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October 7, 1971
~"r MINUTES OF A REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS , ARKANSAS , HELD ON THE 7TH DAY OF OCTOBER, 19 71 . The City Council of the City of West Memphis, Arkansas, met in regular session at its regular meeting place in West Memphis, Arkansas at 1:30 o'clock p.m., on the 7th day of October, 1971. The following were present: Mayor Tilden Rodgers; City Attorney R. E. Wallin; and Aldermen: C. D. Hutcherson, M. P. Scott, R. L. Smith, R. T. Bentley, W. R. Dabbs, Thomas Dickerson, D. M. Grimsley, W. L. Harris, J. E. :~,~}htower, and Pritchard Horton. Absent: None. It being determined a quorum was present, the following proceedings were had to-wit: Minutes of Council Meeting on September 16, 19 71, were approved as read. Street Committee Chairman Robert Smith announced action had not been taken on the petition presented June 3rd requesting concrete streets, curbs, gutter, and sidewalks on S. 15th, 16th, and 17th streets due to funds not being available and laws prohibiting the City constructing sidewalks. Attorney Ralph Sloan representing R. C. Moore, Sr., L. C. Moore, R. C. Moore, Jr., and Humble Oil & Refining Company requested the ordinance accepting territory annexed be read two times~in order to expediate the matter pertaining to financial arrangements for the project. After discussion, motion was made by Alderman Smith, seconded by Alderman Hutcherson: That the ordinance be read and second and third times . Upon vote, the voting was as follows: Aye: Aldermens Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No: None. An ordinance entitled "An Ordinance Accepting Territory Annexed To The City Of West Memphis, Arkansas" was read the second time by City Attorney Wallin. Alderman Smith, seconded by Alderman-Hutcherson then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended and that the ordinance be placed on its third reading. The Mayor put the quesion on the adoption of the motion and the roll being called the following voted: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No : None . The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read the third time by the City Attorney. Alderman Grimsley, seconded by Alderman Harris, moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the f ollawing voted; Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, High tower, and Horton. No : None . The Mayor thereupon declared the ordinance adopted and signed the ordinance, which was attested by the City Clerk and impressed with the seal of the City. The ordinance was given No. 697. The ordinance read as follows: Mr. Ralph Sloan, Attorney for the property owners who had requested an unnamed street in Holiday Gardens Subdivision be vacated, informed the Council the property owners can not afford to construct the sidewalk if the street is vacated, therefore, request the City have the property mowed regularly. Mr. Jimmy Rogers of Aouston, Texas, requested permission for Mr. Leroy Furface; an independent minister, to erect a tent west of North Missouri between Dover and Balf-our for a three week revival commencing September 24, 1971. After discussion ~of traffic problems in the area and adjacent residences, motion was made by Alderman Horton, seconded by Alderman Bentley: That the request of Ji~siry Rogers to erect a tent be denied. Upon vote, the voting was as follows: Aye: Aldermen: Horton, Hutcherson, Bentley, Dabbs, Grimsle y, Harris, and Vice-Mayor Smith. No: None . Mr. Jimmy R. Fall requested information on garage sales in a residential area, and was advised by City Attorney Wallin that the sales are prohibited by the zoning ordinance. Alderman Bentley reported on efforts of the Health Department to obtain a lot. Alderman Horton requested information on pipe to be laid along Club Road, and Mr. Charles Hampton of Engineering Department outlined plans for the drainage for Fourth and Fifth Rich Eastern Subdivisions. No further business being presented, the meeting was adjourned. ATTES CITY MAYOR APPROVED: OCTOBER 7, 1971 ~~ ORDINANCE P30.~ AN ORDINANCE ACCEPTING TERRITORY ANNEXED TO THE CITY OF WEST MEMPHIS, ARKANSAS WHEREAS, Richard Charming Moore, Sr. , Loma C. Moore, Richard Charming Moore, Jr, and Humble Oil & Refining Company have instituted proceedings in the County Court of Crittenden County, Arkansas, for the annexation of certain territory to the City of West Memphis, Arkansas; and WHEREAS, such territory is contiguous to 'the city of West Memphis and it is proper and right and for the best interest of such city that such territory should be annexed; and WHEREAS, the County Court of Crittenden County, Arkansas, has entered its order of August 10, 1971, approving the annexation of such territory as hereinafter described to this cit and on the Ada of Se t y ~ y p ember, 1971, a entered its order confirming such annexation and it is necessary that the City accept such territory before the annexation can be completed and the territory hereinafter described become a past of the City of West Memphis: NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF .WEST MEMPHIS, ARKANSAS: SECTION I: That the territory hereinafter described be, and it is hereby, accepted as a part of the city of West Memphis, Arkansas, to wit: . ~. That part of the SE4 of Section 9, Township 6 North, Range 9 East, described as follows: Beginning at the point of inter- .. section of the west line of the SE4 of Section 9, Township 6 North, Range 9 East, and the south right of way line of U. S. Highway 70, said point. being on the existing City Limits; thence North 2044. 45 feet along the west line of said SE4 of Section 9 to a point, said point being on the north right of way line of Interstate Highway I-55; thence southeasterly along the north right of way line ~f Interstate Highway I-55 to the point of intersection with the East line of the SE4 of Section 9; thence South along the East lir~,e of the SE4 of Section 9, to the point of intersection with the South right of way line of U. S. Highway 70 said line being the exis~ing City Limits of the City of West Memphis; thence west along said south right of way line of U, S. ~3g~a~a~r 70 to the point of bega.nning, containing $8. 5 acres,. more or less,. SECTI~T II s That the .territory herein.. d~rsnribed bey m~td i.~ i~ herebyr: attached to and incorporated `ig Ward Four.. oaf" tie C.:[tp caf Whet Me~ph~ and shall forthwith be cort~idered~. snd. ,beec7me a p~r~ th~reRc3€ ., *~* ., ,......., :a., ...~, d 3 Recommendation of the Planning Commission that the annexed property be rezoned as requested by the owners was presented. Attorney Ralph Sloan on behalf of the property owners requested the ordinance be adopted with the emergency clause. Thereupon, Alderman Dickerson introduced an ordinance entitled; "An Ordinance To Rezone Property At Club Road And Interstate 55, Crittenden County, From C-5, General Commercial District, To RM-1, Multiple Family Residence District" and the City Attorney read the ordinance in full. Alderman Horton seconded by Alderman Scott moved that the rule requiring t the reading of an ordinance in full on three different days be suspended and that the ordinance be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No: None . Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read the second time by the City Attorney. Alderman Hightower, seconded by Alderman Dabbs then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended and that the ordinance be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No: None. The Mayor declared that at least two-thirds of all members elected to the Counci 1 having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read the third time by the City Attorney. Alderman Smith, seconded by Alderman Hutcherson, moved that the ordinance be adopted. The question was apt by the Mayor on the adoption of the motion and the roll being called, the following voted: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimeley, Harris, Hightower, and Horton. No : None . Alderman Bentley, seconded by Alderman Harris, moved that Section 2, the emergency clause be adopted and on roll call the following voted: Aye: Aldermen; Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No: None . The Mayor thereupon declared the ordinance and the emergency clause adopted and signed the ordinance, which was attested by the City Clerk and impressed with the seal of the City. The ordinance was given No. 698. The ordinance read as follows .. ~~ ORDTNA NC E NO. 698 AN ORDINANCE TO REZONE PROPERTY AT CLUB ROAD AND INTERSTATE 55, CRITTENDEN COUNTY, FROM C-5, GENERAL COMMERCIAL DISTRICT, TO RM-I, MULTIPLE FAMILY RESI- DENCE DISTRICT Wl-IEREAS, R. C. Moore,. Sr. , R. C, Moore, Jr, and L, C . Moore, have petitioned the West Memphis City Planning Commission to rezone the hereinafter described property; and WHEREAS, notice was duly published on June 14, 1971, as .provided L by law, of a hearing to be held before the West Memphis City Planning Commission at 4:00 p, m, on June 34, 1971, for the purpose of hearing any interested parties in connection with the rezoning of said ].ands; and WHEREAS, at said meeting on June 30, I9?1, the Planning Commission. , was presented said petition and Clemmye Berger appeared to protest the same and after hearing the matter the planning Commission set the matter down for further hearing on July 14, 1971, and at said meeting on July 14, x.971, further consideration was had of the matter by the Planning Commission and the _:,~ Planning Consultant for the City of West Memphis, Arkansas, stated that the Land Use Flan would have to be amended to permit this rezoning and thereupon. the ~'lanning C ommis s ion voted to amend th+~ Land Use Plan to permit this ~, rezoning and thereupon approved the rezoning and recommended to the City k Council that said petition for rezoning be granted: NOW, THEREFORE, BE IT URI.~AINED BY THE CITY CC)UNCIL OF THE CITY OF WEST MEMPHIS: CTION I: That the following described property, to wit: SE Z''owns hip 6 . Commencing at th.e southeast corner of Section 9, t line of North, Range. 9 East, run thence north along rth rasht of way said. section a distance of 1~5. 3 feet. tot alon said Bight of way line of U. S. Highway 70 and th st corner of th.e Esso property and line 1155. 4 feet to the southea thence north along the east line of the Essa property 300 Ceet to the point of beg~.nnzng; the the northeast corner thereof, north 300 feet; thence north fib degrees 28 minutes 30 seconds ~~ 2. west 877. 11 feet; thence west 154.27 feet; thence south 34 degrees 48 minutes west 182. 68 feet to the northwest corner of the Berger property; thence south along the east line of the Berger property a distance of 400 feet; thence east 462. 8 feet; thence south 100 feet to the northwest corner of the Site Oil Company property; thence east 600 feet along the north line of the Site Oil Company and Esso property to the point of beginning, be and the same is hereby rezoned RM-1, Multiple Family Residence District. SECTION II: EMERGENCY CLAUSE: It' is hereby ascertained and declared ____._. - to be a fact that the property above described is in the process of development; that the passage of this Ordinance is in the interest of the public peace, health, safety and welfare of the citizens of West Memphis; therefore, an emergency declared to exist, and this ordinance shall be in full force and effect is hereby from and after its passage ;and approval. Mayor Rodgers announced bids. for pipe as advertised fn the Evening Tithes on September 10th and 17th would be received. Bids opened as f ollowss Choctaw, Inc. 280' 36" Pipe Corrugated Metal (20') lengths, Coated, 14 ga. $11.38 Ft . 13 36"x12" Connecting Bands 17.07 Ea. *~r* Marion Equipment Co. 280 feet of 36 inch pipe, 14 gauge coated, supplied in 20 foot length; also to include 13, 12 inch wide 5 C bands, 36 inch 14 gauge coated: $2502.87 ** Tennison Brothers, Inc. 280 feet (20 foot lengths) of 3b inch, 14 Gauge Correugated Metal Pipe, Asphalt Coated. 13 only (12 inch wide) 5-C Bands 36 inches Diam. $2,890.00 ~~* Motion was made by Alderman Scott, seconded by Alderman Grimsley: That the Street Committee be authorized to award the bid to the lowest bidder. -- Upon vote , the voting was as follows ; Aye: Aldermen; Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No; None. ~G.f Mr. Pete Aviotti of Warren Brothers Construction Company inf ormed the Council of operation of Warren Brothers Company, advantages in purchasing asphalt compared to the City manufacturing, pollution control, and supply available. Copy of report recommending purchase of a plant was given to Mr. Aviotti. Mr. Jack Mason of Hawkins Equipment Company explained types of equipment used at Helena, West Helena, and Brinkley. In accordance with Notice for Bids published in the Evening Times on September 10th and 17th, the following bids were received: Priester Machinery Company, Inc. F .O .B . West Memphis $47, 590.00 Less trade-in of Used Littlef ord Asphalt Storage Tank 1,000.00 $46,590.00 Hawkins Equipment Company F.O.B. West Memphis $45,263.00 Leas trade in on Littlef ord Plant, tank & pump 4,700.00) $40, Sb3.00 Tri-State Equipment Co., Inc. Ingram 5-8T Tandem Steel Wheel Roller $ 9,200.00 AP100 Hi-Way Asphalt Spreader 2,400.00 ~r* The bids were referred to the Street Committee for a decision to be presented at the next Council meeting. Request for partial release of a 40 foot easement across Lot 28B owned by Mr. W. E. Little was presented. Attorney Ralph Sloan informed the Council Mr . Pat Johnson, Engineer for Utility Co~amiseion, had stated a 15 foot easement would be sufficient for utilities, however, twenty feot easement was being requested. After discussion, a resolution authorizing Mayor and City Clerk to execute partial release was read by City Attorney Wallin. Motion was made by Alderman Scott, seconded by Alderman Dabbs: That the Resolution as presented be adopted. Upon vote, the voting was as follows: RESOLUTION N0. 425 WHEREAS, on August 16, 1956, W. V. Maxwell and Inez B. Maxwell, hfs wife, executed and delivered to the City of West Memphis, Arkansas, an Easement Dreed which was filed for record August 29, 1956, in the office of the Recorder of Crittenden County, A~-rir~i~~, tiN~sin recorded in BQOk 287 at page 340 whereby ~~lte~- granted to the C i ty of Wes t Memphis , Arkansas , a perpetual easement upon, under, over and across a strip of land forty feet wide running in an east and west direction over Lot 28 in the NWT of Section 24, Township 6 North, Range 8 East, in the City of West Memphis, Arkansas, said strip of land being on the south side of the lot and adjacent to C.R.I. & P. Railroad right of way and such easement being granted for the purpose of constructipg a sewer pipeline, water f~peline and electric power line across said land and the right of ingress and egress at anytime to go upon, over, under and across said lands for the purpose of inspecting, making repairs, enlargement and improvements to such line or lines; and WHEREAS, Willie E . Little by deed acquired title from W. V. Maxwell and wife Inez B. Maxwell on November 5, 19 57, to the above described lands and is now the owner thereof ; and WHEREAS, Willie E. Little had Lot 28 subdivided into Lot 28A and 28B and a plat of said subdivision is of record in Plat Book 2 at page 355 and Lot 28B is that part of Lot 28 which adjoins the right of way of the Chicago, Roek Island Railroad and across the south end of which the forty foot ease- ment is located; and WHEREAS, it has been determined by the Utility Commission of the City of West Memphis, Arkansas, that a twenty foot easement is sufficient for its purposes inasmuch as all lines are now in place and it has recommended to the City of West Memphis that said easement be released so that the City will have a twenty foot easement along the south line of Lot 28B adjacent to the railroad right of way; and ~~ WHEREAS, it is necessary that the Mayor and City Clerk be authorized to execute on behalf of the City of West Memphis a partial release of said easement. NOW, THEREFORE, BE IT RESOLVED SY THE CITY COUNCIL that the Mayor and Clerk be, and they are hereby, authorized and directed to execute a partial release of easement in connection with the release to Willie E. Little of the North 20 feet of said 40 foot easement. ~r~** Resolution authorizing execution of Quitclaim Deed to J. C. Rainer III and B. B, McCarley to correct error in Deed for Avalon Pumping Station was read . After discussion, motion was made by Alderman Grimsley, seconded by Alderman Harris: That the Resolution sa presented be adopted. Upon vote, the voting was as foll~-ws: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton. No: None. ____ _.? - - _ _ __ r_ RE SQL UTION NO. 42b WHEREAS, by Warranty Deed dated September 2, 1954, J. C. Rainer, Jr, and Gwyn C. Rainer, his wife, executed and delivered to the City of West Memphis, Arkansas, a Warranty Deed which was filed for record September 7, 1954, in the office of the Recorder of Crittenden County, Arkansas, and therein recorded in Book 260 at page 371 whereby they conveys to the City of West Memphis, Arkansas, the following described lands, to wit: A Lot 50 feet by 50 feet on the west side of Hulbert Road, beginning 2, 680 feet east of the northwest corner of Section 13, Township 6 North, Range 8 East, and 1, 450 south of the north boundary of Section 13, Township 6 North, Range 8 East being the northeast corner of said 50 foot by 50 foot lot; thence 50 feet south; thence 50 feet west; thence 50 feet north; thence 50 feet east to the point of beginning; and WHEREAS, sometime thereafter the property passed to McCarley- Rainer, Incorporated, and they had the land surrounding the above described description platted as Westwood Acres and said plat was filed for record in Plat Book 2 at page 229 and on said plat the above described land was designated as Lot 24 in Block 2 of Westwood Acres Subdi,v~,~~.on,= ..West Memphis, Arkansas and WHEREAS, title to the; lands surrounding the above described tract conveyed to the City of West Memphis, Arkansas, is now owned by B. B. McCarley and J. C. Rainer,lliand in the development of the land around the tract owned by-the City of West Memphis they discovered that the description in the deed to the City of West Memphis. as well as the location of the tract on the plat of Westwood Acres Subdivision was in error and it is necessary that . tom. this error be corrected; and them the lands as described in the deed to the City and the lands as located on the plat of Westwood Acres Subdivision; and and that it is necessary for the Mayor and Ci Clerk t ty o be authorized to execute on behalf of the city of West Mem his a P Quitclaim Deed conveying to J, C, Rainer, III and B. B, McCarley, the res p ent owners of said lands, the land as described in the deed to the C ' ity and the tract as designated on the plat of Westwood Acres Subdivision in ord er that the said J, C. Rainer, III and B, B, McCarley may continue development oft ' his area, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL - that the Mayor and City Clerk be, and they are hereb au y, thorzzed and directed to execute a Quitclaim Deed to J. C. Rainer, III and B B McCarley of the tract of land described in the deed above referred to the Cit y of West Memphis, Arkansas, and to the tract as designated on the plat of Westwood Acres, West Memphis, Arkansas, as Lot 24 in Block 2 of said subdivisiflr~, ~~ Mrs . McNeil of 509 S . 17th presented request to operate a beauty shop at her residence, and stated she had a petition from her neighbors that do not object. The Council was informed the building inspector could not issue a permit as anon-conforming use. After discussion, Mrs. McNeil was advised to contact the Board of Adjustment. ' S Minute Recess was declared. Mayor Rodgers informed the Council the issuance of Public Utility Revenue Bonds for providing utilites for the new plant to be operated by Canners of Eastern Arkansas, Inc. would be considered. The designation of a Trustee was brought to the Council's attention, thereupon, motion was made by Alderman Scott, seconded by Alderman Horton: That Union Planters ~ National Bank of Memphis, Tennessee, be designated as trustee. Upon vote, the voting was as follows Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, ~`ickerson, Grimsley, Harris, Hightower, and Horton. No: None . WHEREAS, the City is desirous of makin the neces g' sary corrections Purchase of the bonds by Mr. James Rainer III, the Utility Commission having no authority to issue bonds, previous bond issue requirements, and delay in the matter were discussed. ~~~ The Mayor stated that consideration should be given to an ordinance authorizing the issuance of Public Utility Revenue Bonds. This was a matter with which the Council was familiar and of ter a discussion, Alderman Dickerson introduced an ordinance entitled: "Ali ORDINANCE AtTrHORIZIAIG THE ISSUE OF PUBLIC UTILITY REVENUE BONDS FOR THE PURPOSE OF FINANCING THE COST OF CONSTRUCTING AND EQUIPPING PUBLIC UTILITY SYSTEM IMPROVEMENTS AT THE CITY OF WEST MEMPHIS , ARKANSAS ; PROVIDING FOR THE PAYMENT OF THE BON D6 ; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY" and the City Attorney read the ordinance in full. Alderman Hutcherson, seconded by Alderman Grimsley, moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that the ordinance be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightarer, and Horton and the following voted Nay: None . Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City Attorney. Alderman Harris, seconded by Alderman Bentley then moved that the rule requiring the reading of an ordinance in full on three different days be further suspended and that the ordinance be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted: Aye: Aldermen.,: Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton and the following voted Nay; None. The Mayor declared that at least two-thirds of ail members elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City Attorney. Alderman Dickerson, seconded by Alderman Horton, moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted: Aye; Aldermen; Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson, Grimsley, Harris, Hightower, and Horton and the following voted Nay: None . Alderman Scott, seconded by Alderman Hightower, moved that Section 18 the emergency clause, be adopted, and on roll call the following voted: ~ Aye: Aldermen; Hutcherson, Scott, Smith, Bentley, Dabbs, Dickerson Grimsley, Harris, Hightower, and Horton ~ and the following voted Nay; None . The Mayor thereupon declared the ordinance and the emergency clause ado t and signed the ordinance, which was attested by the City Clerk and im ressd with the seal of the City. The ordinance was given No. 699. The ordipn~ced read as follows: e ORDINANGE NO. 699 AN ORDINANCE AUTHORIZING THE ISSUANCE OF PUBLIC UTILITY REVENUE 130NDS FOR THE PURPOSE OF FINANCING THE COST OF CONSTRUCTING AND EQUhPPING PUBLIC ~'~ ~ , ~ TS AT THE 'CITY OF WEST UTILITY SYSTEM IMPROVE MEN ~~ MEMPHIS, ARKANSAS; PROVIDING FOR THE PAYMENT OF THE }30NDS; PRESCRTBTNG OTIiER MATTERS RELATING . ' THERE7.'O; AND DECLARING AN EMERGENCY. r~ i ~- WHEREAS, the City of West Memphis, Arkansas (the "City"}, owns and operates electric facilities; waterworks facilities and sewer facilities as one inter-related mui,icipal undertaking, the. facilities of which constitute the . City's Public Utility System (all of the facilities will be herein sometimes referred to as the "System.,") ; and WHEREAS , the City has determined that the constructing of improvement s consisting of extensions to the waterworks facilities and related improvements (the "Improvements") are necessary;- and WHEREAS, in arder to finance the Improvements, it will be necessar~~ for. the City to issue Public Utility Revenue Bond s;~ and ~,,.. WHEREAS, the City has made the necessary arrangements to sell Pub- lic Utility Revenue Bonds (the "bonds") in the principal amount of $40, 000 to James .~ C. Rainer IIT, Memphis, Tennessee, at the pric© of par and accrt.tc.c3 interdst for __ bonds bearing interest at the rate of 6% per annum; NOW,' THEREFORE; BE IT ORDAINED byg~he City Council of the City of West Memphis, Arkansas: Section ~ .That the Improvements be accompli shed . - Section 2. That the sale csf $40',~OQO in principal amount of bonds to ~' fames C. Rainer, III, Memphis, 'Tennessee, ~t the prir,e of par and accrued interest ~~ ~ for bonds bearing an interest rate of 6% per annum, rnaturiny and otherwise sub-- feet to the terms and provisions hereafter set forth in detail, be, and the same is ,~ a herc;by, approved and confirmed.° i -- _ __ t ~. ~\ Page Z Settiori ~ . That t}fie City }~~~s outsrt~ndint~ an iss~ic: of Sc~~vt~r iZevc;r,i.ic: IZefundinr~ and Improvement Bonds, dated June 1, 1945, authorized Uy Ordinanc;c No. 107 of the Ordinances of the City, adopted and approved on July G, 1945 and an issue of Sewer Revenue Bonds dated August 1, 1949, authorized by _. ~ Ordinance No . 17I of the Ordinances of the City, adopted and approved on ~, September 9, I949 (herein sometimes referred fio as the "1945 and 1949 Sewer Bonds"). In addition, the City has outstanding an issue of Public Utility Bonds dated May 1, 1954, authorized by Ordinance No. 27S of the Ordinances of the City, adapted and approved on May 18, 1954 (herein sometimes referred to as the "1954 Utility Bonds"); and the City has outstanding an issue of Public Utility Bonds dated April 1, 1956, authorized by Ordinance Na. 316 of the Ordinances of the City, adapted and approved on March 15, I956, as amended (herein sometimes referred to as the " 1986 Utility- Bonds "); and the City has outstanding ~~ an issue of Public Utility Bonds dated July 1, I963, authorized by Ordinance No; f . 437 of the Ordinances of the Ci~y~ adopted and approved on June 20, x963 (herein r SometlmeS reterreQ LU as i.~1C tyu.~ ,u~l~l~.y ~,~i}uo „ u~,... ~,,.. ....,.1 ..~,.. .:~~tcf?n~;r,rJ ~ -- an issue of Public Utility Bondi dated June 1, 1967, authorized by Ordinance No. - t ~ - 526 of the Ordinances of the City,> adopted and approved on April 20, 1967 (herein sometimes referred to as the"I96~' Utility Bonds"); and the ,City has outstanding an issue of Public Utility Bands dated May 1, 1968, authorized by Ordinance No, 563 of the Ordinances o~ the ~,ity, 7f ~d.opted and approved on June G, 196f3 , a s 1~ amended by Ordinance No. 564 of ,~:~ Ordinances of the City, adopted and approved on July 2 , 1968 (herein sometimes referred to a s the " I9 G 9 Utility Bonds") . The 19 6 6 ~ tJtil ity Bonds , the 19 6 7 Utility- Bonds , the 19 6 3 Utility Bonds and the 19 5 6 Utility. Bonds are issued on a parity of security with each other and with the 1954 Utility Bonds. The applicable provisions of Ordinance No. 275; Ordinance No. 526 and Ordinance No. 563 permit the issuance of additional parity bonds: ,~ It is hereby found and declared that the conditions set out in Section 17 of C)rc?ina~,~e No. 275, in Section 17 of Ordinance No. 526 and in Section 10 of Ordinance No. 563 have been fully met and comp}led with and that, t}l~rc;fore, thc; }ac~nds now l:~cir~~~ i s::,ued ~lrc i. s sued OIl a parity of pledge, lien and security on the Sy st c>»~ Rave nuc <, ~ ~ ~~~~{ ~•~,~. Page 3 ,: the System with the outstanding bonds of the 1954 Utility Bonds, the 195G Utility Bonds, the 1963 Utility Bands, the 1967 Utility Bonds ar~cl the 1968 Utility Bonds, As in the case of the 1954 Utility Bonds, the 1956 Utility Bonds, the 1963 Utility Bonds , the 19 67 Utility Bonds , and the 19 68 Utility Bonds , with which these bond s ;~ are being issued on a parity, the pledge, lien and security in favor of the bonds _:, ,.~ now being issued is subject to the prior and superior pledge and lien of the 1945 and 1949 Sewer Bonds (to the extent of the pledge of revenues made to the 1945 and 1949 Sewer Bonds by the Ordinances authorizing their issuance). Alsc, it is recognized that the City has made a conditional pledge of electric revenues to an issue of Swimming Pool Revenue Bonds of the City dated March 1, 1955 , a s _ - set forth in Section 14 of Ordinance No. 295 of the Ordinances of the City adopted - and approved on February 1, ]9~55~, and nothing~~in this Or-dinance shall be construed a s impairing that conditional pledge of electric revenues to the extent, and only - to the extent, that the conditional pledge in favor of the March 1, 1955 Swimming + ~ Pool Revenue Bonds may be determined to be applicable to the pledge of System ~. Revenues in favor of the bonds now being issued , Section 4. That un~~er the authority of the Constitution and laws of the State of Arkansas, including particularly Act No. 1`31 of the Acts of Arkansas `of 1.933, as amended, Act No. 132 of the Acts of Arkansas of 1933, as amended, and the applicable decisions of thc~ Supreme Court of th© State of 11r};ansas, including particularly City of Harrison v. Braswell , 209 Ark . 1094 , 194 .;S . W . 2d 12, Public Utility Revenue Bonds (thee"bonds" or the "1971 Utility Bonds") are hereby authorized and ordered issued in the principal amount of $40, 000 for the ~~ purpose of accomplishing the Improvements and paying necessary expenses inci- dental thereto and to the authorization and issuance of the bonds. The bonds , ;, ..~ . _.~< shall be dated October 1, 1971, with interest thereon payable semiannually on :. - May 1 and November 1 of each year, commencing May 1 , 1972 , the bonds shall be numbered consecutively from R-l to R•-10, inclusive, and the bonds shall be in the denomination of $4,000 each. The bonds bear interest at the rate of 6% per __ Page 4 annum and mature in the yearn 1972 to 1981 , inclusive. The bonds shall be fully registered bonds (registered as to principal and interest) . The bonds shall mature on November 1 of each year as follows, but shall be callable for payment prior to maturity as hereafter set forth: YEAR BOND NOS . AMOUNT 1972 R-1 ~ $ 4,000 1973 R--2 4, 000 1974 R-3 4,000 1975 R-4 4,000 1976 I~-S 4,000 1977 R-6 4,000 197.8 R-7 4, 000 1979 R-8 4, 000 1980 R-9 4,000 1981 ~ R-10 4,000 Section 5. That the bonds shall be executed on behalf of the City by ;~:he Mayor and City Clerk and shall have impressed thereon the seal of the City, iiic tJV11U~, i.uye~i1C'r wiin interest herP~n . shall be na~rAhlo ~nl~ly C,~± ~f ~l~v 1 n~? -, Public Utility Bond Fund, a s her~a-€ter set forth, and shall be a valid claim of the .holders thereof only against such fund and the revenues pledged to such fund, which revenues are hereby pledged and mortgaged for the equal and ratable pay- ment of the bonds on a parity of pledge, lien and security with the 1954 Utility Bond s , the 19 5 6 Utility Bonds , the 19 6 3 Utility Bonds , the 19 6 7 Utility Bonds , and the 1968 Utility Bonds, and shall be used. for no other purpose than to pay the principal of and interest on the bonds, except as otherwise., specifically pro- vided in this Ordinance. The bonds and interest thereon shall not constitute an indebtedness of the City within any constitutional, or statutory limitation . Section 6. That the bonds shall be in substantially the following form, and the Mayor and City Clark are herby expressly authorized and directed to make all recitals contained therein: ,; ,_, ~a, _, Page 5 UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF C,;RIT'TENDEN CTTY OF tiNEST MEMPI~iIS 6% PUBLIC UTILITY REVENUE. BOND No . R- KNOW ALL MEN BY THESE PRESENTS: $4,000 That the City of West Memphis , in the Cot.~nty of Crittenden and State of Arkansas ("City"), acknowledges itself to owe, and for value received, hereby promises to pay to James C. Rainer, III, or assigns (herein called the "Payee"} solely from the special fund provided as hereafter set forth, the principal sum of FOUR THOUSAND DOLLARS in lawful money of the United States of America on the first day of November, 19 , and to pay solely from said special fund interest hereon at the rate of six per cent {6%) per annum from date, semiannually on May 1 and November 1 of each year commencing May 1 , 1 y'7 G . The principal of this bond is made payable at tt~e principal office of Union Planters National Bank , Memphis Tennessee (the "Trustee" and the "Paying Agent") . Payments of interest may be made by check or draft mailed to the registered owner, without surrender of this bond or may be made afi the principal office of the Paying Agent upon presentation of this bond, and all such payments shall fully discharge the obligation of the City herein to the extent of the payment . so made. The Paying Agent shall keep a duplicate payment record of all payments made and the registered owner hereof may present this bond to the Paying Agent so that proper notations of the payments made can be made on the payment record :,, .'~4 attached hereto . This bond is one of an issue of Ten (10) fully registered Revenue Bonds, aggregating Forty Thousand Dollars ($40, 000), dated October 1, 1971 , all of like tenor and effect, except as to number, maturity and right :of prior re- demption ("bonds"), and are issued for tho purpose of financing the cost of c-~°- ;;i~'~.zclir7c~ ~~nd ec~~iipl~inc~ im~~rcwemeni:s C..oll~~isting of extensions tc~ tfit~ w~itc~rc~~c~r~,~; Page 6 lities of the City and related improvements ("Improvements") . The Ciiy o~Nns foci ric facilities, waterworks facilities and sewer facilities as one and operates elect i al undertaking , the facilities of which constitute the City's `~ interrelated munic p ~--~ l Public Utility System (all of the facilities will be herein sometimes referred to as the "System") . The bonds 'are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Act No. 131 of the Acts of Arkansas of 1933, as amended, Act No. 132 of the Acts of Arkansas of 1933, as amended, and applicable decisions of the Supreme Court of the State of Arkansas, including particularly City of Harrison v. Braswell, 209 Ark. 1094, 194 S.W. 2d 12, and pursuant to an Ordinance of the City Council of the City, duly adopted and approved, and do not constitute an indebtedness of the City within any constitutional or statutory limitation. _.<. The bonds are not general obligations of the City, but are special obligations 5 payable solely from revenues of the System. The bonds are issued- on a parity as to lien, pledge and security with the Public Utility Bond issue of the City dated May 1, 1954, the Public Utility Bond issue of the Cit~r dated April 1, 1956 , the Public Utility Bond issue of the City dated July 1, 1963 , the Public Utility Bond is sue of the City dated June 1 , 1967, and the Public Utility Bond issue of the City dated May 1, 1968, but subordinate to certain outstanding Sewer Bonds of the. City (described and referred to in the Authorizing Ordinance) . An amount of System Revenues sufficient to pay the principal. of and interest on the bonds is to be set aside in a special fund for that purpose identified as the "1967 Public Utility Bond Fund" (the "Bond Fund"), created by Ordinance No. 526, duly adopted. by the City Council and approved on the 20th day of April, 1967, ` asr amended by subsequent ordinances, particularly Ordinance No. ~, duly adopted by the City Council and approved on the day of , 1.971, .(the "Authorizing Ordinance") under which. the bonds are authorized to be issued and to which reference may be hid by any interested person fora state- . mE:nt of t~~e nature and extent of the security and the righfis and obligations of the City, the `]'rustee, anci t:h.e hc~lc~ers of ,the bonds. 'Flee City alas fixed and rover~~~1~ti,~i ~:~~. .. Page 7 agrrecl t:o maintain rates for Electric, Water acid Sewer Se~rvxcow7 which S~1~i1J. be sufficient at all times to at least provide for the payment of the reasonable exilenses of operation and maintenance of the System, provide for the payment, -~~~ h ~ ~~~ principal and interest, of all bonds to which- payments must be made to satisfy- ..+ pledges of System REVenues, including specifically the bonds of this issue, and make the required payment into the Depreciation Fund. The bonds will be subject to redemption prior to maturity, in whole or in part, at the option of the City, in inverse numerical order, at a price of par and accrued interest, as follows: (1} From the unexpended proceeds of the sale of the bonds not needed for accomplishing the Improvements and from surplus System Revenues on any interest. payment date; and (2.) From funds .from any other source on any interest payment date on and after November 1, 1976, Notice for any call for redemption shall be given at least fifteen (15) days prior to the redemption date by mailing to the registered owner of this bond ~. " a notice specifying the redemption date and after the date fixed for redemption - ,~ each bond so called shall cease to bear interest, providing funds for its payment are on deposit with the Paying Agent at that time. "- ~ This bond may be -assigned, and upon assignment the assignor shall promptly notify the City at the office of the Trustee by registered mail and the assignee shall surrender the same to the Trustee either in exchange for a new registered bond or for transfer on the registration records and verification of the endorsement made on the payment record attached hereto of the portion of the principal amount hereof and interest hereon paid or prepaid, and every such assignee shall .take this bond subject to such condition. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts,, con- .,, ; ~, ditions and things required to Q:ist, happen and to be pcrformc:d precedent to ~anci in the; issuance of tl-iis bond, h~~ve existed, have happened and 1~~~~ve been '~„y _ Page fl perfoi~n~:d in dud time, form and manner, as required by law; that the indeUtcd- Hess represented by the bonds of this issue does not exceed any constitutional or stat-utory limitations; and that: sufficient revenues have been pledged to and _ will be set aside into the Bond Fund, for the payment ~f the principal of and ~ ~ interest on the bonds of this issue. - This bond. shall not be valid until the Certificate of Aut.hent;ication hereon shall have been signed by the Trustee. IN WITNESS WHEREOF, the City of West Memphis, Arkansas, by its City Council, has caused this bond to be signed by its Mayor and City Cler}-:, thereunto duly authorized and sealed with the seal of the City, all as of the first day of October, 1971. >> ATTEST; CITY OF WEST MEMPHIS, ARKANSAS t ~_ ~~ ~~= ~ .. . /l ~ ~' By _. Mayor On each bond shall appear the following: CERTIFICATE OF AUTHENTICATION This is one of the bonds of the issue of fully registered Public Utility Revenue Bonds, dated October 1, 1971 , and aggregating $40 ,000 in principal amount described in the bond to which this Certificate is attached . " ~I (Form of Assignment) ASSIGNMENT For value received, the registered owner last listed below sells, conveys, transfers, assigns and delivers this bond to the asszgnee last li ~~1.cc1 1a~il c.-,~W; Assignment Registered Owner Assignee Noted by Trustee (':l'he followi.ny l'~~yment RE:corc~ shall bo attached to idle 1)Or7Ci . ) rincipal T_h~e D~;te Payment PAYMENT RECORD rincipal Balance Interest Due Payment -~. I~ ~; Name of Paying Agent Aut}lori~ec~ Official and Date Paid Title May 1 , 19 7 2 ~~ November 1 , 1972 May 1 , 19 73 November 1, 1973 May 1 , 1974 {~ _ November ~ ~ n n n 1, 1J/`3 May 1 , 1975 November 1, 1975 May 1 , 19 7 6 ----- - - - - November _ - _ - 1 , 19 76 May 1 , _ 1977 November 1, 1977 May 1 , _ 1973 ~. Nove~~nber ' 1. , 197f3 May 1 , 1979 N~~v~..;m}ac~r l May 1, 19 8 0 - --- ,,.. 7` November __ 1, 1980 ' ~- May 1 , 1981 November 1, 1981 ~~ Seeti~rl 7. 'That the rates to be charged for electric services fur-- niched by the System, the rates to be charged for water services furnished by the System, and the rates to bE charged for sewer services furnished by tY~e System key all heretofore adopted and presently effective Ordinances of the City Council, and t11e conditions, rights and obligations pertaining thereto, as set out in those Ordinances , are hereby ratified , confirmed and continued . The City covenants and agrees that the rates shall never be reduced while any of the bonds are outstanding unless there is obtained from an indepen- dent Certified Public Accountant a certificate that the net revenues of the System (net revenues being defined as gross revenues less the expenses of. operation and maintenance of the System, including' all expense items properly attributable to the operation and maintenance of the System under generally accepted account- f ing principles applicable to municipal electric, ~ waterworks and sewer systems} , with the reduced rates , will always be equal to the amount required to be set aside for the Depreciation Fund, and the amount necessary to comply with all conditional pledges of any System revenues (on the assumption all payments will have to be made to the full extent of the conditional pledges) , and leave a balance equal to the amounfi necessary for paying principal and interest when due of the 1945 and 1949 Sewer Revenue Bonds , plus at least 200% of the aggregate averare annual principal and interest requirements on all outstanding bonds of the 1954 Utility Bonds, 19SG Utility Bonds, 1963 Utility Bonds, 19G7 Utility Bonds, the 196 Utility Bonds, the bonds of this issue and the bonds' of any subsequent {~ ~; x; ,. parity issue. The City further covenants and agrees that the rates shall when necessary, from time to time, be increased in an amount which will produce net revenues at least sufficient to provide the required deposit into the Depre- ciation Pur~.d, comply with all conditio~ial plodges of any System revenuc.5,-and leave a balance equal to the amount necessary for haying principal and interest when due of the 1945 and 1949 Sewer Revenue Bonds and meeting all principal and intcro st requirements of the 1954 Utility Bonds , 19 5 6 Utility Bonds , 19 G 3 tJtilii:y l;c;~nds, a.9G"1 Utility 13c~nc1;~, l9Gf~ t~til9t.y Iic~nrl ;,tiro bonCls c.:~( f~hi:; ~/ •. a 1 C~ t;~ ~ ~ 2 issue and the bonds of any subsequent parity issue and maintain all funds in connection tl~~erewith to the required level. ,~.._ Section 8. That none of the facilities or services afforded by the Systerr~ shall be furnished without a charge being made therefor. ,In the event that the City or any department, agency or instrumentality thereof shall avail itself of tho facilities and services afforded by the 5ys~em, tl~~e reasonable value of i:l~ic services or facilities so afforded shall be charged against the City or such depart- ment, agency or instrumentality and shall be paid for as the charges therefor accrue. The revenue so received shall be deemed to be revenues derived from the operation of the System and shall be used and accounted for in the same manner ~ s any otllc,r revenue .derived from .the operation of the System , provided , _ however, that nothing herein shall be construed as .requiring the City or any - department, agency or instrumentality thereof to avail itself of the facilities or services afforded by the System. } -. ;. w: ~~, Section 9. The System shall be continuously operated as a revenue producing undertaking , and all moneys received :from its operation shall be deposited in such depository or depositories for the City as may be lawfully designated from time to time by the Council, subject, however, to the giving of security as now or as hereafter may be required by law, and provided that such _ ~ depositories shall hold membership in the Federal Deposifi Insurance Corporation. ,, s; Section l.Q. Since the bonds, are being issued on a parity of security -with the outstanding 1954 Utility Bonds, the '1956 Utility Bonds, .the 1963 Utility Bonds , the 19 6 7 Utility Bonds and the ~ 19 68 nUtiiity Bonds., the bonds are `~ to have the benefit of and are. to be governed by she ordinances authorizing and f~@~~ directing the issuance of those bonds, inbluding particularly Ordinance No. 526 ~~ ~' authorising the 1961 Utility Bonds because Ordinance No. 526 deals compre:hE~n-- sively with all aspects of the System and its operation and with the collection, depositing, securing, investing and disbursing of System Revenues, and with the rights ~ rad obligations of the City anc~ the bondholders . TheroforE , to this end , the applicable provisions of Ordinance No. 526, (as amended by Qrdinances No. .~ _ __ Page 1~ 5 6 3 and 5 6 4 , authorizing the 19 6 8' Uti lity Bonds} including without limitation , Sections 7 , 8 , 9 , 10 , .11. , 12 , 13 , (a s hereinafter supplemented) , 14 , 15 , 16 , 17 (with tho bonds to be inserted so that thc: last part of the next to last sentence_ vJill read " ... plus 150% of the maximum annual combined principal and interest requirements in any Year on all outstanding bonds of the 195.4 Utility Bonds, the 1956 Utility Bonds, the 1963 Utility Bonds, the 1967 Utility Bonds, the .1968 Utility Bonds, the 19.71 Utility Bonds and the bonds of the then proposed parity issue. ") , 18, 19, 20, 21 , 22, 23, 24, 25, 27 (the reserve figure of $245, 000 in 27 (d) is hereby increased to $252,000), 28, 29 and 32 are incorporated herein by reference . Section 11. The 1967 Public Utility Bond Fund, created and being maintained pursuant to the provis~.ons of Section 13 of Ordinance No. 526, as amended by Section 11 of Qrdinance No. 563, shall be increased by the amount ;~ccc a sup y %u ~J1tUV lUC .~vi i.i1C day ~lictti Ui i.ite prir~IC;.lj:~dl vi , 1rli:eresL on ana Uavina agent's fees in connection with the 1971 Utility Bonds and to increase the re- serve for contingencies therein by $7, 000, with the maturity schedule of the 1971 Utility Bonds being as follows: BOND I NTEREST YEAR PRINCIPAL NOS. MAY 1 NOVEMBER 1 TOTAL 1972 $4,000 R-1 $1,400 $1,200 $6,600 1973 4,000 R-2 1,080. 1,080 6,160 1974 4,000 R--3 960 960 5,920 1975 4,000 R-4 840 840 5,680 1976 4,000 R-5 720 720 5,440 19 77 4 , 000 R- 6 600 600 5 , 200 1978 4,000 R-7 480 480 4,960 19 79 4 , 000 R- 8. 360 360 4 , 720 1980 4,.000 R-9 240 ~ :240 4,80 19 81 4 , 000 R-10 120 1.20 4 , ?_.40 To this encl, the increased p~:;yments in~:o the 1967 t'izl~l is Uta] i~..y Mond fund shall be 1/5 of the next installment of interest and 1/10 of the next ~_ .:~ , s ~~~. inst111.ment of interest, plus paying agent's fees, until the reserve for continc~encics °~ a.J~ l~ c~ c~ C' 1 ~ i s increased to $252 , 000 and thereafter 1/6 of the next installment of interest and 1/12 of the next installment of principal plus paying agent's fees . Section 1?, Tlzat when the bonds have been. executed and the seal of the City impressed has herein provided, they shall be delivered to the Trustee, and i:he Trustee shall authenticate them and deliver them to the purchaser upon payment in cash of the purchase price of $40, 000 plus accrued interest from October 1 , 1971 to the date of delivery (called "total sale proceeds"} . Tne Trustee shall handle the total sale proceeds as follows; (1) The Trustee shall deposit the amount of the accrued interest in the Bond Fund . (2) The Trustee shall deposit 'the remainder of the total sale proceeds in a special account in the name of the City designated ~ " 1971 'Public Utility and maintained in a depository designated by the City and holding membership 111 Li1C ! C41C1Ct1 Lt;~.lUbll 1115U1d111:C VV1~V1d11V11. 111x: 111V11CY~ 111 Li1C l~Vll~llllC~L1V11 r Fund i~n excel s of the amount i;~sured by the Federal Deposit Insurance Corporation shall be continuously secured by bonds or utherdirect or fully guaranteed obligations of the United States of America, except that any moneys invested as hereafter authorized need not be so secured. The moneys in.the Construction Fund shall be disbursed solely in payment of the costs of accomplishing the improvements, _ paying; necessary expenses incidental thereto and paying expenses of issuing the bonds not paid by the purchaser. Disbursements shall be on ..the basis of checks or requisitions which shall contain at least the following information: the person to whom payment is being made; the amount of the payment; and the purpose of general classification of the payment. Each check or requisition must be signed ley tll~ ir~clividual occupying the: top m~~nilcjC;ria1 po.7.itic~r~ of t.lic; ~~ ' System, and in the case of all items of expense over which the ~~~1~ Irrlginee~: ~~hall exercise supervision (which shall include al.l expensed except enginocring fees, legal fees, and e~cpcnses pertaining to the issuance of the: bonds) each check or requisition shall be accompanied by a certificate aic~r~ed by the C$~~1~X~XX~I~ f;ngi neer; ~ (or by a representative thereof designated by the iif~i}4~ LnginEzer) r.ertifying approval thereof. Irl the case of requisitions , the depository shall issue its- check upon the Construction Fund payable to the person, firm or corporation designated in the requisition. The depository of the Construction Fund shall be required to keep records as to all payments made on the basis of requisitions, and the West Memphis Utility Commission shall keep records of all payments made on the basis of checks . - When the improvements have been completed and all required expenses paid and expenditures made from-the Construction Fund far and in connection with the accomplishment of the Improvements and the financing thereof , this fact shall be evidenced by a certificate signed by the person occupying the top managerial position of the System and by the ~f~fB~ Engineer, , which certificate shall ctatA, amnr~~ nth Pr i-hinn~ ; the aata ~f 1-hP r.mm~lP.tinn anCi f hit all nhl irr,~tinn~ payable from the Construction Fund have been discharged . A copy of the certifi- ~,~~ .ry , ,' sate shall be filed with the depository of the Construction Fund, and upon receipt - thereof the depository of the Construction Fund shall transfer any remaining balance in the Construction Fund to the Bond Fund, Section 13 . That the Mayor i s hereby directed to publish for one insertion in _ Evening Timee which is hereby found and declared to be a newspaper published in the City and of general circulation therein, this Ordinance, to which shall be attached a Notice signed by him izi substantially the fallowing farm: ~' i ~. IW ~~ ~~ ,:;,i;~ ; ~~~ ~~' A 6~..._.... '..::i. _.. '. Pace: 16 NOTICE Notice is hereby given that the City Council of the City of West Memphis , Arkansas , has adopted the ordinance hereinafter set out; that the City contemplates the issuance of the Public Utility Revenues Bonds described in the ordinance; that any person interested may appear before the Council on the 21st day of October ~ 1971 , at 1 ~ 30 o'clock P . m. , at the usual meeting place of the Council held in the City and present protests. At such hearing all objections and suggestions will be heard, ar~d the Council will take such action a~ is deemed proper in the premises . DATED this 7~ day of October 19 71. Mayor ~: Fage 1 ~ Section l ~ . That the Tr~zstee of tire' bonds issued hereunder shall be The Union Planters National, Bank,,,, Memphis, TennessaEp~~/Trustee shall only be res- ;~" ponsa.ulc~ i~c~r the exercise 9of ciood faith <~z~d z°easanable prudence a.n tho execution ~" ~ of its trust. The recitals in this Ordinance and in the face of. the bonds are i:lle } ~,; . I ` r .-•. recitals of the City and not of the Trustee. The Trustee shall not be required to take any action as Trustee unless it shall have been requested to do so in writi.r~g by the holders of not. less than ten per cent (10%} in principal amount of the bonds of this issue then outstanding and shall have been offered reason- able security and indemnity against the costs, exp~:nses and liabilities to be incurred therein or thereby. The Trustee may resign at any time by ten (10) days notice in writing to the City Clerk and the majority in value of the holders of the outstanding bonds of this issue at anytime, with or~without cause, may remove the Trustee. In the event of a vacancy in the office- of Trustee, either _. . `~ by resignation or by removal, the majority in value of the holders of the out- ,. i 4 ~~ f" ~ 1, ~' ~~ stand in bonds of this issue ma a oint a new Trustee such a ointment g y P P P p ~,,~ ~, , to be evidenced by a written instrument or instruments filed with the City Clerk. If the `majority~~~n value of the holders of the outstanding bonds of this issue shall ,. fail to` fill a vacancy within thirty (30} days after the same shall occur, then the City shall forthwith cesignate a new Trustee by a written instrument filed in the office of the City clerk. The original,Trustee and any successor Trustee shall file a written accq~tance and agreement to execute the trust imposed r upon it or them by this Drdinance, but only upon the terms and conditions set forth in this Ordinance hnd subject to the provisions of this Ordinance, to all of which the respective holders of the bonds agree. Such written + ~ ,~ _ a ~~c,rept~~nce shall be filed with the City Clerk and a dopy thereof. shall ~~~ ~ a;~. =+ z..*wv ` be ply-aced in the bond transcript,. Any successor Trustee shall have all the ~~ ~ ~:, ~: '~' -5-:~ Page 18 powers herein grG~rated to the original Trustee. In the event of a charage in .the office of Trustee, the old Trustee which has resigned or beers removed shall cease to be Paying Agent. ,. - ~ Section 15 . That the provisions of this ordinance are hereby t_ E _ declared to be separable and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder - of the ordinance. Section 16. That all ordinances and parts of ordinances in con- flict herewith are hereby repealed to the extent of such conflict. ~- ~ ~ Section 17. That the presently existing West Memphis Utility Commission shall continue in office and shall continue to have charge of . - ~ ~ and shall perform the rights , duties and obligations of the City under this Ordinance with reference to the accomplishment of the Improvements, the - .;. :.~ _ operation and maintenance of the System and the collection and handling of ' _, , .~. ~. _- ..~,~ __ all authority and powers granted by the City Council and by applicable laws ,~ .___ ~- of the State of Ar}cansas . - ' 14 , >'~ ;Section 18. That it.is hereby ascertained and declared that the ,. _~" --,.. ~" Improvements must be'`accomplished as soon as possible in order to make the ~.. System adequate for the needs of the City and its, inhabitants, without which' the lifo, health, safety and welfare thereof are jeopardized, and that the T~;» ~"` issuance of the bonds and the taking of the other action authorized by this _..~ ; Ordinance is necessary for the accomplishment~`th~ereof .~~ It is , therefore, ~ "'°° ~ r ,~ declared that an emergency exists and this Ordinance: be.i-rag necessary for ,_ ,. - ~. t --`. the i.mmc;diate presFrvation of the public .peace, he~;lth and safety sh~-~11 take ;~ effect ~-~nd be in fo~~r.u from and after its p~~Csage. :~~~ ~:: s~` ', t fl'~ ..:, ~.. , ~~ PASSED : October 7 19 71 . _ APPROVED: - ., ATTEST; ~., :~ ~_ _ _......__ M,~~ yc:~r (:i1:y Clerk ~'' (~,1;~: t~~~ . ~~; . ~~ City Attorney Wallin advised the Council a hearing date for all objections and suggestions pertaining to the ordinance would have to be set; thereupon, motion was made by Alderman Grimsley, seconded by Alderman Hutcherson: That hearing be set for 1:30 p.m., October 21, 1971. Upon vote, the voting was as follows: Aye: Aldermen: Hutcherson, Scott, Smith, Bentley, l~bbs, Dickerson, Grimsley, Harris, Hightower, and Horton. Nay: None . Complaints as to speeding, drag racing, additional stop signs were presented by Alderman Hightower, also request for street light for two churches. Erection of stop signs at 15th, loth, and 17th and Polk were considered and Mayor Rodgers instructed Engineer Charles Hampton to confer with the Police Department. No further business being presented, the meeting was adjourned. (~'~, ,~,~ ~ ! ,~ a ~~ ~ ~ ~~ ~~ ~~ MAYOR -,. ,.. ATTEST• CITY CIE APPROVED: OCTOBER Z1; 1971