November 9, 1954
PiIlVUTES OF AN ADJOiJItIIED I'i'E1;'PIPJG OI'' 'PHIs' CITY COLiiuCJ-I, OF THE CITY O.F WEST NLlI1FHTS, ARKAAiSAS,
HAD AND HELD OPI IdOVENrBP;R y, 1.9511.
'Pkre City Cout:cl_1 of the City of G~Ie~t. I4emphis, Arkansa:=, met in adjottrned session
at 7:30 P,fR. on November y lySlt, in the Cntv~cil Charnbc_ in the City Hall, the regular
meeting place of the Council. There were present Playor. Howell. B. Price• C~.t.y C1.eri~~
rn1. R. Seaton, Aldermen Jaynes Bledsoe. 0. '[. Bo17'inger, Freeman F. Fi_n]ey• Curtis Foster,
A. R. P4anchestser. P. B. Fower.•s, and. C. H. Rowtonq arrd City Attorney Atlee Ila:rris.
Absent: A1.der•rnan John Burrow.
'Phe Plnyox• der,.l_ared that a quorum was pre;>ent.
Playor• Price announced shat at the general el.ecti.on kre]_d on iovember 2, 1.y54. the
voters of the City had. approved the bonds for ail three purposes submitted under the
terms of Amendment No. 13 to the Constii;ttt:ion; and that at a public sale held November ~a,
1_y51t, T. J. Raney &. Sons of L,i_ttle Rock, Arkansas, had made the. best and highest bid for
said bonds ~uxd that th.e bone?s had been sold to therm, and that they were noti,r ready to
accept de1_very o.f the bonds as soon as they could be legally de1_ivered. The ma.t,ter eras
one on which all the members o.f the Cotutcil were well infox~rned, and Aldexfinan 0. I. Bollinger.
in{;roduced an ordinance en i.t].ed;
AN 01?DIPdANCE F'HOVIDIfIG FOPi THE ISSUANCE OF BONDS
F01? TIhI PI.iRFOSE OF REFIINDING OUTSTANDI]VC BONDS
AND P7AK1ZdC, CEt?':CA71d II?PROVIs'I~IEN'i'S IId TIL; CITY OF
WEST P1:]I°IFHTS, ARIC11PdSA5, DECLARIIIG API I:T~tE;RGEIdGY;
AIdD FOIL OTIII~R. PURPOSES,
which was read i.n fu1.1 by Alderman Bo11.9ngcr.
Alderman Bledsoe then moved -that the rule requiring the reading in full of ax?
ord:i.nance on three different days be dispensed with. The motion was seccnded by
Alderman Rowton, and on roll call the following voted:
Aye: Bledsoe, Bollinger, Tinley, Foster, P?anchester, Powers, and Rowton.
DIo: None.
The Nlayor declared that more than two-thirds of the members composing the Gounc.i.1
had voted i<t .f aver of the motion to sttspen<1 the rule and that: it was carried.. Alderman
Manchester then moved that the ordinance as read. be adnpted. This motion was duly
,,^,econded by A1.d.orman Fov*ers, and. on r.o1.1 call the following voted:
Aye: Bledsoe, Bo1l.inger, Finley, Foster. Manchester, l errer•s, and. Rowton.
No: None.
The Playor declared. that the ord7na_nce had been adopted, and. then ca1_led at.~ten~tion
to the fact that Sec{;ion 1.5, the emergency section, must; be a.dept.ed upon a sepa:ra.te roll.
cal in or•~ler to be ePfect;i_vo.
Alder•mr~.n F'osi;er then Bread Section 1;• agaltt. Alderman Finley moved that Section 15
be adnpted. 'T'his moi,ion rags ~Iu1.y seconded 'iy Ald.et:•m~~!n 5o11.inge,r, an9. ore roll r•all the
fol.low:inP voted;
Ahe: Bledec~e. Hollinger, Finley, FoSt~r, r4;~rtche-,tr~r, Powers, and. Rowton.
T]o : l~ one .
171e klayor then. dc;clared that tyro oY•d_nanee and the emergency section hacl been cl.u.ly
parsed, and thereupon he signed the ordinance in oven Council meeting, his signature was
attested by the City Clerl< under the seal. of the City, and the ordinance became effective
imme di ate 1 y.
Said or~linan~•~= ±.c which no ar~lerr:Lnent was offered read as fo17.o*.~as:
ORDINAIQCF, N0. 288
ADi ORD~IPIAPICI: I'ROVIDI2~1C FOR 'i'HE ISSilANCii, Or BOPIDS FOIL 'T'tiI', PURPOSE f?I' REF'UPIDIIdG
OU'PSTANDIIILr BOPIDS AIlD AMP"Il~]G C;;RTAIi'I 7?~II~i'?OVE'.1~T?TS IN TtIE' CITY OF WE'bT ]'[F:P'1PIIhia
ARKFrPiSAS; DF~CLAitIIdU AI! }.P1''sltC -i1^Y; /tPID 1T01~ Oq'iCt~'? lliRi'OSLS.
WI~'R'3A5, b;~ Ordnatxr_e IIn. 2R2, pass d and al provod °eptamher 28, 1.9~1.F, ttrer was
subndtted {,o the quolrfied e1~~ctors of t1xU Cit,,> o°_ '.~~I^st .'.nmphis, Ac•kansa,., the q,ze~stiorx
n ' ral'xe r~her the r'i_ty hou_1_,:1 ~ ue bend:: to th~~ amo•ai t of r'~?7n OOO i or the t ur poems of
providing fox i,he• I'a,,'tn.~nt o~ 7,1-5_ KOC~ in Its bond: ,rc,.r out~t.~ndi_rtlr Ind x~nf~tn lrnl; ~?.'~Qc)
ca11_a.ble 3 3/11',' bonds. Px?th i_ssunrl twder authnr•ity of Am~~ndtnent blo. 13 to th?
r on •t'i r tL i nn o' the ` r .be n r h.rkan r:. end t , n it,g n~ r ho?Zd for t to push ~ r o,
bru ld.Ing and equipping fire S`ation, an l re ,c~rir''.~t~~tg ~tr~ enlarh].ng Lhe pr. ~nt City IIaL_,
~~ per a?,I CLAm; an ~.
said bands to ljeaT rn}nreut at a. rat i not to c~ cF~ed i,•I;;
`~ `~ r
^1HL,RI~A5, due notice of the election tras given as required by law and. sairi
election eras d,.rl}• held on November 2. 195~t, at whi..ch election all three purposes
were approved, ar~d the result of the election was announced by the Player. by a
procla.ma.t:ion issuer on Dlovember 9, :Ly51_t, and duly published in the Crittenden
Counc:i1 Times, a newspaper published anci having a. bona fide ci.rcu7_ati~n :i_n said
City; and
4J1I'~RLAS, the City of 47esi; I^mphi.s a.t; a public sa.7.e held at fi:00 P.DI.
Dlovember 1~, 1S51,. in the Counc~i_7. Chamber in the City Hall, after more than
twenty days advertisement i.n said newspaper, contracted to sell the bonds
to T. J. Raney & Sons of Litt7.e Rock, Arkansas, who were 'the bed and highest
bidder with a p:cice of 101.53 on the do7_lar face value p7_us accrued interest
for 3 ?iao bonds, plus thr.: pr•emi.run of 5'2500 on the callable bonds and the ';p1780
interest to be escrowed for the ~!n bonds; and_
~nIH;;REAS, the buyers of said bonds have elected to name the Union Planters
Plational Bank. Memphis, Tennessee, as Trustee and paying agent, and has elected
to convert the j~270,000 in 3'~ bonds to dy300,500 in 2 ~ and 2 mss; bonds maturing
as hereinafter set out, and have presented computations showing4the cost of mattu•-
ing the bonds after conversion to be ;p158,22 less than the cost o:f matuuring thc:
bonds according to the original ;achedule, which is within th terms of the sa7.e
notice; now, therefore,
BF IT ORDAI[dLD by the City Council of the City of ~~7est Memphis, Arkansas:
SBCTIOId 1. That the sale of the bond;; to T. J. Raney ~C Sons of Little Rock,
Arkansas, and the conversion of the bonds to loner interest .rates, are hereby
approvedi aazd confirmed.
Sf;CTIOD! 2. That the Mayor and City Clerk are hereby authorized and directed
to execute the refunding and improvement bonds of this City, dated as of December 1, 1951,,
and maturing on Janu~i•y ]_ of each )>nar as follows:
vL+;AR
~ BOD1D NOS,
~ (both inclusive) Ai10UDd'I'
].956 _
1 to 9 ,~
ti; 9.000
1957 10 to 19 9.500
7058 20 to 29 10.000
1959 30 to 39 10,000
1960 Lt0 to !19 10, 000
1961 Sn to 60 ln,5oo
1962 61 to 71 10,500
1963 72 to 8?_ 1.1,000
1.S64 83 to 93 17., 000
1965 sl, to 105 11, Soo
1.966 1.06 to 1.1'~ 1.]_, 500
1967 17.8 to 1.29 1.1, 500
1968 130 to 1h,7_ 12,000
1969 1112 to 153 12,000
1970 15a~ to 166 12,500
1971 167 to 179 12,500
1"72 180 to 192 12.500
1973 193 to 205 7.3,000
7.971, 206 to 218 13.000
1975 21.9 to 232 13,500
1976 233 to 2115 711,000
19'77 2117 to 261 1Lt.5oo
19'78 262 to 27i 11; K00
1979 27'7 to 291 15,000
1980 292 to 307 15.500
The bonds maturing in the years 1956 and 1957 are refunding bonds. All the bonds
sTzal7_ be in the denomination of ;,1000 each except Dios. 19, 60; 71, 105, 117, 1..29, 166,
179; 1.92, 232, 267_, 276, and 307, which shall be in the denomination of X500 each. They
shall. bear interest payable semi-~unrnrally at the fo17_owing rates per annum: Nos. 1 to
105, inclusive, and Dlos. 21n6 to 307, inclusive, at 2 ~°a, and Dlos. 105 to 232, inclusive.
at 2 ~, and shall be ca)_lablc: as hereinafter set out,
SECTIODI 3. Said bonds shall be in substantally the following form:
LRJI'I73D STATES O.F APDERICA
SPATE OF ARKADISAS
COl1N1'Y OF CRITTE?IDEDl
CI77 OF WI;S'P Pli:AIPHIS
_~ Refunding and Imps-ovement Bord
No. 4v
_ ~~~-~
Id?Old AL;L P!(I?N LY 'PH1~.51i, I'.i?'~5iY1TS :
That the City of 6J.~st, P4emphi s, i.n the County of Crittenrien. Stai;e of B.rk:msas,
acknowledges itself to ores and, for value received, promises to pay to bearer the sum of
l)n1,'i.~A ZS
in lawful. money of the Trnited States of 1Lnerica, on the first day o:f January, 19 with
interee+ therr.on from date hereo+' at the rate of _ per centum ( ~ ~') per
anrnun uz~+.i.l. p._d, 5.ntrcest pad*a.ble em__arurually nn the f:r. shay of January and July of
sac}r year, commer~rcing July 1, :19j5, on presentation acrd. surrender of the onne:ced coupons as
thel> severally mature. Both the principal. and :i.nt:erest of this bond are hereby mach payable
at the !?fCice a`' the Union Planters ATational 3an1-, T'Iemphis. Tennessee.
This is one of a series; of bonds aggz•egati.ng Threw Hundred Thousand I~'ive Hundred Dollars
(~~300,500), al.l of like tcnc~r and effect except as to number, denomination, interest rate, and
matnzrity, numbered from One (1) to Three Hundred Seven (3O7), :trrrlusive, issuers for, the purpose
of refunding outstanding valid beaded indebtedness and. for• constructing needed mtuiicipal..
.mprovenu.nt,s in the City of lJest Plernphis, Ar}ceases, and the Cii:y hereby warrants arid. covenants
that: in the issuirra• of this bond it has pr•oceedecl in accordance with the provisi ons o.f Amendment
lie. 1.3 to the Const9..tuti.on o.f the State o.f Arkansas, and in accordance wit;h the lams of said
State, under ordinances of the City Counci_1 of said City and in pursuance of an election duly
held. at trhi.c}r thc~ ma.~ori.ty of the legal.. voters oC said Ci_i;y voting on the que:;+,ion voi;ed _n
favor of the issue of said bonds; that all. condii::ions. acts acrd things required to e,.i_st, to be
per•i'ormed, and to happen precedent tc and :In the issuance of this bond do exist, have been
perf'or•med, and have hlppc:n~d in duF t;:ime, t'or~n, ar,d. manner as required by l.az-.r and parti.cul.arly
by said Amendment Ido, 13; and that a taY -uifici~nt to pair the bonds aforesaid has been levied
in accordance with sai~:l conel,i.t.utionaJ_ armernament and made payable anmaal.ly until all. of sari
bonds and interest thereon have been 1'ul.ly paid a°~rl clischar•ged; and that the :ind.ebteclncss
represented by th9s bond and the issrze o~"' whs.^h i-t forms a_ part does not exceed any constitutional
ar statutory 1.riri.tation. For the prompt Payment oC t:Yris bond and the interest thereon, the said
Ci i;y of West P''Amphis hereby pl_eclges ii;s full fail;h, credit. and. tvYi_ng power, including the five
mil.l_ spec.i.al ±:ax authorized. to be lev;or_l by said Amendment to the Const:i.tuti_en for the payment
of this bend and other bonds of ~t;his series.
The City has agreed that out of the revenue derived from tho special tax wh:i_ch it has
lev_i.ed aud. which is autho_°•ized by Amendment P1o. 7.3 to the Constitut;..on of the State of Arkansas,
i_t will. first set rtp a. reserve of Te.n Thousand Dol.lare 0(,10,000), and. that an~~ sw•plus after
that reser~re has been set up must be used to ca17. the bonds of this issue for• payment prior to
maturity in inverse numerical order at par and accrued. interest on any :i.nterest paying da1;e, a.nd
carr not be used for an,r otYr~,r purpom.
}'he bonds of this issue are cal.:lable for payment P*~i_or to mat-rzz^it;~ in inverse numerical.
or.~ er at par. and accrued. interest, as fol7.ows: From snrpl.us funds derived from the special.
ta,r. or from the bond s•u.le, or. any 'interest. paying data; from funds from any source, on any
interest paying date on a.nd after January 1, 195°. Tn the event the City shall.c:al.l bonds
.for paym~>nt prior to maarzrii;,y, it sha:l.l publish notice of such call. once a week for two weeks
in some newspaper of general. circulation throughout the Rate of Arkansas, the .f:irst publi..ca.tion
to be not less thtur f'i_fteen days prior to the date fi:ced. fer redemption, and t•ha notice shal_1 give
the ntunber and. matcuity of each bond being called. l.ll bonds sn called shal]_ cease to bear interest
after the date .fixed far th:i_r redemption, provided. the funds for their plymer~t are on deprait with
the paying agcnl; at that time.
'1'hi.s bond shaJ.l not.. be valid until authenticated b~~ the certificate h^,re~_~n of the 1Jnion
ri . ~ ~ ,A
Pl.atrters P1.rtt.ona1. L3an':, ~;mph..., Cennc.^5..e.
III W].TI11:Eo ?dHc:P~OF', the City of sides`. Iiernphi.s, Arl-_nsas, ha, executed this bond by the hands
n{' its P4ayor ar.~l City Clerk and. attested. ~_t ~ai_th its c ~rpar•ate seal., and has cause]. the coupons
Y!~~reto attached, to be an.t;Izenticated. by the .fees smile sa_gnature of its I7a}*or, as of the: first clay
of December, 19~i1~.
C:C'P~F OF U~k,ST Ig:}-IYHIt~I, ARic.AA~SAS
j / .,
1T syor
(Seal)
At terms t~%~
City .1_erk
`To each o:f sand bonds shall be attached coupons for tYr~~ semi-annual. :nte.rest in the following
form:
~~r
COUPON
No. ~
January -'
On the first day of July , 19 , unless the bond to which this coupon is
attached is paid prior thereto, the City of West Memphis, Arkansas, promises to pay
to bearer DOLLARS in lawful money of the United States of America,
at the office of the Union banters National Bank, Memphis, Tennessee, being six
months' interest then due on its refunding and improvement bond dated December 1,
1954, and numbered
CITY OF WEST MI~IKPHIS, ARKANSAS
BY _
Mayor
(The first coupon shall be .for seven months' interest. The signature o£ the
Mayor on the coupons may be lithographed or engraved.)
Each bond shall be authenticated by the Union Planters National Bank, Memphis,
Tennessee, as follows:
TRUSTEE'S CERTIFICA'PE
This is to certify that this is one of the series of 307 refunding and improve-
ment bonds aggregating $300,500 described within.
UNION PLANTERS NATIONAL BANK,
ME49PHIS, TENNESSEE, Trustee
Bi` __
'Trust Officer
Ptemphis, Tennessee
SECTION 4. The Mayor and City Clerk are hereby authroized and directed, when
they have executed said bonds and have had them duly certified, to deliver them to the
purchasers upon receipt of the full purchase price, and the proceeds of said bonds
shall be used for no purpose except the purposes for which voted.
SECTION 5. In order to pay the said bonds as they mature, with interest there-
on, there is hereby levied upon all taxable real and personal property within the
"ity of West Memphis, Arkansas, a tax of five mills on each. dollar of. assessed valuax
tion, beginning with the taxes collected in the year 1955 and continuing as long there-
after as may be necessary in order to pay the bonds and interest authorized by this
ordinance, being a sum sufficient to meet said bonds and interest as they mature, with
five per cent added for unforeseen contingencies; and the City Clerk is hereby instructed
to transmit, a certified copy of this ordinance to the County Clerk of Crittenden County
Arkansas, to the end that said tax may he extended on the tax books of said county and
collected annually along with the other taxes. The levy of said tax shall continue
annually at the same rate until said bonds and interest are paid in full. The City
agrees that all of the revenues from the five mill tax shall be put in a separate fund
known as the "Bond and Interest Fund" and shall be used solely for the payment of the
bonds and interest of this issue, as set out in this ordinance. Arty surplus from year
to year shalt be kept and accumulated until the City has on hand a surplus of $10,000,
after making provision for 'the payment of the annual principal and interest payments
of this issue maturing prior to the next annual collection of the special five mill
tax. Arty revenues over and above this X10,000 surplus must be used to call the bonds
of this issue forFayment prior to maturity in inverse numerical order, except that the
City will not be required to call bonds for partial payment. When this reserve fund
has been accumulated, it shall be transferred to a separate account, designated
"Reserve Fund.for December 1, 1954 Bonds," and maintained at the level of $10,000
until used for paying bonds anei interest, and either shall be deposited in a bank that
is a member of the Federal Deposit Insurance Corporation or may be invested in United
States Government bonds maturing in not more than txelve years from date of purchase.
SECTION 6. In order to pay said bonds, with interest thereon, as they mature,
there are hereby appropriated out of the proceeds of the tax hereinabove described,
and if such proceeds be not sufficient, then out of the general revenues of the City,
the sums necessary to meet payments of principal and interest as they mature, to-wit:
YEAR PRINCIPAL INTEREST TOTAL
Jan. 1 of Jan. '1 and July 1
_ Each Year of each year
1955 ~ ~ X4,124.90 ~ 4,124.90
1956 9,000.00 3,535.63 3,434.37 15,970.0
1957 9,500.00 3.434.37 3,327.50 16,261.87
1958 10,000.00 3,327.50 3,215.00 16,542.50
1959 10,000.00 3.215.00 3,102.50 16,317.50
1960 10,000.00 3,102.50 2,990.00 16,092.50
1961 10,500.00 2,990.00 2,871.88 16,361.88
1962 10,500.00 2,871.88 2,753.75 16,125.63
1963 11,000.00 2,753.75 2,630.00 16,383,75
1,964 11,000.00 2,630.00 2,506.25 16,136.25
1965 11,500.00 2,506.25 2,376.87 16,383.12
1966 11,500.00 2,376.87 2,233.13 16,110.00
1967 11.500.00 2.233.13 2.089.37 15.822.50
~('
~•)
EAR
~._ _
RINCIFAL
Jan 1 of
________ Each year _~.~_
NT'ERES'T'
Jan. 1 and July 1
-- of each year T ___---~ Ii
I~
'I
TU'PAL !1
!I
1970 12,500.00 1,789.3'7 1,633.13 -
15,922.50 ~jj
1971 12,500.00 1,633.13 1,476.87 15,610,00 ii
1972 12,500.00 1,476,87 1,320.63 15,297.50
j
1973 13,000.00 1,320.63 1,158.12 ,
15,478.75
1974 13,000.00 1,158.12 995.63 15,153.75 '~
19'75 13,500.00 995.63 826.87 15,322.50 ~
1976 14,000.00 826.87 669.38 15,496.25 j
1977 14,500.00 669.38 506.25 15,675.63 '
1978 14,500.00 So6.25 343.12 15,349.37 'j
1979 15,000.00 343.12 171.2,38 15,517.50
1980 15,500.00 174.38 ------ 15,674.38
SECTION 7. The Treasurer of the City of. West Memphis, is hereby ordered and
directed to remit to the paying agen t, not less than five days before the date of each ~
interest payment, the amount of inte rest., or int erest and principal, due on said date, ~
together
with the paying charges, wh
ich shall be
1/8 of 1;$ on principal I
and 5¢ per
interest coupon, with the provision that the min wnwn paying charge shall be X1.00. I
This instruction to the Treasurer is irrevocable and may be enforced by mandamus. is
SECTION 8. The City agrees to deposit the proceeds of the sale as follows
The. accz•tted interest shall be paid into the Bond and Interest Fund. as herelnabove de-
fined, The sum of sB62,5~0 plus the premi-mum of x!;2500 sha1~! be deppsiterl ~t~a9_th tshe 1'rustr.e
of said issue, to whi.r,}x the City sah"L7 ad.d interest due Jamzary 1.. 1955, and paying
agentrs charges, for tlxe purpose. of p ,ing in fu7.7_ with the ca17 Freminum all of the
?, r(m ottt,• tandi.ng 3 3/l~°~ bonds, an•i r15, 500 pi.tts , l_7i0 to which t F~ Gi-ty steal! adcT the
paying agents char •es sha7.7_ be escrowed Tri..th the 'rrust;ee o1' the Lt? issue for the purpose
of paying said bonds in full as they mature, a.nd said Tru +ee is authorized to purchase
for the City otzt of the escre?a funds a. 2~ yield. basis. The balance received from the
sale of the beruks shall be deposited in a separate f~utd to be lmotnx as the "Constructim
Fund" to be used solely for t•hc- pa.y^neznt of the cost of the improvements plus the ex-
pense of the bond issue.
The City agrees to require .security. from the deposii,ery bank in which the Con-
strurtion F'wxd is placed .for al"1 o.f the deposit over the 7.0,r~00 :insured byr the I'c:deral
Denosi.t Insurance Corporation, and such securi_t.y shall be either in the form of a cor-
poral? surety bond or in th.e form o.f.' government bends escrowed. wiah soma other bank,
with the right :i.n the depository to withdraw bcrrds from the escrow as the Construction
Fund is wit;hdratan by th.e City,
5r'.C'TION 9. Both the Bond and Interest; Fund and the Cons tructi.on Fund shall. be
deposited i.n one or more banks holding membet•shi.p in the Federal Depos:i.t Insurance
Corporation. Vouchers upon either .fund nntst. be signed by twn duly authorized persons.
SECTIOPI 10. I~' defaul_t is made and continue, for thirty days in 'the payment of
any interest coupon, the holder of t}xe bond to which it is attached may declar^ the
same inm,eciia:tely due and pay*able, and the fai]_ure of the holder to e?.ercise thi_, option
upon arty default shall not be a waiver c?f his right to exercise the option upon any
subsequent default.
SECTIOI3 1.7. The bonds of this issue sha7_l. be callable for payment px•ior to mat-
tu•i.t•y according to the terms set out in the face thereof.
SECTIOid L. The Lini_on planters National P.artk. P~Temphis, Tennessee, is designated
as Trustee, au.thori~ed to acb for and on behalf of the bondholders, b~tt• it sha1.1 be res-
ponsi_hle on7.y for wilful. wrong in the e;:ecution of its ±rust, and the recitals of facia
contained. herein and in i;he bond^ themselves (except the recitals in the Trusteers
Co~•tificat,e,l ax•e stat;erct~nt•s made by the City and not, by the Trustee. The Trustee sha71
not; be requix•ed to tale notice of any de.fa.u1 t or to take any action hex•etuxder until :it,
s},ahl_ have boon not_i_find i_n wr•iti.ng of said default. and indemnified ~to its satisfaction
against, any loss, expense. or cost that it may incur by taking action. The ho7_ders of a.
rnajori-ty irx value o.P the ouastanding bonds at. any time may, by an instrument duly ex-
ecuted and recorded in the office o.f the City Clerk, appairtt a new Trustee, trho shah.
have a1.1. of the po:aers of the 7.'rustee originally named., and '.he 'Crttstee herein. mined
may resign at; an}~ tinre upon ten da.ysr notice in wrif.i.ng mailed to the City Cler!<.
SEC'}'ION 13, The terms of th:i.s ordinance shall cons{;itute a. contract between the
Ci.i,y of West Tlemphi.s and the holders of the hend.s her•einauthorized. and no va.riai:ion er
change in the undertakings lxer.•ein set oust sha17 be made whi.l..e atty> of these bonds a.re
outstanding ?ai.thoul; the wr•i t.ten consent of the holders of all oC the bonds aC this
issue +,hen ou.i.;stand i.ng. and the holder. of arty bond may a.t any time, f_or and on his
be}talf',or the Trustee. may, fnr and or, behalf of al' the bondholders, en£o.rce the obliga-
tions of the Cit;;~ b~yr a proper suit, for that purpose.
Ski',CTI0t~1 7_la. The provisions of this ordinance are separable, and in the event tktat ~ij
any secti.orr or part, of.' section s.ha17_ be held tc be invalid, such im~alidity sha17 not .j
effect the remainder of the ordinance.
SEC'T':IOTT 7.5, It i.s }tereby ascertained and declared that there isirmn~rdiat.e and
urgent need for the construr_,t_on of th.e munici-pal :improvements to he provided by the
proreods of this bond issue, in order to protect the health, lives and property of the
inhabitants of the City of I^Ictst Plemphi..,, Az•kansr!s; therefore, an emergency exists and
this ordinance, being necessary for the preservation of the public peace, health and I;
safety, shall be in force and take effect imm~~-Tia.tely upon and. after its passage.
~~
The Mayor then called attention to the fact that the City proposed to escrow the
money to pay the $15,500 in non-callable !lo bonds but that there was a chance that some
of those bonds could be secured before maturity, with a saving to the City in interest
payments, and he suggested that the Union Planters National Bank, I'~Iemphis, Tennessee,
the Trustee for the bond issue, be authorized to purchase from the fttnds escrowed with
it any of the !~~ non-ca.ll.able bonds that would be presented to it, at a price of not to
exceed a 2;~ yield basis.
Alderman Bledsoe introduced a resolution authorizing this purchase, and moved it,s
adoption. The motion. was duly seconded by Alderman Rowton, and nn roll call the follooring
voted:
Aye: Bledsoe, Rol_linger, :Finley, Foster, 1`tanchester, Powers, and Rowton.
No: P1one.
The f°1a5ror declared that the resolut,:i_on had been duly adopted. Resr~lution as follows:
R E S O L U T I O N
WI3i'REAS, the e1 ectors of the City oi' West P4emp}ris. Arkansas, at the general election
on November 2, ly5lt, approved a combined. bosxi issue of y~270,000 for the purpose of refund-
ing outstanding bonds issued under the a.uthori.ty of Amendment; D}o. 1~ to the Constitution
of the Mate of Arkansas and for building and equipping fire stati.ens and remodeling and
enlarging the city hal_1., and of.' the bonds to be refttnded X1.5,500 are non-callable l.to bonds
maturing on January 1 of the years 1956 to 1960, inclusive, for which the City proposes to
escrow the stun of X15,500 plus interest, to the date o.f the respective maturities in the
amount of X1780, plus the paying agents fees, and it will result in a substantial saving
to the City if any of these bonds can be purchases prior to maturity, thus saving interest;
now. therefore,
P.E IT RE50LJED by the City Council o£ the City of West P1emphi.s, Arkansas, that the
Union Planters National 5art':< oE' I°}emph~.s, Tennessee, trustee for the said band issue, with
whom the funds for pa~mtent of the !:~ outstanding bonds dated Ju1_y 1, 1948, wi11 be deposited,
is hereby authorized to purchase for the City of 4Jest Memphis out of the escrow funds any of
said 4~ non-cal..lable bonds at any tune upon presentation of said bonds er any one of them,
the purchase price to be not; to exceed a 2~ yield basis.
There being no further business, the mec:t9sig a.djottrned.
~~
~,
P4AY0' J
ATTEST: _ __ ~.r;
CITY CLERK
APPROtn1D: NOVEMBER 16, 1954