September 28, 195441~
MINUTES OF AN ADJOURNED MEETING OF THE CITY COUNCII, OF THE CITY OF WEST MEMPHIS,
ARKANSAS, HAD..ANIl_,HELLI ON,_SEPTEM6ER 28,__:1954._,,.,-...- ,,.,-.-_ _. _.-__ __ ___ _.._.
_ _
The Council of the City of West Memphis met in an adjourned session at the
City Hall in said City at 7:30 P.M..on the 28th day of September, 1954•
The meeting was called to order by Mayor H. B. Price, and upon roll call
there were:
Present: Aldermen James Bledsoe, 0. I. Bollinger, John Burrow, Freeman Finley,
P. B. Powers, and C. H. Rowton; and City Attorney Atlee Harris.
Absent: Aldermen Curtis Foster, and A. R. Manchester; City Clerk W. R, Seaton.
It being determined a quorum was present, the following proceedings were had
to wit:
Mayor Frice announced to the Covncil Mr. Dallas P. Raney of T. J. Rar}ey & Sona
was present to present to Council arr ordinance entitled "An Ordinance Submitting At
The General. Election The Question Of The Issuance Of Bonds Under The Provisions of
Amendment No. 13 Eo The Constitution Of The State Of Arkansas, And Declaring An
Emergency" and said ordinance had. met the approval of City Attorney Atlee Harris
and Mr. Wallace Townsend, Bond Attorney of Little Rock, Arkansas.
The ordinance was introduced in writing and read in full by Alderman Bollinger.
Alderman Bledsoe moved that the rule requiring said ordinance to be read in full
on three different days be suspended, and that said ordinance be placed on its second
reading; motion was seconded by Alderman Rowton, and thereafter the PSayor put the
question on the adoption of said motion, and the roll being called, the following
voted:
Aye: Bledsoe, Bollinger, Burrow, Finley, Powers, and Rowton.
Nay: None.
Whereupon the Mayor declared the motion duly passed and said ordinance placed
on its second reading. The ordinance was then read the second time by Alderman
Powers.
Alderman Burrow then moved that said ordinance be now placed upon its final
adoption; motion was seconded by Alderman Finley, and after due consideration
thereof by said Council, the Mayor put the question on the adoption of the motion,
and upon the roll being called, the following voted:
Aye: Bledsoe, Bollinger, Burrow, Finley, Powers, and Rowton.
Nay: None.
Whereupon the P'fayor declared the motion duly carried and said ordinance placed
upon its final reading and adoption.
Said ordinance was read in full by Alderman Finley who moved its adoption,
seconded by Alderman Bollinger, and after due consideration thereof by said Counci.].,
the Mayor put the question upon the adoption of said motion, and upon passage of
said ordinance, and the roll being called, the following voted:
Aye: Bledsoe, Bollinger, Burrow, Finley, Powers, and Rowton.
Nay: None.
Whereupon the Mayor called to the Councils attention that the ordinance adopted
contained an emergency clause and suggested that specific action should be taken.
by the Counci]. on this clause. Whereupon motion was made by Alderman Rowton and
duly seconded by Alderman Fowers that the emergency clause of said ordinance be
adopted, and the roll being called, the following voted:
Aye: Bledsoe, Bollinger, Burrow, Finley, Powers, and Rowton.
Nays Nono.
Whereupon the p4ayor• declared said motion duly adopted and said ordinance duly
passed, and signed his approval to said ordinance and the City Clerk was directed
to spread the same upon the record of Ordinances of the City of West Memphis,
Arkansas, and to have same published as required by law, and to number said
ordinance No. 282.
Said ordinance to which no amendment was offered read as follows:
~:
ORDTPJANCE N0. 282
AN OEtDINANCE SUBMITTING AT THE GENERAL ELECTION TF~
QUESTTON OF THE ISSUANCE OF BONDS UNDER THE. PROVISIONS
OF AMEN))p'ILNT N0. 13 TO THE CONSTITUTION OF THE STATE
OF ARKANSAS, AND DECI.ARIDJG AN EhiERGF,teTCY.
WF~REAS, the City of West MempY:is, Arkansas, a city of the first class, has
urgent need for some fire stations and equipment and for remodeling and enlarging
the city hall, at an estimated cost of $192,000; and
WHEREAS, the City on January 1, 1955, will: have outstanding X78,000 in bonds
dated July 1, 1948, of which $15,500 are 4% bonds which are not callable for pay-
ment before maturity and X62,500 are 3 3/4% bonds which may be called for payment
on January 1955, and for the payment of these bonds the City has pledged the full.
five-mill special tax allowed under the provisions of Amendment No. 13 to the
Constitution of the State of Arkansas and it will. be necessary to provide for the
payment of the 4% bonds and the refuxci.ng of the 3 3/lad bonds in order that the City
may issue the additional bonds to pay for the needed improvements, and the refunding
and new bonds can be combined into one issue, making a total issue of $270,000, all
to be paid out of the proceeds of the five-mill tax authorized by Amendment No. 13,
but in order to issue these bonds it is necessary that the matter be submitted to
the electors of the City; now, therefore,
BE IT ORDAINED by the City Council of the City of West Memphis, Arkansas:
SECTION 1. That there be submitted to the electors of the City at the general
election to be held on November 2, 1954, the question of issuing X270,000 in bonds
under the authox•i.ty of Amendment No. 13 to tkxe Constitution of the State of Arkansas,
for the following purposes: $78,000 for refunding presently-outstanding bonds issued
under said Amendment No. 13; X102,000 for building and equipping fire stations; and
SG90,000 for remodeling and enlarging the present city hall; and that if all of the
purposes are approved, the bonds be combined into one issue of refunding and improvement
bonds dated as o.f January 1, 1955, and due on Januaryl of each year as follows:
$0 6,500 in 1956
7,000 in ].957
7, 500 in 1958 and 1959
8,000 in 1960 and 1961
8,500 in 1962 and 1963
9,000 in 1964
9,500 in 1965
10,000 in 1966 and 1967
10,500 in 1968
1].,000 in 1969 and 1970
11,500 in 1971
1.2 ; 000 in 1972
12,500 in 1973
13,000 in 1974
1.~,50o in 1975
14,000 in 1976
14,500 in 1977
15,000 in 1978
15,500 in 1979
16;000 in 1980
The bonds will bear interest at not to exceed 3 1/4~ per annum and wi1]. be sold with
the privilege granted the buyer to convex•t them to a lowex• rate of interest, upon such terms
that the City wi7.l receive no less and pay no more than it would receive or pay if the bonds
were not converted.
SECTIOPI 2. That the several questions shall be placed on the ballot in substantially
the Following form:
Vote on measure by placing an "X" in the square opposite the measure either for or
against. Be sure to vote on each proposition.
For refunding presently-outstanding bonds, $78,000 ...............Q
Against refunding presently-outstanding bonds, X78,000............ 0
For building and equipping fire stations, .~1U2,000 ................~
Against building and equipping Fire stations, "~'1U2,000............ Cf
For remodeling and enlarging the city hall, X90,000 ............... Q
Against remodeling and enlarging the city hall, ~90,000...........Q
4~'
Bonds will be issued for the total amount of the purposes approved by th.e
majority of the qualified electors of the City voting on the questions, and will
be combined into one issue. The bonds will bear interest at a rate of not over
3 1~14~ per annum, and the bonds wi.l.l. be convertible to a lower rate of interest
upon such terms that the City will receive no less and pay no more than it would
receive and pay if the bonds were not converted, and will mature serially on
January 1 of the years 1956 to 1980, inclusive, but callable for payment prior to
maturity at the City-s option.
SECTION 3. Said election shall beheld and conducted and the vote thereof
canvassed and the result declared under the law and in the manner now provided for
municipal elections, so far as the same may be applicable, and the Mayor of the
City of West Memphis is hereby authorized and directed to give notice of the
submission of said questions by an advertisement published weekly, once a week for
four weeks, in Crittenden County Times, a newspaper published and having a bona ficb
circulation in the City of West Memphis, the last publication to be not less than
ten days prior to the date of said election, and only qualified voters of said City
shall have the right to vote at said election on said questions.
SECTION Lt. The result of said election on said questions ahal7. be proclaimed
by the Mayor and his praclamation shall be published one time in said newspaper, arri
the result as proclaimed by the Mayor shall be conclusive unless attacked in the courts
within thirty days after the date of such proclamation.
SECTION 5. The Mayor and City Clerk are authorized and directed to advertise,
according to the terms of Amendment No. 13 to the Constitution of the State of
Arkansas, the public sale of the proposed bond issue, the form, time and place to
be fixed by them, and in said notice they shall provide that the buyer may have
the right to convert the bonds to bonds bearing a lower rate of interest, upon such
terms that the City will receive no less and pay no more than it would receive and
pay if the bonds were not converted; that the buyer may designate the trustee and
place of payment of the issue; anct that the bonds will be callable for payment prior
to maturity in inverse numerical order at par and accrued interest, as follows: From
surplus revenues derived from the special tax or from surplus funds derived from the
bond sale, on any interest paying date; from funds from any source, on any interest
paying date on and after January 1, 1959.
SECTION 6. That a copy of this ordinance be given to the Crittenden County
Sheriff in order that he may include said questions in his posted and published
proclamation of said election, and a copy be given to the Crittenden County Board
of Election Commissioners, so that they may provide the proper election officials a~i
supplies.
SECTION 7. It is hereby ascertained and declared that there is immediate and
urgent need for each of the proposed impx•ovements set out in this ordinance, in order
to protect the health, life, and property of the inhabitants of the City of
West Memphis, and that therefore an emergency exists and this ordinance, being
necessary for the preservation of the public peace, health and safety, shall be in
force and take effect without delay upon and after its passage.
No further business appearing before the Council, motion was made by
Alderman Bledsoe and seconded by Alderman Finley to adjourn. Upon vote, the
Aldermen voted:
Aye: Bledsoe, Bo17.inger, Burrow, Finley, Powers, and Rowton.
Nay: None.
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ATTEST: ~~3~ ,..~ ~ ~- ~~ ~ MAY
CLIe.~LERK
APPROVED: OC'POBER 5, 1954