ORD NO 12-1981 CITY OF VAN BUREN, ARKANSAS
ORDINANCE NO. /2.. -1981
AN ORDINANCE TO AUTHORIZE THE MAYOR TO ENTER INTO A CONTRACT WITH A
FINANCIAL CONSULTANT (RICHARD SHEWMAKER /SHEWMAKER CORPORATION) TO SELL
VAN BUREN'S GENERAL OBLIGATION STREET IMPROVEMENT BONDS IN THE PRINCIPAL
AMOUNT OF $850,000.00
WHEREAS, The citizens of Van Buren at a special election on October
9, 1979, voted to issue General Obligation Street Improve-
ment Bonds in the Principal amount of $850,000.00, and
WHEREAS, The City of Van Buren has been unable to sell these bonds
because of the 6% Constitutional Limit plced on this type
Municipal Bonds, and
WHEREAS, the City of Van Buren desires to hire a financial consultant
to assist in selling these bonds, and
WHEREAS, Section 19 -4425 of the Arkansas Statutes 1947 Annotated
provides that the governing body, by Ordinance, may waive
the requirement of competitive bidding in exceptional
situations where such procedure is not deemed feasible or
practical,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF VAN
BUREN, ARKANSAS:
1. THAT the City Council waives the requirement of com-
petitive bidding in this particular case, as such
procedure is not deemed feasible or practical, and the
Mayor is authorized and directed to enter into a con-
tract with The Shewmaker Corporation as provided above,
and the City Clerk- Treasurer is authorized and directed
to attest the same.
2. THAT this Ordinance being immediately necessary in pro-
viding for the immediate preservation of the public
peace, health and safety, an emergency is declared to
exist and this Ordinance shall be, take effect, and be
in force after it's passage and publication.
PASSED AND APPROVED THIS 20th DAY OF April 19 81
M
ATTEST:
Aded
C CLERK 'REASURER