leggett. Nay: None. The Mayor declared that the ordinance had been adopted, and then called attention to the fact that Section 6, the emergency section, must be adopted upon a separate roll call in order to be effective. Alderman Roxton then read Section 6 again. Alderman Weia moved that Section 6 be adopted. This motion xas duly seconded by Alderman Bollinger, and on roll call the following voted: Yes: Aldermen: Rowton, Weis, Bassett, Bollinger, Bowie, and Leggett. Nay: None. The Mayor then 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. The ordinance read as follows: ORDINANCE NO. ~I-$.3 AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF ACT NO, 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FINANCING THE COST OF SECURING AND DEVELOPING INDUSTRY; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY WHEREAS arrangements have been made with Pidgeon-Thomas Co. , Inc. , a Tennessee corporation (hereinafter sometimes referred to as "Pidgeon-Thomas"), for the location of a substantial industrial plant within or near the City of West Memphis, Crittenden County, Arkansas (hereinafter sometimes referred to as the "City"); and WHEREAS the location of said industrial plant will result in increased employment, will result in increased payrolls, will alleviate unemployment,and will result in other public benefits incidental to the operation of a substantial industrial plant, all of which will be in the best interests of the City and its citizens and inhabitants; and WHEREAS in order to obtain funds for the financing of project costs, necessary costs and expenditures incidental thereto, the amount to provide for debt service until project re- venues are available, and the amount necessary for a debt service reserve, the City has determined to issue, subject to the approval of the electors of the City, City of West Memphis, Arkansas Industrial Development Revenue Bonds under the provisions of Act No. 9 of the First Extraordinary Session of the Sixty-Second General Assembly of the State of Arkansas, approved January 21+1960, as amended (herein sometimes called "Act No. 9"), in an amount not to exceed $400,000.; and WHEREAS the industrial project will be leased to Pidgeon-Thomas for net lease rentals sufficient to provide for the payment of the principal of and interest on the bonds, as the same become due and payable, and the bonds will be secured by a mortgage on the industrial project as authorized by Act No. 9. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS: SECTION 1. That a special election be, and the same is he-reby, called to be held in the City on '~u6UST laj , 'Iq lob 1965, at which election there shall be submitted to the electors the question of issuing Irrlustrial Development Revenue Bonds under the provisions of Act No. 9 in an amount not to exceed X400,000. for the pur- pose of securing and developing industry (the particular industrial project is described above). The bonds will be dated September 1, 1965 and interest on the bonds will be payable semi- annually on September 1 and March 1 of each year commencing March 1 , 1966, at a rate or rates to be hereafter fixed. The bonds will mature serially on September 1 in each year on a schedule to be hereafter fixed for a period not to exceed twenty-five years and will be call- able for payment prior to maturity upon such terms as shall be set forth in the fac~of the bonds and in the ordinance authorizing their issuance and delivery: -2- YEAR AMOUNT 1966 15,000.00 1967 16,000.00 1968 16,000.00 1969 16,000.00 1970 1G, 000.00 1971 17,000.00 1972 17,000.00 1973 17,000.00 1974 17,000.00 1975 18,000.00 1976 18,000.00 1977 18,000.00 1978 18,000.00 1979 19,000.00 1980 19,000.00 1981 12,000.00 1982 12,000.00 1983 12,000.00 1984 13,000.00 1985 14,000.00 1986 14,000.00 1987 15,000.00 1988 16,000.00 1989 17,000.00 1990 18,000.00 SECTION 2. That said question shall be placed on the ballot for the special election in substantially the following form: It is proposed to issue City of West Memphis, Arkansas Industrial Development Revenue Bonds under Act No. 9 of the First Extraordinary Session of the Sixty- Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended (herein called "Act No. 9"), in an amount not to exceed $400,000. for the purpose of financing the cost of securing and developing industry within or near the City. The bonds will be dated September 1, 1965 and interest thereon will be pay- able semi-annually on September 1 and March 1 of each year commencing March 1, 1966 at a rate or rates to be hereafter determined. The bonds will mature serially in annual installments on September 1 in each of the years 1966 to 1990, inclusive. The particular industrial project will consist of lands and a factory building and manufacturing facilities which industrial project will be leased to Pidgeon-Thomas Co. , Inc. , a Tennessee corporation (hereinafter called "Pidgeon-Thomas") and operated for the manufacturing and fabrication of steel and iron products and such other items as Pidgeon-Thomas shall elect to manufacture or fabricate. The rentals derived from the leasing of the industrial project will be pledged to and used for the payment of the principal -3- of and interest on the bonds, as the same become due and payable, and the Lease Agreement will provide for net rentals sufficient in amount for that purpose. The bonds will not be general obligations of the City but will be special obligations payable solely from lease rentals and revenues derived from the industrial project and will be secured by a mortgage on the industrial project as authorized by Act No. 9. Vote on measure by placing an "X" in the square below either for or against: For the issuance of Industrial Development Revenue Bonds by the City of West Memphis, Arkansas in an amount not to exceed $400,000.00 .............................. . Against the issuance of Industrial Development Revenue Bonds by the City of West Memphis, Arkansas in an ..... amount not to exceed $400,000.00 ................... SECTION 3. That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner provided for municipal elections, so far as the same may be applicable, and the Mayor shall give notice of such election by an ad- vertisement published once a week for four consecutive weeks in a newspaper having a bona fide circulation in the City of West Memphis, Arkansas, with the last publication to be not less than ten days prior to the date of the election, and only qualified electors of said City shall have the right to vote at said election on said question. SECTION 4. That the results of said election shall be proclaimed by the Mayor and his proclamation shall be published one time in a newspaper having a bona fide circulation in the City of West Memphis, Arkansas, which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty days after the date of such pro- clamation. SECTION 5. That a copy of this ordinance shall be furnished the Crittenden County Board of Election Commissioners so that the necessary election officials and supplies may be provided. -4- SECTION 6. That there is hereby found and declared to be an immediate need for the securing and developing of industry within the City of West Memphis, Arkansas in order to provide employment, provide increased payrolls, alleviate unemployment and provide other public benefits incidental to the securing and operation of a substantial industry, and the E issuance of the described bonds is essential to the financing and obtaining of said industry. It is, therefore, delcared that an emergency exists and this ordinance being necessary for the immediate preservation of the public health, safety and welfare shall be in force and take ~~ effect immediately upon and after its passage. ~~~ The annexation of Westwood Acres First Addition xas discussed. Mr. Charles Hampton of the Engineering Department was instructed to have Mr. Peteris Leimanis, an employee of the Department, make inspections on streets being constructed in the City. No further business being presented, the meeting was adjourned. t ~ i C ~~ ATT cL~~~~ / ' APPROVED: ,J~,Y 15, 1965