ORD NO 29-1979 4
ORDINANCE NO. 2 9-/777
AN ORDINANCE CALLING A SPECIAL ELECTION IN THE
CITY OF VAN BUREN, ARKANSAS, THE QUESTION OF
ISSUING BONDS FOR THE PURPOSE OF OVERLAYING,
SEALING AND GENERAL IMPROVEMENTS TO STREETS
WITHIN THE CORPORATE LIMITS OF THE CITY; PRE-
SCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY
WHEREAS, the City of Van Buren, Arkansas (the "City
is a city of the first class; and
WHEREAS, it has been determined that it would be in
the best interests of the City to overlay, seal and generally
improve streets within the corporate limits of the City "Project
and
WHEREAS, it has been determined that the cost of the
Project, presently estimated to be $850,000, including incidental
expenses and expenditures in accomplishing the Project and ex-
penses in connection with authorizing and issuing bonds, can be
financed by the issuance of $850,000 in aggregate principal amount
of General Obligation Bonds; and
WHEREAS, the purpose of this Ordinance is to submit
to the electors of the City the question of issuing General
Obligation Bonds under Amendment No. 13 to the Constitution of
the State of Arkansas;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Van Buren, Arkansas:
Section 1. That there is hereby called a special
election to be held in the City on October 9 1979, for the
purpose of submitting to the electors of the City the question of
issuing General Obligation Street Improvement Bonds under the
I I P provisions of Amendment No. 13 to the Constitution of the State
of Arkansas in the principal amount of $850,000 (the "Bonds
Section 2. That the Bonds shall be dated January 1,
1980, shall bear interest at the lowest rate or rates obtainable
i
at public sale, interest shall be payable semiannually on
January 1 and July 1 of each year, commencing July "1, 1980. The
Bonds shall mature on January 1 of each year as follows, but
shall be callable for payment prior to maturity upon such terms
as the City Council shall determine and specify in the Notice of
Public Sale of the Bonds:
YEAR AMOUNT
1983 $15,000
1984 15,000
1985 20,000
1986 15,000
1987 20,000
1988 20,000
1989 20,000
1990 25,000
1991 25,000
1992 25,000
1993 30,000
1994 25,000
1995 35,000
1996 30,000
1997 35,000
1998 40,000
1999 40,000
2000 40,000
2001 45,000
2002 45,000
2003 50,000
2004 55,000
2005 55,000
2006 60,000
2007 65,000
Section 3. That the question shall be placed on the
ballot for the election in substantially the following form:
Vote on measure by placing an "X" in the square
above the measure either for or against:
FOR the issuance of City of Van Buren, Arkansas
General Obligation Street Improvement Bonds in
the principal amount of not to exceed $850,000
AGAINST the issuance of City of Van Buren,
Arkansas General Obligation Street Improve-
ment Bonds in the principal amount of not
to exceed $850,000
It is proposed to issue $850,000 in principal amount
of City of Van Buren, Arkansas (the "City General
Obligation Street Improvement Bonds (the "Bonds
under the provisions of Amendment No. 13 to the
Constitution of the State of Arkansas, for the
purpose of overlaying, sealing and general improve-
ments to streets within the corporate limits of the
City (the "Project
The Bonds will be dated January 1, 1980, interest
thereon will be payable semiannually on January 1
and July 1 of each year, commencing July 1, 1980.
The Bonds shall mature on January 1 in each of the
years 1983 to 2007, inclusive. The Bonds will
bear interest at the rate or rates accepted by the
City at the public sale of the Bonds. If the
issuance of the Bonds is approved by the electors,
the City Council will levy a continuing annual tax
for the purpose of providing for the payment of
the principal of, premium, if any, and interest on
and Trustee's and Paying Agent's fees in connection
with the bonds, which levy will not exceed five (5)
mills on the dollar of the assessed valuation of
the taxable real and personal property in the City,
which will replace the five (5) mill tax presently
being collected in connection with the City's General
Obligation City Hall, Library, and Fire House
Improvement Bonds, dated January 1, 1970, which
bonds will be retired on or before January 1, 1980.
Section 4. The election shall be held and conducted
and the vote canvassed and the results declared under the law
and in the manner now provided for municipal elections, so far
as the same are applicable, and the Mayor of the City is hereby
authorized and directed to give notice of such election by an
advertisement published weekly once a week for four times in a
newspaper published in the City and having a bona fide circula-
tion therein, the last publication to be not less than ten days
prior to the date of the election, and only qualified voters
of the City shall have the right to vote at the election on
the question.
Section 5. The results of the election shall be pro-
claimed by the Mayor and his proclamation shall be published
one time in a newspaper published in the City and having a bona
fide circulation therein, which proclamation shall advise that
the results as proclaimed shall be conclusive unless attacked
in the courts within thirty days after the date of such proclamation.
Section 6. The Mayor is authorized to advertise,
according to the terms of Amendment No. 13 to the Constitution
of the State of Arkansas, the public sale of the bonds.
Section 7. A copy of this Ordinance shall be given
to the Crawford County Board of Election Commissioners so that
the necessary election officials and supplies may be provided.
Section 8. All ordinances and parts thereof in con-
flict herewith are hereby repealed to the extent of such conflict.
Section 9. It is hereby ascertained and declared
that there is an immediate and urgent need for the Project in
order to promote and protect the health, safety and welfare of
the City and its inhabitants, and that the Project can be
accomplished only by the issuance of the Bonds. 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 from and after its passage.
PASSED: Q D 1979.
APPROVED:
ATTEST:
Mayor
Cit Clerk
(SEAL)
CERTIFICATE
o The undersigned, City Clerk of the City of Van Buren,
Arkansas, hereby certifies that the foregoing pages numbered
1 to 4, inclusive, are a true and correct copy of Ordinance No.
0 29 /97y passed at a g sgri L ta session of the City Council of
Van Buren, Arkansas, held at the regular meeting place of the
tA
Council at 7.0 o'clock -e. m. on the p,0 day of A'
1979, and that said Ordinance is of record in Ordinance Record
Book No. page i now in my possession.
GIVEN under my hand and seal of the City this p r/ day
of4 t 1979.
76 4"avAr—s•-
Ci Clerk
(SEAL)
0