ORD NO 04-1968 ORDINANCE NO. 4 -1968
AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF VAN BUREN,
ARK. THE QUESTION WHETHER IT 'WILL ISSUE INDUSTRIAL DEVELOPMENT
REVENUE BONUS UNDER THE PROVISIONS OF ACT NO. 9 OF THE SPECI /L
SESSION OF THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS OF
IN A :TOTAL PRINCIPAL ;MOUNT NOT TO EXCEED 01,000,000.00 F0R'THE
PURPOSE OF SECURING AND DEVELOPING INDUSTRRY WITHIN OR NEAR THE
CITY:OF V ;N BUREN, ARK.
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
first day of October, 1968, for the purpose of determining whether
the City of Van Buren, Arkansas, will issue negotiable 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, in a total principal amount not to exceed ::1,000,000
for the purpose of securing and developing industry withinHor
near the City of Van Buren, by assisting Cement Asbestos Products
Company in constructing and operating a plant for the manufacture
and sale of pipe and fittings and such other products as it may
be authorized to manufacture, the said bonds to be secured by a
statutory mortgage.on the the lands and buildings acquired from
the proceeds uf the said industrial development revenue bonds and
a pledge uf the revenues therefrom. The said bonds shall be payable
as hereinafter set forth, be dated December 1, 1968, bear interest
at such rate or rates as the Council may determine in the sale uf
the bonds, and be sold and delivered all at one time, or in parcels
from time to time, in the total principal amount not to exceed
01,000,000.00.
•Section 2. The bonds shall mature serially en December 1
in the amounts and years as follows:
00,000 in the year 1969;
02,000 in the year 1970;
in the year 1971;
;1;35,000 in the year 1972;
•37,000 in the year 1973;
'039,000 in the year 1974;
„40,000 in the year 1975;
„42,000 in the year 1976;
;45,000 in the year 1977;
47,000 in the year 1978;
049,000 in the year 1979;
52,000 in the year 198U;
;;54,000 in the year 1981;
'057,000 in the year 1982;
1R60,000 in the year 1983;
63,000 in the year 1984;
;;;66,000 in the year 1985;
'U69,000 in the year 1986;
;;73,000 in the year 1987; and
L77,000 in the year 1988.
The bonds may be made subject to call for redemption before
maturity at the option of the City on such terms as the City may
determine in the sale of the bonds.
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Section 3. Said election shall be conducted and the votes
thereat convassed 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 advertisement weekly
for at least four (4) times in some newspaper published in the
City of Van Buren and having a bona fide circulation therein,
the'last publication to be not less than ten (10) days prior to
the date uf said election.
The ballots for said election shall be marked:
"Vote on measure by placing an "X" in the square above the
measure eithur for or against.
"For bond issue of ;1,000,000.00
/against bond issue of ;1,000,000.00
"Bond issue under the provisions of Act No. 9 of the General
Assembly of the State of hrkansas of 1960, in a total principal
amount not to Exceed ;,1,000,000.00 for the purpose of securing
and developing industry within or near the City of Van Buren,
Arkansas, to be secured by a statutory mortgage on the lands'and
buildings acquired from the proceeds of the said industrial
development avenue 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, in a total amount nut to exceed ;:1,000,00J.00"
Section 4. h 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 5. At said election, only qualified voters uf the City
of an Buren will have the right to vote. The result of said
election shall be proclaimed by the Mayor by publication in some
newspaper published in the City of Van Buren and having a general
circulation therein 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 6. 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
and'tc promote the safety, health, and welfare of its citizens.
IT IS THEREFORE, declared that an emergency exists and 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: August 26, 1968
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Allen R. Tooth9ker (s)
Mayor
Attest
Geo 1. Crofton (s)
City Clerk