HomeMy WebLinkAbout590ORDINANCE, NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
BONDS FOR THE PURPOSE OF PURCHASING, CONSTRUCTING
AND IMPROVING A FLYING FIELD OR AIRPORT, LOCATED
EITHER WITHIN OR WITHOUT THE CORPORATE LIMITS
OF THE CITY OF BATESVILLE., ARKANSAS; LEVYING A
TAX SUFFICII--,'NT TO PAY TEE PRINCIFAL AND INTEREST
OF SAID BONDS; DECLARING AN EMERGENCY; AND FOR
OTHER PURPOSES.
WHEREASO by ordinance duly passed on the 6th day of
November, 1944, there was submitted to the qualified electors
of the City of Batesville, the question of whether it should
issue bonds to the amount of t.20,000 for the purpose of purchasing,
constructing and improving a flying field or airport, located
either within of without the corporate limits of the City of
Batesville, Arkansas, said bonds to bear Interest at the rate of
not to exceed three per centupi (3%) per annum but convertible to
a lower rate of interest on such terms that the City shall receive
no less and pay no more than it would receive or pay if the bonds
were not converted; and
WHEREAS
0 due notice of the election was given as required
by law, and said election was duly had on the 11th day of December,
1944, and at said election 195 votes were cast for the 20,OCO
Issue and 23 votes against It, and 196 votes were cast for the
tax to pay the bond issue and 24 votes against said tax; and
WHEREAS, the result of the election was announced by
proclamation of the Mayor, dated December 12,, 1944, and published
December 12, 1944, In the Batesville guard, a newspaper duly and
regularly published in said City, and no suit has been brought to
attack the result as so proclaimed, although more than thirty days
have elapsed since the proclamation, and said result as proclaimed
is now conclusive; and
proceeded in accordance with the provisions of Amendment No. 13
to the Constitution of the :Mate of Arkansas, and in accordance
with the laws of said State, under ordinances of the City Council
of said City and in pursuance of an election duly held at which
the majority of the legal voters of said City voting on the
question voted in favor of the issue of said bonds and a special
tax for the payment of principal and interest of said issue;
that all things necessary to the validity of this bond under the
laws of the Mate of Arkansas, and particularly under said
Amendment to its Constitution, have been done, have happened and
have been performed, as required by law; and that a tax sufficient
to pay the bonds aforesaid has been duly levied in accordance
with said constitutional amendment and made payable annually
until all of said bonds and interest thereon have been fully
paid and discharged; and that the indebtedness represented by
this bond and the issue of which it forms a part does not exceed
any constitutional or statutory limitation. For the prompt pay-
ment of this bond and the interest thereon, the said City of
Batesville hereby pledges its full faith, credit and taxing power,
Including the five (b) mill tax authorized to be levied by said
Amendment to the Constitution and applicable to the payment of
this bond and other bonds of this series.
This bond shall not be valid until authenticated by
the certificate hereon of the City Treasurer of Batesville,
Arkansas.
IN WITNESS WHEREOF, the City of Batesville, Arkansas,
has executed this bond by the hand*6f its Mayor and City Recorder
and attested it with its corporate seal, and has caused thb coupons
hereto attached to be authenticated by the facsimile signature of
its Mayor, as of the first day of December, 1944.
CITY 01" PlIATESVILL-L-.', Xffilvu�NSAS
All bonds are in the denomination of 500 each except Bond No
6 which is in the denomination of 700.
Section 3. Said bands shall be substantially in the
following fora_
UNITED :STATES OF AMERICA
STAVE OF ARKANSAS
CITY OF BATESVILLE
1-3/4% Airport Improvement Bond
No.
KNOW ALL MEN BY THESE PRESENTS:
That the City of Batesville, in the County of Independence
and State of Arkansas, acknowledges itself to owe and, for value
received, promises to pay to bearer the sum of
DOLLARS
in lawful money of the united States of America, on the first
day of January, 19 _, with interest thereon from the first day
of December, 1944, at the rate of one and three-fourths per centum
(1-3/4%) per annum, payable semi-annually on the first day. of
January and July of each year, commencing July 1, 1945, on
presentation and surrendeVof the annexed coupons as they severally
mature. Both the principal and interest of this bond are hereby
made payable at the office of the City Ireasurer in the City of
Batesville, Arkansas.
This is one of a series of f0ty-four (44) bonds aggre-
gating Twenty-two Thousand Two Hundred Dollais ( 22,; 00), all of
like tenor and effect, except as to 400minations and maturities,
numbered one (1) to Forty-four (44), Lclusive, issued for the
purpose of purchasing, constructing ainl improving a flying field
or airport, located either within or N,kthout the corporate limits
of the City of Batesville, Arkansas, s�d the said City hereby
warrants and covenants that in the ijaiing of this bond it has
WHEPWAS, the City of Batesville, at a public sale held
on January 9, 1945, after more than twenty days' advertisement in
the Batesville Guard, a newspaper having a bona fide circulation
in the City of j3atesvillep Arkansas, has contracted to sell to
First National Bank, Batesville, Arkansas, said 20
�� $000 of bonds
bearing interest at 3% per annum, at the price of 109.75 cents on
the dollar face value and accrued interest; and
WHEREAS said First National Bank has elected to convert
said bonds Into 422,200 in 1-3/4% bonds, on which the City will
receive no less and pay no more than upon �,'20,000 3% bonds a I t the
price bid;
NOW* THEREFORE, BE IT ORDAIN" D BY THE CITY COUNCIL OF
THE CITY OF BATESVILLE, ARKANSAS:
Section 1. The sale of the bonds to First National Bank,
Batesville, Arkansas, is hereby approved and confirmed, and the
computation of the conversion of the bonds from 3% bonds to 1-6/4%
bonds has b6on examined and is hereby approved.
Section 2. The Layor and City Recorder are hereby
authorized and directed to execute the Airport Improvement bonds
of this City, bearing interest at the rate of 1-3/4% per annum,
dated December 1. 1944, their numbers and maturities to be as
follows . -I
BONDS Alvl OU NT
1, 2
and 3
01"500
40
5
and 6
1,,700
7
to 10,
Inclusive 2,0000
11
to 14,
?1 2,000
15
to 182
it 2.,000
199
20
and 21
1,,500
22,
23
and 24
1..500
25,
26
and 27
1P500
280
29
and 30
13,500
alp
32
and 33
1,500
34
to 37,
Inclusive 2,000
38
to 410
to 2.9000
42,
43
and 44
&.11
1.9 r-00
MATURITY
Jan. 1 of each year
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
To each of said bonds are attached coupons for the
semi-annual interest in the following form:
`.-
No.
On the first day- of `�&nua
July -,19_.__. , the City of
Batesville, Arkansas, promises to pay to bearer
DOLLARS in lawful money of the United States of America, at the
office of the City Treasurer in the City of i3atesville, Arkansas,
beim six monthst interest thea due on its Airport Improvement
Bond dated December 1, 1944, and numbered
CITY OF' BATESVILLE, ARKANSAS
.By
Mayor
(First coupon shall be for 7 months' interest.)
(The signature of the Mayor to the coupons attached to
said bonds may be lithographed or engraved . )
On the back of said bonds shall appear the following:
CERTIFICATE
This is to certify that this is one of the forty-four
(44) bonds of this issue mentioned and described within.
CIty Treasurer of the_ City
Of Batesville, Arkansas.
Batesville, Arkansas
194;
Section 4. The Mayor and City hecorder are hereby
authorized and directed, when they have executed slid bonds and
have had thea duly certified, to deliver them to the purchaser
upon receipt of the full purchase price; and the proceeds of said
bonds shall be used for no purpose except the purposes for wh1ch
voted.
Section 5. In order to pay the said bonds as they
mature, with interest thereon, there is hereby levied upon all
tastable real and personal property within the City of patesvill.e
a tax of one and one-half . . (1-1/Q) mills on such dollar of
assessed valuation, for each of the years 1945 to 1959, inclusive,
being a .gum sufficient to meet said bonds and interest as they
mature, with five per cent added for unforeseen contingencies;
and the City Recorder is directed to transmit a copy of this
ordinance to the County Cleric of Independence County, to the
end that said taxes may be extended on the tax books of said
county and collected annually along with the other tares until
the said bonds and interest thereon are paid in full.
Section q. In order to pay said bonds as they mature, .
with interest thereon, there is hereby appropriated out of the
proceeds of the tax hereby levied, and if such proceeds be not
sufficient, then, out of the general revenues of the City, the
following sums to pay the principal and interest of said bonds
as they mature:
YEAR BOND PRINCIPAL BOND MEREST TOTAL
Jan. 1. of each Jen. 1 and July 1
year of each year
1945 ; -0-- -0- 226.60 226.60
1946 -0- 194.25 194.25 388.50
1947 -0- 194.25 194.25 388.50
1948 1,500 194.25 181.12 1,875.37
1449 1,700 181.13 166.24 2 047.37
1950 2,000 166.24 148.75 2 314.99
1951 2,000 148.75 131.25 2,280.00
1953 1952 2,000 131.25 1.13.75 2,245.00
1954 x,500 113.75 100.62 1,714.37
10500 100.62 87.50 1 688.12
1955 1,500 X37.50 74.37 1, 661.37
1956 1,500 74.38 61.25 1 635.63
1957 jP
1,500 61.25 48.13 10609.38
1959 21958 ,000 48.12 30.62 2'078.74
1960 ,000 30.63 13.12 2,043.75
1,500 13.13 -0- 1,513.13
S®ction 7. If default is Heade and continues for
thirty days in the payment of any interest coupon, the holder
of the bond to which It is attached may declare the same
immediately due and payable, and the failure of the holder
to exercise this option upon any default shall. not 'be a waiver
of his right to exercise the option upon any subsequent default.
Section S. It is hereby ascertained and declared that
due to they rapid development of air passenger and freight
transportation and the great need of the ability to provide
adequate facilities for such transportation, and because the
lack of a sufficient and well equipped airfield can seriously
handicap the city in meetinE any emergency that threatens the
health or safety of its inhabitants, this ordinance is necessary
for the preservation of public peace, health and safety, and
therefore an emergency is declared and this ordinance shall be
In full force and take effect immediately upon and after, its
passage*
ATTEST:
Passed:
1945 C
.
Approved:
C I ty R,eC Orr ee_r