Loading...
HomeMy WebLinkAbout784ORDINANCE NO. 784 AN ORDINANCE CALLING A SPECIAL ELrCTION TO VOTE U PON THE QUESTION OF THE CITY OF BATESVILLE, ARKANSAS ISSUING BO -NDS UNDER THE PROVISIONS OF ACI' NO. 9 OF TIIE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSENIBLY OF THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF PRO- VIDING PERMANENT FINANCING 01' THE COST OF SECURING AND DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MA'T'TERS REINING THERETO; AND DECLARING AN EMERGENCY. WIiEREAS arrangements have been made with Emerson Electric Co. , a Missouri corporation ("Emerson") for the expansion of the industrial plant operated by the White Rodgers Division of Emerson at the City of Batesville, Arkansas ("City") which will result in the adding of additional employment and additional payrolls, all in the best interest of the City and its citizens and inhabitants and in furtherance of the public purposes embodied in Act No. 9 of the First Extraordinary Session of the Sixty -Second General Assembly of the State of Arkansas, approved January 21, 1960, as amended ("Act No. 9"); and WHEREAS in order to obtain funds for financing the proposed expansion, which will consist of lands, buildings, improvements, machinery, equipment and facilities ("Project"), pay expenses and make expenditures in connection therewith and pay the expenses of the financing, the City proposes to issue Industrial Development Revenue Bonds under Act No. 9 in an amount not to exceed $5,000,000; and WHEREAS the purpose of this ordinance is to submit the question of the issuance of the bonds to the electors of the City at a special election called for the purpose; NOW, THEREFORE, BE IT ORDAINED by the City Council of. the City of Batesville, Arkansas: Page 2 Section 1 . That a special election be, and the same is hereby, called to be held in the City on the 14th day of July, 1970, at which election there will be submitted to the electors of the City the question of issuing Industrial Development Revenue Bonds under Act No. 9 in an amount not to exceed $5, 000, 000 for the purpose of furnishing permanent financing of the costs of securing and developing industry (the particular industrial undertaking is described above) . The bonds will. be dated, will bear interest at the rate or rates, with the interest payable on such dates, the bonds will mature on such date or dates, the bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the bonds will be issued at one time or in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance authorizing the issuance of the bonds. Section 2. That the question shall be placed on the ballot for the special election in substantially the following form: Pa (I e 3 Vote on measure by placing an "X" in the square above the measure either for or against: FOR the issuance of Industrial. Development Revenue Bonds by the City of Batesville, Arkansas in the aggregate principal amount of not to exceed $5,000,000 ----------------------------------------------- AGAINST the issuance of Industrial Development Revenue Bonds by the City of Batesville, Arkansas in the aggregate principal amount of not to exceed $5,000,000 --------------------------------------------- It is proposed to issue City of Batesville, Arkansas ("City") Industrial Development Revenue Bonds ("bonds") under Act No. 9 of the First Extraordinary Session of the Sixty -Second General Assembly of the State of Arkansas, approved January 21, 1960, `.w as amended ("Act No. 9"),in the aggregate principal amount of not to exceed $5, 000, 000 for the purpose of furnishing the permanent financing of the costs of securing and developing industry. The bonds will be dated, will bear interest at such rate or rates, interest will be payable on such dates, the bonds will mature on such date or dates, the bonds will be subject to redemption prior to maturity in such manner and upon such terms, and the bonds will be issued at one time or in series from time to time, all as the City Council shall subsequently determine and specify in the ordinance authoriz- ing their issuance. The proposed industrial project to be financed by the bonds will consist of an expansion of the industrial plant operated by the White Rodgers Division of Emerson Electric Co. , a Missouri corporation ("Emerson"), embodying lands, buildings, improvements, machinery, equipment and facilities ("Project") and the proceeds of the bonds will be used for financing Project costs, expenses and expenditures in connection therewith and the expenses of the financing. The Project will be leased to Emerson for lease rentals sufficient to provide for the payment of the principal of and interest on the bonds as the same become due. The bonds will not be general obligations of the City but will be special obligations payable solely from revenues derived from the Project, including particularly lease rentals under the Lease and Agreement L,,,, with Emerson, which will be specifically pledged to the payment of the principal of and interest on the bonds, and the bonds will be secured by a lien on and security interest in the Project as authorized by Act No. 9. to Page 4 L9 Section 3. That the election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner provided for municipal elections, so far as the same may be applicable, and the Mayor shall give notice of such election by an advertisement published once a week for four consecutive weeks in a newspaper having a bona fide circulation in the City of Batesville, Arkansas, with the last publication to be not less than ten (10) days prior to the date of the election, and only qualified electors of the City shall have the right to vote at the election on the question. Section 4. That the results of the election shall be proclaimed by the Mayor and his proclamation shall be published one time in a newspaper having a bona fide circulation in the City, which proclamation shall advise that the results as proclaimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of such proclamation. Section 5. That a copy of this ordinance shall be furnished the Independence County Board of Election Commissioners so that the necessary election officials and supplies may be provided. Section 6. That there is hereby found and declared to be an immediate need for securing and developing of industry in order to provide additional employment, provide increased payrolls, alleviate unemployment and provide other public benefits incidental to the securing and developing of industry. In furtherance of these public purposes, it is hereby found and declared that the developing of the particular industrial Project described in this ordinance can be feasibly and expeditiously accomplished only by the Page 5 issuance of the above described bonds. It is, therefore, declared that an emergency exists and this ordinance being necessary for the immediate preservation of the public health, safety and welfare shall be in force and take effect immediately upon and after its passage. PASSED: June 9, 1970. ATTEST: City Clerk (SEAL) APPROVED: Mayor CERTIFICATE I The undersigned, City Clerk of Batesville, Arkansas, hereby certifies that the foregoing pages numbered I to 5, inclusive, are a true and compared copy of an Ordinance passed at a Regular session of the City Council of Batesville, Arkansas, held at the regular meeting place of the Council in the City at7:00 oIclock p .m., on the 9th day of June, 1970, and that the Ordinance is of record in Ordinance Record Book D Page 3�j now in my possession. GIVEN under my hand and seal this 9th day of June, 1970. City Clerk (SEAL) EXCERPTS FROM MINUTES OF A MEETING OF THE • BAT ESVI:LLE CITY COUNCIL IH June 9 19 70 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 9th day of June 19 70. The following were present: Mayor P. IV. SLlrc; , • City C1c,r . , • ♦r � �+ y+� q fir. ''j,, ; and Aldermen j Nal 7xa; � i.S"- Mk , 'SK,..nT:�Ird. www-zxi at w.n, Glt'l, 5i AI N ,3n Absent: The Mayor stated that consideration should be given to an ordinance calling a special election to vote upon the question of issuing bonds under the provisions of Act No. 9 This was a matter with which the Council was familiar and after a discussion, Alderman introduced an ordinance entitled: AN ORDINANCE CALLING A SPECIAL, ELECTION TO VOTE UPON THE QUESTION OF ISSUING BONDS UNDER THE PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY OF THE STATE OF ARI'ANSAS, APPROVED JANUARY 21, 1960, AS AMENDED, FOR THE PURPOSE OF FURNISHING THE PERMiANENT FINANCING OF THE COST OF SECURING AND DEYELOPING INDUSTRY (I'I-IE PARTICULAR INDUS- TRIAL PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN ENI ERG EN CY and the City Clerk read the ordinance in full. Page 2 Alderman : `" tY=`" seconded by Alderman moved that the rule requiring the reading of an ordinance or resolution in full on three different days be suspended and that the ordinance 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: and the following voted nay: 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 rule, the motion was carried and the rule suspended. The ordinance was then read by the City Clerk Alderman 1...'t seconded by Alderman then moved that the rule requiring the reading of an 0 ordinance in full on three different days be further suspended and that the ordinance 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: A. J. , UaiO%, Chzz,rl.vs G lo,o ..h he i-Lut.:!, myi"l and the following voted nay: N' -)a Page 3 The Mayor declared that at least t% -,o -thirds of all rnembers elected to the Council having voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended. The ordinance was then read by the City (' I o r k Alderman G I a S1)eI :� x Charlc,-7 Puny : --n _, seconded by Alderman , moved that the ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the roll being called, the following voted aye: � . J. H -e l i -.+t::. Lco gar-.� and the following voted nay: Alderman tFl�a' seconded by Alderman z rl Tr). moved that Section x the emergency clause, be adopted, and on roll call the following voted aye: A. and the following voted nay: The Mayor thereupon declared the ordinance and the emergency clause adopted and signed the ordinance, which was attested by the City Clerk and impressed with the seal of the City. The ordinance was given No. (Matters not relating to the Ordinance calling a special election are omitted.) There being no further business, the Council adjourned. Mayor ATTEST: C ity (S I- A C E R T I F I C A T E The undersigned, City CIerkk of Batesville Arkansas, hereby certifies that the foregoing pages numbered 1 to 3, inclusive, are a true and correct copy of excerpts of the minutes of a meeting of the City Council of Batesville Arkansas atarut' session held at the regular meeting place of the Council in said City at o'clock rP .m. , on the 9th day of Tune 19 70 and the time and place of the meeting was furnished to each person who made a request therefor in accordance with the provisions of Act No. 93 of the Acts of Arkansas of 1967. City Cle-6 (SEAL) .