Loading...
HomeMy WebLinkAbout1967-02-01-R RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A REVENUE PROMISSORY NOTE; PROVIDING FOR ITS PAY- MENT; PRESCRIBING OTHER MATTERS RELATING THERETO ; AND DECLARING AN EMERGENCY. Ri k oy BE IT RESOLVED by the City Council of the City of Batesville, Arkansas: Section 1 . That the Mayor and City Clerk be, and they are hereby, authorized for and on behalf of the City to execute and to affix the seal of the City thereto a Revenue Promissory Note in the principal amount of $150,000, dated as of the date of delivery, payable to the order of Hill, Crawford & Lanford, Inc. , Little Rock, Arkansas, bearing interest at the rate of 4-1/2% per annum and pay- (W able on or before 90 days from the date of delivery, and to be prepayable at any time, numbered 1 , with said Revenue Promissory Note to be in substantially the following form, and with the said form and contents thereof to be a part of this Authorizing Resolution: Section 2. The City agrees that the proceeds of the Note shall be deposited in a special account of the City designated "Construction Fund" in a bank that is a member of the Federal Deposit Insurance Corporation, with the amount thereof in excess of that insured by the Federal Deposit 'Insurance Corporation, to be secured by direct or fully guaranteed obligations of the United States of America. Expenditures therefrom shall be made solely for the purpose of paying the cost of said extensions, betterments and improvements to the Sewer System, including expenses incidental thereto, but only on checks, vouchers or warrants signed by the Treasurer and the managing officer of the Sewer System and accompanied by a certificate of the Consulting Engineer in charge of the supervision of said construction approving each expenditure. Section 3. That the provisions of this Resolution are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared to be invalid., such declaration shall not affect the remainder of the sections, phrases and provisions . Section 4. That it is hereby ascertained and declared that there is an immediate need for the extensions, betterments and improvements to the Sewer System without which the public health, safety and welfare of the citizens of the City are in jeopardy and that said needed construction can be accomplished only by the issuance of the Note authorized by this Resolution. It is, therefore, declared that an emergency exists and this Resolution being necessary for the preservation of the public health, safety and welfare shall be in force and take effect immediately upon its passage. ADOPTED: 1� 1967. APPROVED: ATTEST: Mayor City Clerk (SEAL) (W PROMISSORY NOTE No. 1 Batepville, Ark s $150,000 1967 FOR VALUE RECEIVED , the City of Batesville, Arkansas (called "City"), hereby promises to pay to the order of Hill, Crawford & Lanford, Inc. , Little Rock, Arkansas, on or before ninety (90) days from the date hereof, the sum of One Hundred Fifty Thousand Dollars ($150,000) with interest from date until paid at the rate of four and one-half (4-1/'2%) per cent per annum. Principal and interest shall be payable at the office of Hill, Crawford & Lanford, Inc. , Little Rock, Arkansas . This Note is issued and delivered under the provisions of the Constitution and laws of the State of Arkansas and does not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation. The Note is not a general obligation of the City but is a special obligation payable solely from net revenues derived from the operation of the municipal Sewer System. This Note and the lien thereof and pledge thereon on net Sewer Revenues shall be sub- ordinate to the lien and pledge in favor of the outstanding Sewer Revenue Bonds of the City, dated January 1, 1954, but shall be superior to the lien and pledge in favor of any Sewer Revenue Bonds of the City issued after-the date hereof. The City reserves the right to prepay all or any part of the principal of this Note without penalty on any date. The proceeds hereof will be used for financing of the extensions, betterments and improvements to the Sewer System of the City. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions. and things required to exist, happen and be performed precedent to and in the issuance of this Note have existed, have happened and have been performed in due time, form and manner as required by law, and that sufficient Mr A of the net revenues to be derived from the operation of the Sewer System has been and is hereby pledged to the payment of the principal of and interest on this Note. IN WITNESS WHEREOF, the City of Batesville, Arkansas, by its City Council, has caused this Note to be executed by the Mayor and City Clerk and sealed with the corporate seal of the City, as of the date above set forth. CITY OF BATESVILLE, ARKANSAS ATTEST: By c%`C ayor City Clerk (SEAL) CERTIFICATE The undersigned, City Clerk of the City of Batesville, Arkansas, hereby certifies that the foregoing pages are a true and perfect copy of a Resolution adopted at a 6 �4k L session of the City Council of Batesville, Arkansas, i) held at the regular meeting place of the Council at %• « o'clock L .M. , on the r ! day of �`nv 1967, and that said Resolution is of record in the record books of the City now in my possession. GIVEN under my hand and seal this day of �� 1967. City Clerk (SEAL) (W EXCERPTS FROM MINUTES OF A MEETING OF THE BATESVILLE. ARKANSAS, CITY COUNCIL HELD Ftbrua-ry 14 , 19 67 The City Council of the City of Batesville Arkansas met in regular session at its regular meeting place in Batesville , Arkansas at 7 :00 o'clock P ,M. , on the 14 day of 3'ebruary 19 67 . The following were present: Mayor 3turch City Clark , Yloy -tiotir ; and Aldermen I oel Bone, Jim Crouch Iion; ld Hedden, Jen?>.rrson, Lynn Lanier, Bobby Leonard 'arl `Prion Absent: Keith Sims The Mayor stated that consideration should be given to xm s eam a Resolution authorizing the execution and delivery of a Revenue Promissory Note and other matters relating thereto This was a matter with which the Council was familiar and after a discussion, a resolution Alderman Donald L+edden introduced a000-mmmxmx entitled: "RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF REVENUE PROMISSORY NOTE; PROVIDING FOR ITS PAY- MENT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY" (W i (W Page 2 re s olution and the City Clerk read the wdbxax=e in full. Alderman HTF-d(if-n seconded by Alderman Lynn- L2 nie r _, moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that resolution the wdtznz= be placed on its second reading. The Mayor put the question on the adoption of the motion and the roll being called, the following voted aye: Jim Crouch,_ Donald Hedden, E.A. jenkerson, (W Lynn Lanier, Bobby Leonard, Tri-,,)-) and the following voted nay: rin. n P Thereupon the Mayor declared that at least two-thirds of all members of the Council having voted in favor of the motion to suspend the resolution rule, the motion was carried and the rule suspended. The wdbTaz= was then read by the City Clerk Alderman No-_1 'done seconded by Alderman Jim Crouch then moved that the rule requiring the reading of a resolution 0ock2amm in full on three different days be further suspended and that the '6W reqplution watzAmm be placed on its third reading. The Mayor put the question on the adoption of the motion and the roll being called the following voted aye: ',Toel Done, Jiri (,rouch, _Donkld Redden, 1].1'x. JeiL son Lynn Lanier, BoT)by Leonard, 4W and the following voted nay: none Page 3 The Mayor declared that at least two-thirds of all members elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. Thew UtIoln was then read by the City C12A Alderman rl - seconded by Alderman i resolution Noel Bone moved that the odineoce be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted aye: !JQP_I Bone, Jii,i ;_;rouch, ..,)onald Hedden, (W Jenker�on, L-,-Tnn L.-nier, Bobby_ Leonard, and the following voted nay: !!one Alderman Hoel Bone seconded by Alderman Jiin, (` roach— moved that Section A -- - -, the emergency clause, be adopted, and on roll call the following voted aye: Noel iloel Bone Ji ,i Croucli, Donald Hedden7 .A. Jenks: r. �rson, Lynn Lanirj Booby Leonard .,arl and the following voted nay: !4'o ne The Mayor thereupon declared the xxQwmkm and the emergency resolution clause adopted and signed the which was attested by the City regLolution Clerk and impressed with the seal of the City. The e was given No. (Matters not relating to the issuance of a Revenue PromiSs Note and other matters relating thereto are omitted There being no further business, the Council adjourned. Mayor ATTEST: C ity Clerk (SEAL) (W CERTIFICATE The undersigned, City Clerk of Batesville Arkansas, hereby certifies that the foregoing pages numbered I to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of - Batesville Arkansas at a session held at the regular meeting place of the Council in said City at o'clock _.m. , on the day of 1967 City Clerk (SEAL) (W (W NON-LITIGATION CERTIFICATE I, the undersigned, Clerk of the Circuit and Chancery Courts of Independence County, Arkansas , hereby certify that there is no suit pending in either of said Courts attacking: 1 . The validity of the following described Promissory Note, No. 1 — City of Batesville, Arkansas, Revenue Promissory Note, dated Yf alo 1967, in the principal amount of $150, 000, bearing interest at the rate of 4-1/2% per annum, and is due and payable on or before ninety (90) days from the date of the Note. 2 . The title of the present officers of said City to their respective offices . 3. The authority of the City to issue said Note. 4. The corporate existence or boundaries of the City. 5 . In any way affecting said Note. I further certify that there is no judgment against the City or any of its officers and that there are no appeals pending against said City or any of its officers relating to the aforementioned matters. IN WITNESS WHEREOF, I have hereunto set my hand and the seals of said Courts this�_s� day o 1967 . Clerk (W (SEALS OF BOTH COURTS)