The URL can be used to link to this page

Home My WebLink About704°err' �+rr► ORDINANCE NO. / I'-, -IZ AN ORDINANCE DIRECTING THAT THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF CONSTRUCTING A BRIDGE WITHIN THE CORPORATE LIMITS OF THE CITY BE SUBMITTED TO THE VOTERS OF THE CITY OF BATESVILLE, ARKANSAS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS the City of Batesville, Arkansas (called "City"), is a city of the first class; and WHEREAS after a proper investigation it has been deter- mined that in order to regulate traffic in downtown Batesville and reduce traffic hazards a bridge should be constructed between Broad Street and Bayou Street to span the Missouri Pacific Railroad tracks and Poke Bayou; and WHEREAS the City does not have the necessary funds needed for the proposed construction of said bridge but can obtain the same by the issuance of bonds under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas, subject to the approval of the electors; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Batesville, Arkansas: Section 1. That a special election be, and the same is hereby,called to be held in the City of Batesville, Arkansas, on the day of , 1964, at which election there shall be submitted to the electors of the City the question of issuing General Obligation Bridge Bonds under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas in an anount not to exceed $220,000 for the purpose of financing the cost of constructing a bridge between Broad Street and Bayou Street in the City, paying necessary expenses incidental thereto, paying the expenses of issuing the bonds, and providing debt service on the bonds until tax proceeds are available therefor. ter. Page 2 The bonds will be dated April 1, 1964, interest thereon will be payable semiannually on April 1 and October 1 of each year at a rate or rates to be hereafter determined and the bonds will mature serially on April 1 of each year as follows, but shall be callable for pay- ment prior to maturity upon such terms as shall be specified in the ordinance authorizing the issuance of the bonds and in the face of the bonds: YEAR AMOUNT 1967 $ 4,000 1968 4,000 1969 4,000 1970 4,000 1971 5,000 1972 5,000 1973 5,000 1974 6,000 1975 6,000 1976 6,000 1977 6,000 1978 7,000 1979 7,000 1980 7,000 1981 8,000 1982 8,000 1983 8,000 1984 9,000 1985 9,000 1986 10,000 1987 10,000 1988 10,000 1989 11,000 1990 11,000 1991 12,000 1992 121,000 1993 13,000 1994 13,000 Page 3 The bonds shall be sold at public sale after advertisement as pro- vided by Amendment No. 13 to the Constitution and shall bear interest at the rate fixed in the bid accepted by the City at said public sale. The bonds may be sold with the privilege of conversion to an issue bearing a lower rate or rates of interest. Section 2. That said question shall be placed on the ballot for the special election in substantially the following form: Vote on measure by placing an "XC' in the square above the measure either for or against. For the issuance of bonds under Amendment No. 13 for the purpose set forth below in an amount not to exceed $2203000 . . . . . . . . . . Against the issuance of bonds under �' mendment No. 13 for the purpose set forth below in an amount not to exceed $220,000 . . . . . . . . . . . . It is pro -posed -to issue City of Batesville, Arkansas General Obligation Bridge Bonds under Amendment No. 13 to the Constitution of the State of Arkansas in an amount not to exceed $220,000 for the purpose of financing the cost of constructing a bridge be- tween Broad Street and Bayou Street in the City of Batesville, paying necessary expenses incidental thereto, paying the expenses of issuing the bonds, and providing debt service on the bonds until tax proceeds are available therefor. The bonds will be dated April 1, 1964, interest will be payable semiannually on April 1 and October 1 of each year and the bonds will mature serially on April 1 in each of the years 1967 to 1994, inclusive. If the issuance of the bonds is approved by the electors there will be levied by the City Council a continuing annual tax in an amount sufficient to provide for the payment of the principal of and interest on the bonds. The bonds will bear interest at the rate or rates accepted by the City at the public sale of the bonds and the bonds may be sold with the privilege of con- version to an issue bearing a lower rate or rates of interest. Section 3. Page 4 That the election shall be held and con- ducted and the votes canvassed and the results declared under the law and in the manner now provided for municipal elections, so far as the same is applicable, and the Mayor shall give notice of such election by an advertisement published once a week for four (4) consecutive weeks in a newspaper having a bona fide circulation in 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 Batesville, Arkansas shall have the right to vote at said election on said question. Section 4. That the results of said election shall be proclaimed by the Mayor and such proclamation shall be published one time in a newspaper having a bona fide circulation in Batesville, Arkansas, which proclamation shall advise that the results as pro- claimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of such proclamation. Section 5. That the Mayor is authorized to advertise, in accordance with the provisions of Amendment No. 13 to the Constitution of the State of Arkansas, the public sale of the proposed bonds. Section 6. That a copy of this ordinance shall be given to the Independence County Board of Election Commissioners so that the necessary election officials and supplies may be provided. Section 7. That all ordinances and resolutions in conflict herewith are hereby repealed to the extent of such conflict. ® Page 5 v.r Section 8. That there is hereby declared to be an immediate need for the construction of a bridge between Broad Street and Bayou Street in the City of Batesville, Arkansas, in order to regulate traffic and reduce traffic hazards, and that said bridge construction can only be accomplished by the issuance of the bonds authorized hereby. It is, therefore, declared that an emergency exists and this ordinance being necessary for preser- vation of public health, safety and welfare shall be in force and take effect immediately after its passage. PASSED: %` 1964. APPROVED: i Mayor j ATTEST: S � r City Clerk (SEAL)