HomeMy WebLinkAbout681OR IN.ANCE NG . 1
":.N ORDINANCE RGVI %INC FOR THE ='.0+_�UI1ITIOK OF
A W \TERI,70 J S SYST"I'i AKA M` CONST UCTION OF
EXTEENSIONS, BETT M/11].NTS yND Ii: PROV1,11 NITS TNi3MTO;
FI?�ING 14ATi-2%. R.%YES; ROVI_)ING FOR THE ISSUANCE
OF !,TATE1 %T'ORXS REVENUE BGN� S , 'S TTItlC UP CERT'A'IN
FUNDS FOR 1H_L,IR 11)AYNENT; R"J:SCRI SING OTHIM P'it^TTa iaS
?J,L.:,TIPd� THERETO; :C,.RIT<T Ii� �I%i :RST tic; Y.
the City of Batesville, :,�.r?;.an sas is ?resently
served by a Waterworks System (herein sometimes referrer to as
the `'system"') ow.ned by Batesville t'?ater Company, Inc. (herein
sometimes referred to as `Com_")any'); anc
17HERE AS the City Council has determined that it would
be in the best interests of the City of Batesville and the in-
habitants thereof for the City to acquire the waterworks facilities
owned by the Company; and
WHEREAS the representatives of the City and of the
Company have a reed upon the terms of the 7urchase of said water-
works facilities, said terms being set -forth in an %:.greement
executed by the City of Batesville and the Corn3any on the 10th
day of 'august, 1961; anti
vJ'Hd71R1>S the CiL_y% Council has determined, after necessary
study and investigation, that the Trice to be paid by the City
is reasonable and in the best interests of the City and its in-
habitants; and
1,
,H)]R AS the estimated cost of acquiring the Facilities
of the Company is a,,)?roximacely W35,000 (there being provision
made in the Agreement- between the City and the Company for
additional consideration if the City elects to purchase materials
03
Page 2
and supplies from the Cog3any, anci if the Company constructs
additions.,betterments and_`rnprovements to the '°V aterworks
System after the tate o= the-Acrreement a.n'd before the date of:
4zelivery of the bonds. Certain other adjustments are Provided
for in saidJ:°'i�re_emen-L wi th regd regard, to accrue(,' utility revenue,
meter de)osits, property tai,:es ana other matters relating and
inc-idental to the Purchase j%greement) ; an.?
�' i that certain extensions,
,..� it has been eet�rFninPu -�
betterments and improvements to the System should be constructed;
ant:
'NHE,'R PS the Citty ca�oes not have the necessary funds to
acquire the System and to construct the neede6. extensions,
betterments and improvements thereto, but the Company has agreed
to accept as full anti complete payment for the 7aterwor."s System
$635:0000 in ')riricipal amount of Batesville Waterworks Revenue
Bonds, and has agreed to purchase at par $100,000 of Batesville
Waterworks -,Revenue Bonds, the ;-)rocea s of which will be usccd to
construct the needed extensions, betterments and i.Il6orovements; and
7�T{�'Z^S the boncs are to near interest at the rate of
4.356/0 per annum, and pursuant to the rZ,,,,,hL cr?nted In L -he :� �reement,
the Com-Oany has elected to convert the ponds to an issue of $733,000
of 3 1/410, 3 1/2%, 3 3/4`10, 410 ancu 4.20"o oon6s, and the City Cot:nc_i_l
has examines said convers-ion ana has found the same to be within
the terms of the '11greement so that the City wif ll receive no less
and pay no more than it would receive and pay if the bonds were
noL converted;
NOW
Dage 3
NOW, THER-1YO ?3, B'L-' IT OP.I !.IAT:�> bv the ,i ty Council or-
the
f
the City of Batesville, _= rka-.sas :
Section 1. That the System he acquiree from the
Comoary and that the Mbavor and City Clerk he, and they are hereby,
authorize(Y to tape the necessary steps to "squire the System for
and on behalf of elle City includin., vT _thout limitation, the pre-
oaration anti aXecu_. ion of such agr.'_ements anc ':�'oC,.ments and
r_
oartici,oatlon on behalf of �_he City +_n. sU-ch 7roceeu?n-s, 1.L L )?y
as may be necessary to carry out the authority herein �rari%e-u.
^-is ::'�On of the System, she necessary st=�;)s sh:11 be
iLer the ucqu
Laken by "the_ 17aLerxworkls Commission, hereina.-LLer create a, to coil-
struct the neeue., anci �_i ov'e re t?rre�-1 t0 e 5t-ensions, uettermenLs
anC 1_m-.lr OvemenLs ancl' Lheirea =ter to zi?aint.=ain anCt operate the Sys Le"CII.
it is unCiersLOOC Lha.-- the c0ove c si i_iTl'tC'S as to the w+1ount requi
�-ion o"i: �.ie :��; s—eiii ano Lln const ruction of
-or �C.h^ -
e-1—:—i—erasions beLL:er aerL n as ov ..�. �� �. ?wt� as.lY wn:_
..._ .
er�,.zr Coii�e'� a
.
O A. 1, p. �r _i_ .7 1 r.. � ..� •_: .� c 3 t r_ i. i -N i.;. s ' lJ := S E: _ C t I ?� O := V 3.O :ii O _:. irhe
ifOt;a..'.:.=, Oi_'s- t=J,s•:..; i;^r Z17-'._d.�W ?u_!_J...__..s�..
0... "'tet ��.._ '-: e s :i a
O !>t :-nsa_on! , lie t encs
and improvements.
vection 2. That- the ."s ,reeraent hereto orU enLereL< _�_nio
' lo ;_he Ci t:y" -?.ne, e Conj7 o.ny, :I1' :�rOvis vps O:_ sai cr re, ?merLt--
O_ t
._ . i . Gr >i ' L
-
-c-
- [
Cr _ o _._ _:I_r 't?? �C. C,".'2 ', %O zjJ' _S_ on
O U onCaJ 7
yd'.[_. ki:J it 03.1x.. .i ''0 .� F._i�,� - :' ha• L •l
4W
1l O.: Mi CL3 Or _ :."?s i ? ::1:'11 c? ., �� ��T O
., or
„"%' 1 r;
o!. _'.)_ �•.._ .�:x:if.i�.- _'�•% +�6�0 LQ..,`.1 '�i_-1?C: �c�i +, �.- -���
nV d Y•
10'on Q fTse?l i C!� y 1 Cdr S;W? L � (o11f_ l-er , CJ oI Lo Lhe CC"_Iio:`?ny
iL
Or LL's ��zrc'n J C' i i 7 1 3 o f r• 1,-ich
shall �3e iisC<. :o Cons i ?" Ict «i_�n�'1 Qr S, s ye . a e �<
r l:_nts anc Drove n•. _�
C
_ ._._
LO IL --!--Ie V S A n i,nC_ t:ii_,, r ,. .a, -L ,-^ _.ec`e e �? nciil' t l _1 e
.. ) i, � sr ,_il,_.0 1_c_..._:s Su:, --7 �} 3,..s Y'i_.i_C� wti....s.... _v
c'.. L"..i. LC ��!'1:' + s 31, z:'.:.3 %', `. C 11 -le The 'D-c-aLs shailbe iL.- L -_..e
OcLo':''r 1, 1061 i7 C: shall be T l;:ilC:i Y: 1: consecutively�rOlil l .o ",
__i1Cla_:Sv:?. 1'L?P_ %o >t_.� �1ri,11 L LTi �'i2C' enC.±1__s1. t�..Cn Ci r1, t <'._C'_.
ion. s No . 1 Lo 1Z'•,a�, incii:is'lve, shall !Dear -nteres t ail the rate of
1,/z:•% ,ler anntS:1 Eoncis Nos. 14,cl' L -o 1 v5, i nclus '_vv, shall bear
-2 es a e "c °
c
�_�� r �. � ..iv r.�,� of' .� l%.�'io }er c;.nn l'; _:9 ioilC�s Nos. 1�:,6 �O 2ci2y
1iiClusive, shall hear in:.i?rost mit the rate of- 2) 3144% per. ann-Luf-..
Bond's Nos. 2 .-s Ld TC11,s_v., shall Lca1 interest at the r�Ls
of 4% "Jer ani"?uii19 an i3onels T`'ios . to 7G33, inclusive, shall -De.-.-r
interest at the rite oma= 4-.20% -ger annum. The interest shall be
y.,b^ e se 11y on "_ r l 1
��,;�, c,.0 c:. se -mi -annually cine CCtoiDvr 1 Of each year CCiill'lenC-
ing )ril 1, 19,62. The -interest shall Le evidenced by interest
coupons. The princi-,3al and interest shall be .payable in lawful
Money of the Unites. States of.' -,-erica u. -)on presentation or the
bond or fro ger cou-,.)on at The r _rs t National Bank in Little mock,
Little Roek, �',rkansas. The bonds shall mat -?re on October 1 in
each year as Follows, but shall be c.allaLle nor ;payment prior
to maturity as provid ecl in the face of the Longs:
'#Awl low
. D
a: -a 5
C-)
"L -A. BOND NOS.
1)
196/-
12
Y 12,000
1963
13
- 25
13)000
1964
26
- 39
14, 000
1965
40
- 53
14,000
1966
54
- 67
14,000
1967
68
- 82
15)000
1968
23
- 97
15)000
1969-
C'n
- 113
16.1000
1970
114
- 130
17,000
1971
J-3, I
- 148
18)000
19'72
149
- 166
10)000
1973
167
- 185
19,000
1974
I86
- 204
19,000
1975
205
- 223
19,000
1976
224
- 242
19,000
1977
243
- 262
20Y000
197'
263
- 282
20,000
1979
283
- 302
201000
1980
303 -
324
223,000
19001
325 -
347
23>000
1932
340" -
371
24,000
1983
372 -
396
25)0)00
1964
397 -
423
27,000
1985
424 -
451
28,000
1906
452 -
481
30)000
1987
482 -
512
3131000
1988
513 -
544.
32,000
1989
545 -
576
32,000
1990
577 -
610
34)000
10/91
611 -
64.5
35, 000
1992
64.6 -
6003
38,000
1993
684 -
783
100)000
Lz;I
I -',,
age 6
Sect -ion 4. That the bonds shall be executed on behalf
of the City by the Ilay.or and City Clerk and small have imliressed
thereon the seal of the City. Interest coupons attached to each
of said bonds may have the facsimile signature of the Mayor litho-
graphed or Printed thereon, T:,-,hich signature shall have the same
force and effect as if he had personally signed each of said
coupons. The bonds, together wit -h interest thereon,
shall be -,3ay-
able solely out of the 1 6 Waterworks 'Revenue Bond Fund. as
hereinafter set forth, and shall be a valid claim of the holders
.1
thereof only against such fund, and the amount of revenues oleoCleci
LO such fund, which amount- of said revenues _L 4s hereby
and
mortgaged for the equal and ratable vmaymenL of Lh-e bonu's of- this
issue and shall be used for no other purpose than to pay the
principal of and interest on said bonds -nd the Dayinc, ao�entTs
I ,, - - C) 0
fees, except as hereinafter s,)ec4A-fically provides. The bongs
s
and interest thereon shall riot constitute an indebtedness of the
C i 1017 within any constitutional or statutory limit-aLion.
Section 5. That the bonds ancr coupons shall be in
substantially the following form, and the Mayor and Ci. -'-y Cler'_1c are
hereby expressly authorized and directed to make all recitals con -
'j
L-aine"' therein:
Ell G
C2
a e 7
VOW
UNITED ISTATES OF 2-,J. aD`'
COUE'TY 015' III'4, DI] PEN !.!_T'NCE
C11"Y OF B!'..TEESVILL�L
'Zo T'7ATJ]n]:,UVO,',IKS- 1.-NUEVI.�ITUI] 301,711)
$1) COO
2.1L MEN BY TH-I_`,S_E
That the Cj'ity of Batesville Courity of Inde,
3 Pendence
and Sate of Ll,=rlk-ansas, acknowleCL-es itsel-1: to owe an(j for -value
received hereby promises Lo -,)-qy to bearer solely from the &.),-_cial
fundi proviled as hereinafter set forth the -jprJnci-;,)al sI,,i-,i of
J_
ONE THOUS�Iib DOLL,`%RS
in lawful money of the United{ States of _'�merica on the -first clay
of October, 19
i: _, and to pay solely from said special fund in-
terest hereon at the rate of
per cent
'/'0) per annum, IL:roin date, semi-annually on the first days
0 - -)on -oresenLaLion
.pri I an' October, L
A- .1 , - Q cortimencing April 1, 1962, u.. -
and surrender of the ann-exed cou-,3ons as Li-Iney severally become
i _7
due. Both -3rJ!*_nci-iDal and interest ol- tris revenue bonu are hereby
ma6e payable at The "kFirsi: 1ation�al Ban- in little Rock,
Little
,pock, ..rkansas.
This bond is one of _� series of seven hundred eighty -
,three M3) revenue bonds, Lr)-,regatin:even I'lundredigS,
hty-Three
-n
L
Thousand Lollars ($783,000), C'IaLec� October 1, lcl�611 ntui -bereU from
one (1) to seven hundreci eighty-three (7�30, inclusive, all o- like
t) �C I
tenor and effect, except as to number, rate oj-_:: interest and maturicy,
and are issued for the pur-.:)ose of acquiring a waterworks system
and constructing extensions betterments and _Jjn73rovemenL:s thereto
(hereinafter referred to as the SIYSLeir)�').
92
0'
-�. a�;e o
This bond and the series of which it forms a -:.)arc
are issued pursuant to anci in full comtoliance with the Constitution
and lavfs of the State of ''.rkansas, including -oa-rticulariv ".cc 131
o: the :..'..cts of .�rkarsas of 1933, pis amended, and. pursuant to an
ordinance of the City Council of the C-R_ty o E iiatesville, Z'xkansas
duly adopted and approvec+, and do not constitute an indebtedness
of the City of Batesville ix:?ithin any constitattional or statutory
lylnitation. Said bongs ,tyre not general olDli-ations of the City o+_
Batesville, but are special obligations payable solely from gross
revenues derived from the operation of theSystem; a figee amount -
of which has been duly set aside and pledged as a special fund for
than purpose and identifies' as the 19,61 1raterworks Revenue Bond
Fund, created by Ordinance ho.
of the City of Batesville,
xkansas duly passed on the --- _ ._ —Lay ov
, 1961,
unser which this bond is authorized to be issued. 11eference may
be had to saic ordinance for a Detailed statement of the pledge-
of
ledgeof revenues, of the covenants and obligations of the City with
reference to the acquisition of the System and the construction
of extensions, betterments and irr,Drovements thereto, with reference
to the custody and apolication of the proceeds of the sale of the bonds,
with reference to the handling of revenues, o_ -)e -ration of the Cystem,
and payment of the orincioal of and interest on the bonds, of. the
-rights and duties of the 'fruscee ani of the rights of the holders of
the bonds. `1,1-e City has fixed and has covenanted and agreecR to
maintain rates for water services which shall be sufficient at all
times to ?rovide for the payment of the orincipal of and interest
C72
Page 9
on the bonds as they mature, and the paying agent's fees, to make
adequate provision for the depreciation of the System and for
the payment of proper and reasonable expenses of operation and
maintenance of the System.
There is a statutory mortgage lien upon the System,
which shall exist in favor of the holders of the bonds, and each
of them, and in favor of the holders of the coupons attached to
the bonds, and the System shall remain subject to such statutory
mortgage lien until payment in full of the principal of and interest
on the bonds.
This bond is expressly made negotiable under the laws
of the State of Arkansas and is issued with the intent that the
laws of the State of Arkansas shall govern the construction thereof.
The bonds of this issue shall be callable for payment
prior to maturity in inverse numerical order as follows: From
surplus revenues, as defined in the authorizing ordinance, on
any interest paying date at 102 1/2% and accrued interest; from
funds from any source on any interest paying date on and after
October 1, 1971, at par and accrued interest. Notice of the call
for redemption shall be published once a week for two weeks
before the date for such redemption in a newspaper published in
the City of Little Rock, Arkansas, and having a general circulation
throughout the State of Arkansas, giving the number and maturity
of each bond being called, the first publication to be at least
fifteen (15) days prior to the redemption date, and after the date
fixed for redemption, each bond so called shall cease to bear
interest, provided funds for its payment are on deposit with the
paying agent at that time.
02
W'
This bond shall not vale-__ unci in shall haveeen
.
thent3_cntec by the c .yy t .�._1_icne hereon imly qne! by The F ! v :
National Tonal Bank in Little nock, Little toc:, _ i. as.
It is hereby y ca i r3 W, Y.' -c t anC Zecl•aren that all
acts, conditions and things required to chist, happen ani be per-
formed, pr ecr(.1e Y... to .-:.13d in the issuance of 2h .s bond, have
existed, have hG;.please! and ai^.va been 2arformed in due Lime, forri
� "_ _
and manner, as:.'_'CAs.:'?t�..'. by 7a'^i; that the indebtedness re✓r Lten- -
.
by this bond and the issue of T,,7hich it forms a art goes nw
eHeeed any constitutional or statutory lim t t _on; anG that suf-
ficient of the waterworks income .=,.lii_l revenue has been pledged to :,n -
w x_ll be set aside into Jr,_j,id s JL cial fund for the payment of the
principal of and interest on said bonds.
IN T31T1-USS W Vii . tEOF, the City of Batesville, Arkansas,
by its City Council, has .caused this bond to be si; nec by the
F t., L
Mayor and City l er thereof and sea? L:: with the corporate seal
of said City, and has c -a sec:, the coupons hereto attached to be
executed by the facsimile signature of said Mayor, all as of
she first day of October, 1961.
City Clerk
(SEAL)
1.x:.
CITY OF B::`'_TESVILLE, ARKANSAS
By.
Mayor
im
(For, -.q of Coupon)
sr 1
On the first cl y of October, 19 , the Ci`_- of
Batesville, Inde':)enc+ence County, 2x.,:ansgs, unless `he bond to
which this coupon is attache(j is ) i •:)r1or -whereto, Hereby
promises to pay to bearer, solely out of the funds soeci-Fiecl
.
in h: bony to which this coupon is a::tacheC.
DOLLARS
in la�,.7ful money of the Unites States of '. erica at the office of
The First Tia Tonal esnk in Little nock Little _Rock, 1
x , axkansas,
being six (6) months' interest then glue_ on its r',7aterwor'.s Revenue
:gond, dates October 1, 19-61, and numbered
CITY OF
By.
1°'ayor
On each bond shall apaeu-ar the follox7ing:
The First National B.an�c in Little 1 oc'c, Litt -le Rock,
.r'cansas, hereby certriies that this is one of a series of bones
described herein a --re gating `'even HuncreL Nighty Three '.housanL
Dollars (M3,0000), numbered from 1 to 7L-3,inclusive, x
-l1 0 -,:-
like tenor and ei==fcct e<>cept as to number, r. to of interest anc
maturity.
Little hock, �r':canSSS
, 1961.
IIS LI TL-
OCK, LITTLE; AGCYY'
By__-_--_---__.___-____ ...
im
Page 12
Section 6. That the Eollowin- rates be., and they
C)
are hereby, fixed as rates to be charge] or nater to be furnishe'd,
by the System which rates ,-'-he Council hereby finds and declares
to be reasonable and necessary minimum rates to be char -ed:
(1) Subject to meter mini -ma and -,-)enalties hereinafter
set ouL, the followin.�-f, monthly rates shall apply to all neasurecl
water service:
For
the
first
3/4
gallons
--.:)er
month
.60
Der H
For
;;he
next
122000
gallons
-)er
moni--h
.45
per M
For
the
next
65,000
gallons
per
month
.30
-oer 1-1
For
the
next
100 000
.1
f-allons
Der
mon-._
�h
.25
oer 1°4
For
the
next
200 000
gallons
Der
month
.20
per M
, "'1
excess
llons �)er month
gallons 1
.14
P e r
(2)
The
minimum
monthly
bill shall be
determined
by
the size of the meter installed and shall be as follows:
5/8
inch ?deter
1. 80
3/4
inch meter
3.00
1
inch meter
5.00
1 1/2
inch meter
10.00
2
inch meter
20.00
3
inch meter
35 .00
A c
Ln amount o.L water aL rates in ef.-;`_:(-_ct will be allowed
monthly for the monthly minir.-iurLi bill.
The size or the meter shall be commensurate wiCh the
I C 1-1 -.7 L K t,
Use O'L water, and shall be cei_-ermi-ned "Dy -L e ai-erworls ComanAss-Lon.
(3) Meters shall be installed --t- each water connection
at all buildings, both -Dubl-1-c an,:'[ -DrivaLe. In the c --se of a-Dart-
men-,.- buildings or houses, a se -,urate -meter shall be installed -LI:or
ecach apartment or family unit. Bills for water shall be rendere"'
Page 13
monthly or bi-monthly, at the optinn of the City, and if not paid
on or before the tenth day following the original date of billing,
a 10% penalty shall be added to the bill. If the bill is not
paid on or before the thirtieth day, service may be discontinued
and the premises involved disconnected from the System. In the
event any premises shall be disconnected, a service charge of
$3.00 in addition to all other charges that may be payable shall
be paid for reconnection to the System. And in this regard, if
any such charges are paid at the time the meter man goes out to
disconnect the premises, a charge of $1.00 (instead of the $3.00
above specified in the event of a reconnection) shall be paid in
addition to all other charges then payable.
(4) In addition to all other monthly charges, customers
using water in connection with air conditioning units having a
rated capacity of five tons or more, where water is used for cool-
ing purposes and not re -circulated through cooling equipment, shall
pay a monthly demand charge of $2.50 per rated ton of capacity
for each air conditioning unit connected for the months of May,
June, July, August and September of each year.
(5) Private fire connections for private premises
shall pay the following fire service charges per year:
(a) Automatic sprinkler system
connections - 1,000 heads or less $50.00
For Systems containing more than
1,000 heads, the charge shall be
$50.00 plus 5 cents for each head
in excess of 1,000.
Page 14.
0)
(b) Private fire hydrants - $50-00 annually
for each standard hydrant with two - 2 1/2T'
standard hose connections;
$37-50 annually for each standard hydrant
with one - 2 112" standard hose connection.
(c) The service charge for fire hose stand
pi -Des shall be:
1 1/4" diameter o-Denings, or smaller,
$3.00 each annually; 0
1 1/2" diameter openings, $5.00 each
annually;
210 diameter openings, $12.50 each annually;
I')
2 1/4" diameter openings, $21,
0 ) .00 each annually.
Ci4-- -
(b) The covenants and agrees that the water r.-ates
established hereby shall never be reduced while any T-7aterworl.-cs
Revenue Bonds are outstanding unless there is obtained from an
indeoend-ent certified.public accountant a certificate that the
;Toss waterworks revenues for each of -6--he J--x,,To prececling fiscal
years were sufficient in amount to --)rovide for the operation and
maintenance expenses of the System, to se -side the required
amount for the depreci—ation of the System and to leave a balance
equal to at lease IZ,,,O% of the average amount that will become C�Ue
L
each year thereafter for �rincipall, interest and service charges on
all UaLerworks Revenue Bonds then outstanc-Ing. which were issued here-
under anO subsequent to the issuance of the Revenue Bonds issuecl
hereunder, together with a wriLten oAnion from Said -nde,)endenL
certifiec.7. oublic accountant that the pro-,i?osed new rates will -pro-
vide sufficient waterworks revenues to -? y the operation and main-
tenance expenses of the system, make the requi- r6 L-
y e- deposit iii -
o
sw
Page 15
14W
the Waterworks Depreciation Fund, and to leave a balance equal to at
least 140% of the average amount that will become due each year there-
after for principal, interest and service charges on all Waterworks
Revenue Bonds then outstanding which were issued hereunder or sub-
sequent to the issuance of the Revenue Bonds issued hereunder.
And, the City covenants and agrees that said rates shall, when
necessary, from time to time be increased in an amount sufficient
to provide total revenues for the hereinabove set forth require-
ments and to maintain all funds provided for herein.
Section..7. That none of the facilities or services
afforded by the System shall be furnished without a charge being
made therefor.
0
Section 8. That the City Treasurer shall be custodian
of the revenues deriveO from the operation of the System and shall
give bond for the faithful discharge of his services as such
custodian. The amount of the bond shall be $10,000 and shall be
approved by the Trustee. From and after the delivery of any bonds
issued under the provisions of this ordinance, the System shall
be continuously operated as a revenue producing undertaking. All
moneys received by the Treasurer shall be deposited by him in such
depository or depositories for the City as may be lawfully desig-
nated from time to time by the City Council, subject, however,
to the giving of security as now or as hereafter may be requirK
by law, and provided that such Ce?ository or depositories shall
hold membership in the Federal Deposin Insurance Corporation. All
deposits shall be in the name of the City and shall be so desig-
nated as to indicate the particular fund to which the revenues
Awl
LCA •
__ ':�C
L
i` '� ,�CS c)_.
• T
,
W �
r
_ A
EcC:_..:_02
to VirvlL�..7-
✓ �.
:_ t .:. •
� i t . 1. ,::I. _._ � � ,�,� lJ ? •�I � '� ,
nomCL+__
.I_ r 0 v .i n
L i V
'7C?' _.�. _-�T'iU-
7'uch _'_"y
r.l�TlO A1W
Oir �?r `:O i".,� o. ,...i? _.S _ ^ ;'? i -' 1"1f t S?
> /� �-t s -o
-. �.� F 11� V A n5% .,j ,�-._l,] l .-fi d.. '..' iY���l. �� 6 on tunr_.LO _�
i
?_
301'.."',.i.1 LSA_ anc, L..2c,:i!ssa '�I Irl>:�•�f-'+ `Cr��, v • �__
_ of on�tti 01-1�:r�� 'n_nLenncpo f
y
.. a. °C, J I..'2m 1.7 i Lid n ('.,�_" .. 2-
. -
J`ct Oli iti ir3i T`'7czE ere ,,,orkS ' !.en F
Com/ Th %�r JIZ£ 1�_ c.1L i y y i_4 'tln L'1.
1. ��a f__1 L � 1 0_i1 L
-J
S v ? t- �j ( ",',,?'ter. C -'?or -S L' -,vei7uc pori�' :1x1 the sutras in icle
mol";n's an o�-a
1't" t�if :'-TIl :3 % in ?L t.=?r .1.' _ :�_Ti S11�`-SE'C�? OT7 ��1 _0
011" c)Ose of :)roV1.ci7_"P. `un_s for the ,5:,v_menL of -he Jr_.nc-7�'i o
•?nc! _inL-e rest on the Donds herein amthor ize int± the�- �a-c t � S
LOCO S, as t.hev mature accordin Co + rc Loll �! r-: c A r
1 oG: rz�che�t.le,
reserve a_or cont-inenc:.j_es
1962
1963
101,64
101:65
1966
-i967
1966
101601
1970
1971
1972
1973
1974
1-075
1976
1977
1978
1971,;
i 9, r'0
19 2; 1
1 c" S', 2
1963
194
1985
19806
1 S' ( 7
199
1990
1991
1992
19' 93
BOND NO.
1 12
25
26 39
40 53
54 67
63 32
83 97
98 - 113
114 - 130
131 - 14.8
149 - 166
167 - 185
166 - 204
205
04.,-
205 - 223
224 - 242
243 - 262
263 - 2G"2
283 - 302
303 - 324
325 - 347
348 - 371
372 - 396
3 9 7 - 423
424 - 451
452 - 401',1
4S2. - 512
513 - 544
545 - 576
577 - 610
611 - 645
646 - 6 CS 3
6k>4 - 78'3
yCl
12) 00C,
13.1000
14, ON,
14,000
14 � 000
15,000
15, 000
16., 0100
17 000,
IG
18, 00&
B) COO
11) 000
19,000
Is" , 000
205, 00a
/- 0, 000
20,000
22,000
2 3, ) 000
21.-.,000
25,000
27,000
2,2�, 000
)000
0
31,000
-)2)000
32,000
34,000
35,
3V, 000
100,1000
Iftw
Pa. e 17
X14,9911.25
14,796.25
14,585.00
lb.-, 357.50;
14,130.00
13 2 902.50
13, 65C'-3 . 75
13,415.0 a
13,155.%0
12,c:7 75
12,5c,6.25
110 )271.25
1 -1
i- , 9 3 .75
ll) 5(S-2 .5C)
11)226.25
10, 870 . i0
10,495.00
9.720.00
ci , 2;20.00
0,340.00
7 , o4o. 00
7,300.00
6,740.00
6>140.00
5,520.00
4, 080.00
4,240.00
3,560.00
2.1 61� 6 0 . 1101 0
2)100.00
$14201,91.25
14,7016.25
14,585.00
N,-, 357.50
14,130.00.
13,902.50
13,658.75
13.1415.00"
13,155.00,
12, C. 7(7; . 7 5
12,536.25
12)271.25
11 S .
�'3E .75
n
11,502.5^
11,226.25
10 , U""' 7 0 . 0 6,
105,495.00
10)120.00
01
�,720.00
9, 2 SC . 00
C-,820.00
8,340.00
7,84-0.00
7,300.00
6,740.00
61 140. 00
5,520.00
41 . 0 0
41240.00
3,560.00
21U'6O.OG
21 100. 00
(b) That- there sh;?.,Il b-- oaiet ';-,)y the Treasurer jfroim
TOT,, :.L
0' 2.5o2
4 L;!11/,
0
431 17C.00
715.00
42126C. GO
42, 05.01
42,317.50
42, 2jo0.0
4.3,310.-u-
431757.50
43,172.50
43 , 542.5 C;
42, ('.3;77.50
42,165 . GO
41,452.50
41,740.00
40, 91 1,'. 01 . or, I
110) 240.4;0
z:1, Or'
_1410.
41,560.^L
41, 640. CC
;1,62'0.00
42,620.00"
L.2I 600.00
,
1, Z11-30.00
C, G. r,0
-)40. no
41, 76 o . 0r
42, 4-C'10. 00
4191120.00
43, , 720".00
10 z " 1 200.00
ITa
the t1i terworl.-,s 1',evenue IFun�: into the 1061 1"!aterworks revenue- Bond
4
Fund beg-inn.Ln,-, on the first business (�LIJ Of i rj I-jj e �L' 4. a, - 0
�he monLh _lV
f 4
ollowing the month -.;-n which -,the bond's die1J-vere U-' I a -11C Con-
LiTlUin- on the fir st business Iav o -.L-- each -mont-h therea-L'ter unt-il
all outstanding bonds of this issue with thereon have
been -i-)aL.L in fij,-11or -)rov-1-s-ion made. for such payment a sum
equal to one---Fi-.L--c-h (1/5) of the ne-nt inst.-1.11-,nent of -in-Cerest aiiu
One -'E en�i1 (1/10) of the nexL installmerL of pr -1110 ?al, and -,n
AW *AW
aQo,,,-nt sufficient to -orovide for the oa.yin; rl�- a—ent's _-'Fees on all
ouLstan( in,, bonds; !?rovic-.ecl, however, that �,A-v�n -.'--here shell have
been accumulaL-e'J in said 19,61 ",iterl,'Torks _`,',:1v-?-_nt1e Bond Fun(1 a
-C
Lor contingencies in the mount o' -mc $40-1,000, so lonID"
as sad reserve or co-i-itin-encies S rnain1_-_'Lnc,--_' 'n i.that ainiioumnt
the -i-iionthl-v -pavrnents _lay be reclucc-L to one-si-,:Lh (1/6) of the
ne::t installment of interest, one-t.7elfth (1/1211) of the nex-t
installment of ?nnei-cal, and an amount suff-icient to provicle for
the paying agent's fees, on all outstanding bonds.
(c) If the revenues of the System are insufficient to
mak
1,e the required payment on the first business day of the follow-
ing month in -to the 1'1aterwor1.s R�venue B=6 Fulnd, :-hen the ai-,ioun'L.
c
OZ any such deficiency in the payment macre shall be addecl to the
amount ot-herG7ise required to ',--)e -paid iln?o he
T.11
otterwor' s 'evenue
K )A.
3onL 14unci on the business "'ay o Chc ne7,.,1*- month.
D7 for any reason 'Che 'fr-,asurcr shell fail
t -J -1712e to m-1ke any o17 the requireu` pl-lyments in_o LheT,7a!:erwor':cs
`on' '1'�und, any sums then helcli ac a reserve
itevenue- Q J for conzi-n,cnc-�_ es
J
ShIall be userl to the nec,2ss-r-,.- in the ;)avirnenc o -he orin-
cipal of and interest on th-- bon -is, but such reserve shall be
17 before any o.2-- the
D qter --iuc uncl
re�i i' Lrscci -from the works Reve,
11-:_,v��nue Fun6. shall 1-)e L2.s,-(, -For -,-iny ocher
TJ
,ioneys in -Lhe '9
-pur,
pose e-xcepii- a 1, a -me-Its her --n;- -7 r e o ' e ma
1D Y 0 requi
U L D —C.12
into he .7aL-erN%7or�,s ilevenue '_11onk-1 _Fun6 and the payments
hereinafter require(,, to be mace into the `TaterworlCs Operatio-in and
idain-L-enance fund. Saic! reserve for contingencies shall 'De usecl
solely as herein Provided',.
Pao -e 19
0
(e) When the moneys held in the 1961 !,1,-3.terT-,7orks Revenue Bon"a'
Fund, including the reserve for contin4-enc-es, shall be and remain
'D -I-
sufficient to pay the principal of--_�nd interest on all the bon, -:',,s
then outs tandlin-0, and -the payin- agent's fees
'D I.:) , the Treasurer shall
not be obli,-P-6 to make any further?,ayments into the said 1961 TFater-
xqor'.-\s 11evenue Bond Fund.
iiioneys in the 1961 Wateri,7orks Revenue Bond Fu-nC-L
shall be use( -_1 solely for the purpose of -)-yin- -,--he principal of
and interest on the bonds of this issue an0l the p,:,,yin, ,;gent's fees
CD �� :0
ea:cept as herein s-,Deci_J_--ic,-,IIY ?,rovi6ed a surplus shall exist
in the 1961 Waterworks Revenue Bond Fund over anc'l above the
amount requires,
for malking all -princiDal
C, and interest payments on
all out-standin,- bonds, and the paying agent's Nees, as the same be-
come due and payable, and over and" above the reserve for contingencies,
such surplus may be a),)Iied. to the -,3ayme-nt of the princi-Dal of and.
interest on any bonds that may be caller' for redemption prior to
maturity or for the construction of extensions, betterments and
imi-orove-menL-s to the System, or for any other lawful municipal L3ur)ose.
(C-) It shall be the duty of the Treasurer to withdraw
from the 1961- 1,),7atervor'_,s Revenue Bond Fund It least t, --,n (10) days
before the maturity date of any bon-.,. or interest coupon issue, here-
uncier and to U'e--)os-j'_-C_ with the paying agent an amount equal to the
amount of such bond or coupon for 'the sole i)ur-pose of:)ayin- -. the
1 4D
same, together with the fee,, and paying g agent's J no withdrawal of
-L
fun6s from said 1961 Waterx,,?orks ",evenue Bonct Fund shall be male for
,any other purpose exce)t as otherwise authorized in -1-his ordinance.
Such 6�eposit shall be at tree sole risk of the City and shall not.
operate as a -payment of the bonds or coupons until so a -D -31 -ed.
EM
01 The lbonC-Is o -F Ch i s sue s h :J! -, w c�j",
sec-urfect by a q1ecL",o of revanuas r2qt:.
-Ile IS6
'a'-erv7or".s v, -lie I VL g"
isVor OE Lne
0 n Z's S " c--reby irl-
rl ID C) C L 'I
!:-:Vo C L� ly Lern S G
I
S o _C.'_i S TI: L
2 C c 1_' .'C +1. k6: carr,, ou.-
j- J_c- co -f,
70nLLJ v'....__�7 WLhe-
iLh )rov-�1.Sa.ons C_. -,..I -
C)
ion 1-1.
G
2 S C :S
1961 Waterworl.-,s
Revenue .unci Fund, into z -.+`_"unt`e viriicll is I
crOate�:.. a 1 s
_S0
r! 1-'
N17
IL 0 1
0
LIO 1,21 1 CC
.i.
a:' u
O.L-7 zs
L 1_2 k.
0 ......
L
LD C C",
0
_LS
C-
-r;2
�2 o n .7,un
al
o y
Ck 3
CC
01- p 11 a
I e n s
r
L1� ai_j C -u aj-1
r
S
:1.n :o -1
low INMIOV
Ito
-.,o -1shl-111
rwor j
s in
U _OnLO all oLlbw z t- s ,'--o
-
pec Lion 12 ;: a r, 7o r, c s L o
T'aaL t -here. shall I)-, )-l -
-Zo-
-heieJ
venuL ulic-:. a f -Lin �%-I cL-1 :_V
L
t_erwor".s i0f)eration an,_' iai-nLon_�lnce
.) _2,1;i -m -1n-, on the
�_A n J_ n
first': Ous-iness ciay o -f-- :_-hc li:-=nLh �-h c. mon L-1-
ar e 01verea c on L i n i_! n, on cho 1:-o r
Line bonc;s 3 -Is -i-ne s s
e
.ay o*, each month there,- wit-i2i 1(2 :--aly o -L the _Cboncis c
J C LEIS I Sue
s h a I I b e o u t s t an
t e.0 --n- (_:o pay t`_ -he rea3on, A -
an,.-� necessary i-,,ionLhly cx,-oonses of o'.. e r a i: o i i _2pair a -
n
tenance of the Sstei-,i Zor such month anc. -from wIllich disburser.-ients
y
shall be only Zor 1 --hose ur-)roses Ti:�ed =mnual charges such
insurance -premimls ":'Inti L-11- cost 0-anc, 'mainLenance
J or r,��
ox-aenses may be
C t2in.6 scL ti -1 on am ou i -21 basis mc! one-
tw�e!_Z-Lh (1/12) o)' the a-.raiount therc2o."E fi,,ay lk,, i7 illi 1iZ-.-o
worylel".s 0�.)erat-ion an(.: -Leviarce Fuce ac �iionh.
If in any riionth for reaso-ri� I - , s h--)11 b;a a ZL_faret
Lo transfer an6 1?aJ7 the reql,,i-ired �.motn, - �� ' 7 .'
L amouni:
.i n L o s al G un Lf.
of any cle.27iciency shall adc-ted to;the -Dmo"t-nit ocherwise required
Lo be L-rans.Eerrec e -mc pald into saic! -_"HM. -in. '-die n2Yt succe_,,!��Ijcr
month. l. -L" in any JL-iscp, _1 year a sur us
I a 57 11 "-e accumLda--e� in
the Operation q p
4
Intenance Ft.mc' over anc! al)ove i--h--
aniiotin,_- which shall be necessary -to 6'.02ray the reetsonabI e 1.n,_L'
necessary costs of operaLionI i - - �_ OF -
an,, �-he
Syste-m C,uxin,the remmaincier O the then cur -rent -l'iscal year anc-1
the ne:r't ens-udngg fiscal year, such surplusay I bt=ransferrede
*4r
TD
., a ? 2
and Deposited in the 1951 !J ter€7orlKs llevenae Lionla- Fund or Lite
'O;a.�erworks be.orecyatlon Funi as the City lies!,naLe,
"arOV1_,ect,
however, that any stich transfer i-rito the 1951%b?LerGTOrits >a'?VtnlLe
Jonc Fund shall be in aac_ition Lo all other payments require6i to be
made `nto said :Lunc1.
Sec Lion l3 That any stl.rpluS "_n 'ih£_' I' jti'rv?Ori.s +eVenu'e
Fun6 after Tnakin-full 'arOVisior, ror the other fun s hereinaboV,z,
rrovided for may be i,se.t only, -,tt the option ofthe U _L 7, for
7 Y s r` r fl' T'(` Yj i-[7 l l l3 7
c� l -n bonds L o� p�:y-..?ent prior to iatLrs- �� ia, accor . ince G•. i'_h
the provisions herein set. forth for Call aT� ' payTn`^nt pr -or to
riaCu,rJ_ly, for cons tructin- ex. [_- ensions, bet'.:eri'?enLs a -n( improve-
me_nts to thn System, or -or any lawful 1`?un'' cit )al purpose.
L,ect1_on 14. Thal iaayments JE oIl -'11 ` xce t the
TTaten.7orl:s Operation am". ?ss.riZ"Ler? 'nCe Fund shall be madie by chec',
or voucher si jneC by Lhe Tr„asurer �'nCt :the 1 '' 70r, nnCi )ajiTl!_'nts
roi?? 1=iZ{_' t?rL^?Or'.vs vpel"a:i.iOn?n 1''i??iZC'n !I.CC' L1I?ti shall 'be -? tet:::
Ly cheer_ Or voucher si-ne',,ay -he Trcasirlrer � nC fay one OLhez-
Gerson •'_tesi�nateQ by the `' Lerwor :s Co'1"1 1€ss? on. The checlKs or
Vouchers shall be CJ.rmm on :he v.7-_'D_h ,.?7hJ_ch the monc:fs
?_rl. Lbe ;Da.rtsCi-LLaar "unC3 sh--M have 0e"i wepL?.t t nC each SL'.CiZ
chef -Irl or voucher shall r -e fly smaecl_?'"y""' L 1r' is?:LrpOs C o+ Lhei
Section 15. Thai ,she C:
LZM
ae 23
chase shall continue -Lo be payable o the ros )ecv ve be-Ire-rs thereof.
vLection 16. That- LI a SYS'L_'T:1 shali be oi7e?r -_:-e, on
L1SC.al year DaS"! 3 evnln? n�j she �J..rSt ?y 0 �-
L't�-+. .�
and endinnth^ , 4.
Section . ,haL the bone -Is aLL.I>orizechere
btand ,_ � , t
S.sL_:�C_
ncre� nater shall be callable for pr_ i oz _'o i wLLtrJ_.ty in
accordance r,"'_th the _Crms vet oLtt Je_n the bonrt, form.
;ect:i.on`18 . Iljt So long tis any of the bon:is authorize
Cz.
heresy are outs t anJ i= the .'iLy _._Sst,.0 or: �T�7C Lo
issue any bonds clairtedLO 'be en;-_iLled f r_,_Ority O lien on
the revenues of the vystet-1 over the lien se C7 _he bonds o.=
�hi s 4—sue, .ncluAn- .he herein a7' _-tlor-.Lze,,,_ ',nc any
� andi all is Li' tet!';
extensions, bettermenirs anclii �ro�ren�ens.
T;othin,-:, lin this ordinance shall be construed to pre-
vent the issuance by the Cityr of Batesville of ack"ition.1 l bonds
-1-O finance or pay L � s ti ,;
__ hcost o�� cor:�__n�; an; r`LtYrtYe� c. --,ten S401.1
Det=Gerrilen s or to the Syste-m; _oroV?.ded however, L -he
y jai 11 nQ L au horize or issue any such a`: -c =_tiorcal bonds r:nrt ,in
on ao r? tyr w Lh the ou�.stanc?.ng bon -u -Is o vhis issue, unsess .wnc!
until L -here shall have been ,7rocured ,•:Inc? :L.ILa �"J 4h the Trustee
a S'GaLeIT?Gntby an in�le nen 'int C �rti !_E'li �?�U .i C aCCOUT2La"itt, i?Q i� i n
Lhe reo-alar enl3loy o the kCity, that the ross revenues of the ys--
for the 12 -month -period, 3_ri-)ecL,_ately T)recedi n- the Cate o.f the
additional antis then proposed to She issue6 together ['71 c h L -he gross
revenues to be derived iron any extensions, 71
'�etterments.na i t:--
arovemenLs to be constructed Out o the aroceec:+s of said addition -1
bonds then -,,-)roposeciCO ?e issuet., c1S reileC�e( by � cert-IfiC--te
of a emly quali:.Leif consul'Ll.ng enJ1_neer, nOL in the re.-ula 3r
r n y
ploy o. -L-- the
he Li Ly a d approve by the i'rustee, shall_ be sufficient to
e 24
pay the reasonable -_-X-Denses of o--.)P_r.-L-Li-on an(.t i,.iainL-enance or the
succeeding twelve (12) monLhs after the 61"ate of the s:,L-I_c, a(I'.,_-..'.iCion,_-J_
C.-) J. I
li� -1 -1 -3osit -_
boncis then -pr000sed to be issuefa', malle ---h- required cle-,, 2or
6 1 elprecilation ane.,' to le -ave a b, -„lance equal to 14,O% of the averaze
amoun_- that will become Jue e -ch year for )rinci--),f,,I,
interest ani service char,,es on all bones then outstam-Aing and or,
the bonds then iPro-oosed to be issued.
The City further covenants th,n.t it �%"_11 not iss,Ue or
C � "Ie ”
attem,pr_ to issue any Second Lien T�T-1 - rworks ' I , vcnue T-,onf"' ) se'_,. c
--o obtain a loan or a grant frorn an a-ency or agenci,�-2s of the
0 ID
Unite,States Goverrment-, until it shall have reducec the a_mount-
of W,.:terworks Revenue Bonds of this issue which mature in the ye -r
1p_�'3 to $/".0)Oolq.
Section 19. Thr:_- -_Lt is cov2nrInted. agre-_(.,� by the
Ci cy with the holder or holc'.ars of the bon6s, or . , o_-!: -.h,-_yn,
4
3- W -L faithfully zn' ounct-ually- perf-orm --I! 7,7ith
� I
"to the System by the Corin L it-ut 4- oil L^ws O 4 -he Stan- 0'_
.A
.:.r,k,ans,,_i,s5 including nme, collecL-in- of r,,-°sonable
ficient rates lawftilly est,ablished For servi.ces rcndered by the
System, se-regating the revenilles of th�e Systam anCl. a"-)-plyin- tzhmm
� .1 L�
'--o the respective funds here-.Tn cr3E:Lte,,_-!
r
Section 20. ThattheCity will Izee,-) prover boo!A's of
accounts and recorUs (se:.),-araLe from all other recorl-"s an,- I accmint-s)
7
in �4hich com.olete and correct entries shall be macile of all :rans-
actions relating to the o-,:)er,a-�Cion of the S)vste_-.I
C) 3 M1 anc such books
shall be available for JI.ns-,,:)ecL:-_ion by _�-h„ hoic"ex of any of the bonds
,-.-tt reasonable Limes and under reasone.ble cJ_rc-Ljmst,-_-,nces. The City
agrees to have these recorcs aud'ite�_' by an inc-1cpendent certified'
Er'n
z 91-"
?antic no 123SO once A�cy yvzr, nni z co?y of M n:Z':
OM in �211valen no kho Trwskno nm 20 nVO
02 lonns ln� Mato OVIA101a to QlarlaW honQOYPrS. in the
nvonl Ih2 City OAK or rninsas to nike sc no
I the TOUS102)
or coy mcloar of the hon&S 02V MV2 LRO OUZZ aIQ2 7nn ths con,:
thereof sh"I be chzzSa� Qzinst the Ynl=orks GnerzVon
._:'_S i... Fund.
lection 2.11. Thin the City ccv2njnt3 &K a7rass Mt
it will maintnin the Sysona 0 joca conontion W o?2rto nh2
✓e7ficiant nqnner naa at ranson2hia oos�-. -I -,
. q 1 ile h Jr
aev2nue Qms are ouistnMing, the City agraes that it nil! in-
sure and at all times ke2v insure!, in the nmount K Oc scwal
value theraof, in a r2svoasiblc insurance comy,iny or com)cinics
a7thorized and qualifiet under the laws K the State oi Arkansas
to assume the risk thereof, all qro?arnies of the Systam agwjns�-
loss or thereto from fire, li3hining, tornado, win6s, rim,
striae, civil malicious y"Smage, en'llosion, and ag2ins--
loss or Mmage from any other causes cuscomarily insured against
by private companies engzged in a similar type of business. The
insurance policies are to be taken with com?Lnies a?proved by
the Trustee, are to carry a clause making Mcm Dayable to the
Trustee as its interest -.,.i-ay and are either to be
in the custody of the Trustee or satisfactory evidence of sLi.-'
insurance shall be filed with the Trustee. in the event of loss,
Me proceeds of such insurance shall be a?plied solely zow=6 the
reconstruction, re?lacement or repair of the System, and in suc'n
event the City will, with reasonable promo "s", cause to be com-
menced ane completed the reconstruction, ram ll and re?air
I 1%W "W
'D
laJe 26
.'_.1
�,,7ork. If such oroceeJ".s are i-iiore thanul-Hs-11cient for such ',',-)ur-,)oses,
tl-e balance r0main_4
ng shall be 'e,posiLec' to -t -he cradd t of
7a t e rwo rl--- s ")".'evenuc Fum:i an(A" if such proce&a's shall be insuf.-EicienL
.Lor such purposes the del"iciency shall S--u-.:)-,DlJ_eL 'First
froim
mone77s in 'the T,7aterwor'_.s jje-preciat-ion .-_m(l secon-1, from, moneys
in the '!a.terworks O-oeraLlon anct L anu 1-hir',
-roM
availl,able moneys in the "ater-,Jorks ':�venue Fund. Nothin,--, herein
.31
shall be construed as requirin- the Cii--y to e.,,_)ene. arty fun vs "Or
operation and maintenance of Che SysLej-,j or --,,,or on `LLs
insurance which are G:er-T_ve(A' from SoLlrces other than -the ooeraLio-n
of 'Cl -le "'17Sterm, bu-11- noL:h-."-n-- herein shall 'be Cop -'
as -Dreventi, iiJ
the CilLy fror,-i clolin, SO.
Section 22. That so lon, as any, o -'t-: the bond's are out -
J
s Lanciin, the City covenants ani agrees that will not mortonge,
bor �_he
or o Lhervd s c enc -L -.-m i_ysteai or any ?art thereo.")
4 C.) tto 4 L Lheret-o or
L'ncluc-1-in- any anC all be -r,,-,Ients and U.R-pro
an- revenues theref-roi,,,, as h.ere-.*Lrt -DrovJde-'
J _L and will nog
sell, lease, or otherwise cilis-Dose o= --I YF C V I tanL' al "Dor tion of
the sariie 'fo the end thaL a recor"'. of the -,,-A_c-_"',;c oZ i:he rev_�nues
anci of Lhe not Lo the
;Dysz- m, may iJe -,-)reser
--he City Clerk, is hereby _-0athori zo- 6 and aiir2ctecl to file with
the 11ecorc.'t.er of inclependence Count -y, 2-k an
S -S a co-lp-y of "his orl-�i-
nance cluly certifierk, with, instructions that- the s,-z-,r,ie be reco-_,-Ci'1_1C_]..
in L:he o: fice of s�5,i I County _Zecor(_Ler as in Lho c�_-ise of (_"eeJ�s , rici,
L !_ -. Ct
mora egages.
C'
Seci:ion 23. That -t--here shall .)a a statutory
15 -en u -,-)on -k'--he Systeim, v..Anich, shall exis-"n `avor o:E the holdtars,
L L I -
_1 17 -1 -_ -i o-'- " - ' I 'ers of- the
of the bonds, am -1 o, -,!.ch o. -L Lhem, and it '�VOr ' 2- CLU�7 �10 C,
coupons attache,li 'Co the b0n(_11s, anC:i the System Shall re,liain subject
*4w
D
Ia4ge 27
CM
to such Statutory i-_.=Lga�e lien until ::)a-,;-menL L.- Eull oE izho in-
Ue.est on and -i?rinci�:)al of the bonds.
0
'Jection 24. (a) ".2hat J -Z there De oany 1-n the
p
T-1 ay-fneni_- of the princ,4-.,),-:,l o2` or interest or, •aNany terworLI �s i':evenue
D11onci, or ii ' ,.he City -e'::aul-,,-s in any T7;acerwor'-,s 2%.evenue 'ond
reCi'or in L -he -Form-Formance o.Z any oEE -.,-he oi:lher covenants
coil tin ed ancl set Y -oz -1-h in this ordinance, tale Trustee --o.iay, anti.:
-u,?on --he writt'-_en reqtest of z -he fiolriers of 1,1OZ- less L`aan �Can -i-)ar
T.T., -'on 's `- en
cent in 'princ-L-)a! amount o --F-
.-,_. _ J _L!��S L -h
out -standing shall, by sero-oer suit compel L -he -i-Derformance of
J_ Lh e
cuties of the of ficials of the City as sct forth in .'.,ct 131 of the
ctS Of"Xkansas of aS e n,--,', c
d, in the Ce of
J
C,e faul t in the payor--nt of the Dr-1-nci-,pal o-' ;and and interest on any of
the outstanding WaterworlKs Revenue Bonds, or if the City fails
to complete any other obligation which it herein assumes, and
such default shall continue for Chirt-v (30) U'ays thereafter,
J
the Trustee may, anti u,,:)on the �,,-rir_ten request of holuers of not.
less than ten -t-)er cent in princi,?al wniounL o.Z 'Ch'._ '.":-,aterworl�s
,,evenue Bonds then ouLsL-,_-,,ncAn- shall, ap p i y -Ln a -roper acnio-a ro
a co-rz o- c i on A. cortipe-Lent �-Lirjs" 7 -he m-po'ni-ment o.L` a receiver
i c
inist-r the Svstom, on L) e h a I f o i e City 21id the ondlholc:crs
Lo ac�111_ i I
wi:_-h :)ower -to charge anti' collect (or_ -,,,iLnctLtory, injI:.nct--_7on or
oL-herw--_',*so t -o cause. to De char -et ant_ collect-ek�) rates
ID -_ L.
-to -L:)rovJ_d.e for the of the 2XI-Oenses o-'-7 o--De-ra-L_ion re -,)air
ancl, m-aintenance ani Lo -pay any bon -s all interest 01
t
ap-,,.Ay the revenue in Co- _'L-orMi_,'-y wi-LIA the _-_)rov-17-s-Lons o_i_ sa-7-fi
ct 131 027 10,33, as amended, and wi-`h this orc-Inance
--he
Ue_aatllts in princ-J�_pal and interest paymen-,'--s have 'oeen c -c
err ter"
CUSLoUy and o-3eration of w.hc- UysLem sh` ll revert to LI -1e Cit'7.
N No holder of any o_C Mie oustanCi"Ii_ T`.�aterTo,,orks
:event -e Bonus shall have any ri hL toL+✓L=njite any sui--I
,cL-_on,
m ande —: -Lis or Ocher j�roceed nJ n equi-_y or n 1-;-17.<7 for t-he-oro+::ection
or enforcement -of any r_s_�ht under this orC. inance or lin>ier s,"_ ('
Act 131 of 19.. 3, as amen leC+., unless si:EC:.-1 hol,,ler ')rcv-...ously sh_-I!
have c-Lven to 'the Trustee x,r3:i.tLen noLi.ca d" he defaL-It on acco--Yat
of Cti'hich such suit, aCL-1.o n or proce`. c imZ : is Lo be LaIcen, t n6 Un-
less tithe holsters o _- no L IfeSS than ten c --nt (10`') 17.n !:)rine s --al
azounL O mile 'JaLerwor�:s Revenue +sonC s then ot7tst ;nding shall
in vve -dace vritten recces% O.L Lhe Trustoe wit<.'r ti? ri "Cif; .Y e" -
r O lset
C_�_se mulch )m:,ers of 11-hi1.. Oi action, as l._SLe Cas stay ),e, s C_11
have accrueL,, and shall have afforcec the Trustee a reasonable
oJ--)orLur.i.ty either to procee(] to exerc_ -e Lt.e powers herein grantect
or-ranLcCi by said `_ct 131 O l� }J, as -_menC..^_C., or 17 7 ince 1.�:c°7S O
the State o1 _'_rka.nsas, or to instry Lute such acL10n, stat or oro--
CeCCA.LnSv in its name, an6 unless, also, There shill have
O -fered to the -mist---- reasonable secur"_ t.y an -6 l-nuerii.mity :;a l nst
the costs, eS?enses anC_ liabilities to be ',_nct_rre:�' ther':_n or
-hereby ant;. Lhe Trustee shall ha -,re re.�usect or neolecLec� to coil `3ly
with such request tr'�Lh�_ln ;,L, reasonable t- ne , _ y,d such noti-L 2C-1LioYn,
reques . n -1 Offer of - ndemn-I. cy ,wry-, hereu 7 c ecla e'Cl i n every such
CdSC', .,L i he o nLl_ol Of the Trus - -e LO Je Cod:' -_t_ o Ons 13rec- 4 ''enC "E o
the e::_'cuLioin of the JOWers c^i`ind trusts of this OrC'inance or Co
any o, --Sir r meC".v herei?I"dar. iL _S L!i2 ,e 'stooe an d' in:':endieC L,h;'
no one or -more i?olclers Of the 'Ond's c ql 1 ''
ave
any ri,-hC in .any,canner %.,-h i over by hi_S o� he L �iCt"_Oft LO
`'isti_:r'D or `?rOTUC.:?_C�' the security o -E r_I. Or d e.n-
s any '
-O C' cr l Lnere' 5 t �_
Li r _1t cit .t r <>C` JL n t? _I iYnC'r Ltert? ..' =r'L"O �. .i
e 2 9
all at LaW or --;r)- Cquii---v shall I)e h'n
0
'CLIO. -ML-ained -in the innn.ner hez-cjin Drovil6i.�:--.:. ""IlL :CO -C
110] , - e, outs-7in
L G erso-` i -h L u-,
C00001,113, -0-,-
--o 0- c or
V C- ua I r h L- s o F c o -,L i o r c Cil'..'_"
such holclers V a, r � r S -.3 1 "'n c 'e L o e
e y - '
L.- -1- L L�I- O'l, i
o v r
(c) -fhat- o � I -,-'I �.'- -, c
L '-"C C -10T) ull'-,- -i. -; C 01,
C. 10i
.._tits
—Z
c
s -:?2,1 e f o r
L
the b en f i t of all -c h e I o I c e- r s of- sLic', '!,or s cou-ons sub ect
UL
-no
ILI
io�
-C
-J-
V
c-
-I c
eV (:)T
:-L -S C12
0 3
�L
J"
c)
" 1 2-,
o C
X., i7:.2-
` c 'I h�
J or
ol:icer COV'3 S-' 0__S O
COL o i o Lhc i2 n oL c � �i I D- ft 0 p c
w:_!Lv"I,r shrll ex -enc L.O o- LfIL; oi:
q-,te-i1c Cr
017 or Co"ft_
seci-Le.enL Liaereon .
see,_ -ion '5. !,-a- -r, _.- , , " I -
__-Z: - -) a mi, - -.- e -, -, 1 le
L 1. L f J si-d-L , ly o,,:�
,or Lila o�_,erc2L se_ o- ooch
J_
0_�i:! ILLs trust.
L_a=
ae -�re -�'-Ije :C(-
�,-,ce o_ -I 6 on �!,s _C4 3 0
1 eII/ ;,n -_,-Io'- os
01-1
1Y s tea . Ihs- shL-,II r1o, be a a
ustee, unl
Tre_-O i
L c ar equ�2 s
Ve
LO 0 S 0
L holders o--.'--' not less Chanipm --)or cent (l0'/',*) in --)rJ_nci-,-),-Il amol-m-
Qi Lh- "aterv7orI-,s on,.s then o-otstmoin jm,U sh_Afl h:av,'
been reason,_-ible securi-L—Y the costs,
a-.-,.,3enses an(,.lial.-IiIii-I.:ies Lizo lbe 5_nc,_-,r,.-e-_; therein or i-bereby "he
Trustee �,,iay resiom ait- L_-!Ame 10-y Len
notice in t.x t in g
ZD
c -o the City and 'the 'aiaj- ori 4 n w 'he hol ers of -he o --,-,-
j _L -i U e 0 -T' C CL ; S _L L L-
stancdnom" '.,7aterworlKs ft'eve-nue 3onds at -my -L _' 71 a , wi th or wJLLII_ouL-
cl-liuse, IQOy remove -r-he Trusteo In L -ho ever -L o--,' a vac_rmicy 5_11 Li- he
rots J_ce os Tri-l.stee, fei�her ';-,-v resi-maLion or by ramoval, t_ -he
Mcljority in value o.L, L-1-fte holders oJC- :Ciie
,evenue 1?o11..s may L4-,:)I-)oj-nL a new Trusce such to
eviciencou by la TIL-i-L-Cen jinst` rum en L or 4_
L r Lrm a n-' J . L- h e
Ci : -y Clei--',',-. if the maj; 0rimy -In -value of --he bmL_iers of ;Iae o -u L -
st,,nc_Am- "ETterv-or,-,s 1'011�is Shall :L ,,_2_I "-o a-, Vc-'c': a
T.7-J_Lhin Ch: rLy (30) c"ays a.k-ter Lho s,ame sh�LIli occur, ;--he C-iL
.i
Page 31
shall'
fort_ Oesignate a new Trustee by a written instruoment
filed in the office K the CQy Clerk. The ori final Trustee and
any successor Trustee shall file a wxitten acceptance and agree-
ment to execute the trust imposed upon it or them by this or6i-
nance, but only u?on the terms and conditions set forth in this
ordinance and subJect to the provisions of this ordinance, to all
O wh--'..ch the respective holders of the bonds 2,2;ree. -,uch wr-1-t-Lon
acceptance shall be AlK with the City :ler';. and a copy thereof
shall be placed in the bond transcript. Any successor Trusne
Shall have all the powers horein granvs6 to the original Trustee.
It is understoK an? agree6 by the City and the boncholo ars
that the same institution must in all cases he both Trustee anc.,'
2aying Agent.
Section 26. That vhen the bon6s herein authorized to
be issued have been execute& by the Mayor and City Clerk and the
seal of the City impressed, as herein providN, they shall be
6elivered to the Trustee, which shall authenticate them an& de-
liver them Co the Company upon conveyance by the Company to the
City of the complete Waterworks System ownei by the Company in
the City of Batesville, Arkansas, and upor,-,)a-yTmen;- in cri.iii of
the difference between the consideration paia by the City to the
Company for the Waterworks and $735,000, plus accrued interest
from the date of bonds Co the Ote of oelivery.
The accrued intcrest shall be remintK to the Trensurer
for deposiL in the 1561 Waterworks levenue Bon6 Fund am the
balance of the cash receive6 shall be remitted to the Treasurer
and Q?osited in trust with a bank that - ,* -s of the
2 _-'s e -,) 2
Del�:)os-'LL Insurance Corporat'..on, sC; aici �,_-Dosiz to be sec,,_lrecji by lboc,.-',
or other direct or fully guaranLao_d OIL— ions of the United
States of America, or by a corporate surety bond satisfactory to
the Trustee, and said deposit shall be disbursed solely in payment
Of the obligations o. -LE' the City under the '-Purchase ,reei-,Ient dated
..ugusL 10, 1961 a-nc.' in pay,-:ient of the cos- t -i of !--e cons trucl-I on oJ
I V
CI
betterments an' im--,)rovei,.qen�:s to -he terwor-1-s
ions, C I U c'I J -rI c
n a e r 2_1 nc, --al �,.nd other necess.--iry e-.i-,Densos inc:_�en(_.-1 '+.=o -'- h
OUrChase and to the constrtictIon art. c`,' to the -issuance, of the "ion = s
The cost O the constraction o_^ tine e,--,tc'nsjoj-js, be, tlents
i-TiVorovements to Lhe L-.�'ystem sh-11 -L)e OnI.- on v-arr--n-ts
chec',s
or vouchers cl
signec' by the Tref-suror an.-' 1:),,, one .-h= o-_,rson cles:t_-_
1 1 7
n_ --ted by the _1,7_--terworI:s Coni-.,i-Lssion brie '1-,7
the natt_re
Of the disbursement or excoonfliture an,!to -v:Aho, is to be
C1
L)
anc! acco-m-),2,n-j_edf by a certi::icIt- si, nek I- the for su.ch
j
cons! --ruction that an obli-aLion in a 0mc..'loun," hs I een n crr r c-,
_,_,nd to whom such obli-�-�iti_On IS
no such cen--L_J_Jcai-e
r, a S
1 e e
sh,:,ll be requilre6 be-L'orc -)aymen,-_ of e i i rove r n, .mac'? s e
Or L -he Cost: 01 issLIin-- 1:11-10 onds
ILnce rem-,D)-n-incr
a ter the compleL-J-on oZ the uischar,2 OF the ty s ohli--itions
n 6. -3 .;:;z 0. r
under said 2urchase, ..1-greem,�-n-L ('c -"C-06 19
the com-oleL`Lon of Lhe cons Lruct-ion o,:-* �rtenS4
t,10 _-Lons, beLLtorinonLs
and iim1 )rovements to the `v7_terworks shall be pa? -�Id Lo the '17re2surer
for the account o,"_ the Cit-- and c_Ie,-)os in the 1961
aevenue mond Fund.
_Q - 'I
e
,�:j
1j
C., ecrion 27. 1-ioneys heli: -J-7
or id -,.e c-,�1..-;
e -L L of
any
func� may, at the opti on of the Ly, " C e
L%e, P-ves,',---' mcd rcinv, st.a�
C.
by the City in Lirect obliations o-!'-"
she princi-,-)al
or o7D 1 J`,.,�,,at ions,
Of an -"interest on which re unccnCei-.,,--.2-on"L-i-y by, the
Unitec_!. States GovemmenLl which sh-all or shall La -
Subject to redemption by the hol(-';er thereof
LLL the oPtion of suci'i
hoL:;'er, not later than the L'IaLe or clai:es x,.7hen the lirloneys helct'
for the cre6i� of a -.particular `uncl x.,,ill ble- requllxec I i for the
pur-pose int -ended
(b) The obl"i-ations so ptxchaseL'as an Lwestr-,ien,
c- oE
I
moneys -.1--n any such fund shall be -placed in the custolu.y of: the C`_,'-1
Ireasurer and shall be deemed at ali -1im-es to -De L, -.-)art of such
-D.tnd m6 the -interest accruinrl thereon an-ai any )rof-lic realJ2;ec.
from such J.nvest-imenL shall be ere -4 Le(-,
to such fund, alici. any
loss resulLin.-, "Erom such investment shall 'f --;e ch,reed to such -E-Linc-1.
(I
�,ection 2"That in the evenL the ok`Fico o__F !,Ioyor,
C', -Ly Clerk, C--"''--,\7 Treasu.r,2r or Co,,nicil- shall Ibe adbolishe,,[,
or any two or more o -f- such offices shall IIJOI _MerC),21_. or conso
r:w-I �-p
or -In the event the duties of a ;),art-1-cular office shall r a, -n s -
-a r re to another o'H-Lce or of-27-iccr or -I.n L. -,e event o':
in :any such o .,_Cice, by reason of remov,,:.11 from,
L
-
7 -
HC'. Or 0flCr� -S` -.72 , or "gin -lie evenL any s-c�ch o`__J'._cer s1n.,11
L -'
ca,?able of performin��- -the uties o. -L" h4S o:C 7,),7 reason o
L
:�tbsence -L7ro-.,-.a Lho City or oLher.w-A_s,:2,
jTI:j;-)oL,;e6 ;-1;-)on smcii o,--�-jc,,� or of—
C e
C_
C 0`7 0 L C -he
, 1111 0 G.f C.-
-fie I-o),al o "o
0
s u c1i o N 2,, e r c� o 21, o n, S j - I C s "',-0
e c
to
-z`or One i'-fis. on
144W
o-'
Co"UT-IC-11-
'_ne cl-tY of
oC
C
Mayor
I%W
Pae 36
D
Section 30. That the provisions of this ordinance shall
constitute a bindin-7 contract between the City and the holders of
the outstanding bonds and coupons issued hereunder, and the City
will at all times strictly adhere to the terms an(I provisions
hereof and fully discharge all of its obligations hereunsf.er. Sub -
C)
ject to the terms and provisions cont-,'Zineld
in this section and
not otherwise, the holders of not less 'zh'�Ln seventy-five -,-)er cent
(75%) in aggregate principal amount of the bonds than outstanding
shall have the ri ght, from time to -time
1:) - , anything contained in
this ordinance to the contraryro-r-w:Lthst,--in(lin,-, L -o consent to
and approve the adoption by the City of such ordinance supple-
mental hereto as shall be necessary or desirable for the purpose
of modifying, altering, amending, adding to or rescinding in
LD 0)
any particular, any of the terms or provisions contained in this
ordinance or in any supplemental ordinance; provided, however,
that nothing herein contained shall permit or be construed as
permitting (a) an extension of the maturity of the principal of
or the interest on any bond issued hereunder, or (b) a reduction
in the principal ,Mount of any bond or the rate of interest thereon,
or (c) the creation of a lien upon or a pledge of revenues other
than the lien and pledge created by this or6.inance, or (d) a
privilege of priority of any bond or bonds over any other bond or
bonds, or (e) a reduction in the a—re,--ite principal e,.mount of the
bonds required for consent to such supplemental ordinance.
CM
Page 37
Section 31. That the System, during, the construction
and after the completion o"f the herein au,thorjzed' extensions,
betterments and improvements, shall be under the custody of ,and
shall be operated, maintained and the revenue therefrom collected
Linder the supervision of�2 Waterworks Commission compose& of
three (3) members. Of the original three (3) members, one shall
serve for a term of four (4) Ve�-_lrs, one J -'-:or a term of six.
J - (6)
yee-ors and one for a term of eight (8) years. Each successor
C, I
member appointed shall serve for 2, term of eicht (8) years or
until his successor is appointed and qualified. The original
commissioners shall be appointed by the Mayor and confirmed by
a two-thirds (2/3) vote of the duly electedl --and, qualifi-ed members
of the City Council. Upon the expiration of the terms of the
original commissioners, their successors shall be a?pointed by the
two remaining commissioners, subject to i' --he a-pproval of two-R1_-hJr'
I '. - U, S
(2/3) of the
duly
elected
and
qualified members
of -the City Council.
In the event
of a
vacancyon
I
the Commission, it L
shall be filled in
the following manner: The two remaining Commissioners will a-Q,3o-1.nt
a member subject to the ap-proval of ti,7o-thirds (2/3) of the c.-itily
elected and quallf-led members of the C4,
:Y C01-1,11cil to fill sLich
vacancy. ZU1 members shall make and file with the City
J
curlthinten (10) days of theiraippoin-Lanent, the oath of office
required by law of public o. -LC
ficials in the State of krkansas.The
Commissioners shall have the powers, 31uthority and obligations
specified by the al:)91--1cable laws of theiJ tate
of Arkansis
. , in-
cl&tin- without limitation Act 215 of Lhe_ ".Ictos of the Gena
C,
L
sse"Ibly of the State of "'.rkansas for the year 1937, as
low
Page 38
is hereby appointed and confirmer-7.
to serve for a term of four (4) years,
is hereby appointed and confirmed to serve .'ror a term of s-, (6)
A'
ve,cars ; and
is hereby appointed and, con-
f1-rined to serve for a ter -in of ei3ht (G') years.
Section 32. That this oreinance shall not create any
right of any kind and no right of any kind shall arise hereunder
pursuant to it until the bonds authorized by this ordinance shall
be issued and delivered.
Section 33. That the provisions of this ordinance are
hereby declared to be separable and if any provision shall for any
I
reason be held illegal or invalid, it shall not affect the
Validity of the remainder of the ordinance.
Section 34. That all ordinances and resolutions and
parts thereof in conflict herewith are hereby repealed to the
extent of such conflict.
Section 35. That it is hereby ascertained and declared
r:
that the best interests of the inhabitants of the City of Batesville
would be served if the waterwor'Lrs facilities servinc- the i%-cre
17) City - 11
acquired by the City amJ' operated as a rlwalicipal Linder Laking, am".
that said waterTxTorl.�s facilities are ini-adequate, thus endangerinl-
the life, health and safety of the inhabit:a.nts and their pro�,)ert-y,
and that said waterworks facilit-Les can be acquired and needed
e -N -Lens ions) betterments sand im-?rovement-s constructed so as to serve
the best interests of the inhabitants and toalleviiate. said,. hazards
Pa -e 39
0
only by the issuance o --F the Revenue Bonc-"s authorizer -I h--reb-,,-.
itiv, therefore, cieclared that an emergency e-,,--ists and this
ordinance bein, necessary for the imrtiediate ?reservation of the
public peace, health and safety shall e affect anf, be in force
fra.,-,q and after its p,:Issa---e.
C.)
PASSEDQt/a-F""("('`
1961.
-1
.-PPIT IOT-, D:
ATTEST:
(SE .(. A �L )
M,.-)yor
I
'tow
41
CERT IF I C T 17,
STATE OF AR1K,!jqSAS
COUNTY OF INDEPENDENCE)
The undersigned
0 2 C' Y CI e- rk Of 'L: by C i 37 o KE B a, t- e s v IL e
lxkansass., hereby certifies that th2ore-oill, 1�
- �Z� 0 �. ages , nuii -
bered I to 39, inclusive, are a true and correct copy of
Ordinance No.
adopted at a
_��et ,
co
session o]C- -the CiL37 Counil -c
L -he CjL-,-1,- p,
t 7L- 01 batesville, Arkan-
sa-S, held at
in sai c
ity a t
loc', on the 6-Y of /(L
1961, and that thesaid ordinance is
o2 record in Ordinance
Record Boole No. at
noT,7 in my
Possession.
GIVEN undor my hand and seal on may oi:
L A-
1961.
FiL-ElD FOR [-_�E%-1QRD
OCT 1961
4DL$FqK AND ACOaRDEA
�Xy Clerk
(SEAL)
STATE OF ARKANSAS-
CountJndependence.
----------------------- ---- -----------
_ _� lvl"Idn rum
CERTIFICATE OF RECORD
ss.
I, ___:Va11aa___Hughe_S. .................
----------------------------------- Clerk of the Circuit Court and Ex -Officio
Recorder within and for the County aforesaid, do hereby certify that the annexed and foregoing
instrument of writing was filed for record in my office this 2)+tk- day of --- October ---- ------ A. D.
1961__, at -3--*30--- o'clock ---- P_ M., and the same is now duly recorded, with *the acknowledg-
ment and certificates thereon, in Record Book ---- F-6358 ThO 3Q7
------ Page - ------ I - - __ - of "feeds.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal of said
Court at my office in the City of Batesville, Arkansas, this --- ---- -- 2 - )+t1i ------------------ day of
October
------ 1 196--l-
Clerk
D. C.
By ------------------------------------------------ --- -------- -------------