June 28, 19604~f
i,1INUTES OF A SPECIAL i~7EETING OF THE CITY CC%UNCiL GF Tf{E CITY CF 'VEST DJEMPHIS, ARKANSAS,
HELD AT THE CITY _iALL IN SAID_CITY JN.TIiE 2aT]i..D,4~~-rtNE~~q~•r~.~;~~,.i
i t,n the CSth day of June, 1960, the Council of the City cf iNest Memphis, Arkansas,
met in the City Hall in said City in a special session. "The meeting was called to
order at 11:00 A,i~t, by the i~lavcr, and on the roll call the following members of the
Council were found to be present:
Aldermen: .,, Roleson, Y. G. Sims, Jerr.el F, Lackey, (:, i. Bellinger,
C. H, Rowton, Bob Eden, and 12. H. Ray, Jr,
Absent: Alderman R. C. Bowie and City Attorney lJ. H, Dillahunty,
It being determined a quorum was present, the following proceedings were had to-wit:
h9ayor Price announced the Special i~:teeting had been called in accordance with
Ordinance TJe, 219 "An Ordinance Providing For Regular R1eetings Cf The City r'cuncil,
Prcvidin~ Fcr Special Ole etings :nd .ether ?ur~cses" for the purpose of passing Grdinance
for Bond Issues Aggregating 510,000 for construction and equipment .-~f city jail,
purchase of fire-fighting apparatus and equipment, and purchase of site and
construction of housing for fire-fighting apparatus; prier to July 7, 1960, in view of the
bids for construction would be opened on July ?, 1460,
Alderman Roleson introduced an ordinance entitled "An Ordinance Providing F^:r The
Issuance Cf °:;nds For The Purpose :.f Refunding Cut standing Bonds And Making Certain Improvement:
In The City C:f t4est flemphis, Arkansas; lleclaring An Emergency; And For Other Purposes",
which ;vas read in full by Alderman Ray,
Alderman Sims then moved that the rule requiring the reading in full of an
ordinance on three different days be dispensed with, The motion was seconded by '.
Alderman Lackey, and o^ the roll being called the voting was as follows: '..
i
Ayes: Aldermen: Roleson, Sims, Lackey, Bollinger, Rowton, Eden, and Ray. -
i
Nays: None. I
i,
i
The i.iayor declared that more than two-thirds of the members composing the Council
had voted in favor of the motion tc suspend the rule and that it was carried, Alderman
Rowton then moved that the ordinance as read be adopted, This motion was duly seconded i
by alderman Eden, and on the roll being called the voting was as follows: i
t
:1y es: Aldermen: i2olescn, Sims, Lackey, Bollinger, Rowton, Eden, and Ray,
Nays: None. ,
The ;+taycr declared that the ordinance had been adopted, and then called attentic•n
to the fact that Section 15, the emergency section, must he adopted upon a separate roll
ca.tl in order to be effective, Alderman Eden then read Section 15 again. Alderman Rav
moved that Section 15 be adopted, This motion was duly seconded by Alderman Roleson,
and on roll call the fallowing voted:
Ayes: Aldermen: Roleson, Sims, Lackey, Bollinger, :;owton, Eden, and Ray,
Nays: None.
The btayur then declared that the ordinance and the emergency section had been
duly passed, and thereupon he signed the ordinance in apen Council meeting, his
signature cuas attested by the City Clerk under the seal of the City.
The ordinance read as follows:
4E
~•RDINANCE NO, 390
AN O1.DINANCE PP.GVIllIDIG FG'R THE ISSUANCE GF BONDS FCR THE PURPOSE GF 3EFUNDING OiITSTANDING
BONDS AND :,-LAkING CEi2TAIN IMPRCVEDIENTS IN T}IE CITY OF WEST D~Eh1PHIS, 9RKANSAS: DECLARING AN
Ed1ERGENCY; AND FCR OTHER PURPOSES,
',VHEREAS, by ordinance Flo, 382, passed and approved .4pri1 21, 1960, there was submitted
to the qualified electors of the ~~ity of '~:',est Memphis, ,Arkansas, the question of whether the
City should issue bonds tc the amount of 5410,000 for the purpose of refunding x'187,000 in
callable 2uo and 2s-a bonds issued under authority of Amendment Nn, 13 to the Constitution,
of the State of Arkansas, and issuing new bonds for the purpose of constructing and equipping
a city jail, purchasing fire-fighting apparatus and equipment, and purchasing a site for and
constructing housing for fire-fighting equipment, said bonds to bear interest at a rate
acceptable to the Ci±y Council; and
WHEREAS, due notice of the election was given as required by law and said election was
duly held on June 14, 1960, at which election all purposes were approved, and the result of
the election was announced by the Mayor by a proclamation issued on June 15, 1960, and duly
published in the EVENING TI61ES, a newspaper published and having a bona fide circulation in
said City; and
WHEREAS, the City of '.Jest Memphis at a public sale held at 1:Oi) P,',?, June 16, 1960, in the
Council Chamber in the City Hall, after mere than twenty days' advertisement in said newspaper,
contracted to sell the bonds to T, J, Raney ~ Sons of Little Rcek, Arkansas, who: were the best
and highest bidder with a price of 100,430 on the dollar face value plus accrued interest;
and
',VHEREAS, the buyers of said bonds have elected to name the ~~Jorthen Bank & Trust Company
of Little Rock, Arkansas, as Trustee and paying agent, and has elected to convert the
5410,000 at an average interest rate of 4o per annum, maturing as set out in the notice
of sale, to $,409,000 in bonds bearing interest and maturing as hereinafter set out, and
have presented computations showing the cost of maturing the bonds after conversion to be
$150,53 less than the test of maturing the bonds according to the original schedule, which
is within the terra cf the sale notice; note, therefore,
BE IT OR BAIIVEll by the City Council cf the City cf F~'est itiemphis, .Arkansas:
SEC'lIGN i. That the sale of the bonds to T, J, Raney S Sons of Little Rock, .Arkansas,
and theconversicn cf the bonds to lower interest rates, are hereby approved and confirmed,
SECTION 2, That the Diaycr and City Cleric are hereby authorized and directed to execute
the Refunding and Improvement Bonds of 1960 of this City, dated as of July-1, 1960, and
maturing cn .August 1 of each year as follows:
YHAR BC'ND NGS,
AMOUNT
(both inclusive]
1963
1064 1 to 15
`15,000
1965 16 to 31
32 to 47 16 , -100
1966 4S to 63 16,000
1967
64 to 30 16,000
1968
81 to 9E 17 700
1969
99 to 116 18,000
1970
117 to 134 lQ 'J00
1971
135 to 153 1&,000
1972
154 50 173 19,000
1973
174 to 193 20,000
1974
194 to 213 20,000-
:975
2.14 to 233 20,OOn
7 20,000
1977 X54 to 274 20,000
197..
275 to 295 Z1 ~
'000
1979
296 to 317 21,000
980
~
318 to 339 22
=981
340 tc 362 22,000
19,2
363 to 387 23,000
1983
388 to 413 25,000
1984 414 to 440 26,000
1985 441 to ?69 27,000
to 000
Ecnds Nos, 1 to 63, both inclusive, and Nos, 346 to 465, both inclusive, are refunding
bonds. All the bends shall be is the denomination of ]1000 each. They shall be callable as
hereinafter set out, and shall bear interest payable semi-annually at the fo1l,-wing rates per
annum; ^7o s, 1 to 63, inclusive, at tt°;; Ncs. 64 to 134, inclusive, at 3 3/4°';,; Nos. 135 to
345, inclusive, at 40; and Nos, 346 to 469, inclusive, at 2t o.
SECTION 3, Said bonds shall be in substantially the following frrm:
UNITED STATES CF AMERICA
STATE OF ARKANSAS
CCUP7TY CF CRITTENDEN
CITY OF l^lEST h1E1••1PHIS
Refunding and Improvement
Bond of 1960
No,
$1000
xR'OLJ ALL ANN BY THESE PRESENTS;
That the City cf West Afemphis, in the County cf Crittenden, State of Arkansas,
acknowledges itself to owe and for value received promises to pa}• tc bearer the sum cf
GNE THOUSAND.DC~LLARS on the first day of August, 19 with interest thereon from date
hereof until paid at the rate of per centum ( 5>) per annum, interest payable
semiannually on the first day of February andAugust cf each year, commencing February 1,
1961, on presentation and surrender of the annexed coupons as they several l.y mature. Beth
the principal of and interest on this bond are hereby made payz.ble in any coin or currencv
which on the respective dates of payment is legal tender for oapment cf debts due the
United States of America, at the office of the LVorthen Bank C Trust Company cf Little Rock,
Arkansas,
This bond is one of a series of bonds agar et;ating Fcur Hundred Si>ay_nine Thousand
lk;llars (S'469,000), all of like toner and effect e:ccept as to number, interest rate, and
maturity, numbered from One (1) to Four Hundzed Sixty-Nine (~69), inclusive, issued for
the purpose of refunding outstanding valid bonded indebtedness and for constructing and
equipping a city .,jail, purchasing fire-fighting apparatus a.nd egvinment, and nur.chasing a
site for and constructing housing for fire-fighting equipment in the Cityaf S9est Memphis,
Arkansas, and the City hereby warrants and covenants that in the issuing of this brm d it
has proceeded in accordance with the previsions cf Amendment Nc, 1. to the Ccnstituti;n ~-f
the State cf Arkansas, and in accordance with the laws of said State, under ordinances of
the City Council of said City and in pursuance of an election duly held at which the
majority cf the .legal voters of said City voting on the question voted in favor of the issue
cf said bonds; that all conditions, acts and things required tc exist, tc be performed, and
to happen precedent to and in the issuance of this bond do exist, have been performed, and
have happened in due time, form, and manner a required. by law and particularly by said
Amendment No. 13; that a tax sufficient tc pzy the bonds aforesaid has been levied in accerd_
ante with said constitutional amendment and made payable annually until all of said bands
and interest theron have been fully paid and discharged; and that the indebtedness represented
b}~ this bond and the issue of which it forms a part does n;~t exceed any constitutional or
statutory limitation, For the prompt payment cf this bend and the interest thereon, the
said City of hest Memphis hereby pledges its full faith, credit and ta;:ing power, including
the five mill special tar. authorized to be levied b}• said ;imendment tc the Constitution
for the payment cf this bond and other bonds of this series.
The City has agreed that cut cf the revenue derived from the special tax which it has
levied and which is authorized by Amendment Nc. 13 to the Censtituticn cf the State of
Arkansas, it will first set up a reserve of six months' interest, and that any surplus
after that reserve has beer. set up must be used tc call the bends of this iasue for
payment prior tc maturity in inverse numerical order at par and accrued interest on
any interest paying date, and cannot be used for any ether purpose.
The honAs c*" this issue are callable for payment prior to maturity in inverse numerical
order at par and accrued interest, as follows: From surplus funds derived from the special.
tax or from the bond sale, on any interest paying date; from funds from any scarce, on any
interest paying date on and after August 1, 1965. In the event the City shall call bonds
for payment prier to maturity, it shall publish notice of such cal]. once a. ti•:•e ek for two
we elcs in some newspaper of general eirculatie~n throw ~eut the State of Ar'-ansa<_, the first
publication to be nc;t less than fifteen davs Drier to the date fixed far redemnti:~a, givine
the number and maturity cf each bond being called. ,117. bands so called shall. cease to
bear interest after the date fixed for their redemption,~rovided funds for their payment
are on deposit with the paying agent at that time.
This bond shall pct be valid until authenticated by the certificate heron c.f the
'~k:rthen Han}: S Trust Company of Little Rocf,, Arkansas.
IN LPITNESS LdHERE(.iF, ti:e City cf West hlempiiis, Arkansas has excuted this bend by the
hands cf its Pdayor and City Clerk and attested it with its coreerate seal, and has caused
the coupon hereto attached to be authenticated by the facsimile signature pf its P?ayc:r,
as of the first day of July, 1960.
CITY CF ItBST 7^IEDIPHIS; ,t1R}GWSAS
ivlavor
(Seal)
Attest;--.~'
c ~
City Clerk ~~t~
To each of said bonds shall be attached coupons for the semiannual interest in the
following `crm:
~e
CQJPON
NO.
On the first day of August, 19 ,unless the bond to which this coupon is
attached is paid prior thereto, upon surren er ereof the City of West Memphis, Arkansas,
promises to pay to bearer DOLLARS
in lawful money of the Un ¢ a es o rimer ca, a e o ce o e or en ank &
Trust Company of Little Rock, Arkansas, being six months- interest then due on its Re-
funding and Improvement Bond of 1960 dated July 1, 1960 and numbered
CITY OF
WEST MEMPHIS,
ARKANSAS
By
(The first coupon shall be for seven months interest. The Mayors signature on the
coupons maybe lithographed or engraved.)
Each bond shall be authenticated by the Worthen Bank 8 Trust Company of Little
Rock, Arkansas, as follows:
TRUSTEE-S CERTIFICATE
This is to certify that this bond is one of the 469 Refunding and Improvement
Bonds of 1960 aggregating $1169,000 described within.
WCRTHEN HANK 8
TRUST COMPANY OF
LITTLE ROCK,
ARKANSAS
By
u or ze car
Little Rock, Arkansas
SECTION (1. The Mayor and City Clerk are hereby authorized and directed, when they
hav¢ ex¢cuted said bonds and have had them duly certified, to deliver them to the purchasers
upon receipt of th¢ full purchase price, and the proceeds of said bonds shall be used for
no purpose except the purposes for which voted as follows:
a. For refunding at the same interest rates they now bear the !1187,000
outstanding balance of bonds issued by the City under the provisions of
amendment No. 13 and dated December 1, 19511;
b. For the construction and equipment of a city ,Jail, at an estimated cost
of $58,300;
c. For the purchase of firefighting apparatus and equipment, at an estimated
cost of $93,900; and
d. For the purpose of a site for and the construction of housing for fire-
fighting apparatus, at an estimated cost of $70,800.
SECTIClU 5. In order to pay the said bands as they mature, 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 mills on each dollar of assessed valuation, beginning with the taxes
collected in the year 1961 and continuing as long thereafter as may be necessary in order to
pay the bonda 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 directed to transmit a certified copy of this ordinance to the
County Clerk of Crittenden County, Arkansas, to the end that said tax may be extended on
the tax books of said County and collected annually along with the other taxes. The levy of
said tax shall continue amrually 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. Any surplus from'
year to year shall be kept and accumulated until the City has on hand a surplus of six
months interest, and any revenues over and above this surplus must. be used to call the bonds
of this issue for payment prior to maturity in inverse numberical order, except that the
City will not be required to call bands for partial payment. When this reserve fund has been
accumulated, it shall be maintained until used for paying bonds and interest and either shall
be deposited in a bank that is a member of the Federal Deposit Insurance Corporation or may
be invested in short term United States Government obligations.
SECTION 6. In order to pay said bonds, with interest thereon, as they mature, there
are hereby appropriated out o£ the proceeds of the tax hereinabove described, and if such pro-
ceeds 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
Aug. 1 of Feb. 1 8 Aug. 1
each year of each year
1961 $ $9,111.67 $7,810.00 $16,921.67
1962 7,810.00 7,810.00 15,620.00
1963 15,000.00 7,810.00 7,8!0.00 30,620.00
196!1 16,000.00 7,6!11.25 7,641.25 31,282.50
1965 15,000.00 7,h61.25 7,461.25 30,922.50
Aug. 1 of Feb. 1 8 Aug. 1
each year of each year
1966 16,000.00 7,281.25 7,281.25 30,562.50
1967 17.000.00 7,101.25 7,101.25 31,202.50
1968 18,000.00 6,782.50 6,782.50 31,565.00
1969 18,000.00 6,445.00 6,!:45.00 30,890.00
1970 18,000,00 6,107.50 6,107.50 30,215.00
1971 19,000.00 5,770.00 5,770.00 30,540.00
1972 20,000.00 5,390.00 5,390.00 30,780.00
1973 20,000.00 4,990.00 4,990,00 29,9PO.oo
1974 20,000.00 4,590.00 4.590.00 29,180.00
1975 20,000.00 4,190.00 4,190.00 28.380.00
1976 20,000,00 3,790.00 3,790.00 27,SBO.oo
1977 21,000.00 3,390.00 3,390.00 27,780.00
1978 21,000.00 2,970.00 2,970.00 26,940,00
1979 22,000,00 2,550.00 2,550.00 27,100.00
1980 22,000.00 2,110,00 2,110.00 26,220.00
1981 23,000.00 1,670.00 1,670.00 26,340.00
1982 25,000.00 1,337.50 1,337.50 27,675.00
1983 26,000.00 1,025.00 1,025.00 28,050.00
1984 27,000.00 700.00 700.00 28.400.00
1985 29,000.00 362.50 362.50 29,725.00
The above amounts shall be proportionately reduced in the event any bonds are called
for payment prior to maturity.
SECTICN 7. The Treasurer of the City of West Memphis is hereby ordered and directed
to remit to the paying agent, not less than five days before the date of each interest
payment, the amount of interest or interest and principal, due on said date,together with
the paying charges, which shall be 1/8 of 1~ on principal and 5¢ per interest coupon,
with the provision that the minimum paying eharg¢ shall be $5.00. This instruction to
the Treasurer is irrevocable and may be ¢nforced by mandamus.
SECTION 8. The City agrees to deposit the proceeds of the sal¢ as follows: The
accrued interest shall be paid into the Bond and Snterest Fund, as hereinabove defined,
The sam of $187,000 shall be deposited with the Trustee of the bonds being refunded,
to which the City shall add interest due July 1, 1960 and paying agents charges, for
the purpose of paying in full the bonds being refunded. The balance received from the
sale of th¢ bonds shall be deposited in a separat¢ fund to be known as the "Construction
Fund", to b¢ used sol¢ly for th¢ payment of th¢ cost of the improvements plus the ex-
penses of the bond issue.
SECTIf%~T 9, Both the Bond and Interest Fund and th¢ Construction Fnnd shall be
deposited in one or more banks holding membership in the F¢deral D¢posit Insurance
Corporation. Vouchers upon eith¢r fund must be signed by two duly authorized persons,
SECTIGN 10. If 'default is made and continues for thirty days in the payment of
any interest coupon,the holder of the bond to krhich it is attached may d¢clare the same
immediately due and payable, and the failure bf the holder to ¢xercise th19 option upon
any default shall not be a waiv¢r of his right to exercise the option upon any subs¢quent
default,
SECTION 11. The bonds of this issue shall be callable for payment prior to maturity
according to the terms set out in the face thereof.
SECTI(7Di 12. The Worthen Bank 8 Trust Company of Little Rock, Arkansas is designated
as Trustee, authorized to act for and on behalf of the bondholders, but it shall be respon-
sible only for wilful wrong in the execution of its trust, and the recitals of fact con-
tained herein and in the bonds themselves (except the recitals in the Trustees Certificate)
are statements made by the City and not by the Trustee. The Trustee shall not b¢ re-
quired to take notice of any default or to take any action hereunder until it shall have
b¢en notified in writing of said default and indemnified to its satisfaction against any
loss, expense or cost that it may incur by taking action. Th¢ holders of a majority in
value of the outstanding bonds at arty time may, by an instrument duly executed and record-
ed in th¢ office of the City Clerk, appoint a new Trustee, who shall have all of the
prnrers of the Trustee originally named, and the Trustee herein named may r¢sign at any
time upon ten days notice #n writing mailed to the City Clerk.
SECTION 13. The terms of this ordinance shall constitute a contract b¢tx¢en the City
of West Memphis and the holders of the bonds herin authorized, and no variation or change
in the undertakings herin set out shall be made while arty of th¢se bonds are outstanding
without the written consent of the holders of all of the bonds of this issue then outstanding
and the holder of any bond may at any time, for and on his own behalf or the Trustee may,
for and on behalf of all the bandhniders, enforce th obligations of the City by a proper
suit for that purpose.
SECTIQJ 14. The provisions of this ordinance are separabl¢, and in the event that any
section or part of section shall be held to be invalid, such invalidity shall not affect the
remaind¢r of the ordinance,
SECTION 15. It is hereby asc¢rtained and declared that there is immediate and urg¢nt.
need for the construction of the municipal improvements to be provided by the proceeds of 'this
bond issue, in order to protect the health, lives and property of the inhabitants of the
City of West Memphis, Arkansas; therefore, an emergency exists and this ordiance, being nec-
essary for the preservation of the public peace, health and safety, shall take ¢ff¢ct end be
in force immediately upon and after its passage.
Pas3ed: June 28, 1960
APPROVED:
HCWELL B. PRICE
Mayor
Att¢st:
CHARLES F. DeGRAFF
City Clerk
There being no further business to come before the meeting, Alderman Rolesor.
moved the meeting adjourn, which motion was duly seconded by .Alderman Sims,and the
r"ollowing vote was recorded:
Ayes: aldermen: Roleson, Sims, Lackey, Ecllinger, Rowton, Eden, and Ray,
Nays: None.
,,~ ~- ,
ATTEST: ~~~--~fjfiCL.. ~~ ~~.
' CITI' CLER'
., ~
,._ ,.
~' f-', .r
_ ~~AYCR
APPROVED; JULY 7, 1960