ORD NO 19-1990 A a
ORDINANCE NO. /7
AN ORDINANCE CREATING A PUBLIC FACILITIES BOARD
TO ASSIST IN THE DEVELOPMENT AND FINANCING
OF ADEQUATE FACILITIES FOR SECURING AND
DEVELOPING INDUSTRY; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, The Public Facilities Boards Act, Title 14,
Chapter 137 of the Arkansas Code of 1987 Annotated (the
"Authorizing Legislation authorizes the city council of a city
to create public facilities boards for various purposes,
including the providing of adequate facilities for securing and
developing industry; and
WHEREAS, the City of Van Buren, Arkansas (the "City
and surrounding areas are in need of adequate facilities for
securing and developing industry, and
WHEREAS, it is in the best interest of the City and its
inhabitants to create a public facilities board under the
Authorizing Legislation for the purposes set forth above;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF VAN BUREN, ARKANSAS:
Section 1. In accordance with and pursuant to the
authority conferred by the provisions of the Authorizing
Legislation, there is hereby created and established a public
facilities board (the "Board with authority as hereinafter
provided to accomplish, finance, purchase, contract concerning,
and otherwise dispose of and deal with facilities within or near
the City for securing and developing industry.
Section 2: The name of the Board shall be "City of Van
Buren, Arkansas Public Facilities Board."
Section 3: The initial members of the Board shall
consist of five (5) persons, each of whom shall be a resident of
the City and shall be appointed by the Mayor for terms of one,
two, three, four and five years, respectively. Each member so
appointed shall take and file with the City Clerk the Oath of
Office prescribed by the Authorizing Legislation.
Section 4: The Board is authorized, from time to time,
to own, acquire, construct, reconstruct, extend, equip, improve,
sell, lease, contract concerning or otherwise dispose of adquate
facilities for securing and developing industry within or near
the City as shall be determined by the Board to be necessary or
desirable to accomplish the purposes for which the Board is
created.
Section 5: The Board is authorized to issue revenue
bonds from time to time and use the proceeds thereof as required
to provide adequate facilities for securing and developing
industry, including the creation of any desired reserve funds,
and paying the costs of the issuance of such bonds. Any such
revenue bonds shall be oligations only of the Board and shall not
constitute an indebtedness for which the faith and credit of the
City or any of its revenues are pledged.
Section 6: The Board shall have all the powers
provided for in Section 7 of the Authorizing Legislation and
appropriate for the purposes for which the Board is created, and
shall carry out its duties in accordance with the Authorizing
Legislation, including the filing of the annual report required
by Section 18 of the Authorizing Legislation.
Section 7: The provisions of this Ordinance are
severable. If any provision thereof shall be held to be invalid
or inapplicable to any person or circumstance, such holding shall
not affect the validity or applicability of the remainder of the
provisions hereof.
Section 8: All ordinances of the City or parts thereof
in conflict herewith are hereby repealed to the extent of such
conflict.
Section 9: It is hereby found and determined that
there is an immediate need for the providing of adequate
facilities for securing and developing industry for the City and
surrounding areas, and that the creation of the Board and the
exercise of the duties and powers provided in this Ordinance are
necessary for the preservation of the public peace, health and
safety. Therefore, an emergency is declared to exist and this
Ordinance shall be in full force and effect from and after its
passage and approval.
PASSED: t e I 1990.
APPROVED:
217/17 :4
Mayor
ATTEST:
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