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WHEREAS, by ordinance duly passed on September 11, 1951, there was submitted to the qualified electors of the City of Batesville, Arkansas, the question of whether it should issue bonds to the amount of $60,000 for the purpose of acquiring and constructing a municipal park and swimming pool, said bonds to bear interest at a rate not to exceed 3% per annum; and WHEREAS, due notice of the election was given as required by law and said election was duly held on November 6, 1951, at which election 817 votes were cast for the issue of bonds and 429 votes were cast against the issue of bonds, and 760 votes were cast for the tax to pay the bonds and 445 votes were cast against the tax to pay the bonds; and WHEREAS, the result of the election was announced by the Mayor by a proclamation issued on November 13, 1951, and duly published in the BATESVILLE GUARD,.a newspaper having a bona fide circulation in said City; and WHEREAS, the City of Bateville, at a public sale held at 7:30 P.M. June 27, 1952, in the City Hall, after more than twenty days' advertisement in said newspaper, contracted to sell the bonds to W. R. Stephens Investment Company, Inc., of Little Rock, Arkansas, who submitted the best and highest bid for said bonds, being a price of 107.40 cents on the dollar face value plus accrued interest for 3% bonds; and WHEREAS, the buyer of said bonds has elected to name the First National Bank of Batesville, Arkansas, as Trustee and paying agent, and has elected to convert the bonds to $68,500 in 1 3/4% bonds maturing as hereinafter set out, and has presented computations showing the cost of maturing the bonds after conversion to be $17.50 less than the cost of maturing the bonds according to the original schedule, which is within the terms of the sale notice; now, therefore, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: SECTION 1. That the sale of the bonds to W. R. Stephens Investment Company, Inc., of Little Rock, Arkansas, and the conversion of the bonds to a lower interest rate, are hereby approved and confirmed. SECTION 2. That the Mayor and City Clerk are hereby authorized and directed to execute the Park Improvement Bonds of this City, dated as of December 31, 1951, and maturing on January 1 of each year as follows: YEAR BOND NOS. AMOUNT both inclusive) 1955 1 to 5 $ 5000 1956 6 to to 5000 1957 11 to 15 4500 1958 16 to 20 4500 1959 21 to 25 4500 196o 26 to 30 4500 1961 31 to 35 4500 1962 36 to 39 4000 1963 40 to 43 4000 1964 44 to 47 4000 1965 48 to 51 4000 1966 52 to 55 4000 1967 56 to 59 3500 1968 6o to 63 3500 1969 64 to 66 3000 1970 67 to 69 3000 1971 70 to 72 3000 The bonds shall be in the denomination of $1000 each, except Nos. 15, 20, 25, 30, 35, 59, and 63, which shall be in the denomination of $500 each. The bonds shall -bear interest at the rate of one and three- fourths per centum ( 1 3/4% ) per annum and shall be callable as hereinafter set out. SECTION 3. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF INDEPENDENCE CITY OF BATESVILLE 1 3/4% Park 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 NOW DOLLARS in lawful money of the United States of America, on the first day of January, 19 , with interest thereon from date hereof at the rate of one and three-fourths per centum (1 3/4%) per annum until paid, interest payable semi-annually on the first day of January and July of each year, commencing July 1, 1952, on presentation and surrender of the annexed coupons as they severally mature. Both the principal and interest of this bond are hereby made payable at the office of the First National Bank of Batesville, Arkansas. This is one of a series of bonds aggregating Sixty-eight Thousand Five Hundred Dollars ($68,500 all of like tenor and effect except as to number, denomination and maturity, numbered from One (1) to Seventy-two (72), inclusive, issued for the purpose of acquiring and constructing a municipal park and swimming pool, and the City hereby warrants and covenants that in the issuing of this bond it has proceeded in accordance with the provisions of Amendment No. 13 to the Constitution of the State 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 conditions, acts and things required to exist, to be performed, and to happen precedent to and in the issuance of this bond have existed, have been performed and have happened in due time, form and manner as required by law and particu- larly by said Amendment No. 13; and that a tax sufficient to pay the bonds aforesaid has been duly levied in accordance with said consti- tutional 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 payment of this bond and the interest thereon, the said City of Batesville hereby pledges its full faith, credit and taxing power, including the two and one-half mill special tax authorized to be levied by said Amendment to the Constitution for the payment of this bond and other bonds of this series. The City has agreed that out of the revenue derived from the special tax which it has levied and which is authorized by Amendment No. 13 to the Constitution of the State of Arkansas, it will first set up a reserve of Four Thousand Dollars ($4000), and that any surplus after that reserve has been set up must be used to call the bonds of this issue for payment prior to maturity in inverse numerical order at par and accrued interest on any interest paying date. The bonds of this issue are callable for payment prior to maturity in inverse numerical order at par and accrued interest from surplus tax funds or from surplus funds derived from the bond sale on any interest paying date, and from funds from any source, on any interest paying date on and after January 1, 1957. In the event the City shall call bonds for payment prior to maturity, it shall publish notice of such call once a week for two weeks in some newspaper of general circulation throughout the State of Arkansas, the first publication to be not less than fif teen days prior to the date fixed for redemption, and the notice shall give the number and maturity of each bond being called. All bonds so called shall cease to bear interest after the date fixed for their redemption, provided the funds for their payment are on deposit with the paying agent at that time. This bond shall not be valid until authenticated by the certificate hereon of the First National Bank of Batesville, Arkansas. IN WITNESS WHEREOF, the City of Batesville, Arkansas, has executed this bond by the hands of its Mayor and City Clerk and attested it with its corporate seal, and has caused the coupons hereto attached to be authenticated by the facsimile signature of its Mayor, as of the 31st day of December, 1951. CITY OF BATESVILLE, ARKANSAS By Mayor (Seal) Attest: To each of said bonds shall be attached coupons for the semi- annual interest in the following form: No. COUPON $ On the first day of Ja yy, 19 , unless the bond to which this coupon is attached is paid prior thereto, 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 First National Bank of Batesville, Arkansas, being six months' interest then due on its park improvement bond dated December 31, 1951, and numbered CITY OF BATESVILLE, ARKANSAS By Mayor (The first coupon shall be for six months' interest. The signature of the Mayor on the coupons may be lithographed or engraved.) Each bond shall be authenticated by the First Natimal Bank of Batesville, Arkansas, as follows: TRUSTEE'S CERTIFICATE The First National Bank of Batesville, Arkansas, hereby certifies that this is one of the series of 72 park improvement bonds aggregating $68,500 described herein. FIRST NATIONAL BANK OF BATESVILLE, ARKANSAS, Trustee By Trust Officer Batesville, Arkansas 1952. SECTION 4. The Mayor and City Clerk are hereby authorized and directed, when they have executed said bonds and have had them duly certified, to delivek 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 which voted. SECTION 5. In order to pay the said bonds as they mature, with interest thereon, there is hereby levied upon all taxable real and personal property within the City of Batesville, Arkansas, a tax of two and one-half mills on each dollar of assessed valuation, beginning with the taxes collected in the year 1953 and continuing through the year 1970 and as long thereafter as may be necessary in order to pay the bonds and interest authorized by this ordinance, being a sum sufficient to meet said bonds and interest as they mature, with five per cent added for unforeseen contingencies; and the City Clerk is directed to transmit a copy of this ordinance to the County Clerk of Independence County, Arkansas, to the end that said tax may be extended on the tax books of said county and collected annually along with the other taxes until the said bonds and interest theremi are paid in full. The City agrees that all of the revenues from the two and one-half mill tax shall be put in a separate fund known as the "Bond and Interest Fund" and shall be used solely for the payment of the bonds and interest of this issue, as set out in this ordinance. Any surplus from year to year shall be kept and accumulated until the City has on hand a surplus of $4000 over and above the annual principal and interest requirement§o6f this issue. Any revenues over and above this $4000 surplus must be used to call the bonds of this issue for payment prior to maturity in inverse numerical order, except that the City will not be required to call bonds for partial payment. SECTION 6. In order to pay said bonds, with interest thereon, as they mature, there are 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 -wit: In YEAR PRINCIPAL Jan. 1 of each year Jan. 1 of INTEREST and July 1 each year TOTAL 1952 $ $ $599.38 $ 599.38 1953 599.37 599.38 1198.75 1954 599.37 599.38 1198.75 1955 5000.00 599.37 555.63 6155.00 1956 5000.00 555.62 511.88 6067.50 1957 4500.00 511.87 472.50 5484.37 1958 4500.00 472.50 433.13 5405.63 1959 4500.00 433.12 393.75 5326.87 1960 4500.00 393.75 354.38 5248.13 1961 4500.00 354.37 315.00 5169.37 1962 4000.00 315.00 280.00 4595.00 1963 4000.00 280.00 245.00 4525.00 1964 4000.00 245.00 210.00 4455.00 1965 4000.00 210.00 175.00 4385.00 1966 4000.00 175.00 140.00 4315.00 1967 3500.00 140.00 109.38 3749.38 1968 3500.00 109.37 78.75 3688.12 1969 3000.00 78.75 52.50 3131.25 1970 3000.00 52.50 26.25 26.25 ----- 3078.75 3026.25 1971 3000.00 SECTION 7. The Treasurer of the City of Batesville is hereby ordered and directed to remit to the paying agent, not later than five days before the date of each interest payment, the amount of interest or interest and principal due on said date, together with the paying charges, which shall be 1/8 of 1% on principal and 1/4 of 1% on interest, with the provision that the minimum paying charge shall be one dollar. This instruction to the Treasurer is irrevocable and may be enforced by mandamus. SECTION 8. The City agrees to deposit the proceeds of the sale as follows: The accrued interest shall be paid into the Bond and Interest Fund, as hereinabove defined, and the balance received from the sale of the bonds shall be deposited in a separate fund to be known as the "Construction Fund," to be used solely for the payment of the cost of construction plus the expenses of the bond issue, except that the City agrees to set aside sufficient funds from the Construction Fund to meet interest requirements until tax revenues become available, but as soon as possible this money shall be repaid to the Construction Fund. The City agrees to require from the depository bank in which the Construction Fund is placed, security for all of the deposit over the $10,000 insured by the Federal Deposit Insurance Corporation, and such security shall be either in the form of a corporate surety bond or in the form of government bonds escrowed with some other bank, with the right in the depository to withdraw bonds from the escrow as the Construction Fund is withdrawn by the City. SECTION 9• Both the Bond and Interest Fund and the Con - t uctinn Fund sr shall be deposited in a bank or banks holding membership in the Federal Deposit Insurance Corporation. Vouchers upon either fund must be signed by two duly authorized persons. SECTION 10. If default is made 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 11. The bonds of this issue shall be callable for payment prior to maturity according to the terms set out in the face of the bond form in Section 3 of this ordinance. SECTION 12. The First National Bank of Batesville, Arkansas, is designated as Trustee, authorized to act for and on behalf of the bondholders, but it shall be responsible only br wilful wrong in the execution of its trust, and the recitals of fact contained herein and in the bonds themselves (except the Trustee's Certificate) are statements made by the City and not by the Trustee. The Trustee shall not be required to take notice of any default or to take any action hereunder until it shall have been notified in writing of said default and indemnified to its satisfaction against any loss, expense or cost that it may incur by taking action. The holders of a majority in value of the outstanding bonds at any time may, by an instrument duly executed and recorded in the office of the City Clerk, appoint a new Trustee, who shall have all of the powers of the Trustee originally named, and the Trustee herein named may resign at any time upon ten days' notice in writing mailed to the City Clerk. SECTION 13. The terms of this ordinance shall constitute a contract between the City of Batesville and the holders of the bonds herein authorized, and no variation or change in the undertakings herein set out shall be made while any of these bonds are outstanding, and the holder of any bond may at any time, for and on his own behalf, or the Trustee may, for and on behalf of all the bondholders, enforce CORRESI'MID"T IC 17 / / ,onc Call 03?7T-T CALL TO: SUBJECTz AC 1071 the obligations of the City by a proper suit for that prpose. SECTION 14. The provisions of this ordinance are separable, and in the event that any section or part of section shall be held to be invalid, such invalidity shall not affect the remainder of the ordinance. SECTION 15. It is hereby ascertained and declared that there is an immediate and urgent need for the acquisition and construction of a municipal park and swimming pool for the City of Batesville in order to protect the health, life and property of its inhabitants, and that therefore an emergency exists and this ordinance is necessary for the preservation of the public peace, health and safety, and shall bean force and take effect immediately upon and after its passage. , Passed: ._._ 1952. Attest: '07 OA POP al W1. MAW Approved: CERTIFICATE Mayor I, the undersigned, City Clerk of the City of Batesville, Arkan a§, hereby certify the foregoing to be a true copy of Ordinance No. duly passed by the City Council of said City on the ay of �¢�` 1952, at a duly called and constituted meeEing at whit , ore`t an two-thirds of the total number of members of the City Council elect were present and votedforsaid ordinance, which is now of record in Ordinance Book No. , page _ of the records of said City. CERTIFIED under,, my hand and the seal of said City, this day of —.� ,. 1952. City Clerk (Seal)