ORD NO 06-1965 ORDINANCE NO. -6 -1965
AN ORDINANCE AMEN.DhNG ORDINANCE NO. 4-1963-OF THE CITY OF VAN BUREN,
ARKANSAS PASSED AND APPROVED ON SEPTEMBER 1963, ENTITLED, AN
ORDIANCE AUTHORIZING THE ISSUANCE OF CITY OF VAN BUREN, ARKANSAS
WATER AND SEWER REFUNDING AND IMPROVEMENT REVENUE BONDS: SETTING
UP CERTAIN FUNDS: AND DECLARING AN EMERGENCY.
.4011, WHEREAS, by an ordinance passed on September 9, 1963,•the City
Council of the City of Van Buren, Arkansas authorized the issuance
of a series of $931,500.00 in Water and Sewer Revenue Bonds and the
said ordinance provides that the City Treasurer shall be the cust-
orian of the revenues derived from the system, but the present
Board of Waterworks Commissioners has a Treasurer for funds derived
from the operation of the Waterworks and the Sewer System and it
will be much more convenien and efficient to have these funds
handled by the Treasurer of said commission than to have the City
Treasurer handle same: Now Therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN,
ARKANSAS:
Section I
That Section 9 of the Ordinance passed by the City Council of
the City of Van Buren, Arkansas on September 9, 1963, numbered 4-
1963, which provided for the issuance of $931,500.00 in Water and
Sewer Revenue Bonds be and the same is hereby amended to read as
follows:
It shall be the duty of the Treasurer of the Van Buren Waken rks
and Sewer Commission to deposit in the Bond Fund on the tenth day
of each month after the issuance of these Bonds the. respective
sums which are required to be withdrawn from the Water and Sewer
Revenue Fund and paid into said Bond Fund, and the Bond Fund shall
be and remain in and on deposit as a trust account until applied in
payment affprincipal and interest of the Bonds as will be shown
by the schedule of the Bonds after conversion, a copy of which shal,
be filed in the office of both the City Clerk and the City Treasure
cert'.fied by the City Clerk under the seal of the City.
Section II
That Section 6 (b) of said Ordinance No. 4 -1963 is amended tc
read as follows:
(b) WATER AND SEWER OPERATION AND MAINTENANCE FUND, into whit
shall be deposited from the Water and Sewer Revenue Fund, on or
before the 10th day of each month, such sums as are estivated to be
required for the necessary operation and mainie.nance expense of the
water system and sewer system for the current month.
That (b -1) of said Section 6 providing for Sewer Operation
and Maintenance Fund be and the same is hereby repealed.
That said Section 6 is amended in every particular, where the
words fifty day of each month appear, to read., on or before the to th
day pf each month," instead of "on er before the fifth day of each
month"
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SECTION III
Section 21 c of said Ordinance No -4 -1963 be and the same is here-
by amended to read as follows:
(c) The Treasurer of the Van Buren Waterworks and Sewer Commission
shall be the custodian of the revenues derived from the system, and
shall give bond as such custodian, of the revenues derived from the
system, and shall give bond as such custodian. Such bond shall be
in an amount not less than *10,000.00 and shall be approved by the
trustee.
SECTION IV
That all other sections and parts of said Ordinance be and the
same is amended to substitute the words "Treasurer of the Van Buren
Waterworks and Sewer Commission" for the words "City Treasurer and
all the duties and responsibilities of the City Treasurer insofar as
such duties and responsibilities are defined by said Ordinance shall
be and become the duties and responsibilities of the Treasurer of the
Van Buren Waterworks. and Sewer Commission.
SECTION V
It is hereby ascertainined and declared that there is immediate
need in order to protect the health and property of the inhabitants of
the City, and for the most economical and feasible operation of the
Van Buren Waterworks and Sewer Commission and the payment of the
bonds described in Ordinance No. 4 1963: Therefore, and emergency exist,
this Ordinance i5 necessary for the preservation of the public peace,
health and safety, and shall take effect and be in force without delay
from and after its passage.
Passed and Approved, June 7, 1965.
Approved:
Allen R. Toothaker (s)
Mayor
Attest:
Geo. L. Crofton (s)
City Clerk
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