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ORD NO 09-1960 ORDINANCE NO. 9 -1960 AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF VAN BUREN, ARKANSAS, FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF SAID CITY THE JUESTILN OF ISSULNG BONDS FOR THE PURPOSE LE AIDING IN THE IMPRDVEMENT AND ENLAGEMENT OF THE MUiNICIPAL WATERWORKS SYSTEM; AND DECLARING AN EMERGENCY. WHEREAS, the City of Van Buren, Arkansas, has now outstanding an issue of 3169,000 in refunding and improvement bonds for which it has levied a tax of five mills, but under the provisions of Amendment NO. 13 to the Constitution of the State of Arkansas, when this special tax has been exhausted the City may levy an additional special tax of not to exceed five mills on the dollar for the purpose of extending, improving and enlarging its waterwords system, if a bond issue for that purpose is approved by the electors of the City at an election held for that purpose; and WHEREAS, the City has had a comprehensive study made by John E. Mahaffey and Associates, Consulting Engineers, Fayetteville, Arkansas, of the present waterworks system and the need for extending, improving and enlarging it, which they completed and filed with the City on August 1, 1960, showing an estimated cost of the total improvements to the water system of 3384,000, cf which 3160,000 can be secured by issuing bonds under the provisions of said Amendment No. 13; now, therefore, BE IT ORDAINED BY THE City Council of the City of Van Buren, Arkansas: SECTION 1. That a special election is hereby called to be held in said City on September 20th, 1960, for the purpose of, voting upon the issuance of bonds in the amount of 31604000 for the purpose of aiding in the improvement and enlargement of the municipal waterworks system. If approved, the bonds will be dated October 1, 1960, and will mature on December 1 of each year as follows: 3 3,000 in 1963, 1964 and 196E. 4,000 in 1966, 1967 and 19,68 5 ;000 ih 1969'and 1970 6,000 in 1971, 1972 and 1973 7,000 in 1974 and 1975 8,000 in 1976 and 1977 9,000 in 1978,1979 and 1980 10,000 in 1981 and 1982 11,000 in 1983 and 1984 12,000 in 1985 The bonds shall bear interest at a rata: acceptable to the City Council and the buyer may have the right to convert the bands to bonds bearing a lower rate or rates of interest than the rate upon which his bid is based, 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 the conversion shall be subject to the approval of the City Council. The bonds shall be callable for payment befora maturity at the City's option. SECTION 2. That the ballot for said election shall be in substantially the following form: BALLOT Special Election City of Van Buren, Arkansas September 20th, 1960 Vote by placing an "X" in the square above the measure either for or against. For the issue of bonds in the amount of ;5160,000 Against the issue of bonds in the amount of 160,000 7 The bonds will be issued to aid in the improvement and enlargement of the municipal waterworks system. They will beer interest at o rate or Cates per annum acceptable to the City Council and will be callable, at the City's option, for payment prior to maturity. The buyer may have the right to convert the bonds to bonds bearing a lower rate or rates of interest than :the rate upon which his bid is based, 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 the conversion shall be sugject to the approval of the City Council LIST OF VOTERS NUMBER SECTION 3. That said election shall be held and conducted and the vote theieof canvassed and the result dedlared Under the law and in the manner now provided for numicipol elections, so far as the same may be applicable, and the Mayor of the City of Van Buren is authorized and directed to give notice of such election by an advertisement published weekly, once e. weak, for four times in the PRESS ARGUS, a newspaper published and having a bon= fide circulation is said City, the last publication to be not less than ten days prior to the date of said election, and only qualified voters of the City of Van Buren shall have the right to vote at said election. SECTION 4. That the result of said election shall be proclaimed by the Mayor an his proclamation shall be published one time in said newspaper, and the result of said election as proclaimed by the Mayor shall be conclusive unless ottacked in the courts within thirty days after the date of such proclamation. SECTION 5. In anticipate. :n that the electors of the City of Van Buren will fav:r the bond issue, and in :ardor t:. hasten the proposed improvements, the Mayer and City Clerk are authorized and directed to advertise, according to the terms of said Amendment No. 13, the public sale _f the proposed bund'issue, the furm time and place to be fixed by them, and in said notice they shall provide that: the buyer may have the right to convert the bonds Le bonds bearing a lower rote of interest, up:n the terms set out in Secti.:n I of this ordinance; the buyer may designate the trustea and place of payment of the issue; and the bonds will be callable fir payment prier to maturity in inverse numerical order at par and accrued interest, n.fter a reserve equivalent to the average annual payment cf principal and interest has been accumulated in the bend fund, .es fellows: with surplus revenue from the special tax levied f :Dr their payment, :'n any interest paying date; with funds from iny ether s.urce, en any interest praying date ::n and after December 1, 1965. SECTI'_N 6. That a copy of this ordinance be given t_ the Crawford County Beard cf Electi•:n Commiesisners go that they,rta y provide the proper electi -n officials and supplies. SECTION 7. It is hereby ascertained and declared that the improvements for which the bands are prepused t,., be issued are necessary t_ prutect the health and property ef the inhabitants of the City; therefore, an emergency exists and this ordinance, being necessary for the presurvnti;n of the public peace, health and safety, shell be in force and take effect immediately upon and after its passage. PASSED: August 15, 1960. APPROVED: Allen 0. T_i thaker (S) Mayer ATTEST: George L. Croftc:n (5) City Clerk CERTIFICATE I, The undersigned, City Clerk ::f V-n Buren, Arkansas, certify the feregc+ing to be e true copy .:f on ordinance passed by the City Council at a duly celled and c:nstituted meeting at which mere than two thirds of the members –elect oaf the Council were present and voted fur the ordinance. CERTIFIED under my hand and the seal cf said City this 15th day of August, 1960. George L. Creftiun (5) City Clark (Seal)