ORD NO 02-1973ARKANSAS:
to read as follows:
ORDINANCE 1C. L /77 3
AN ORDINANCE TO •At'f ND SECTION 16 OF ORDIW-
ANCE NO. 18 -1972 OF THE ORDINANCES OF THE
CITY OF VAN BUREN, ARKANSAS, PASSED AND
APPROVED DECEMBER 11, 1972.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN,
Section 1. That Section 16 of Ordinance No. 18 -1972
of the Ordinances of the City of Van Buren, Arkansas, pass
and approved December 11, 1972, be, and it is hereby,
amended
"Section 16. When the $540,000.00 of bonds herein.
au'thor'ized to be issued have been executed by the Mayor end
City Clerk and the seal of the City impressed, as herein pro.
vide;:, they shall be delivered to the paying agent, wt:..ch'sha1.1
authenticate and deliver them to the purchasers upon paym•s:nt
$500,000.00,
in cash to O the Bank of the purchase price of
accrued interest from Novemhcr 1, 1972, to the date of delivery.
The Mayor and City Clerk are hereby authorized, in their dis-
cretion, to designate the bank to serve as paying agent and the
bank to authenticate the bonds.
(1.) The proceeds of the bonds, less the amount
of the accrued interest paid by the purchasers, shall be
deposited in a depository selected by the City, in trust, secured
as its other trust funds are seen e.d and disbursed by it solely
of the e_
711 payment O cost of said improvements and betterments to
the e. waterworks and sewer systems,
l'-.di
engineer-
a 1 and other expenses incl. ..22tc21. to the said construction
inf, 1��g..
and issuance of the bonds, but.,oniy on warrants or vouchers
signed by the Mayor and City Treasurer, briefly specifying the
disbursement or expenditure, accompanied by a certificate
signed by the consulting engineer of such construction that an
obligation in a stated amount has been incurred on account
of the cost of construction, and to whom such obligation is
owed, except that no such certificate shall be required for
payment of the engineering, legal, and other incidental
expenses. Any unexpended balance remaining after the final
completion of the construction shall be paid to the City
Treasurer and deposited by him in the 1972 Waterworks and Sewer
Revenue Bond Fund, hereinafter provided.
(2) The accrued interest paid by the purchasers
of the bonds shall be paid by the paying agent to the Treasurer
of. the City of Van Buren and he shall pay the same into the
1972 Waterworks and Sewer Revenue Borid Fund, in addition to the
other amounts herein required to be paid into the said Fund."
Section 2. The City Council finding that some question
exists concerning the deposit of funds of the said bond issue
and that it is necessary that the selection of the depository
be clarified in order to construct improvements to the water-
works and sewer systems of the City for the protection of the
health and property of its inhabitants, IT IS, THEREFORE, declared
that an emergency exists and that this Ordinance is necessary
for the immediate preservation of the public peace, health and
safety and that this Ordinance shall take effect and be in
force from and after its passage.
PASSED:
12,
1973.
APPROVED: