April 12, 1956I~IUTES DF AIT ADJOURNED I~~ETIIvG Cr TBF CITY COUNCLT OF TIT; CITY OF WEST i•",EI•~PFiIS, ARnAI?SAS,
HAD AND HELD Oi? APRIL 12. 1956.
The Council of the City of West I:emphis met in an adjourned session at the City Hatl
in said City at 3:00 P.i:. on the 12th day of April, 1956.
The meeting yras cal7.ec~. to order by the iayor, and upon roll cam there were:
Present: Mayor H. B. Price presiding and the following Aldermen:
James Bledsoe, 0, I. Bollinger. B. J. David, Bob Eden,
J. E, Himes, P. B. Powers, R. H. Ray, Jr. and L. E, Roleson;
City 7[ttorney Atlee Harris and City Clerk S, L. Sims.
Absent: None.
I`iayor Price announced the meeting was being held for the purpose of sale of
Revenue Bonds in accordance with the following Notice:
NCTICE OF SALE OF REVENUE BONDS
The City of idest Iiemphis. Arkansas, hereby given notice that it will sell at a
public sale for cash to the highest bidder its proposed issue of ;'500,00 in 3'-''',o
public utility bonds dated April 1, 1956, interest payable semi-annually beginning
November 1, 1956, and maturing serially on Fiay 1 of each year as folloors:
;;";12,000 in 1957 and 1958
13.000 in 1959 and 1960
11y, 000 in 1S.51 and 1962
15,000 in 1963 and 1964
16,000 in 1965 and 1965
17, 000 in 19f,7
18,000 in 1968
19,000 in 1969
20.000 in 1970
21;000 in 1971
22,000 in 1972
23.000 in 1973
24.000 in 1974
z5,ooo in 1975
26,000 in 1976
27,000 in 1977
28,000 in 1978
29,000 in 1979
30,000 in 19Bo
31,000 in 1981
Said bonds are payable from the Public Utility Bond Fund on a parity Frith the
outstanding balance of an issue of Public Utility Bonds dated BIay 1, 1954, and this
fund is created out of the surplus of the revenues derived from the operation of the
municipal water and sewer systems, after providing for the payment of outstanding
municipal water and sewer revenue bonds. and the conditional pledge of sufficient of
the net revenues derived from the operation of the electric system, and the combined
revenues from these sources are greatly in excess of the total requirements of all
bonds now outstanding and the proposed new issue.
The City reserves the right to issue at this time only y300,000 of the advertised
w500.000 series, and in the event that it does not issue the full series, the bonds
withdrawn from the sale krill be withdraum proportionately as nearly as possible
throughout the entire schedule, and the City will reserve the right to issue later the
bonds so withdr~n upon a parity with the bonds being delivered at this time.
The buyer will have the right to convert the bonds to bonds bearing lower interest
rates, substantially in accordance urith the Universal Bond Values Tables so that the
City shall receive no less and pay no more than it would receive and pay ii the bonds
were not converted, and subject to the approval of the City Council, The Cit ~
will be required to pay the e.Ypenses of printing and trustee'
of the approving bond counsel T Y s agent
ownsend & To ~ the bonds and the fees
will furnish a transcript of the proceedings~sThe bonLd3tt~llRbekca lableanfor se City
prior to maturity at par and accrued interest in inverse numerical order.
From surplus revenues derived from P Yment
date; Prom funds from azL3' of the public utilities 'on as Follows:
aTLl' source, on any interest a anY interest paying
P Y-~ng date on and after IIay 1, 1959.
The sale will be held upon auction bids at 3 0~
April, 1956, in the City Council Chamber clock P,I~I. on the 12th day of
Each bidder will be required to file a ~ the City Hall, West biem his
to the City, to beheld certified chec}; in the sum op ~ Arl.ansas,
and fails to complete the 1-~-qui'dated damages if he is awarded x10,000, payable
interest will Purchase, Other chec);s ~ the sale o~ the bonds
and all bid be Paid on good faith checks. ].1 be returned promptly, and no
s. For further The City reserves the ri
the public utility plant, interested obidders~ details as to the e ght to reject any
are requested to arning °Perations of
consult the undersigned.
Delivery dates of the bonds were discussed, and it was agreed by the bond
representatives of the firms present and members of the Council that x300,000
of the bonds would be delivered immediately, n100,000 in thirty days and ;1C0,000
in 60 clays.
The following bidders filed required certified checks, and auction bids Vrere
received in the following order:
4.. R. Stephens Investment Co., Inc Little Rock, Arkansas
Hill Crat~rford ~~ Lanford, inc. Little Rock, Arkansas
Taney Investment Company. Inc. Little Rock, Arkansas
Union Planters National Banl: I°iemphis, Tennessee
l,TOmeldorff ~ Lindsey Little Rocl;. Arkansas
The last bid was 101.05 by Rane,* Investment Company, Inc. of Little Rock, thereupon,
the following was entered into:
April 12, 1956
Honorable Mayor and City Council
City of West 24emphis
West Memphis. Arkansas
Gentlemon:
For u500,000 bonds of your proposed $500,000 Public Utility Bond issue dated
April 1, 1956, bearing an interest rate of 3 ro, we bid you 101.05 and accrued
interest, subject to all terms and conditions~of your notice o£ sale.
Yours very truly,
RANEY IPNrSTN.1NT COMPANY, IIdC.
BY /S/ DALLAS P. RANEY
ACCEPTED this 12 day of April, 1956
CITY OF'~ST I~~~iPh'IS
BY:~OFIELL B, PRIDE
Mayor
BY:/5/ S. L. SII~,S
City Clerk
There being no further business, motion to adjourn until April 17, 1956, at
3 P.M. was made by Alderman Bledsoe and seconded by Alderman Eden. The vote was
as follows:
Yeas: Aldermen: Bledsoe. Bollinger. David, Eden, Hines, Powers, Ray, and Roleson.
Nays: Alone.
C ~ CL RK
A"iA
AFPRO>TLD: AfAY 3, 1956