ORD NO 27-1974 ORDINANCE NO. 77_1Q74
AN ORDINANCE SUBMITTING TO THE VOTERS OF THE
CITY OF VAN BUREN, ARKANSAS, THE QUESTION
WHETHER IT WILL ISSUE INDUSTRIAL DEVELOPMENT
REVENUE BONDS UNDER THE PROVISIONS OF ACT NO.
9 OF THE SPECIAL SESSION OF THE GENERAL ASSEMBLY
OF THE STATE OF ARKANSAS OF 1960, AS AMENDED,
NOT TO EXCEED $3,000,000.00, FOR THE PURPOSE OF
SECURING AND DEVELOPING INDUSTRY WITHIN OR NEAR
THE CITY OF VAN BUREN, ARKANSAS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF VAN
BUREN, ARKANSAS:
Section 1. An election is hereby called to be held at
the usual polling places in the City of Van Buren, Arkansas,
on the 19 th day of November 1974, for the purpose of
determining whether the City of Van Buren, Arkansas, will issue
negotiable industrial development revenue bonds under the pro-
visions of Act No. 9 of the Special Session of the General Assembly
of the State of Arkansas of 1960, as amended, not to exceed
$3,000,000 for the purpose of securing and developing industry
within or near the City of Van Buren, by assisting Farmers Coop
of Arkansas and Oklahoma.in purchasing lands and constructing
and operating facilities for a store, warehouse, and general
office, and for. such other purposes as it may be authorized,
the said bonds to be secured by a mortgage on the lands acquired
and the buildings constructed thereon from the proceeds of the
said industrial development revenue bonds and a pledge of the
revenues therefrom. The said bonds shall be dated November 1,
1974, shall mature on November 1, but subject to redemption prior
to maturity in such manner and upon such terms as the City may
provide, and shall bear interest at such rate or rates as the
City Council may determine in the sale of the bonds, but may
be converted at the option of the purchaser, subject to the
approval of the City, to bonds bearing a lower rate or rates of
interest on such terms that the City shall receive therefor and
pay thereon substantially the same amount of money as if the
said bonds were not converted; and may be sold and delivered
all at one time, or in parcels from time to time, all as the City
may subsequently determine and specify in the ordinance or
ordinances authorizing the issuance of the said bonds.
Section 2. Said election shall be conducted and the
votes thereat canvassed and the results declared under the
law and in the manner now provided for municipal elections, and
notice of said election shall be given by the Mayor by advertis-
ing weekly for at least four (4) times in some newspaper pub-
lished in the County of Crawford and having a bona fide circulation
in.the City of Van Buren, the last publication to be not Less
than ten (10) days prior to the date of said election.
The ballots for said election shall be marked:
"Vote on measure by placing an "X" in the square
above the measure either for or against.
"FOR bond issue of $3,000,000.00
"AGAINST bond issue of $3,000,000.00
"Bond issue under the provisions of Act No. 9 of the
General Assembly of the State of Arkansas of 1960,
as amended, not to exceed $3,000,000.00 (subject, how-
ever, to conversion to bonds bearing a lower rate or
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rates of interest, on such terns that the City
shall receive therefor and pay thereon substan-
tially the same amount of money as if the bonds
were not converted), for the purpose of securing
and developing industry within or near the City
of Van Buren, Arkansas, to be secured by a mortgage
on the lands acquired and the buildings constructed
thereon from the proceeds of the said industrial
development revenue bonds and a pledge of the
revenues therefrom. The bonds may be sold and
delivered all at one time, or in parcels from time
to time."
Section 3. A copy of this ordinance shall be given to
the Crawford County Board of Election Commissioners so that
it may place the question on the ballot for said election,
provide the proper election officials and supplies, and canvass
the vote on the question.
Section 4. At said election, only qualified voters of.
the City of Van Buren will have the right to vote. The result
of said election shall be proclaimed by the Mayor by publica-
tion in some newspaper published in the County of Crawford and
having a general circulation in the City of Van Buren for more
than twelve (12) months last past, and his proclamation shall
advise the citizens and property owners of said City of Van Buren
that the result as proclaimed will be conclusive unless attacked
in the courts within thirty (30) days after the date of such
proclamation.
Section 5. It is ascertained and declared that the safety
and health of the City of Van Buren are jeopardized by the lack`
of sufficient industry and that only by action made possible by
this ordinance can the City undertake to secure and develop industry
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and to promote the safety, health, and welfare of its citizens.
IT IS, THEREFORE, declared that an emergency exists, that this
ordinance is necessary for the immediate preservation of the
public peace, health and safety, and that this ordinance shall
cake effect and be in force from and after its passage.
PASSED: October 14 1974.
APPROVED:
Mayor
ATTEST:
CiCY Clerk
(S E A L)
t
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(Other matters not pertaining to the bond issue are
omitted.)
There being no further business, the Council adjourned.
Mayor
ATTESF,:.
City Clerk
(S E A _L)_
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