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ORD NO 08-1961 ORD A4ftet AN ORDINANCE CALLING A SPECIAL ELECTION IN THE, CITY OF VAN BUREN, el ARKANSAS, TO SUBMIT TO THE ELECTORS OF SAID CI,'Y THE QUESTION OF ISSUING SEWER ReVENU "DONDS FOR IMPROVING AND EXTENDING THE MUNICIPAL SANITARY SEWER SYSTEM= AND'DECLARIFG AFIEMERGENCY. WHEREAS, the City of Van Buren has an inadequate municipal sewer system which has been Gond+i by the State Board of Health, which has directed the City to construct an efficient city -wide sanitary sewer system; and WHEREAS, the City has had John E. Mahaffey and Associates, Consulting Engineers, prepare plans and an estimated cost for the proposed improvements, which they have done, showing an es- timated cost of 2981,500; and WHEREAS, the City will receive a grant of 2172,000 from the Federal Government toward the cost of improving the sanitary sewer system, so that the cost to the City will be 5809,500; now therefore, BE IT ORDAINED by the City Council of the City of Van Buren, Arkansas: SECTION•1. That the City Council hereby finds that there is an urgent need to construct, extend, and improve the entire municipal sanitary sewer system and to provide sanitary sewer service to parts of the City that are now without such service, and that in order to finance these improvements it is necessary that the City authorize a sewer revenue bond issue payable from the net revenues derived from the operation of the sewer system. SECTION 2. That this is a matter of great public interest to the citizens of Van Buren and should be reforred•to the electors of the City for their approval, and therefore a special election is hereby called to be held in said City on December 12, 1961, for the purpose of submitting to the electors of the City the question of issuing sewer improvement revenue bonds in the amount of 3809,500, to be dated as of December 1, 1961, and to mature serially on June 1 of the years 1963 through 1986, both inclusive. SECTION 3. That the bonds bear interest at a rate accept- able to the City Council, and be sold with the privilege of converting to a lower rate or lower rates of interest, provir'd that by such conversion the City shall receive no less and pay no more than it would receive or pay if the bonds were not con- verted, and said conversion shall be subject to approval by the City Council. The bonds shall be callable for payment at par and accrued interest before maturity at the City's option. It SECTION 4. That only qualified electors of the City shall be entitled to vote, and the election shall he held and con- ducted, and the result shall be ascertained and declared, according to the Arkansas statutes governing special elections, so far as they are applicable. A certified copy of this ordinance shall be delivered to the Crawford County Board of Election Commissioners in order that it may provide the officials and 4 supplies for holding the election. SECTION 5. The Mayor of this City is hereby instructed to publish notice of the election once a week for three weeks, the first publication to be not less than twenty days before the date set for the election. Said publication shall be in a newspoper published and having a bona fide circulation in said City. SECTION 6. The ballot shall be in substantially the following form: BALLOT Special Election City of Van Buren, Arkansas December 12, 1961 Vote cn measure by placing an "X" in the square above the measure either for or against. For an issue of sewer revenue -yy bonds in the amount of $809,50D Against an issue of sewer revenue bonds in the -mount of 5809,500 L.S The bonds will be issued for the purpose of making improvements to the municipal sewer system. The bonds will be dated December 1, 1961, and mature serially over approximately twenty -five years. The buyer will be granted the right to con- vert the bonds to bonds bearing a lower rate of interest, provided that the City will receive no less and pay no more than it would receive or pay if the bonds were not converted, and subject to the approval of the City Council. The bonds will be callable for prepayment at the option of the City. They will be payable from revenues derived from operation of the sewer system. o LIST OF VOTERS NUMBER SECTION 7. That the City Council hereby finds that there is an urgent need for the improvements to be constructed with the proceeds of the proposed bond issue, in order to preserve the public peace, health, safety; therefore, an emergency exists and this ordinance shall take effect and be in force from and after its passage. Passed: November 6 1961. APPROVED: Allen R. Toothaker (s) Attest: Mayor George L. Crofton (s) City Clerk