HomeMy WebLinkAbout645ORDIN, NCE NO.
AN ORDINANCE REPEALING SECTION 2 OF ORDINANCE
NO. 642 OF THE CITY OF BATESVILLE, PASSED
OCTOBER 20, 1953, AND DECLARING AN EMERGENCY.
WHEREAS, the City Council of the City of Batesville, Arkansas,
on October 20, 1953, passed Ordinance No. 642 calling a special election
to be held in the City of Batesville upon the question of issuing
$420,000 in sewer revenue bonds; and
WHEREAS, Section 2 of said ordinance provided that the bonds
if approved shall be sold upon auction bids at a public sale; and
WHEREAS, after the election held on November 17, 1953, at which
the electors of the City voted in favor of the issuance of the sewer
revenue bonds, the City Council held on January 19, 195., a public
sale upon auction bids, but the lowest interest rate submitted by the
bidders was a rate of 4.14% per annum and the City Council refused
to sell bonds at that high an interest rate, and since that time the
City through its Sewer Committee has negotiated a sale of the bonds to
a syndicate of Little Rock investment bankers composed of Hill, Craw-
ford & Lanford, Inc., Southern Securities Corporation, T. J. Raney &
Sons, and W. R. Stephens Investment Company, Inc., for the purchase of
the issue under the terms of the published notice of sale, bearing
interest at the rate of 3.80% per annum, and the City Council deems
this to be a fair interest rate and one that should be accepted for
the best interests of the City, and in order to clear the way for the
acceptance it will be necessary to repeal Section 2 of Ordinance
No. 642; now, therefore,
BE IT ORDAINED by the City Council of the City of Batesville,
Arkansas:
SECTION 1. That Ordinance No. 642 of the City of Batesville,
passed October 20, 1953, be amended by repealing Section 2 of said
ordinance, and that said Section 2 be and the same is hereby repealed.
SECTION 2. That the City Council hereby ascertains and declares
that the City of Batesville has under consideration the construction
of extensive and greatly needed improvements and additions to its
municipal sewe3Aystem; therefore, an emergency exists and this
ordinance, being necessary for the preservation of the public peace,
health and safety, shall become effective immediately upon its passa e.
g
Passed: 1954.
Attest:
i y C erk
APPROVED:
CERTIFIC"ATE
I�Ta yor
I c tify the foregoing to be a rue copy of an ordinance
passed by the City Council of the City of tesville, Arkansas, at
a duly called a d constituted ;meting at whi more than two-thirds
of the total numb r of membeps-elec$,,of the Ci y Council were present
and voted for said dinanc� .
CERTIFIED unde my hand and the seas of s id City, this
day of
1954.
CiyCerk
( Sea 1)