Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
May 15, 1975
12 MINUTES OF A REGULAR MEETIATG OF THE COUNCIL OF THE CITY OF WEST I~~MPHIS, ARKANSAS, HAD AND HELD ON MAY 15, 1975•. The City Council of the City of West Memphis, ~4rkansas, met in regular session at its regular meeting place in West Memphis, Arkansas, at 1:30 p.m., on the 15th day of May, 1975. The following were present: Mayor Joyce Ferguson; City Attorney R. L. Smith; and Aldermen: J. E. Hightower, A. 0. Holt, Pritchard Horton, J. C. King, Tilden Rodgers, R. T. Bentley, R. S. Cosgrove, Thomas Dickerson, and D. M. Grimsley. Absent: Alderman W. L. Harris. It being determined a quorum was present, the following proceedings were had to-wit: Alderman Grimsley, seconded by Alderman Dickerson moved that approve Minutes of Meeting on May 1, 1975, as included in packet. Upon vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No: None. Alderman Horton, Chairman of-the T.V. Cable Committee, requested decision as to Action to be taken pertaining to a bond posted in accordance with Ordinance No. 632, an ordinance granting a franchise to Charles S. Riggan and his assigns, to own, operate and maintain a community television system in the City of West Memphis. City Attorney Smith read the following letter: Mr. Henry H. Hancock Attorney at Law Suite 1620 First National Bank Building Memphis, Tennessee 38103 Dear Mr. Hancock: Ordinance No. 632, dated May 7, 1970, adopted by the West Memphis City Council, stated in Paragraph 1.l~ of said Ordinance that a bond in the amount of $25,000.00 should be payable to the City of West Memphis in the event the "Company" did not commence construction of a cable T.V. system within eighteen (18) months after the F.C.C. granted permission to import television signals into the City. "Company" defined in the Ordinance is defined as Charles S. Riggari or his assigns. Informa- tion available is that the West Memphis Cablevision Corporation is now the assignee. A letter dated August 1, 197 to the City Attorney of West Memphis, Arkansas from the F.C.C, in Washington, D.C. stated .that the West Memphis Cablevision Corporation was granted permission to operate a system in West .Memphis, Arkansas on December !~, 1972. , Since eighteen (18) months have passed and permission was granted to operate a cable T.V. system in West Memphis, this letter will serve notice that a hearing will be held at 1:30 p.m. on June 19, 1975 to show cause why your Bondsman should not pay the $25,000.00 to the City of West Memphis due to violation of the.,condition of Ordinance No. 632, Paragraph 11t, of the City of West Memphis, Arkansas. ~. Very truly yours, I~bert L. Smith City Attorney ~~ After consideration Alderman King, seconded by Alderman Horton moved that direct the City Attorney to send letter to Mr. Hancock. Upon vote, the voting was as follows : Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No : None . 13 Alderman Harris made a delayed appearance. Alderman Bentley, Chairman of the Budget Committee, and Administrative Aide Richard Gallagher presented information on the Planned Use Report For Revenue Sharing Funds beginning July 1. Allocation of Funds as to projects were as follows: public safety $198,000, Environment protection $35,500, public transportation $70,500, Health $23,000, Recreation $80,000, Library $6,000, Social Service $11,500, .Financial administration $28,800, Multipurpse and general government $90, 583, and Education $15,000, total $~~8, 883. After consideration, Alderman Bentley, seconded by Alderman Horton, moved to adopt Planned Use Report, and Report to be published in the paper. Upon vote, the voting was as follows: aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Tli ekerson. Grimslev. and Harris. No : None . Mayor Ferguson announced bids for the 1975 Asphalt Program would be received in accordance with Notice published in the Evening Times on April 30th and May 7th. The following bid was received: Warren Brothers Company 1311 Mud Island Road Memphis, Tennessee 6,519 Tons Asphaltic Concrete Hot Mix Surface Course Unit Price $z.5.~5 -Total $100, 718.55 • Alderman Bentley, seconded by Alderman Grimsley, moved to turn over to the Street Committee and City Engineer the bid for evaluation and awarding of the bid. Upon vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, T)icke rson. GrimsleV. and Harris. No: None. Judge Lindsey J. Fairley appeared on behalf of the Community College Steering Committee to inform the Council of efforts of the Committee to secure a Community College Institution in West Memphis, and request assistance in obtaining etassroom facilities. Judge Fairley elaborated on discussions with officials of the East Arkansas Community College, legislation pertaining to a college, finances, lease agreements, private and public buildings available, number of students anti- cipated, schedules for night and day classes, equipanent, and decision to be made by mid June if classes to be held in the fall. After discussion, Alderman Holt, seconded by Alderman Horton, moved that the Mayor appoint a committee to~work with Judge Fairley and Lee Cramer on obtaining alocation-for East Arkansas Community College classes. Upon vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Grimsley, and Harris. No: None. Mayor Ferguson appointed the following committee: Alderman Grimsley, Chairman, and Aldermen Harris and Rodgers. Final plat of Girl's Club Subdivision lying in the S1~ of Section 1 and a fractional part of the SFr of Section 1, T-6-N, R-8 ~ containing 22.25 acres was presented by City Engineer Brawley. The Planning Commission had recommended approval of the plat on April 30, 1975. After consideration, Alderman Bentley, seconded by Alderman King, moved that approve final plat of Girls Club Subdivision subject to satisfactory completion of contracts and approval of City F~ngineer and Utility Engineer. Upon vote, the voting was as follows: dye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Grimsley, and Harris. No : None . 4,. 14 Appeal of Geriatrics, Inc. ~"~romPl~nning Commission decision recommending der~p request for rezoning of all of Lots 91, 92, 93, 9~., 95, 96, and 109, the east 35 feet of the North 50 feet of Lot 81; the north 50 feet of hots 78, ?9 and 80; the east 35 feet of Lots..90 and 97; also that portion of vacated eighth street lying north and adjacent thereto of Lots 91, 92, and 93 and the east 35 feet of Lots 90 and lying south and adjacent thereto of Lots 9~, 95 and 96 and the east 35 feet of Lot 9?, Hulbert Heights Subdivision, known as 310 East Jackson from $S 6 Single Family to Ml Limited Industrial was the next order of business. The following Notice of Appeal had been filed on May 9,-1975: To: Honorable G. W. McAuley Chairman, West Memphis Planning~Commission NOTICE OF APPEAL The undersigned, Geriatrics, Inc., does hereby formally notify The West Memphis Planning Commission of its appeal from the decision of the Commission made on April 30, 1975, recommending to the City Council of West Memphis that it not permit the change of zoning requested by Geriatrics, Inc., presented to the Planning Commission on said date. Geriatrics, Inc., therefore notifies the Commission of its decision to appeal the recommendation of the Commission to the City Council of the City of West Memphis, Arkansas, on the grounds that the recommendation of the Planning Commission is and was. unreasonable, abritrary and capricious; ignored the factual situation concerning the location of the subject property and in effect denied to the owner a use of said land which would be to the best interests of the owner and the City. Wf~I~EFORE, PREMISES CONSIDERED, Geriatrics, Inc., notifies the Commission of its appeal to the West Memphis City Council and by copy of this notice to the Honorable Joyce Ferguson, Mayor, requests that its Petition requesting rezoning of the subject property be placed on the agenda of the City Council of West Memphis, Arkansas, for consideration and decision. Respectfully submitted, GERIATRICS, INC. By: /S/ JAKE BRICK Its Attorney Mr. Ray Tilley and Attorney Jake Brick appeared on behalf of Geriatrics, Inc. and presented plat of the property, information on surrounding areas, zoning classification, prior zoning, utilization of the property, classification, construction, and uses pertaining to mini-warehouses. City Engineer Brawley spoke on the Planning Commission view of the application in relation to the zoning, Comprehensive Plan, and M-1 classification. After discussion, Alderman King, seconded by Alderman Grimsley, moved that overrule the Planning Commission decision. Upon roll call vote, the voting was as follows: Aye: Aldermen: Hightower, King, Grimsley. No: Aldermen: Holt, Horton, Rodgers, Bentley, Cosgrove, Dickerson, and Harris. Contract for Professional and Technical Services by and between the City of West Memphis and Manes & Associates, Inc. for provision of .Planning Services for Community Development Program was presented. After consideration, Alderman Grimsley, seconded by Alderman Bentley moved that approve employment of Manes & Associates, Inc. for Planning Services for Community Development Program for second year. Upon vote, the voting was as follows: Aye: ~7.dermen: Hightower, Holt, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No: None. A,l.derman Horton was not present for voting 15 City Attorney Smith read Resolution commending the Arkansas Highway Department for their efforts in installing left-hand turns at some intersections on Highway 70. After consideration, Alderman Grimsley, seconded by Alderman Bentley, moved that adopt Resolution as read. iTpon roll call vote, the voting was as follows Aye: Aldermen: Hightower, Holt, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No : None . Aldermen Horton and Harris were not present for voting. The Resolution read as follows: RESOLUTION N0. 531 WHEREAS, the City of West Memphis, Arkansas is a City which is one of the Main Gateways to the West and Pacific Coast, and WHEREAS, Highway 70 divides the City and is used by local citizens as well as tourists whose destination is West of the Mississippi River, and WHEI~;AS, in the past, traffic has been congested on Highway 70 at intersections due to the difficulty of making left-hand turns, and WHEREAS, the ARKANSAS HIGHWAY DEPARTMENT has installed left-hand turns along several intersections on Highway 70, thereby causing left-hand turns to be considerably safer and allowing traffic on Highway 70 to move better; THEREFORE, BE IT RESOLVED that the City Council of the City of West Memphis, Arkansas go on record as commending the ARKANSAS HIGHWAY DEPARTMENT for their efforts in installing left-hand turns at some intersections on Highway 70, thereby making West Memphis, Arkansas a safer place to drive. -~ Receiving of bids for fuel was discussed, thereupon, Alderman King, seconded by Alderman Bentley, moved that permission be granted authorizing the Mayor to advertise for fuel bids. Alderman Bentley requested that bid specifications require .the guaranty of supply for the City on an estimated number of gallons. Upon vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No : None . Revised Utility Department budget was presented, and Alderman Bentley, Chairman of the Utility Committee, moved that approve the revised Utility Department budget. The motion was seconded by Alderman King. The budget was discussed with Utility Mannager Pat Johnson. Upon vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No : None . Mayor Ferguson announced the appointment of Board of Adjustment would be held in abeyance for further discussion, and withdrew names submitted. Presentation of the Bicentennial Flag at 2 P.M. Sunday May 25th at the City Hall, was announced, also I,t. Governor Purcell will be present. Mr. Morris H. Fair, President of UMIC, Inc. informed the Council sn ordinance authorizing the issuance of General Obligation and Refun~3.ng and Improvement Bonds, Series B has been prepared for consideration. Alderman Holt, seconded by Alderman Cosgrove, moved that waive the rule, and the ordinance be placed on the agenda. Upon roll call vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, and Grimsley. No: None. is The Mayor stated that consideration should be given to an ordinance authorizing the issuance of general obligation refunding and improvement bonds. This was a matter with which the Council was fa~.i.liar and after a discussion, Alderman Bentley introduced an ordinance entitled «An Ordinance Authorizing The Issuance Of Bonds; Confirming the Levy Of A Tax To Pay The Principal Of And Interest On The Bonds; Prescribing Other Matters Relating Thereto; And Declaring An ~nergency~~, and the City Attorney read the ordinance in f~i.7a. Alderman Harris, seconded by Alderman Hightower, moved that the rule requiring the reading of an ordinance or resolution 3xi fill 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: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Grimsley, and Harris; 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 Grimsley, seconded by Alderman Horton, then moved that the rule requiring the reading of ari ordinance in f~,tll 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: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Gri,msley, and Harris; 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 Dickerson, seconded by A,l.derman Rodgers, 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: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Grimsley, and Harris; and the following voted Nay: None. Alderman Cosgrove, seconded by Alderman Harris, moved that Section 18, the emergency clause, be adopted, and on roll call the following voted Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Grimsley, and Harris; 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. 833• The ordinance read as follows: ..___:.,._ M_.__....... _ _,_.._~..a, _ .. _.. ~~~_ .. ..__. ORDINANCE NO. 833 AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS; CONFIRMING THE LEVX OF A .TAX TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AAT EMERGENCY, WHEREAS, the City of West Merc~phis, Arkansas (the "City`) is a city of the first class; and WHEREAS, by Ordinance No. 7fi8 duly adopted by the City Council of the City and approved on the 15th day of March, 1973, there were submitted to tree qualified electors of the ~;ity the questions of issuing bonds for the purposes of firiancin.g the construction of a city hall and a municipal auditorium (the "improvements"), with provision for combination of the bonds into a s:~ngle issue together with bonds for the purpose of refunding the outstanding Genaral Obligation Refunding and Improvement Bonds dated August I , 19b4 (the "1cS4 Bonds"); and WHEREAS, due notice of the election was given as required by law and the election was duly held on April 24, 1973, at which election bonds for all of the above p-.~rposes, in the total principal amount of $2,000,000, v~ere 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 j WHEREAS, the City has sold and issued Series A Bonds in the principal amount of $1,500,000; and WHEREAS, the outstanding 1964 Bonds were redeemed from a portion of the proceeds of the Serie s A Bond s; and WHEREAS, the City duly offered for sale Series B Bonds in the principal amount of $350,000 which, after due advertisement for the time and in the manner required by law, were sold on May 1 , 1975, to T. j. Raney & Sons and Stephens, Inc.., of Little Rock, Arkansas (the "purchasers"), at a price of par plus accrued .. ,:... ~~ ;. . . . . Page 2 interest plus a premiuc~ of $12,955.30 for bonds bearing interest at the rate of 6% per annum {an effective rate of S .79636%°}; and 111~HERI:AS, pursuant to the authorization in the notice of sale the purchasers have elected to convert the $350,.000 of 6°,~ Series B Bonds to an issue of $371.,950 of 5%, 5--1~4%, 5.6096, 5_3/4°~ and 6°,~ bonds, hereinafter described in detail, and the Council has examined the conversion and has found it to be within the provisions of the notice 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, THEREFORE, BE IT ORDAINED .by the City Council of the Cit;~ of West Mempnas , Arkansa ;: Section 1. 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 ratified and. confirmed. Section 2 . The sale of $3 71, 950 of bonds of Series B , a t the price and to the purchasers a s set forth above , and the conversion of the Serie s B Bonds as set forth above are hereby approved and confirmed. Section 3 . Under the authority of the Constitution and laws of the Sta to df Arkansas, including particularly Amendment No, 13 to the Constitution of the State of Arkansas, City of West Memphis, Arkansas, General Clbligation Refunding and Improvement Bonds, Series B, dated July 1, 1973 {the `°Series B Bonds"}, are hereby authorized and ordered issued in the total principal amount of $371,950, the proceeds of the sale of which are necessary to provide sufficient funds for. the accomplishment of the improvements and for the payzxie nt of e~cpense s incidental thereto and to the issuance of the Se rie s B B and s . The Se rye s B B and s are part of a testa I authorized issue in the to to 1 {unconverted } print ipa 1 amount of $2 , 000 , 000 , and the term "bonds" a s used herein shall refer to and include the bonds of the total authorized issue , rPgardle ss of series . The City ha s reserved the power to issue the remainder of the. bonds upon the terms and _19 Pa Qe 3 conditions set forth hereinafter. The Series B Bonds shah be numbered con- secutively from I-B to 372-B, inclusive , and shall be in the denomination of $1,000 each, except Bond No. 7 which shall be in the denomination of $950. The Series B Bonds sha11 be dated j~ily ]., 1973, and interest shall be payable semiannually on January 1 and July I of each. year commencing January 1, iy74. (Interest will be paid from July 1, 1975, and the first coupon will be due January 1, 1976..E The princ~.pal and .interest shall be }~ayabie as set forth in the bond form in Sec~ion 5 of this Qrdinance. The Series B Bonds shall be numbered, shall bear .interest and, subject to provision hereinafter set forth pertaining to redemption prior to maturity, shall mature on July 1 of each year as follows: YFjAR BOND N4S . INTEREST RATE PRINCIPAL 1976 1-7 6,950 .1977 8-I4 ~7,00~7 1978 15-21 7,00 1979 22-29 5% 8,000 1980 30-37 8,000 1981 38-46 9,000 1982 ~~7-55 9,000 1983 56-64 9,000 1984 65-74 10,000 1985 7S-84 5-I/4% 10,000 1986 85-94 ~ 10,000 1987 95-105 11,000 1988 106-116 11,000 1989 117-128 5.60% 12,000 -1990 129--140 _ 12 , 000. 1991 141-153 13,000 1992 154-166 ~---- -___ 13 , 000 1993 167-179. 5-3/4% 13,000 1994 180-194 ~ 15,000 X995 195-209 15,000 1996 210-226 ~ 17,000 1997 227-243 69'° ~ 17,000 1998 244-2E2 19,000 1999 263-281 19,000 2000 282-302 5-1~4% 21,000 2001 303-324 22,000 2002 325-347 ~ 23,000 2003 348-372 5% 25,000 ~ r Page 4 Section 4. The Series B Bonds shall. be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. The Series B Binds and the interest coupons attacheG to the Series B 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 persona lIy signed each of the Series. B .Bonds and coupons . Section 5~. The Series B Bonds and coupons shall be in substantially the following form; ;a _._._~ _ _2 _ ~_ (Form of Bond) UNITED STATES OF A MERICA STATE OF ARKANSAS COUNTY OF CRITTENDEI~' CITY OF WEST MEMPHIS, ARKANSAS °~ GENERAL OBLI+GATIORT REFUNDING AND IMPROVEMENT BONDS SERIES B No . -B $ KNOW ALL MEN BY THESE PRESENTS: That the City of West 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 the registered owner hereof , the sum of DOLLARS 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 jat~uary 1 and July 1 of each year, commencing January 1, 1974 (Coupons maturing prior to January 1, 1976 are not affixed .) Payment of ir~rest when registered~as to interest maybe 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 The First National Bank of Wynne , Wynne , Arkansas (the "Trustee " and the "Paying Agent") . This bond is one of a series of bonds in the total principal amount of Three Hundred Seventy-One Thousand Nine Hundred Fifty Dollars ($37I , 950}, dated July 1, 1973, and numbered from ].-B to 372-B, inclusive, designated "City of West Memphis, Arkansas General Obligation Refunding and Improvement Bonds , Series B" (the "Berle s B Bond s ") , all of like tenor and effect except a s to number, denomination, rate of interest, maturity and right of prior redemption. The Series B Bonds are part of an authorized issue of bonds in the total principal amount of $2,000,000 (the "bonds"); the City has previously issued bonds of Series A in the principal amount of $1 , 500 , 000 , and the City has reserved the power to issue the remainder of the bonds subject to the terms and conditions hereinafter set 2 2 ~.~~.....~.,.._.. _.w._.:~ _ ~_ ~_....._... _._, Pa ga 0 forth. The bonds are authorized far the purpose of refunding the outstanding General Obligation Refunding and Improvement Bonds of the City dated August 1 , I9S4 and financing the construction of a city hall and a municipal auditorium, pa~rir necessary expenses incidental thereto and inciden#:al to the issuance of tf~e bonds, and providing for debt service until revenues are available . The Series 8 Bonds are issued pursuant to and in full compliance ~~vith the Constitution and laws of the .State of Arkansas, particularly Amendment Nc. 13 to the Constitution of the State of Arkansas, and pursuant to Ordinance No. of the City passed and approvea on the day of 1975 (the "Authorizing Ordinance"), and an election duly held at which the majority of the legal voters of the City voting o:~ the question voted in favor of the issuance of the bonds. Reference is hereby made to the Authorizing Grdinance for the details of tl~e nature a rid extent of the security and of the rights and .obligations of the City and the holders and registered owners of the Series B Bonds. Tile 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 personal property in the Gity (the "special tax"), to be collected annually until the .principal of and interest o n the bonds are fully paid or provisior: 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 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 outstanding bonds as due and payable ("surplus tax collections") must be used on each interest payment ~~ - _ , 1 _ . .,,~....~u...~ ......._.. ..... __.~._ v~...~ ...~,,..~._..,__ _.~ ::~.._-~~_ .r . _ _ a ~ .. _ _ -2 3- ....._ Page 7 date, as and to the extent available, for the redemption of bonds prior to maturity. The Series B Bonds are subject. to redemption prior to maturity (mandatory from surplus tax colIections and optional from other sources} in whole or in part {with .there to be no partial .redemption of any bond) in inverse numerical order at a price of the principal amount of the Series B Bonds being redeemed, plus accrues interest, as follows: A . -From surplus tax collections and from proceeds of .the Series B Bonds not required for accomplishment the purposes for which the bonds were voted, on any interest payment date, B . From funds from any source , on any interest payment date on a nd after july 1, 19 8 0 . ; 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 are at the time of redemption outstanding and subject to redemption. Notice oz the tail for redemption shall be published one time in a newspaper published in the City o~ Little Rock, Arkansas, and having a general circulation throughout 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 (15) days prior to the redemption date. In addition, notice of redemption shall be mailed by registered or certified mail to the owner of each bond registered as to principal at his registered address and placed in the mails not less than fifteen (I5) days prior to the date of redemption. In the event all bonds are registered as to principal, notice in writing by registered or certified mail to the owner or owners thereof shall be sufficient and published notice need not be 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 time . This Serie s B Bor_d ma~~ be registered a s to principal alone or a s to principal and interest and may be discharged from such registration, in the manner, with the effect and subject to the terms and conditions endorsed hereon. Subject to the provisions for Page $ registration endorsed hereon, nothing contained in this Series B Bond:or in the Authorising Ordinance shall affect- or impair the negotiability of this Series $ Bond, and this Series B Bond ~is issued with the intent that the substantive law of t~-ie Stan of Arkansas will govern a s to all questions Qf validity, interpretation anal effect . IT IS HEREBY CERTIFIED, RECITED AND DECL~iREU that all acts, conditions .and things required to exist, happen and be performed, under the Constitution and .laws of the State of Arkansas, particularly Amendment No. I3 to the Constitution of the State of Arkansas , pre cede nt to and in the issuance of .this Se rie s B B and have existed, have happened and have been performed in due time, farm and manner as required by law; that the indebtedness represented by th.s Series B Bonci-and. the serie ; of which i t forms a part does not a};teed any constitutional or sta tuf:ory limits tion; and fihat a tax sufficient to pay the bonds and interest thereon has been duly levied in accordance with the provisions of Amendment No, l3 to the Constitution of the State of ,Arkansas and made payable annually until all of the principal of ar~d interes- on the bonds are fully paid and discharged. 'This Serie s B Bord ~ shad. not be valid until it shall have been authenticated by the Certificate hereon duly signed by the Trustee . IN WITNESS WHEREOF, the City of West Memphis, Arkansas, has caused this Serie s B Bond. to be executed in its Warne by its Mayor and City Clerk, thereunto duly authorized, with the facsimile signature of the Mayor and the manual signature of the City ~Ierk, 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, alI a s of the first day of July, I973 . CITY OF WEST MEMPHIS, ,ARKANSAS ATTEST: By {facsimile signature RIIa yor ~~ City Clerk {SEAL} .. , . _ ,.._ .,__ . _.~_ _..._~...~M.:._...,.~..__._..__._v~....._~.....~__ ,. 4 Page 9 (Form of Coupon) I On the first day of Uanuary} Uuly) , l9 ,the City of We s ~ Memphis, Arkansas, unless the bond to which this coupon is attached is paid prior fi~2ereto, hereby promises to pay to bearer hi~ o . -B DOLLARS in lawful money of the United States of America at the principal office cf The First National Bank of Wynne, TJVynne, Arkansas, being six (6} months interest then due on its General Obligation Refunding and Improvement Bonds , Series B , dated jul y i , I973 , and numbered -B . CITY OF WEST MEMPHIS, ARKAIV'SAS By Mayor On each bond shall appear the following: CERTIFICATE. This is to certify that this is one of the 372 City of West Memphis, Arkansas General Obligation Refunding and Improvement Bonds , Series B , mentioned and described within . THE FIRST NATIONAL BANK OF W'YNNE WYNNE , A RKA N SA S By (Authorized Signature) .~~n._ ` ~ r Page 1Q PROVISIONS FOR RLGISTRATI©N AND RECONVERSION This bond may be registered as to principal alone on books of the City, kept by the Trustee as b©nci registrar, upon presentation hereof to the bond registrar, which shall make mention cif such registration in the registration blank below,. and this bond may thereafter be transferred only upon~an assign- ment duly executed by the registered owner or his attorney or legal re presenta- ' five in such form 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 . Tne principal of this bond, if registered, unless registered to bearer, shall Ue payable only to or upon the order of the registered owner or his legal representative . Interest accruing on this bond wi_il 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- tinue 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 owner, the unmatured coupons attached evidencing interest to be thereafter paid hereon shall be surrendered to. said bond registrar, a statement to that effect will be endoresed hereon by the bond registrar and thereafter interest evidenced by such surrendered coupons will be paid by check or draft of the bond registrar at the times provided herein to the registered owner of this bond by mail to the address shov~n on the registration books . This bond when so converted into a bond registered a s *_Q both principal and interest ana y be reconverted into a coupon bond at the written request of the registered owner and upon presenta- tion at the office of said bond registrar. Upon such reconversion the coupons representing the interest to become due thereafter to the date of maturity will again be attached to this bond and a staterr~ent will be endorsed hereon by the .bond registrar in the registration blank below whether it is then registered as to principal or payable to bearer. ~, IVlanner of : Signature of Date of Registration • Name of Registered Owner : Registration Bond Registrar .. .. : .. • • • • • • Q _ :_..,,..~.~_Y~t~.__...W...,~...~.~:... _~.._. _..~._. ,.~.~,..:..~.nr~.:....,:,..~. . ~.....~. Page i 2 Section 6. Thy; Series B Bonds authorized hereby shaJ.l constitute Reneral obligations of the City to the payment of the principal of and interESt can ~n~hich the City hereby pledges its full faith, credit and taxing power, including fine proceeds of a five {5} mill special continuing annual tax on each dollar of the assessed valuation of all taxable real and personal property within the Ci`y (the "specia 1 tax", . The special tax was levied upon issuance of the Serie s A Bond s . Levy of the special tax is hereby confirmed r 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 bends are outsta ndinr~ there will be paid into the Bond Fund (hereinafter identified) all collections of thy: special tax as and when received (except that the City. mzy reimburse the Construction Fund, referred to in Section 12 herEOf~ to the ~~xtert of deductions therefrom to pay debt service until tax collections are available therefor} , fill of the bonds , regard less 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 l00% collections and the latest assessment of record, will equal at least 1.20 times the average annual debt service (principa 1 and interest) on a 11 bonds (of a 11 series) a t that time ou~sta nding and the bonds of such additional- series. The City covenants tha t 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 outstanding bonds as due and payable i"surplus tax collections"} must be used on each principal paymen date , a s and to the extent available , for the .redemption of bonds prior to maturity. All collections of the special tax {and all available revenues which the City elects to apply to the payment of the principal of and interest on the bonds) shall be deposited, as and when received, into a special fund in the name of the City designated "City of West Memphis, Arkansas, General Obligation Refunding Page 13 and Improvement Bond Fund" (the "Bond Fund"), which fund shah be maintained 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 shell 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 Bond Fund was established a t the time of issuance of the Eerie s A Bond s .) The amounts on deposit in the Bond Fund a t 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 obligata.ons of the Unified Sta tP s of America . Section 7 , rn order to pay the principal of and interest on the bones a s they mature and a s they are ca sled for rede oration prior to maturity there is hereby appropriated out of the gener~~l revenues of tze City any additional amount necessary for that purpose . The principal of and interest on the Serie s B Bonds are due and payable in accordance with the following schedule: ...._... _,~ ~._ ....a..w_~..__ _._.__ __....~,_......~........w.,~.,,...~.~. __ w_...__ ..,_ .:_ _....._._ _~ _ , _ ,. 3 0 ~- --- -._~.__~.~:~.-._w~....._._ _ _ .~_ .._ _ ~.. Page 14 INTEREST YEAR PRINCIPAL January I July 1 TQTAL 1976 6,9.50 10,057.00 10,057.00 2?,064.00 1977 7,000 9,833.25 9,883.25 26,766.5t~ 1978 7,000 9,708.25 9,70$.45 26,416.5 1979 8,000 9,533.25 9,533.25 27,066.5 1980 8,000 9,333.25 9,333.25 26,666.5 ` 198'± 9,000 9,133.25 9,133.25 27,2c6.50 1982 9,000' 8,908. ZS 8,908.25 25,816.50 1983 9,000 8,683.25 8,683.25 26,366.50 1984 3.0,000. _ 8,458.25 8,458.25 26,°16.5C 1985 10,000 8,195.75 8,195,75 26,391.50 1986 10,000 7,933.25 7,933,25 25,866.50 1987 1.1,000 _ :..7,670.75 7,670.75. 26,341.50 1988 11,000 ~ 7,362.75 7,362.75 25,725.50 1989 12,000 7,054.75 7,054.75 26,109.50 1990 12,000 6,718.75 6,718.75 25,437.50 1991 13,000 6,382.75 6,382.75 25,765.50 1992 13,000 6,018.75 6,018.75 25,037.50 1993 13,000 5,645.00 5,645.00 24,290~Ov 1994 1.5,000 5,271.25 5,271.25 25,542.5C 1995 3.5,000 4,840.00 4,840.00 24,6£G.OC ?996 17.,000 4,390.00 4,390.00 25,?80.00 1.997 17,000 3,880.00 3,880.OU 24,760.GU 1998 19,000 3,:70.00 3,370.00 25,740.00 1999 19,000. 2,800.O~J~ 2,800.00 24,6t~0.0 ~` 2000 21,000 2,301.25 2,301.25 25,602.5 2001 22,000 1,750.00 1,750.00 25,500.0 2002 23,000 1,200.00 1,200.00 25,400.00_ 2003 25,000 625.00. 625.0)0 26,250.00 Section 8. The Series B 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 Qrdinance . 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. Section 9. The Treasurer of the City is hereby ordered and directed to make available to the Paying Agent 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 Qrdinance, 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 as 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 Trea-surer is irrevocable and may be enforced by mandamus . _.~.~:: _ _.: _ ._ .. _ _ _ .. _ ~ ._,u.... _ _ _ 3 ~ Page 1 S Section 10 . The First National Bank of Wynne , Wynne , Arkansas, is designated a s. Trustee for the Serie s B Bonds ..The holders or registered owners of a majority ir_ principal amount of the Series B Bonds at any time outstanding may by an instrument duly executed and recorded in the office of the City Clerk appoint a new trustee who shall have all the powers of the Trustee originally named, and tree Trustee may resign at any time upon ten (10) days' notice in writing mailed to the City Clerk. 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 Series B Bonds to fake the necessary action to I 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 appointmerit of a new Trustee, the new trustee shall become and shall assume the duties of paying Cgent. Section 11. (a) If there be any default in the payment of the principal of and interest on any of the bonds , or if the City defa uits in any Bond Fund require - ment or in the performance of any other covenant contained in this Ordinance, 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, 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 protect and enforce the rights of the bondholders by acceleration, instituting appropriate proceedings a t law or in equity or other action deemed necessary or desirable by the Trustee. (b) No holder of an~T 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 shall 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 (IO%) in principal amount of the bonds then outstanding shall have made written request of the Trustee after ~^ i yl ... ...~_.. a. .n.rr........a..... ... .. .. ...__~....r..,r..»..._... ......~...~....~v...~ _.... ... .. ._.... .... .~.rm ., ~.. w...n.+w.~......-~.....+n r...w. •a.rr.ri.+......_..._. _...... ...~ ....... ~.+v-r•r.w.+rs~ Page l 6 the right to exercise such powers or right of action, a s the case may be , sha 11 have accrued, and shall have afforded the Trustee a reasonable opportunity either to prQCeed 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 z~easonable security and ~.ndemnity 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 tiie Trustee , to be conditions precedent tv the execution of the powers and trust of this Ordinance or to any other remedy hereunder. It is understood and intended that no one or more holders of the bonds hereby secured shall 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 all proceedin7s at law or in equity shall be instituted, had and maintained in the manner herein provided and for the benefit of ail holders of the outstanding bonds and coupons, and that any individual rights of action or other right given to cne or mare of such holders by la~v are restricted by this Ordinance to the rights and remedies herein provided. {c3 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, subject 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 shall be cumulative and shall be in addition to every other remedy given hereunder or given by any law or by the Constitution of the State of Ar~:ansa s . __ __ _ 3~_ ,. i. Page l 7 {e) ILTO delay or omission of the Trustee or of any holders of the bonds to exercise any -right or power accrued upon any default shall impair any such right or power or shall 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 Tess than ten percent (IO%} 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 this Ordinance or~ before the completion of the enforcement of any other emPdy, 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.. Section 12 . .When the Series B Bonds have been executed and sealed by the Mayor and City Clerk, they shall be delivered to the Trustee, which shall authenticate them and deliver them to the purchaser upon payment in cash of the purchase price of $362 , 955 ~ 30 plus accrued interest from July 1, 1975 , 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 available , all a s 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); {2) Costs of issuance of the Series B Bonds shall be paid as specified in the letter of delivery instructions . 3 4 ~ _. Page 18 (3) The remaining total sale proceeds shall be deposited in the special account of the City designated "19?3 Improvement Construction Fund" ("Construction a Fund ") , Disbursements from the Construction Fund shall be for costs, expenses arld expenditures in connection with acquiring, constructing and equipping of ~he improvements, incidental expenses pertaining thereto, and the expenses of a uthorizincr and issuing the bonds . Such expenditures sha 11 be in accordance with and pursuant to requisitions which shall be signed by one or mare 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 . The depository of the Construction Fund shall keep records concerning and reflecting all disbursements from the Construction Fund and shall file an accounting of disbursements if and when 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 . Tree City may invest and reinvest the moneys on deposit in the Construction Fund in any ,securities constituting authorized investments from municipal funds under the laws of the State of Arkansas having maturity dates, or sub3ect 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 , When 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 deposited in the Bond Fund . 1 ._ ,~._,,._:.. .~..,...~.. .._u.~.. _ ~.~.....~, .:.......:. ~ ,..___vr~.:.:~_~,,.. -- .,.:,..mow .._. _.~ +t' Page 19 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. Without 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 as to cause the bonds to be treated as "arbitrage bonds" within the meaning of Section 103 (d) of the Internal Revenue Code of 1954, as .amended. Section 14. A copy of this Ordinance shall be filed with the County Clerk of Crittenden County, Arkansas, to the end that the special tax may be e;~tended on the tax books of Crittenden County, Arkansas, for collection until all of the principal of and interest on the bonds issued has been paid in full or adequate provision made far their payment. Section 15. The provisions of -this Ordinance are hereby declared to be severable, and in the event any action, provision or part thereof shall be held to be invalid, such invalidity shall not affect the remainder of the ordinance . Section I6. All ordinances and parts thereof in conflict herewith ire 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 B Bonds authorized by this Ordinance shall be issued and delivered. Section 18. There is hereby found and declared to bQ an immediate need for the improvements authorized by this Ordinance in order that the City and its inhabitants shall have an adequate city hall and municipal 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 . ~~~~ 36 As instructed by the Council Building Inspector Avery notified Mr. John Smith 810-82l~ S. 8th Street permit for a mobile home to be used as a day care center for six months issued on August 2, 1973 had expired. Mr. Smith appeared and requested extension of permit inasmuch as had not operated a day care center as unable to meet specifications re¢~ by Social Services due to competction from churches establishing day care centers, and was in process of obtaining additional land to have a 2 acre area to establish a mobile home park. Ordinance requirements for a mobile home park, and jurisdiction of the Board of Adjustment for special permits were discussed. Thereupon, Alderman Harris, seconded by Alderman Bentley, moved recommend Mr. Smith go to the Board of Adjustment, if Board of Adjustment denies, give 30 days bo remove trailer. Upon vote, the voting was as follows: Aye: Aldermen: Hightower, Holt, Horton, King, Rodgers, Bentley, Cosgrove, Dickerson, Grimsley, and Harris No : None . Approximately eight licensed plumbers appeared to protest change of requirements for construction of service lines and inspection procedures. After discussion with Pat Johnson of the Utility Department, consideration '~-" of the plumbing code, requirements of Pollution and Ecology Department, ordinances, types of soil, and construction costs, Alderman Bentley, Chairman of the Utility Committee, informed the plumbers the Utility Committee wil take the matter under advisement, and will study in order to give a fair evaluation. Alderman Horton commented on his disagreement as to a newspaper article pertaining to traffic problem involving Southland Greyhound Track that had referred to statements made by City Engineer Brawley as a City employee. City Engineer Brawley reported the intersections south of Broadway are to be paved on May 19th or 20th. Alderman Hightower brought to the Councils attention the obtaining a location for Headstart as will have to vacate present location on June 15th, the Mayor advised the Committee will be seeking a location during the summer. Alderman Cosgrove presented complaint as to ducks and chickens in the 500 block of Highland. The complaint was discussed with Building Inspector Avery. Announcement was made of Police Commission Meeting, Fire Commission Meeting, and Utility Committee Meeting~> after adjournment and Street Committee Meeting at 1:P.M. on May 16, 1975• There being no f~.irther business, the Council adjourned. ATT CITY lAYUR ~-•+` APPROVED: JUNE 5, 1975