ORD NO 12-1987 CITY OF VAN BUREN, ARKANSAS
ORDINANCE NO. /z, -1987
y AN ORDINANCE AUTHORIZING THE TRANSFER OF FUNDS FROM THE BOND
RETIREMENT FUND TO THE GENERAL FUND.
WHEREAS, Act 285 of 1987, provides for the transfer
of unexpended balances in Amendment 13 Bond
Redemption Funds to the Municipal General
Fund upon approval of an appropriate Ord-
inance by the governing body; and
WHEREAS, The City of Van Buren has approximately
$177,333.33 plus accrued interest in the
Bond Retirement Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF VAN BUREN, ARKANSAS:
THAT, The Mayor and City Clerk /Treasurer are hereby
authorized and directed to transfer said Bond
Retirement Fund Balance to the General Fund.
PASSED AND APPROVED THIS 20TH DAY OF JULY 19 87
hifif MAYOR
ATTESTED:
TY CLER'-
CY
,'r
State of Arkansas ACT 2 85 1987
i 76th General Assembly A Bill
't' Regular Session, 1987 SENATE BILL ¶-...5
By: Senator Harriman
I ∎fy
For An Act To Be Entitled
1 "AN ACT TO PROVIDE FOR THE TRANSFER OF UNEXPENDED BALANCES
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2 IN AMENDMENT 13 BOND REDEMPTION FUNDS TO THE MUNICIPAL
3 GENERAL REVENUE FUND."
on 4
5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
'I< 6 I
nd
j, 7 SECTION 1. Where bonds issued pursuant to the provisions of Amendment
8 No. 13 of the Constitution of the State of Arkansas have been wholly retired, I
9 the municipal governing body may by appropriate ordinance transfer any bal-
10 ancee remaining unexpended in the bond redemption fund for taxes collected
11 that relate to the year in which the bonds are wholly retired, to the munici-
12 pal general revenue fund. When so transferred, such funds may be used for any l I
13 and all purposes for which other funds in the general revenue fund of the
14 municipality may be used. However, no funds may be assessed, levied and +i
15 collected for the redemption of bonds which have been wholly retired.
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17 SECTION 2. All laws and parts of laws in conflict with this Act are i
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18 hereby repealed. I
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20 SECTION 3. Severability. If any provision of this Act or the application
21 thereof to any person or circumstance is held invalid, such invalidity shall I!
22 not affect other provisions of the Act which can be given effect without the I i t
23 invalid provisions or applications, and to this end the provisions of this ct
\1 1 24 are declared to be severable.
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?PROVED BY i