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November 1, 1973J9 MINUTES OF A REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF WEST ~S, ARKANSAS, HELD ON THE 1ST DAY OF NOVL~NIBER, 1973• 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 p.m. on the 1st day of November, 1973• The following were present: Mayor Tilden Rodgers; City Attorney: Robert Smith; and Aldermen Toima~y Dickerson, C. D. Hutcherson, Billy G. Smith, Ann Payton, Robert Bentley, Malcolm P. Scott, Willie Harris, James E. Hightower, Pritchard Horton and Don Grimsley. Absent: None. The following proceedings were had to-wit: Minutes of Council Meeting on October 18, 1973, were approved as read. Alderman Smith reported the Snorkel fire truck had been delivered, and the firemen are receiving training on use of the truck. Jerry Westerman of the Arkansas Highway Department was introduced, Mr. Westerman will be working in connection with the transportation plan. Mayor Rodgers, Vice Mayor Robert Bentley, and P. G. Para informed the Council of inspection trip to Missouri, Illinois, Kentucky, and Georgia to study the coal dust problem in the operation of unloading and stockpiling at facilities in the states, similax to project to be constructed on a large area south of the City on the Mississippi River. Alderman Smith annourm~d bid for radio communication system for the Fire 3~epartment had been awarded to Motorola. Chief of Police Romines presented details on f1The Indianapolis Plants, whereby designated policmen would have cars assigned to them for full-time use. After discussion of reduction of crime, faster response to calls, maintainence, cars in operation, future needs, ope~ion of motorcycles in congested areas, motion was made by Alderman Scott, seconded by Alderman Grimsley: That Mayor be authorized to advertise for bids for fifteen police cars, and ten mobile radioes as proposed from Revenue Sharing Funds. Upon vote, the voting was as follows: Aye: Aldermen: Dickerson, Hutcherson, Smith, Payton, Bentley, Scott, Harris, Hightower, Horton, and Grimsley. No: None. Resolution of the West Memphis Utility Commission requesting the City to take necessary steps to provide for the financing of extensions, betterments and improvements was presented. After discussion of Morris Fsi.r of United Municipal. Investment Corporation and P. G. Para a Resolution authorizing and directing the West Memphis Utility Commission To Proceed With the Advertisement Of Utility Revenue Bonds, As Recommended By The Commission; And For Other Purpcs es was read by the City Attorney. After discussion, motion was made by Alderman Dickerson, seconded by Alderman Hutcherson: That the Resolution as presented be adopted. Upon vote, the voting was as follows: Aye: Aldermen: Dickerson, Hutcherson, Smith, Payton, Bentley, Scott, Harris, Hightower, Horton, and Grimsley. No: None. The Resolution read as follows: RESOLUTION NO. 177 A RESOLUTION AUTHORIZING AND DIRECTING THE WEST MEMPHIS UTILITY COMMISSION TO PROCEED WITH THE ADVERTISEMENT OF UTILITY REVENUE 's _ BONDS , AS RECO MMENDED, BY THE COMMISSION; '~ AND FOR OTHER PURPOSES . WHEREAS , there has been presented to the City Council of the City of West Memphis , Arkansas (the "City") the resolution of The West Memphis Utility Commission (the "Commission") sta Ling that the West Memphis Utilities System is in need of extensions, betterments and improvements (the "improvements"), in order that it may adequately serve the growing needs of the City and its inhabitants, and requesting and recommending that the necessary steps be taken to provide for the financing of the improvements , in particular by the issuance of utility revenue bonds (that is, bonds secured solely by a pledge of utility system revenues); and WHEREAS, it is in the interest of the City and its inhabitants that the improvements be accomplished and that in order to finance the improvements utility revenue bonds be sold and issued as set forth in the resolution. of the Commission. NOW, THEREFORE , BE IT RESOLVED By The City Council of the City of ., West Memphis, Arkansas; Section 1. The Commission is hereby authorized and directed to proceed with the advertisement and offer of utility revenue bonds as set forth in the resolution of the Commission. The bonds shall be sold ion sealed bids which shall be opened fn the presence of the City Council. S~.le and issuance of the bonds s ha 11 be subject to the a pprova 1 of the City C oun~:il . Section 2. The Mayor and City Clerk are authori.~ed and directed to .execute such documents and take such other action as rrn~y be necessary or appropriate to carry out the purposes of this Resolution. Section 3. This Resolution shalh be in fullforce and effect immediately and shell supersede any resolutions or action previously adopted or taken With regard to the matters governed by it. ~~t-x~ .: 7 101 Eddie Brawley of the City Engineering Department explained proposed Amendment To Ordinance No. 373 inasmuch as State Statutes ret;uire traffic surveysAnto be conducted by the Engineering Department rather than Chief of ttAPonliOrdinance To Provide ordinance entitled "An Ordinance To Amend Ordinance U on3The Public Streets, For The~Rsgulation And Control Of Vehicular Traffi p Thorou hfares Within The City Of West Memphis, Arkansas; To Define And Provide For The Prosecutiong And Punishment Of Offenses In Violation Of Such Regulations; And For Other Purposes" was introduced by Alderman Grimsley, and the City Attorney read the ordinance in full. Alderman Horton, seconded by Alderman Hightower, moved that ees~endedua~nd that the the reading of an ordinance in full on three different days pe 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: Dickerson, Hutcherson, Smith, Payton, Bentley, Scott, Harris, Hightower, Horton, and Grimsley 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 Harris, seconded by Alderman Scott 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: j Aye: Aldermen: Dickerson, Hutcherson, Smith, Payton, Bentley, Scott, Harris, Hightower, Horton, and Grimsley No: None. i ~ 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. Aldermani Bentley, seconded by Alderman Payton 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: Dickerson, Hutcherson, Smith, Payton, Bentley, Scott, Harris, Hightower, Horton, and Grimsley No: None. Alderman Smith, seconded by Alderman Hutcherson moved that Section ?, the emergency clause, be adopted, and on roll call the following voted: Aye: Aldermen: Dickerson, Hutcherson, Smith, Payton, Bentley, Scott, Harris, Hightower, Horton, and Grimsley 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. ?87, and read as follows: ipz ~~ ORDINANCE N0. AN ORDINANCE TO AMEND ORDINANCE ON. 373, "AN ORDINANCE TO PROVIDE FOR THE REGUZATION AND CONTROL OF VE~IICULAR TRAFFIC UPON THE PUBLIC STREETS, THOROUGHFARES, WITHIN TIIE CITY OF WEST MEMPHIS, ARKANSAS; TO DEFINE AND PROVIDE FOR THE PROSECUTION AND PUNISHMENT OF OFFENSES IN VIOLATION OF SUCH REGULATIONS, AND FOR OTHER PURPOSES." BE IT HEREBY ORDAINED BY THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS: Section 1. The first sentence of Section III, Ordinance No 373, which reads "Chief of Police" is amended to read "City Engineer". Section 2. The first sentence of Subsection A, Section III, Ordnance No. 373, which reads "Chief of Police" is amended to read "C~ty Engineer" . ~ Section 3. The first sentence of Paragraph 8, Subheading A, Setion III Ordinance No, whi r " - rr . ~ , 373, ch eads Chief of Police is amended to read "City Engineer". p Section ~-. The second sentence of Subheading B, Section III, Or finance No. 373, which reads "Chief of Police" is amended to read "C~.ty Engineer" . Section 5. Sentence two (2) and sentence four (~), Subheading C, a Section III, Ordinance No. 373, which read "Chief of Police" are amended to read "City Engineer" . Section 6. Sentence Ordinance No. 373, which r 9 "City Engineer" . ~ Section 7. Eimer enc . ~- by the City Council of the E one (1) and sentence four (~~-) of Section VI, ead "Chi_ef of Police" are amended to read y Clause. .It b~~ ink; found and determinE~d City of West Memphis, Arkansas, that updating of Ordinance No. 373 is immediately needed and there are ,. som parts of Ordinance No. 373 which should be amended, an emergency is hereby dec. tired to exist and this Ordinance s~la].1 be in full force and effect from and aft~r its passage and approval. 103 Attorney R,a1.ph Sloan appeared on behalf of owners of approximately 600 acres of land in the northeastern section of the City requesting establishf'~.~ Improvement District. The Council discussed with Attorney Sloan petitions filed, drainage of the area with~a representative of Bond Engineering Company,. and financing arrangement with Morris Fair. or stated that consideration should be given to sn ordinance establishing The May a municipal improvement district. This was a matter with which the Council was familiar and after a discussion, Alderman pommy Dickerson introduced an ordinance entitled: An Ordinance Establishing A Municipal ImprovementsDisDteCilcaT~ rAThh Purpose Of Accomplishing Street, Water And SeterA?~morneemread~ the ordinance 3.n Emergency; And For Other Purposes, and the C y Y full . Alderman C. D. Hutcherson, seconded by Alderman Billy G. Smith, moved tdihfferent rule. requiring the reading of an ordinance or resolutii~slsec nd readings The days be suspended and that the ordinance be placed on Mayor put the question on the adoption of the motion and the roll being called, } the following voted: i Aye: Tommy Dickerson, C. D. Hutcherson, Billy G. Smith, Ann Payton, Robert Bentley, Malcolm P. Scott, Willie Harris, James E. Hightower, Pritchard Horton, and Don Grimsley, 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 Ann Payton, seconded by Alderman Robert Bentley, then moved that the rule requiring the reading of an ordinance in full on three different days be ftiu~ther 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: Tomm~r Dickerson, C. D. Hutcherson, Billy G. Smith, Ann Payton, Robert Bentley, Malcolm P. Scott, Willie Harris, James E. Hightower, Pritchard Horton, and Don Grimsley, and the following voted Nay: None . The Mayor declared that at least two-thirds of all members elected to the Council having voted i.n 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 Malcolm P. Scott, seconded by Alderman Willie Harris, moved that the ordinance be adopted. The tuestion was put by the Mayor on the adoption of the motion and the roll being called, the following voted Aye: Tommy Dickerson, C. D. Hutcherson, Billy G. Smith, Ann Payton, Robert Bentley, Malcolm P. Scott, Willie Harris, James E. Hightower, Pritchard Horton, and Don Grimsley, and the following noted Nay: None. Alderman James E. Hightower, seconded by Alderman Pritchard Horton, moved that Section ?~, the emergency clause, .be adopted, and on roll call the following voted ,dye: Tommy Dickerson, C. D. Hutcherson, Billy G. Smith, Ann Payton, Robert Bentley, Malcolm P. Scott, Willie Harris, James E. Hightower, Pritchard Horton, and Don Grimsley, and the following voted Nay: 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. 788. The ordinance read as follows: .104 -~----~-----_ __ _ ._ _---T_ ___ ___ ORDINANCE NO , ~ i ~ V a .°~ ~ AN ORDINANCE ESTABLI SHING A MUNICIPAL IMPROVEMENT DISTRICT FOR.THE PURPOSE OF ACCOMPLISHING STREET, WATER AND SEWSR IMPROVEMENTS; DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES. WHEREAS , parties claiming to be the owners of more than a ma ' 1prity fn assessed value of the property located within the territor her y einafter :described have filed a Petition praying that an improvement di strict be ,established for the purposes hereinafter set out; and ;~ ~ WHEREAS after d u • e notice as required by law, the City Council has heard all .parties desiring fio be heard and ' has determined that the Petition `wa s d signed by the owners of more tha n a ma jority in assessed value of rea 1 ro ert P p Y within the territory hereinafter described; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of West Memphis., Arkansas: ~.ection 1. -There is hereby established an improvement district (the "District"} embracing all of the real property situated within the boundaries described as follows: Property lying in Sections 4, 5, 8, 9 and 10, T-6-N, R-9-E, Crittenden County, Arkansas, being more particularly described a s follows: _ Commencing at the- intersection of the centerline of Ten Mile Bayou and the South right-of-way line of Missouri Pacffic Railroad , said point being the point of beginning , thence Southeasterly along the South right-of-way line of the M~.ssouri Pacific Railroad to its intersection with the South right-of-way line of Interstate Highway No. 40, thence Easterly along the .South right-of-way. line of Interstate Highway No. 40 to its intersection with the West right-of-way line' of the St. Francis Levee, thence Southwesterly along the West right-of-way line of the St. Francis Levee to its intersection with the centerline of Interstate Highway No, 55, thence Northwesterly along the centerline of Interstate Highway No.~ 55 to its intersection with the centerline of Ten Mile Bayou, thence Northeasterly along the cente`rl~ine of Ten Mile Bayou to its intersection with the South right-of-way. line of the Missouri Pacific Railroad, containing 6 0 0 acres more or less ~ ~~ J --__- __ _- ,~ _: --- s ~~ ~ ~ Page 2 h .t i ~ ~ ~ ,~ I ~ ~ ~' ~ .. for the following purposes : ~ en ride drain .~~ ; (l) To acquire rights of way for and to op g ~ ~, (including all facilities needful for storm drainage) , pave , '' without limitation, ~ ~~ ~° ~' curb, gutter and improve (including, leveling and filling) streets, as set forth in detail on . . ~ the Petition . ;, (2~ To acquire and construct waterworks and facilities, f a. ~ . ~, .~ x. ncluding mains, laterals, fire hydrants and other '; ~ ~ ~~ '~ facilities, as set forth in detail on the Petition. _ , ~ ` ° ~`~ For the waterlines and appurtenances to be located _ ,,~~ ~, ~ within the Tistrict and north of the north right-of-way ~` . line of Interstate 55, the City of West Memphis (the ;. Went Memphis Utility Commission) will pay the costs of construction attributable to increasing waterlines ~'` and appurtenances in excess of six inches in diameter; ~~~ ~ the District will pay the balance of these costs (the costs of constructing six inch lines and appurtenances). j The District will pay all of the costs of construction of the waterlines and appurtenances to be located south ~ ` ~ ~ of the north right-of-way line of Interstate 55. ~ ,~ ~:. . a <<_ . (3) _To acquire and construct sewer facilities, including _ ~ collection facilities , mains , laterals , pumping stations and other facilities , a s set forth in detail on the Petition. . ~ - The City of West Memphis (the West Memphis Utility ' - Commission) will pay the costs of construction of the two pumping stations and force mains, and appurtenances, ~a within the District. The Listrict will pay the balance .-, ~f these costs. in the manner and' of the materials that the Commissioners for the District, to be hereinafter appointed, shall deem for the best interest of the District. The Commissioners may provide for such incidental work .a s is necessary for the proper completion of the improvements embodied in the above authorized purposes. ' The benefits to be derived from the improvements embodied in the above authorized purpose s.. will be assessed upon the real property in the District. Section 2. The.District shall be known as West Memphis.Street, Water and Sewer Improvement District No. ~ ~ 7 i Section 3. B. B. McCarley, Duke B. Clement and William H. Johnson are hereby, named Commissioners +avho constitute the Board of Improvement of the Df strict. Section 4. It has been found and it is hereby declared that the improve- meats t© be accomplished by the District are immediately necessary to the continue ,growth and dweloptnent of the City. Therefore, an emergency. is declared to exist, ` ~ ~ and this Ordinance being immediately necessary for the preservation of the public peace, health and' safety shall be in effect upon its .passage, and approval. lU6 Recess was requested and granted. After the recess, Mayor Rodgers called the meeting to order. The Mayor stated that consideration should be given to an ordinance authorizing construction of a city hall and a munici~el auditorium and the issuance of general obligation bonds, This was s matter with which the Council was fam~.liar and after a discussion, Alderman Grimsley introduced an ordinance entitled: An Ordinance Authorizing The Construction Of A City Hall, The Construction Of A Municipal Auditorium And The Refunding Of Outstanding Bonds; Authorizing The Issuance Of Bonds; Levying A Tax To Pay The Principal. Of And Interest On The Bonds; Prescribing Other Matters Relating Thereto; And Declaring An Emergency, and the City Attorney read the ordinance in full. , Alderman Horton, seconded by Alderman Hightower, 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: Bentley, Dickerson, Grimsley, Harris, Hightower, Horton, Hutcherson, Peyton, Scott, and Smith 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 Scott, 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: Bentley, D~.ckerson, Grimsley, Harris, Hightower, Horton, Hutcherson, Payton, Scott, and Smith and the following voted Nay: 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 by the City Attorney. Alderman Bentley, seconded by Alderman Payton, 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: Bentley, Dickerson, Grimsley, Harris, Hightower, Horton, Hutcherson, Payton, Scott, and Smith and 'the following voted Nay: None. Alderman Smith, seconded by Alderman Hutcherson, moved that Section l8, the emergency clause, be adopted, and on roll call the following voted Aye: Aldermen: Bentley, Dickerson, Grimsley, Harris, Hightower, Horton, Hutcherson, Payton, Scott, and Smith and the following voted Nay: 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. 789. The ordinance ~eead~:~as follows !U7 ORDINANCE NO. - i AN ORDINANCE AUTHORIZING THE CONSTRUCTION OF A CITY HAIL, `THE CONSTRUCTION OF A IviUIVTCIPAL AUDITORIUM AND THE REFtJNDING OF OUTSTANDING BONDS; AUTHORIZING THE ISSUANCE OF BOND; LEVYTNG A,TA~~ TO PAY THE PRINCIPAL OF AND INTEREST ON THE BOI~TDS; PRL'SCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGEI~TCY. WHEREAS, the City of West Memphis, Arkansas (the "City") is a city of the first class; and WHEREAS , by Ordinance -No . 768 duly adopted by the City Council of the City and approved on the 15th day of March, 1973 , there were submitted to .the qualified electors of the City the questions of issuing bonds for the following purposes of financing the construction of a city hall and a municipal auditorium (the "improvements"}; with provision for combination of the bonds into a single issue, together with bonds for the purpose of refunding the outstanding General Obligation Refunding and Improvement Bonds dated August 1, 1964 (the "1964 Bonds"); and WHEREAS, due notice of the election was given as required by law and the election was duly held on Apl-il 24 , 1973 , a t which election bonds for all of the above purposes , in the Iota 1 principal amount of $2 , 000 , 000 , wEre approved; .and ` WHEREAS , the results of the election were announced by the Mayor by a proclamation duly published in a newspaper of bona fide circulation in, the City; and WIIEREAS , the City duly offered for sa Ie Serie s A Bonds in the principa 1 r 4 I amount of. $1 , 500, 000 which, after due advertisement for the time and in the mannE required by law, were sold on October 18, 1973, to T. j. Raney & Sons;~Stephens, Inc . ; I-Iill , Crawford & La nford , Incorporated; and Sullivan, Trulock & Dillinc?Iia n: , Inc . ; a 11 of Little Pock , Arkansas (the "purchasers") , a t a price of par plus accrue interest plus a premium of $2.2,692.40 for bonds bearing interest at the rate of 4,75% per annum; and 108 __ _ . _ _ __ Pa gc. 2 - WHERL-'AS, pursuant to the authorization in the notice of sale the purchasers have elected to convert the $ I , 500, 000 of 4.75% bonds to an issue of $ l , 502 , 000 of 3-3/4%, 4-1/2% and 4-3/4%° bonds, hereinafter described in detail, .and the Council has examined the ~ conversion and has found it to be within the provisions of the. izotice of sale and that by virtue of the conversion the City will pay no more and receive no less than it would pay and receive if the bonds were not converted; NOW, TI-IEREFORE, BE TT ORDAINED by the City Council of the City of West Memphis, Arkansas: Section .l , The refunding of the 1964 Bonds and the accomplishment of the improvements , approved by the electors of the City at the special election, are hereby approved . Section 2 . The sale of $ I , 5 82 , 000 of bonds. of Serie s A , a t the price and to the purcha seas a s set forth above , and the conversion of the bonds a s set forth above are hereby approved and confirmed . Section 3. Under the authority of the Constitution and laws of the State of Arkansas, including particularly Amendment No. I3 to the Constitution of the State of Arkansas, City of ti~Test Memphis, Arkansas, General Obligation Refunding and Improvement Bonds, Series A, dated July 1, 1973 the "Series A Bonds"), are hereby authorized and ordered issued in the tota 1 principa 1 amount of $ I , 5 82 , 000 , s the proceeds of the sale of which are necessary to provide sufficient funds for the refunding.of the 1964 Bonds and the accomplishment of the improvements and for the payment of expenses incidenta 1 thereto and to the issuance of the Series A Bonds. The Series A Bonds are pert of a total authorized issue in the total (unconverted) ~ principal amount of $2 , 000, 000 , and the term "bonds" a s used herein shall refer to acid include the bonds of the total authorized issue, regardless of series. The City has reserved the power to issue the remainder of the bonds upon the terms and conditions set forth herc~ialafter. ~l'he Series A Builds shall be numl~ered consecutively from 1-A to 1,582-A, inclusive, acid shall be in the denomination of $1 , 000 each . The Series A Bonds shall be d~-~tecl July 1 , 1973 , and Page 3 iU9 interest shall. be payable semiannually on January l and July 1 of each year commencing januaiy 1, 1974. The principal and interest shaJ.l be payable as set forth in the bond form in Section 5 of this Ordinance. The bonds shall be numbered, shall bear interest a,nd , subject to provision hereinafter set forth pertaining to redemption prior to maturity, shall mature on July 1 of each year a s follows: YEAR BOND NOS. INTEREST RATE PRINCIPAL 1974 lA - 2SA 25,000 1975 25A - 51A 26,000 1976 52A - 79A 28,000 1977 80A - 109A 30, 000 1978 110A - 140A 4--1/2% 31,000 19 79 141A - 173A 33 , 000 1980 174A - 207A 34,000 1981 208A -- 243A 36,000 1982 244A - 280A ~ ~ 37,000 1983 281A - 319A 39,000 1984 320A - 360A 41,000 ~ 1985 361A - 403A 43 , 000 ' 1986 40~ - 448A 45,000 . 1987 449A - 495A 47, 000 1988 ~ 496A - 542A 47, 000 1989 543A - 5 91A 49, 000 1990 592A - 643A 52,000 I99I 644A - 696A 4-3/4% 53, 000 1992 69'/A - 751A 55,000 1993 752A - 809A 58,000 1994 8IOA - 871A 62,000 1995 872A ~- 936A 65,ON 1996 937A - 1,004A 68,000 1997 1,005A - 1,074A 70,000 1998 - 1, 075A - 1 ,149A 75 , 000 1999. 1,150A - 1,228A 79,000 _2000 1,229A - 1,3I2A 84,000 2001 I,313A - 1,398A 3-3/4% 86,000 2002 1, 399A - 1 , 488A 90, 000 2003 1, 48.9A - 1, 5 $2A 94, 000 _ _. ___ .. Section 4, The Series A Bonds shall be executed on }~e}~,alf of tllc City by the Mayor anci City Clerk and shall have impressed thereon the seal of the City. The Series A ~ionds and the interest coupons attached to the Series A Bonds shall have the facsimile signature of the Mayor of the City lithographed or printed thereon, which. signature shall have the same force and effect as if he had personally signed each of the Series A Bonds and coupons. Section 5. The Series A Bonds and coupons shall be in substantially tY~e ~. following form: 110 (Farm of Bond) " UNITL-'D STATES Ol, A MERICA STATI; OF AR}~I~}SI~~S COUNTY OF CR1T`.C'ENUIN ,~ CITY OF 1/~'EST I~IETviPIIIS, AP,I~ANTSI~S GENERAL OBLIGATION PEl'~UNDING AIJL~ IMPROVEMENT BONDS N o . -A KNO`~IT ALL MEN BY THESE PRESENTS: _ ~ . That the City of VlTest Memphis, Crittenden County, Arkansas (the "City"), acknowledges itself to owe and , for value received , promises to pay to bearer, or, if this bond be registered, _to ~:he registered owner hereof, the sum of DOLLS RS in lawful money of the United States of America on the first day of July, 19 and to pay interest hereon, at the rate of percent (~%) per annum from date, semiannually on January 1 and July 1 of each year, commencing January 1, 1974 . Payment of interest when registered as to interest shall be by check or draft mailed to the registered owner at his address reflected on the registration book of the City, maintained by the Trustee as bond registrar. Payment of principal and of interest evidenced by coupons shall be at the principal office of First Security Bank, Searcy, Arkansas (the "Trustee" and "Paying Agent"). ' This bond is one of a series of }fonds in the total principal amount of One Million Five Hundred eighty Two Thousand Dollars ($ l , 5 82 , 000) , dated July 1, 1973, and numbered from 1-A to 1,582-A, inclusive, designated "City of "'Vest Memphis., Arkansas, General Obligation Refunding and Improvement Bonds, Series A" (the "Serie s A Bonds ") , ;all of li}:e tenor and effect except a s to number, rate of interest, maturity and right of prior redemption. The Series A Bonds are part of an authorized issue 'of bonds in the total principal amount of $2,000,000 (the 'bonds"), and the City has reserved the power to issue the remainder of the ;:F.: bonds subject to the terms and conditions hereinafter set forth. The bond: are authorized for the purpose of refunding the outstanding General Obligation 111 .Palle 7 ' The Series A Bonds arc; subject to redemption prior to maturity (mandatory from surplus tax collections and optional from other sources} in whole or in part (with there to be no partial redemption of any bond) iIi inverse numerical order at a price of the principal arriount of the Series A Bonds being redeemed, plus accrued interest, as follows: ~ ' A .• ,From surplus tax collections and from surplus proceeds of the Series A Bonds not required for accomplishment the purposes for which the bonds were voted, on any p-~incipal payment date; l~. From funds from any source, on any interest payment date on and after July 1, 19 7 8 . ~ . . The City covenants that redemption of the bonds of each series will be proportionate , on the basis of the origina 1 (unconverted) principa 1 amount of each series any bonds of which are at the time of redemption outstanding and subject to redemption. t Notice of the call for redemption shall be published one time inane«,=spa per publis~Ied in the City of Little Rock, Arl:ansa s , and having a ge Hera 1 circulation thrc~u,ghout the State of Arkansas, with the notice to give the number and maturity of each bond being called, and with the publication to be at Least fifteen (l5} -days prior to the redemption date . In addition, notice of redemption shall. be mailed by registered or certified mail to the registered owner at his registered address and placed in the mails not less than fifteen- (15) days prior to the date of redemption. In the event alI bonds are registered as to principal, notice in v-=ruing by registered or certified mail to the owner or owners thereof sha'l'l be sufficient and. publ%shed notice need not lae~ given. After the date fixed for redemption each bond so called shall cease to bear interest, provided funds for its payment are on deposit with the Paying Agent at that tittle . ..__ . .~ _."--.`'~.`i~is Series A I3on;l may be registered as to principal alone or a.s to pt`nc;ir~3l ~~r~cl illtCt•CSt c~.Ild I11ay bC discharged from such registration, in the m~~nnel•, with the effect a~~~ subject to the toms and conditions endr~r~~ecl horc~~n. S~Ihject to Ilse provisicjn:~ for 4 k~ ~~ i 112 Fa ge 6 ~ . ~~:~ Refunding and Improvement ~3onds of the City dated August 1, 1964 and financing the construction of a city ha 11 a nd a municipa 1 auditorium , paying nece s sary -, expenses incidental thereto and incidental to the issuance of the bonds,~.~and providing for debt service until, revenues are ava ilabl.e . ~ ~.; : ; , The Series A Bonds are issued pursuant to and in full compliance;- vyit~~the Constitution and la~~~s of the State of Arkansas, particularly Amendment No.,.1~ to ~J` d ursuant to Ordinance N.es. of the Constitution of the State of Arkansas, an p the City passed and approved on the~~ay of/,~~a"G~ 1973 (the "A.uthorizing Ord.na~.Ge"), and an election duly held at which the majority of the legal voters of the Gity voting on the question voted in favor of the issuance of the bonds. Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security and of the rights and obligations of the City anti the holders and registered owners of the bonds. The .bonds are general obligations of the City to the payment of which the City pledges its full faith, credit and taxing power, including particularly a continuing annual special tax of five (5},~ .~ , ~. mills on the dollar of the assessed valuation of all taxable real and personaa property in the City (the "special tax"}, to be collected annually until the principal, of and interest on the bands are fully paid or provision made therefor. . The City covenants that additional series of bonds will be issued only when and on condition that, at the .time of issuance of such additional series, annual collectians of the special tax, on the basis of 100% collections and the latest assess- ment of record , will equal at least 1.20 times the average annual debt service (principal and interest) on all bonds (of all series) at that time outstanding and the bonds of such additional series .~ The Cit~T coE~enants that all collections of the special tax in excess of the amount ne cc s sa ry to insure the prompt payment of the principa 1 of , interest en , and trustee's and i~a~?ing agent`s fees in connection with the Series 11 Bonds as due ;~. and payable ("surplus flax collections") must be used on Inch principal payment date, as and to the extent available, for the redemption of Series A IIonds privy to tn~~turity. r .. ___ . ------ -_ _ -- -- ~ ----- Page 8 ' registration endorsed hereon, nothing contained in this Series A Bond or in the Author~zrg Ordinance shall affect or impair the negotiability of this Series A liond, and thi~5`~S~ries A Bond is issued with the intent that the substantive law of the Sta to .. '' of Arkansas will govern a s to ail questions of validity, interpretation and effect . -~-.~ . ~ ~ t r r~ iS HEREBY CERTII-'IED, RECITED AND DECLARED that all acts, conditions ., and thing~~ required to exist, happen and be performed, under the Constitution and laws of~~-the State of Arkansas, particularly Amendm~;nt No. 13 to the Constitution of the S'ta to of Arkansas , precedent to and in the issuance of this Series 1~ Bond have existed, have happened and have been performed in due time, form ar~d manner as required by law; that the indebtedness represented by this Series A Bond and the series of which it forms a part does not exceed any cons titutiona 1 or statutory limitation; and that a tax sufficient to pay the bonds and interest thereon has been duly levied in accordance with the provisions of Amendment No. I3 to the Constitution of tie '~'! State of Arkansas and made payable annually until all of the principal of and interest on ~~ fiends are fully paid and discharged . ~t This Series A Bond shall not be valid until it shall have been authenticated by the i Certfic-ate hereon duly signed by the Trustee . IN WITNESS WI-IEREOF, the City of West Memphis , Arkansas , has caused this Serie s A Bond to be executed in its name by its Mayor and City Clerk, thereunto duly authorized, with the facsimile signature of the Mayor and the manual signature of the City Clerk, and its corporate seal to be affixed, and has caused the interest coupons hereto attached to be executed by the facsimile signature of its Mayor, aTl a s of the first day of July, 1973. CITY OF WEST MEMPHIS, ARi~ANS.AS ATTES`T': _, By {facsimile sic~natu~~)..~ Ma }Tor City Clerk (SEAL) _ 11~ . ~,~L 6 cl•'Urlil of C~UU~"30T1~ Can ~:la ~ix~J t duy a~ (ju nuu,~) ~ uiY) : I ~__ , tllc ~it~~, v~ `Vll'c ~ is IVIarrll7hi ~ a ~~~I~:c~l~~1~US, L1I~~~?sS tI1G IJC~ncI fC7 WIl'1ctZ tI"11S CaI.IjJ~l 3.S i~ttc~C:Ilec:i ~.~ ~,~~3iC"~ ~1.CJ.~.3r tll~~~c.:r~;a, w I1cr~~:iJ~y ~.~r~J~~lis~~ to F~u:Y to IJC~3rc;; ~C):~~~'3ItS rf r' ~ '' `' ~1,~711tC;C~ ~tc`1tC?s or ~-~Ir1C'.r1.C;c3 e~3. C: ~;I~1G' ~~I"11`1Gl~~c`. ~ C:j~1~Gti, =J~ ~~6zr~.~s~ ~ccuiity F3uI~I;.r Se~11~c~y, ~1rl~ar~sas, xJeitlg si~i f~~ rrzar~ltll s ir~tcrest tI1~;IT t~uv Gll :~.~; ~aE;I1~:1 ~, ~. ~1J~.? C~~ ~.~CUIl I~~~:LII1C~ig1C~ i:3 I1C~ ~I71~?1"CJVLIII.C: Y1~: I:30i1t~aS , :iCr1.C: S 1~ , Gu i:E;C~ j I.?.i~' ~ d ~J~~, ~I~~ci Ilurl~ared -~!~ . C.~irl~' ~~-' V1T~,5`I' IVII;IVl~~~l~ ~ ~-al~c~.~1lL:Jrl~ ~~~ each ~Janc~ sI1~1~. ~I~~:~c~r t~~e ~ollov~ir~cr; ~~;IZ~'I~'FG1~T~; `:F'h~.s ~.:~ tt~ cer~ti~~ i:ha~ this is vri~ of tiia 1,5~Z City a~ '~`,~cst I~/~;~~~~~~is, ~~~ Id~~1 s~ ~ ~L ~~~~ ~ 1 CaIJ.~ic~u Toll F~~ ~u~ldinc3 d I1~.~ ~rnFJro~va rrle r~~: I~o~d s , 'c~*ic s g ~ I1~` ~~.xc~~lcci v~-~~ cI ac~~.~IJC;ct ~vitha.Il. °,~ 1~ ~ `h S ~; C~ ~:I IZ 11`~Y L,~~ TAT h ~' ~c~~rcy, ~~rl,~l~lsc~s I3y' ~t-~ ~.? i:I1 C~ I .k .:~ C.' C~ ~ ~ ~. i~ ~~ ~l ~: LI T" E. ~ x ~_.__~e~.~. ~e~_~_~~.~. ~.. _. ~,w t 11~ ,, _. .. .. Page 10 ~ ~ , F PROVI~IUNS FOR RLGISTRI1~l'ION 11ND I:ECONVLF.SION This bond may be registered a s to prir~cip~~l alone on boo}~.s of the City, l:e pt by the Trus t~ e a s bond registrar , upon presentation hereof to the bond registrar, which shall make mention o~ such registration in the registration blanl: below, and this bond may thereafter be transferred only upon an assign- meat duly executed by the registered owner or his attorney ar legal represetlta- tivc in such foz-rn as shall be satisfactory to the bond registrar. Such transfer may be to bearer, and thereafter transferability by delivery shall be restored, but this bond shall again be subject to successive registrations and transfers as before . The principal of this bond, if registered, unless registered to bearer, shall be payable only to ar upon the order of the registered owner or his legal representative. Interest accruing on this bond will be paid only on presentation and surrender of the attached interest coupons as they respectively become due, and not withstanding the registration of this bond as to principal, the appurtenant interest coupons shall remain payable to bearer and shall con- time to be transferable by delivery; provided that if upon registration of this bond, or at any time thereafter while this bond is registered in the name of the ~ i _ ~ owner, the unmatured coupons attached evidencing interest to be thereafter paid I hereon shall be surrendered to said bond registrar, a statement to that effect wi~l be endaresod hereon by the bond registrar and thereafter interest evidenced by such surrendered coupons v~Till be paid by check or draft of the bond registrar I at the times provided herein to the registered owner of this bond by mail to the ~ address shown. an the registration books . This bond when so converted into a bond registered as to both principal and interest may be reconverted into a coupon bond at the written request of the registered owner and upon presentz - tiara at the office of said bond registrar. Upon such reconversion the coupoizs 11~ >>~,~~ i ~ representing t}-~c interest to b~coi~tc due t}-icrcaftcr t:o t}ZC~ date of r~naturity will again be attac}l~d to t11is bond and a statement will be endorsed hereon by the bond registrar in the registration blan}: below w}let}zer it is then registered as to principal or payable to bearer. ^~ . : Nanrer of : Signature of Date of Registration : Name of. Registered Owner : Registration : Bond Registrar .. .. . __ _ - . • - 1 ` .~ ii7 F~~ge 12 Section 6. The Series A Bonds authorized hereby shall constitute goneral obligations of the City to the payment of the principal of and interest on which the City hereby pledges its full faith, credit and taxing power, including the proceeds of a five (5} mill special continuing annual tax on each dollar of the assessed valuation of all taxable real and personal properly within the City {the "special tax"). The special tax is hereby levied, and the special tax shall be collected annually until all of the principal of and interest on the bonds are paid in full or until adequate provision is made for their payment. The City agrees that at all times while any of the bonds are outstanding there will be paid into the Bond Fund (hereinafter identified) all collections of the special tax as and when received (except that the City may reimburse the Construction Fund , created in Section I2 hereof to the extent of deductions therefrom to pay debt service until tax collections are available therefor). All of the bonds,. regardless of series, will rank on a parity of pledge and security . The City covenants that additional series of bonds will be issued only when and on condition that, at the time of issuance of such additional series, annual collections of the special tax, on the basis of 100% collections and the latest assessment of record, will equal at least 1.20 times the average annual debt service (principal and interest} on all bonds (of all series) at that time outstanding and the bonds of such additional series. The City covenants that all collections of the special tax in excess of the amount necessary to insure the prompt payment of the principal of, interest on, and trustee's and paying agent's fees in connection with the Series A Bonds as due and payable ("surplus tax collections") must be used on each principal payir~eizl date, as and to the extent available, for tl~e redemption of Series A Bonds prior to maturity. All collections of the special tax (and all available revenues which tl~e C~f~y elects to apply to the payment of the principal of and interest on the bond ;} shall be deposited, as and when received, into a special fund in the n~~mc~ of the City designated "City of West Memphis, Arkansas, General Obligation Refunding i~~ Pa cue 13 and Improvement Bond rand" (the "Bond Fund") , which fund shall be maint~3incd in a bank to be selected from time to time by the City but which must be; a member of the Federal Deposit Insurance Corporation, and all moneys in the Bond Fund shall be used solely for the payment of the principal of, interest on, and trustee's and paying agent's fees in connection with the bonds at maturity and at redemption prior to maturity. The amounts on deposit in the Bond Fund at any time in excess of that insured by the Federal Deposit Insurance Corporation must be continuously secured by bonds or other direct or fully guaranteed obligations of the United States of America . Section 7. In order to pay the principal of and interest on the bonds as they mature and as they are called for redemption prior to maturity there is hereby apps©priated out of the general revenues of the City any additional amount necessary for that purpose . The principal of and interest on the Series A Bonds are due and payable in accordance with the following schedule: -::~~~:. ~~ ,t~~, .~ ~.... ~. 0 i k4k t i~• t k I ----- Pa ge 14 pi INTEREST YEAR PRI1\TCIPI~,L January I July 1 TO TA I, 1974 25,000 35,008.75 35,008.75 95,017.50 1975 26,000 34,446.25 34,446.25 94,892.50 1976 28,000 33,861.25 33,861.25 95,722.50 1977 30,000 33,23)..25 33,231.25 96,462.50 1978 31,000 32,556.25 32,556.25 96,112.50 1979 33,000 31,858.75 31,858.75 96,717.50 1980 34,000 _ 31,116.25 31,116.25 96,232.50 1981 36,000 30,351,25 30,351.25 96,702.50 1982 37,000 29,541.25 29,541,25 96,082.50 1983 39,000 28,708.75 28,708.75 96,417.50 1934 41,000 27,831.25 27,831.25 96,662.50 1985 43,000 26,857.50 26,857.50 96,715.00 1986 45,000 25,836.25 25,836.25 96,672.50 1987 47,000 24,767.50 24,767.50 96,535.00 1988 47,000 23,651.25 23,651.25 94,302.50 1989 _ 49,000 22,535.00 22,535.00 94,070.00 1990 52,000 21,371.25 21,371.25 94,742.50 `I 991 53,000 20,136.25 20,136.25 93,272.50 1992 55,000 18,877.50 18,877.50 92,755.00 1993 58,000 17,571.25 17,571.25 93,142.50 1994 62,000 16,193.75 16,193.75 94,387.50 1995 ~ ~ 65,000 14,721.25 14,721.25 .94,442,50 1996 68,000 13,177.50 13,177.50 94,355.00 1997 ~ 70,000 11,562.50 11,562.50 93,125.00 1998 75,000 9,900.00 9,900.00 94,800.00 1999 79,000 B,IJ.8.75 8,•118.75 95,237.50 2Ufl0 84,000 6,637.50 6,637.50 97,275.00 2001 86,000 5,062,50 S,OC?..50 96,125.00 20N JO,000 3,950.00 3,950.UO JG,JN .00 201)3 J~l , O0O J , 7G2.50 I , 7G2 , 50 97, 5?,5 .00 x 120 Page 15 Section ~3. The Series 11 bonds shall be subject to redemption prior to maturity in accordance with the terms set out in the bond form in Section 5 of this Ordinance . The City covenants that redemption of the bonds of each series will be proportionate, on the basis of the original (unconverted) principal amount of each series. any bonds of which at the time of redemption are outstanding and subject to redemption. Suction 9 . The Treasurer of the City is hereby ordered and directed to make available to the Paying l~gent at least five (5) days prior to the maturity of any bond or interest coupon an amount, from the moneys on deposit in the Bond Fund or from moneys appropriated by this Ordinance, equal to the amount necessary for the payment of the principal of, interest on, and trustee's and paying agent's fees in connection with the bonds a s the same become -due in accordance with the schedule set forth in Section 7 hereof, or as the bonds may be redeemed prior to maturity (a s set forth. in the bond form in Section 5 .of this Ordinance} . This instruction to the Treasurer is irrevocable and may be enforced by mandamus . Section 10. First Security Bank, Searcy, Arkansas, is designated as Trustee. The holders or registered owners of a majority in principal amount of the bonds at any time outstanding may by an instrument duly executed and recorded in the office of the City Cler}: appoint a new trustee who shall have all the powers of the Trustee originally named, and the Trustee may resign at any time upon ten (10} days' notice in writing mailed to the City Cler};. In the event of a vacancy in the office of trustee and the failure of the holders or registered owners of a majority in principal amount of the then outstanding bonds to take the necessary action to appoint a new trustee within thirty (30} days after such vacancy occurs, the City shall forthwith designate a new Trustee. In the event of the appointment of a new Trustee, the new trustee shall become and shall assume the duties of paying agent. Secfiion l.]-. (~~) If th~.re be any default in the payment of the principal of and interest on any of the bonds, or if the City defaults in any Bond rund requirement or in the porforrnance of any other covenant contained in this Ordinance, the Trusi:ec; may, and upon tl~e wry ttc:n req~ic st of i:ile holders of not Ie ss than ten ~~ 1'a gE'. l ~ percent (10%) in principal amount of the bonds then outstanding shall, by proper suit compel the performance of the duties of the officials of the City under the Constitution and laws of the State of Arkansas and under this Ordinance and protec and enforce the rights of the bondholders by acceleration,. instituting appropriate proceedings in lava or equit~T or other action deemed necessary or desirable by the Trustee . (b) No holder of any bond shall have any right to institute any suit, action, mandamus or other proceeding in equity or at law for the protection or enforcement of any right under this Ordinance or under the Constitution and laws of the State of . Arkansas unless such holder previously sha 11 have given to the Trustee written notice of the default on account of which such suit, action or proceeding is to be taken, and unless the holders of not less than ten percent (10%) in principal amoun of the bonds then outstanding shall have made written request of the Trustee after the right to exercise such powers or right of action, a s the case may be , shall have accrued, and shall have afforded t:he Trustee a reasonable opportunity either to proceEd to exercise the powers herein granted or granted by the Constitution and laws of the State of Arkansas, or to institute such action, suit or proceeding in its name, and unless, also, there shall have been offered to the Trustee reasonable security and indemnity against the cost, expenses and liabilities to be incurred therein or thereby and the Trustee shall have refused or neglected to comply with such request within a reasonable time, and such notification, request and offer of indemnity are hereby declared in every such case , at the option of the Trustee , to be conditions precedent to the execution of the powers and trust of this Ordinance or to any other remedy hereunder, It is understood and intended that r ~ no one or snore holders of the bonds hereby secured sha 11 have any right in any manner whatever by his or their action to affect, disturb or prejudice the security . , of this Ordinance , or to enforce any right hereunder except in the manner herein provided , that a 11 proceedings a t law oi- in equity sha 11 be instituted , had and maintained in they manner herein provided and for the l~enef.it of X11 holders of the outstanding }~OnCI;; and c:otzpons, and tly~~t ~~ny indiviclu~~l ri.ght:~ of action or other __ Page 17 - right given to one or more of such holders by law are restricted by this Ordinance to the rights and remedies herein provided, (c) All rights of action under this Ordinance or under any of the bonds secured hereby, enforceable by the Trustee , may be enforced by it without the possession of any of the bonds or coupons appertaining thereto, and any such suit, action or proceeding instituted by the Trustee shall be brought in its name and for the benefit of all the holders of the bonds and coupons, sub~j:ert to the provisions of this Ordinance . (d) No remedy herein conferred upon or reserved to the Trustee or to the holders of the bonds is intended to be exclusive of any other remedy or remedies herein provided , and each and every such remedy sha 11 be cumulative and sha 11 be in addition to every other remedy given hereunder or given by any law or by the Constitution of tl~e State of Arkansas. (e) No delay or omission of the Trustee or of any holders of the bonds to exercise any right or power accrued upon any de~ault shall impair any such right or power or sha11 be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy given by this Ordinance to the Trustee and to the holders of the bonds, respectively, may be exercised from time to time and as often as may be deemed expedient. (f) The Trustee may, and upon the written request of the holders of not less than ten percent (10%) in principal amount of the bonds then outstanding shall, waive any default which shall have been remedied before the entry of final judgment or decree in any suit, action or proceeding instituted under .the provisions of thi s Ordinance or before the` completion of the enforcement of any other remedy, but no such waiver shall extend to or affect any other existing or any subsequent default or defaults or impair any rights or remedies consequent thereon. fiection 12. When the Series A Eoncis have been executed and sealed by tine Mayor and City Cler},, they shall be dolivf~red to the Trustee, which shall autl~~~~~ztir.~~te them a rici deliver thc1T1 to the purcl~a sec upon payment in c:ash of the. purchase price .~ _ _ _ _ _ __ Page 18 of $1, 52 2 , 69 2.40 plus accrued interest from July 1, 19 7 3 , to date of delivery (called "total sale proceeds"). The total sale proceeds shall be disbursed as follows: (1) The accrued interest and any additional amount that may be required for paying interest and trustee's and paying agent's fees until other revenues are avail- able, all as shall be specified in a letter of delivery instructions signed by the Mayor and delivered to the Trustee at the closing, shall be deposited in the Bond Fund {the City reserves the right to reimburse the Construction Fund from available tax collections to the extent of any additional amount that may be deposited in the ` Bond Fund for the payment of debt service until other revenues are available); (Z) The amount necessary, together with other available funds, to provide for the redemption of the 19 64 Bonds to be deposited with the paying agent for the 1964 Bonds. (3} Costs of issuance of the Series A Bonds shall be paid as specified in the letter of delivery instructions. (4) The remaining total sale 'proceeds shall be deposited in a special account of the City in a bank that is a member of the Federal Deposit Insurance Corporation designated "1973 Improvement Construction Fund" ("Construction Fund"). Disbursements from the Construction Fund shall be for costs, expenses and expenditures in connection with acquiring, constructing and equipping of the improvements, incidental expenses pertaining thereto, and the expenses of authorizing and issuing the bonds. Such expenditures shall be in accordance with and pursuant to requisitions which shall be signed by one or more duly designated representatives of the City (which designation shall be in writing and filed With the depository of the Construction Fund} . Each requisition shall specify: (1) The name of the person, firm or corporation to whom payment is to be made; (2} The amount of the payment; (3) That the disbursement is for a proper expense of or pertaining to the improvements; and (4) The general classification of the expenditure. 12 ,._ __ _. _ _ _ _ _ _ _ _ _ __ Pays; 19 The depository of the Construction Fund shall keep records concerning alld reflecting all disbursements from the Construction Fund and shall file an accounting of disbursements if and w}yen requested by the City. The depository of the Construction Fund shall make payment from the Construction Fund pursuant' to and in accordance with the requisitions . The City may invest and reinvest the moneys on deposit in the Construction Fund in any securities constituting authorised investments from municipal funds under the laws of the State of Arkansas having maturity dates, or subject to redemption by the holder, on or before the dates the moneys so invested will~be needed for the purposes for which the moneys may be expended . ~ ~ '~ ~V1~Then the City shall notify the depository of the Construction Fund that the balance remaining in the Construction Fund is not needed because all costs and expenses payable from the Construction Fund have been paid, the balance remaining in the Construction Fund shall be drfposited in the Pond Fund , Section 13. The City covenants that it `will not take any action or suffer or permit any action to be taken or condition to exist which causes or may cause the interest payable on the bonds to be subject to federal income taxation. ~hTithout limiting the generality of the foregoing, the City covenants that the proceeds of the sale of the bonds will not be used directly or indirectly in such manner a s to cause the bonds to be treated as "arbitrage bonds" within the meaning of Section 103 (d) of t}~Ie Internal Revenue Code of 1954, as amended. Section 14. A copy of this Ordinance shall be filed with the County Clerk of Crittenden County , Ar~:a nsa s , to the end that the tax levied and appropriated hereby may be extended on the tax books of Crittenden County, Ar}~ansas, for collection in the year 1974 and annually thereafter until all of the principal of and interest on t}ie bonds issued has been paid in full or adequate provision made f-or the it paynle I1t . Section 15. The p2'ovisions of this Ordinance ~-~re hereby decl~~red to be severable, and in the event any action, provision or part thereof s}gall be held to }ae inv~~lid, such i21va}1Clity s}~~all not affect the I'elT2~1.21d('r Uf t11G o2'dinance . Page 20 Section 16. All ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 17. This Ordinance shall not create any right of any character and no right of any character shall arise under or pursuant to it until the Series A - Bonds authorized by this Ordinance shall be issued and delivered. Section I8. There is hereby found and declared to be an immediate need ~.,:~,Q~-,the improvements authorized by this Ordinance in order that the Gity and its inhabitants sha 11 have a n adequate city ha 11 and municipa 1 auditorium . It is , there- fore, declared that an emergency exists and this Ordinance being necessary for the 'immediate preservation of the public peace , health and safety shall be in force and take effect immediately upon and after its passage . PASSED: b ~~/~ ,~ ~`^ ~ / 19 73 . ~. Mayor Rodgers read the following memorandum from City Attorney Smith pertaining to bonds for homebuilders and private contractors who repair homes: T0: Mayor Tilden Rodgers Members of the West Memphis City Council SUBJECT; Bonds for Homebuilders and Private Contractors who repair homes Gentlemen: The following inf ormation is furnished in reference to a request at last Council Meeting on bonds for homebuilders and private contractors who repair homes. (1) The normal procedure is to have private firms furnish surety bonds where there is a question as to ability to perform. (2) The second alternative would be to inquire at banks or other available sources of the solvency of the firm which you may want to contract. (3) The apparent reason for requiring bond on electrical and plumbing is the high degree of technical skill demanded for the safety of citisens. Very truly,~ours, Robert L. Smith City Attorney Alderman Horton requested additional information for protection of homeowners. Mrs. Pearl Ikon, Police Department Secretary, was presented a 10 year service by Alderman Dickerson, who also announced Police Commission meeting upon adjournment of the Council session. Alderman Horton brought to the Councils attention condition of the railroad crossing at North Missouri and the Service road, and the intersection of Ingram Blvd. and East Broadway. No further business being presented, the meeting was adjourned. / ~ .~~L MAYOR ATTEST• ITY C ,AppROp~; November 15, 19?3 129 MINUTES OF A REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF WEST MEMPHIS, ARKANSAS, HELD ON THE 15TH DAY OF NOVEMBER, 19?3. The City Council of the City of West Memphis, Arkansas, met i.n regular session at its regular meeting place in West. Memphis, Arkansas, at 1:30 p.m. on the 15th day of November, 1973. The following were present: Mayor Tilden Rodgers; and Aldermen Thomas Dickerson, D. M. Grimsley, J. E. Hightower:. Pritchard Horton, C. D. Hutcherson, Ann Payton, M. P Scott B. G. Smith, and R. T. Bentley, and City Attorney R. L. S:aith. Absent: Alderman W. L. Harris. It being determined a quorum was present, the following proceedings were had to-wit: Minutes of Council Meeting on November 1, 1973, were approved as read. Mayor Rodgers and Aldermen, who had attended the Arkansas Municipal League Meeting in Hot Springs, related status of energy problem and possibility of reduction in turnback funds. The Mayor announced a meeting of Department heads to discuss conservation plans for the City on November 16th at 10:00 a.m. After discussion, motion was made by Alderman Scott, seconded by Alderman Smith: That the Council urge citizens of West Memphis to take means necessary to conserve energy. Upon vote, the voting was as follows: Aye: Alderman: Dickerson, Grimsley, Hightower, Horton, Hutcherson, Payton, M. P. Scott, B. G. Smith, and R. T. Bentley. No : None . The Mayor announced bids for two tennis courts in the Westwood Acres Park as per bid notice published in the Evening Times on October 8th and 15th weul.d be~-:~~;. received. No bids were received, and the matter was taken under advisement until HUD authorities may be contacted. Mayor Rodgers announced bids would be received for 15 Police Cars and 10 Mobile Radios in accordance with bid Notice published on November 2nd and 9th in the Evening Times. The following bids were read: Jim Ellis Oldsmobile, Inc. 19711 Olds Delta 88 Tom Gibson Ford, Inc. 19711 Custom 500 Chalmers Buick Co. 197!1 Buick LeSabres bran Chevrolet, Inc. 19?!~ Bel Air Sedans A. J. Thomas Inc 1971 PK,~l Fury Sedan $023.00 Each $3,615.U'Z - 1 Car $50,610.28 - l~ Cars $3, 9311.91 -per unit $55 , 088.7!1 - ].11 Units $3,829.65 -one unit $3,680.119 -alternate bid $3,596.26 -Each Unit $50, 3~47.6l1 - 1~. units $3,1197.98 -One Unit $50,185.12 -111 units $3,1177.58 - 1 unit Alderman Smith, seconded by Alderman Horton moved that: Refer bids to the Police Commission to review, and authorize the Commission to award the bid. Upon vote, the voting was as follows: Aye: Aldermen: Dickerson, Grimsley, Hightower, Horton, Hutcherson, Payton,. Scott, Smith, and Bentley.. No: None.