1389ORDINANCE NO. ~~~
AN ORDINANCE TO TRANSFER THE UNEXPENDED BALANCE
REMAINING IN THE BOND REDEMPTION FUND FOR CERTAIN
MUNICIPAL BONDS TO THE GENERAL REVENUE FUND OF THE CITY
OF WEST MEMPHIS, DECLARING AN EMERGENCY AND FOR OTHER
PURPOSES.
WHEREAS, on July 1, 1973, the City of West Memphis,
Arkansas, issued municipal bonds pursuant to the provisions
of Amendment 13 of the Arkansas Constitution for the
construction of municipal facilities; and
WHEREAS, this bond issue was wholly retired on July 1,
1989, leaving an unexpended balance in the bond redemption
fund in the amount of $ 284,000.00; and
WHEREAS, A.C.A. 14-72-505ta) provides where bonds
issued pursuant to the provisions of the Arkansas
Constitution, Amendment 13, have been wholly- retired, the
municipal governing body may, by appropriate ordinance,
transfer any balances remaining unexpended in the bond
redemption fund for taxes collected which relate to the
year in which the bonds are wholly retired to the municipal
general revenue fund;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF WEST MEMPHIS, ARKANSAS:
SECTION 1. The unexpended balance of $ 284,000.00 in
the bond redemption fund for the municipal bond issue dated
July 1, 1973 and which was wholly retired on July 1, 1989,
is hereby authorized to be transferred from the bond
redemption fund to the municipal general fund.
SECTION 2. EMERGENCY CLAUSE. It having been found and
determined by the City Council of the City of West Memphis,
Arkansas, that there exists an urgent need to transfer
these funds to provide appropriation for the 1989 Street
Program addition, an emergency is hereby declared and this
ordinance, being necessary for the preservation of the
public peace, health, safety and welfare of the Citizens of
West Memphis, Arkansas, shall be in full force and effect
from and after the date of its passage and approval.
r ~
PASSED AND APPROVED this ~ das~ of ~~~ 1989.
.ITH M. NGRAM,yor
4 ATTEST':
DAN C A ~ Y lerk
SPONSORED BY: