ORD NO 24-1974 ORDINANCE NO. cg 9
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE
0 UPON THE QUESTION OF ISSUING BONDS UNDER THE
PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY
SESSION OF THE SIXTY SECOND GENERAL ASSEMBLY OF
OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960,
AS AMENDED, FOR THE PURPOSE OF FURNISHING THE
PERMANEIQT FINANCING OF THE COST OF SECURING AND
DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL
PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, Centaur Molding Corp., an Arkansas corporation "Centaur
has proposed a substantial industrial project which will furnish employment
and payrolls and otherwise result in public benefits, all in the best interest
of the City of Van Buren, Arkansas (the "City and its citizens and inhabitants;
and
WHEREAS, the proposed industrial project will consist of lands,
buildings, improvements, machinery, equipment and facilities for an industrial
plant which will be utilized for the manufacturing of such products as Centaur
shall elect to manufacture (the "Project and
WHEREAS, in order to make the necessary provision for the permanent
financing of the Project costs and the expenses of authorizing and issuing bonds,
the City proposes to issue not to exceed One Million Dollars ($1,000,000)
in principal amount of bonds (the "bonds under the provisions of Act No. 9
of the First Extraordinary Session of the Sixty- Second General Assembly of the
State of Arkansas, approved January 21, 1960, as amended "Act No. 9 and
WHEREAS, the purpose of this Ordinance is to submit the question of
0 the issuance of the bonds to the electors of the City at a special election
called for that purpose;
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NOW, THEREFORE, BE IT ORDAINED by the City Council of the City
of Van Buren, Arkansas:
0 Section 1. That a special election be, and the same is hereby,
called to be held in the City on the 15th day of October 1974, at
which election there will be submitted to the electors of the City the question
of issuing not to exceed One Million Dollars ($1,000,000) in principal amount
of Industrial Development Revenue Bonds for the purpose of furnishing permanent
financing of the cost of securing and developing industry (the particular project
is described above). The bonds will be dated, will bear interest at the rate
or rates, the interest will be payable on such dates, the bonds will mature on
such date or dates, the bonds will be subject to redemption prior to maturity
in such manner and upon such terms, and the bonds will be issued in series
from time to time, all as the City Council shall subsequently determine and
specify in the ordinance or ordinances authorizing the issuance of the bonds.
Section 2. That the question shall be placed on the ballot for the
election in substantially the following form:
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Vote on measure by placing an "X" in the square above
the measure either FOR or AGAINST:
FOR the issuance of Industrial Development Revenue Bonds
by the City of Van Buren, Arkansas in the aggregate principal
amount of not to exceed $1,000,000
AGAINST the issuance of Industrial Development Revenue
Bonds by the City of Van Buren, Arkansas in the aggregate
principal amount of not to exceed $1,000,000
It is proposed to authorize City of Van Buren, Arkansas (the "City
Industrial Development Revenue Bonds (the "bonds under Act No. 9
of the First Extraordinary Session of the Sixty- Second General
Assembly of the State of Arkansas, approved January 21, 1960, as
amended "Act No. 9 in the aggregate principal amount of not
to exceed $1,000,000 for the purpose of fumishing the permanent
financing of the costs of securing and developing industry. The
ponds will be dated, the bonds will bear interest at such rate or
rates, the interest will be payable on such dates, the bonds will
mature on such date or dates, the bonds will be subject to redemp-
tion prior to maturity in such manner and upon such terms, and the
bonds will be issued in series from time to time, all as the City
Council shall subsequently determine and specify in the ordinance
or ordinances authorizing their issuance. The proposed industrial
project will consist of lands, buildings, improvements, machinery,
equipment and facilities for an industrial plant (the "Project and
the proceeds of the bonds will be sufficient to pay Project costs
and expenses of issuing the bonds. The Project will be owned by
the City and will be leased to Centaur Molding Corp. an Arkansas
corporation "Centaur for lease rentals sufficient to provide for
the payment of the principal of and interest on the bonds. Centaur
is a subsidiary of Central Enterprises, Inc. an Indiana corporation
("Central"), 'and Central will unconditionally guarantee performance
of the obligations of Centaur under the Lease and Agreement. The
bonds will not be general obligations of the City but will be special
obligations payable solely from Project revenues including particularly
lease rentals, which will be specifically pledged to the payment of the
principal of and interest on the bonds, and the bonds may be secured
by a lien on and security interest in the Project as authorized by Act
No. 9.
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Section 3. That the election shall be held and conducted and the
vote canvassed and the results declared under the law and in the manner pro
vided for municipal elections, so far as the same may be applicable, and the f
Mayor of the City shall give notice of the election by an advertisement published
once a week for four consecutive weeks in a newspaper having a bona fide
circulation in the City, with the last publication to be not less than ten days
prior to the date of the election, and only qualified electors of the City shall
have the right to vote at the election.
Section 4. That the results of the election shall be proclaimed by the
Mayor and his proclamation shall be published one time in a newspaper having
a bona fide circulation in the City, which proclamation shall advise that the
results as proclaimed shall be conclusive unless attacked in the courts within
thirty days after the date of the proclamation.
Section 5. That a copy of this Ordinance shall be furnished to the
Crawford County Board of Election Commissioners so that the necessary election
officials and supplies may he provided.
Section 6. That there is hereby found and declared to be an immediate
need for the securing and developing industry in order to provide employment
and payrolls, and the issuance of the bonds referred to in this Ordinance is
essential to accomplishing such public benefits. It is, therefore declared
that an emergency exists and this Ordinance being necessary for the immediate
preservation of the public health, safety and welfare shall be in force and take
effect immediately upon and after its passage.
PASSED: 4%rnl�et/ 9 1974.
APPROVED:
ATTEST: Mayor
City Clerk.
(SEAL)
CERTIFICATE
I, the undersigned, City Clerk of Van Buren, Arkansas, hereby certify
0 that the foregoing pages numbered I to 4, inclusive, are a true and compared
copy of an ordinance passed at a retJular session of the City Council of
Van Buren, Arkansas, held at the regular meeting place of the Council in the
City at 7 30 o'clock P•.m., on the 9 th day of September 1974,
and that said ordinance is of record in Ordinance Book X Page 495
now in my possession.
GIVEN under my hand and the seal of the City this 16th day of September
.1974.
City Clerk
(SEAL)
c
EXCERPTS EltCIE1 MINu.I'E :I OF A Ivil:] :liNG TII:
VAN BUREN.,-ARKIINSAS-_ CH COLINCilI. HELD
0
The City Council of the City of Van Buren
Arkansas met in raguln sessio,? L; ii5 regular meeting place in
Van Buren Arkansas at __7 30 o'clock p m a the
9th day o September 1974 The following wen.: present:
Mayor Allen_R. Toothaker City Clerk ,Eugene P. Hobbs
rand ALIcrn ,c Guy Matlock,
Ray Gann, Iverson Riggs, Charles Matlock, and Clyde Taylor
Absent: Carl Salzman
The Ma■or stated that consideration should be given to an Ordinance
calling a special election _to vote upon the issuance of Act No. 9 Bonds
This was a matter with which the Council was amiliar and after a discussion,
Alderman (lily platinrk introduced an ordinance entitled:
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE
UPON THE QUESTION OF ISSUING BONDS UNDER THE
PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY
SESSION OF THE SIXTY- SECOND GENERAL ASSEMBLY OF
OF TI-HE STATE OP ARKANSAS, APPROVED JANUARY 21, 1960,
AS AMENDED, FOR THE PURPOSE OF FURNISIHING THE
PERMANENT FINANCII \'CG 01' THE COST OF SECURING AND
DEVELOPII\TG INDUSTRY (THE PARTICULAR INDUSTRIAL
PROJECT 15 DESCRIBED IN THE ORDINANCE); PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
and the City __Clerk_ read the ordinance in full
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Page 2.
Alderman Guy_ Matlock seconded b Alderman
Clyde Taylor moved th.:,t the rule requiring the reeding of
0 an ordinance or resolution in full on three different days be suspended and
that the ordinance be placed on its second reading. The Mayor put the question
on the adoption of the motion and the roll being called, the following voted nye:
Guy Matlock, Clyde Taylor, Illy Gann, Iverson.Riggs
and Charley Mattock.
and the following voted nay: None
Thereupon the Mayor declared that at least two- thirds of all members
of the Council having voted in favor of the motion to suspend.the rule, the
motion was carried and the rule suspended. The ordinance was then read by
the City Clerk
Alderman Guy Matlock seconded by Alderman
Clyde Taylor then moved that the rule requiring the reading of an
ordinance in full on three different days he further suspended and that the
ordinance he placed on its third reading. The Mayor put the question 011 the
adoption of the motion and the roll being called the following voted aye:
Guy Matlock, Clyde Taylor, Ray Gann, Iverson Riggs,
and Charley Matlock
0
and the following voted nay: None
The Mayor declared that at least two-thirds of all members C C:Ied to
the Council 'riving volcd in favor of tlic motion to ::n: ;pc:nd in' rule, tlIc nwti;.�n
wdc carried rind the rule; z; u;pctid0cl. The ordin0uic:0 v.m., Phan rend by the City
Clerk
PLIne 3
Alderma n Guy Matlock. econc]CC] by Alderman
Clyde Taylor moved that the ordinance be adopted. The question
was put by the I'.idyor on the adoption of the motion and the roll being celled,
the following voted aye:
Guy Matlock, Clyde Taylor, Ray- Gann, Iverson Riggs,
and Charles Matlock
and the following voted nay: None
1derman Gu y Matlock seconded by Alderman
Clyde Taylor
moved that Section 6 the emergency clause,
be adopted, and on roll call the following voted aye:
Guy Matlock, Clyde Taylor, Ray Gann, Iverson Riggs, and
Charles Matlock
None
and the following voted nay;
The Mayor thereupon declared the ordinance and the emergency clause
adopted and signed the ordinance, which was attested by the City Clerk
24 -1974
and impressed with the seal of the City. The ordinance was given No
(Matters not relating to an ordinance calling a special election
are omitted.)
There being no further business, the Council adjourned.
a te
I tiyor
A
City Clerk
(S) ;A 1,)
CERTIFICATE
The undersigned, City Clerk of Van Buren Arkansas,
hereby certifies that 1ho foregoing pages numbered 1 to 3, inclusive, are a
true and correct copy of excerpts of the minutes of a meeting of the City Council
of the City of Van Buren Arkansas, at a rAiular session
held at the regular meeting place of the Council in said City at 7:30 p. .m.
On Srotember 9____, 19 74 and the time and place of the meeting was
furnished to each person who made a request therefor in accordance with the
provisions of Act No. 63 of the Acts of Arkansas of 1967.
CERTIFIED this day of a*t 19 74
.it
CITY CLERK
(SEAL)
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