11044ORDINANCE NO. 119044
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF SEWER
REVENUE BONDS OF THE CITY OF LITTLE ROCK, ARKANSAS,
FOR THE PURPOSE OF CONSTRUCTING EXTENSIONS, BETTER-
MENTS AND IMPROVEMENTS TO THE SEWER SYSTEM; PRO-
VIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND
INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS by Ordinance No. 10365 of the Ordinances of the
City of Little Rock, Arkansas, the City of Little Rock, through
its Sewer Committee, authorized the construction of extensions,
betterments and improvements to the Sewer System pursuant to
plans and estimates of a duly qualified consulting engineer which
have been approved by the Sewer Committee, the City of Little
Rock, and which have been filed with the City Clerk; and
WHEREAS in order to finance the proposed extensions,
betterments and improvements, the City, by said Ordinance No.
10365 as supplemented by Resolution No. 2128, authorized the
issuance of $4,334,000 of 3 1/4 %2 3 1/2% and 3 3/4% Sewer Revenue
Bonds dated December 1, 1956; and
WHEREAS the Sewer Committee has made substantial progress
towards the construction of the authorized extensions, better-
ments and improvements, but has now determined, after due con-
sideration and after advice with its consulting engineer, that
the additional sum of $110,000 will be needed in order to construct
extensions, betterments and improvements immediately necessary for
the health, safety and welfare of the City and its inhabitants
and, so far as practicable, to provide outlets for those portions
of the City which cannot now reach the Sewer System, a report,
plans and estimates covering the same having been presented to
the Directors and having been filed with the City Clerk; and
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WHEREAS under the provisions of Section 18 of said Ordi-
nance No. 10365, Sewer Revenue Bonds to accomplish the desired
purposes may be issued on a parity with the outstanding bonds
authorized by Ordinance No. 10365 if the gross revenues derived
from the operation of the Sewer System for the preceding fiscal
year were sufficient in amount to provide for the annual costs of
operation, repair, maintenance and depreciation of the Sewer
System after the contemplated extensions, betterments and improve-
meets have been completed and placed in operation, and to leave
a balance equal to at least one hundred forty per cent (140 %) of
the maximum amount that will become due in any year for principal,
interest and service charges on all Sewer Revenue Bonds then out-
standing and the Sewer Revenue Bonds then proposed to be issued,
as certified by an independent certified public accountant not in
the regular employ of the City; and
WHEREAS there has been prepared and filed with the City
Clerk and with the Trustee of said outstanding December 1, 1956
Sewer Revenue Bonds issued under said Ordinance No. 10365, a
statement by an independent certified public accountant not in
the regular employ of the City reciting the opinion, based on
necessary investigation, that gross revenues derived from the
operation of the Sewer System for the preceding twelve months
were sufficient in amount to meet the above set forth requirements
for a parity bond issue; and
WHEREAS the Sewer Committee has recommended to the
Directors that Sewer Revenue Bonds in the principal amount of
$110,000 be authorized and, when sold, issued under the provisions
of Act No. 132 of the Acts of the General Assembly of the State
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of Arkansas for the year 1933 on a parity with the outstanding
Sewer Revenue Bonds authorized by and issued under Ordinance No.
10365 and Resolution No. 2128; and
WHEREAS after due consideration, the Directors have deter-
mined that it would be in the best interests of the City and its
inhabitants for said bonds to be authorized;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That under the authority of the Constitution
and laws of the State of Arkansas, including particularly Act
No. 132 of the Acts of Arkansas of 1933, City of Little Rock
Sewer Revenue Bonds are hereby authorized in the principal amount
of $110,000, the proceeds of the sale of which are necessary to
provide for the construction of extensions, betterments and im-
provements to the Little Rock Sewer System, including engineering,
legal and other necessary expenses incidental to the construction
and to the issuance of the bonds. The bonds shall be negotiable
coupon bonds payable to the bearer, with the interest on the bonds
to be evidenced by interest coupons, and the principal of and in-
terest on the bonds shall be payable in lawful money of the United
States of America upon presentation of the bond or proper coupon
at the office of The First National Bank in Little Rock, Little
Rock, Arkansas. The bonds shall be dated April 1, 1960 and interest
thereon shall be payable semi - annually on June 1 and December 1 of
each year commencing December 1, 1960. The bonds shall mature on
December 1 of each year as follows, but shall be callable for pay-
ment prior to maturity as hereinafter set forth:
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YEAR AMOUNT
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
$ 2,000
2,000
23,000
2,000
2,000
2,000
2,000
3,000
3,000
3,000
3,000
3,000
3,000
4,000
4,000
4,000
4,000
4,000
5,000
52000
5,000
5,000
6,000
6,000
6,000
63,000
72000
7,000
The Sewer Committee of the City of Little Rock is hereby
authorized to sell said bonds in such manner and upon such terms
as the Sewer Committee shall deem to be in the best interests of
the City of Little Rock. All expenses of the issue, including
without limitation, the publication expense, the expense of print-
ing the bonds, the Trustee's fee for authenticating the bonds, and
the fee of Mehaffy, Smith & Williams, Bond Counsel, Little Rock,
Arkansas, upon whose approving opinion the bonds Will be issued,
will be paid by the City.
Section 2. That the bonds may be sold with the privilege
of conversion to an issue bearing a lower rate or rates of interest,
said conversion, if any, to be in accordance with the Universal
Page 5
Bond Values Tables, upon such terms that the City receive no less
and pay no more than it would receive and pay if the bonds were
not converted, and the conversion shall be subject to the approval
of the Sewer Committee, the Trustee bank, and the Board of Directors
of the City. The action of the Sewer Committee in selling the
bonds shall be subject to the approval of the Board of Directors
of the City, which approval, if granted, shall be in the form of
an appropriate resolution. The bonds, so far as possible, shall
be in the denomination of $1,000 each, shall be numbered con-
secutively beginning with No. 1, and in its resolution the Board
of Directors shall set forth a schedule reflecting the maturity
of the bonds in numerical order on December 1 of each of the
years 1961 to 1988, inclusive, which schedule shall reflect the
yearly principal maturities, the semi - annual interest requirements
and the total requirements. Thereafter, the bonds of the issue'
so approved shall be executed on behalf of the City by the Mayor
and City Clerk and shall have impressed thereon the seal of the
City. Interest coupons attached to each of said bonds may have
the facsimile signature of the Mayor lithographed or printed
thereon, which signature shall have the same force and effect as if
he had personally signed each of the coupons. The bonds, together
with interest thereon, shall be payable solely out of the 1956
Sewer Revenue Bond Fund created by Ordinance No. 10365 and presently
being maintained, and shall be a valid claim of the holders thereof
only against such fund and the amount of revenues pledged to such
fund, which amount of said revenues is hereby pledged and mort-
gaged for the equal and ratable payment of the outstanding City
of Little Rock Sewer Revenue Bonds dated December 1, 1956, and
t , I I
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issued under Ordinance No. 10365, and the bonds authorized and
issued hereunder and shall be used for no other purpose than to
pay the principal of and interest on said bonds and the Paying
Agent's fees, except as may be hereinafter specifically provided.
The bonds and interest thereon shall not constitute an indebtedness
of the City of Little Rock within any constitutional or statutory
limitation.
Section 3. That it is hereby determined and declared
that the requirements of Section 18 of Ordinance No. 10365 of the
Ordinances of the City of Little Rock, Arkansas, have been fully
satisfied and complied with and that, therefore, the bonds
authorized hereunder shall be issued on a parity with the out-
standing City of Little Rock Sewer Revenue Bonds dated December 1,
1956, and shall be secured equally and ratably by the revenues
pledged thereto as herein specifically provided.
Section 4. That the bonds and coupons shall be in sub-
stantially the following form:
y
No.
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UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
% SEWER REVENUE BOND
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, County of Pulaski and State
of Arkansas, acknowledges itself to owe and, for value received,
hereby promises to pay to bearer solely from the special fund
provided as hereinafter set forth the principal sum of
DOLLARS
in lawful money of the United States of America upon the first day
of December, 19 , and to pay solely from said special fund in-
terest hereon at the rate of
per cent (_ %)
per annum from date, semi- annually on the first day of June and
December in each year commencing December 1, 1960, upon presenta-
tion and surrender of the annexed coupons as they severally become
due. Both principal and interest of this revenue bond are made
payable at the office of The First National Bank in Little Rock,
Little Rock, Arkansas.
to
This bond is one of a series of
( ) revenue bonds aggregating
Dollars
), dated April 1, 1960, and numbered from one (1)
( ), inclusive, all
of like tenor and effect, except as to number, denomination, rate
of interest and maturity, and are issued for the purpose of pro-
viding for the payment of the cost of extensions, betterments and
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improvements to the Sewer System of the City of Little Rock,
Arkansas.
This bond and the series of which it forms a part are
issued pursuant to and in full compliance id th the Constitution
and laws of the State of Arkansas, particularly Act No. 132 of
the Acts of Arkansas of 1933, and pursuant to an Ordinance of the
Board of Directors of the City of Little Rock, Arkansas, duly
adopted and approved, and do not constitute an indebtedness of the
City of Little Rock within any constitutional or statutory limita-
tion. The bonds are not general obligations of the City of Little
Rock, but are special obligations payable solely from revenues de-
rived from the operation of the Sewer System. The bonds are
issued on a parity with the outstanding bonds of an issue of City
of Little Rock Sewer Revenue Bonds dated December 1, 1956, and
issued under Ordinance No. 10365 of the Ordinances of the City
of Little Rock. The bonds will be payable from the "1956 Sewer
Revenue Bond Fund ", created by Section 11 of said Ordinance No.
10365 and presently being maintained, and the amount of revenues
pledged to said special fund, in the manner provided in Ordinance
No. duly adopted and approved on the day of ,
1960, under which this bond is authorized to be issued, and the
City has established and has covenanted and agreed to maintain
rates for sewer services which shall be sufficient at all times
to provide for the payment of the reasonable expenses of operation,
repair and maintenance of the Sewer System, for the payment of
the principal of and interest on all outstanding Sewer Revenue Bonds,
including the bonds of this issue, as the same become due and pay-
able, and to provide depreciation funds for necessary replacements.
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The lien of the bonds of this issue and the lien of the bonds of
the December 1, 1956 issue, with which the bonds of this issue
are issued on a parity, is subject to the lien of the outstanding
bonds of a Sewer Revenue Issue dated December 1, 1935.
Reference is hereby made to Ordinance No. , under
which this bond is authorized to be issued, for a statement of
the pledges and covenants of the City and of the rights and obliga-
tions of the City, the Trustee and the bondholders. Under the
provisions of said Act No. 132 of 1933 a lien is fixed upon the
land for any unpaid sewer charge, even though the use of the
Sewer System is by a tenant or lessee instead of the owner, and
pursuant thereto the City has agreed that suit will be brought to
enforce the lien and to collect unpaid sewer charges.
This bond is expressly made negotiable under Act No. 132
of the Acts of Arkansas of 1933 and is issued with the intent that
the laws of the State of Arkansas shall govern the construction
thereof.
The bonds of this issue snall be callable for payment prior
to maturity in inverse numerical order at par and accrued interest
on any interest paying date from the unexpended proceeds from the
sale of the bonds not needed for the construction of the authorized
extensions, betterments and improvements and from surplus sewer
revenues. On and after December 1, 1966 the bonds shall be call-
able in inverse numerical order at par and accrued interest on
any interest paying date with funds from any source. Notice of the
call for redemption shall be published once a week for two weeks
in a newspaper published in the City of Little Rock, Arkansas, and
having a general circulation throughout the State of Arkansas,
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giving the number and maturity of each bond being called, the first
publication to be at least fifteen 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.
This bond shall not be valid until it shall have been
authenticated by the certificate hereon duly signed by The First
National Bank in Little Rock, Little Rock, Arkansas.
It is hereby certified, recited and declared that all acts,
conditions and things required to exist, happen and be performed,
precedent to and in the issuance of this bond, have existed, have
happened and have been performed in due time, form and manner, as
required by law; that the indebtedness represented by this bond and
the issue of which it forms apart does not exceed any constitutional
or statutory limitations; and that sufficient of the income and
revenue which is deemed to be derived from the operation of the
Sewer System has been pledged to and will be set aside into said
special fund for the payment of the principal of and the interest
on the bonds.
IN WITNESS WHEREOF, the City of Little Rock, Arkansas, by
its Board of Directors has caused this bond to be signed by the
Mayor and the City Clerk and sealed with the corporate seal of the
City, and has caused the coupons hereto attached to be executed by
the facsimile signature of the Mayor, all as of the first day of
April, 1960.
CITY OF LITTLE ROCK, ARKANSAS
By
(SEAL) City Clerk
Mayor
No.
Page 11
(Form of Coupon)
June
On the first day of December, 19 the City of Little
Rock, Pulaski County, Arkansas, unless the bond to which this coupon
is attached is paid prior thereto, hereby promises to pay to bearer,
solely out of the fund specified in the bond to which this coupon
is attached,
DOLLARS
in lawful money of the United States of America at the office of
The First National Bank in Little Rock, Little Rock, Arkansas, being
six (6) months' interest then due on its Sewer Revenue Bond,
dated April 1, 1960, and numbered
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
On each bond shall appear the following
CERTIFICATE
The First National Bank in Little Rock, Little Rock,
Arkansas, hereby certifies that this is one of a series of bonds
described herein aggregating $ numbered from 1 to ,
inclusive, all of like tenor and effect except as to number, de-
nomination, rate of interest and maturity.
THE FIRST NATIONAL BANK IN LITTLE
ROCK, LITTLE ROCK, ARKANSAS
0
Little Rock, Arkansas
, 1960
Authorized Signature
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Section 5. (a) That the rates presently charged for the
services of the Sewer System as heretofore fixed by the City and
presently in force and effect, and the conditions, rights and obli-
gations pertaining thereto, heretofore specified in the Ordinance
fixing said rates, are hereby ratified, confirmed and continued,
and shall be applicable to the services of the extensions, better-
ments and improvements after their construction.
(b) That the City covenants and agrees with the holders
of the bonds and the coupons that said rates will produce a total
revenue sufficient to pay the operation, repair and maintenance ex-
pense of the Sewer System, to provide for the payment of the principal
and interest on all outstanding Sewer Revenue Bonds, including the
bonds of this issue, as the same become due and payable, the Paying
Agent's fees, and to provide adequate depreciation funds for neces-
sary replacements to the Sewer System. And, the City covenants
and agrees that said rates shall, from time to time when necessary,
be increased to an amount sufficient to provide for the above set
forth purposes.
(c) That the City further covenants and agrees that said
rates shall never be reduced, while any Sewer Revenue Bonds are out-
standing, unless there is obtained from an independent certified
public accountant not in the regular employ of the City a written
opinion, based upon the number of customers appearing from the
audit of the independent certified public accountant for the then
next preceding fiscal year, that the proposed new rates will produce
sufficient revenue to provide for the cost of operation, repair
and depreciation of the Sewer System for the then next succeeding
fiscal year and leave a balance equal to at least one hundred forty
Page 13
per cent (140 %) of the maximum amount that will become due in any
year for principal, interest and service charges on all Sewer
Revenue Bonds then outstanding.
(d) That none of the facilities or services afforded by
the Sewer System shall be furnished without a charge being made
therefor. In the event that the City or any department, agency or
instrumentality thereof shall avail itself of the facilities and
services afforded by the Sewer System, the reasonable value of the
service or facilities so afforded shall be charged against the
City or such department, agency or instrumentality and shall be
paid for as the charges therefor accrue. The revenues so received
shall be deemed to be revenues derived from the operation of the
Sewer System and shall be used and accounted for in the same manner
as the other revenues derived from the operation of the Sewer System;
provided, however, that nothing herein shall be construed as re-
quiring the City or any department, agency or instrumentality
thereof to avail itself of the facilities cr services afforded by
the Sewer System.
Section 6. That nothing in this ordinance shall be con-
strued to in any manner impair any rights of the holders of the 1935
Sewer Revenue Bonds of the City of Little Rock and the lien of the
bonds herein authorized on the revenues of the Sewer System, and
the lien of the bonds of the December 1, 1956 Sewer Issue,with
which the bonds of this issue are issued on a parity, shall be sub-
ject to the lien of the outstanding bonds of said December 1, 1935
issue as long as any of said bonds are outstanding and unpaid.
But after the bonds of said December 1, 1935 issue are paid, the
lien of the bonds of this issue and the lien of the bonds of the
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December 1, 1956 issue with which the bonds of this issue are issued
on a parity, shall constitute a first claim upon the net revenues
of the Sewer System (net revenues being gross revenues less the
reasonable expenses of operation, repair and maintenance of the
Sewer System).
Section 7. (a) That the provisions, covenants, under-
takings and stipulations for the operation of the Sewer System and
for the imposition, collection and application of revenues from
such operation, including, without limitation, all provisions,
covenants, undertakings and stipulations setting forth and pertain-
ing to the rights, duties and obligations of the City, the Trustee,
and of the bondholders, as set forth in Ordinance No. 10365 of the
Ordinances of the City of Little Rock, Arkansas and Resolution
No. 2128 of the Resolutions of the City of Little Rock, Arkansas,
pursuant to which the City of Little Rock Sewer Revenue Bonds dated
December 1, 1956, are presently outstanding, as said Ordinance or
said Resolution may have been heretofore or may be hereafter amended,
shall inure and appertain to the bonds herein authorized to the
same extent and with like force and effect as if herein set out in
full, except only insofar as the same may be specifically incon-
sistent to any of the provisions of the ordinance. In particular,
and again without limitation, the provisions of said Ordinance No.
10365 creating and dealing with the "Sewer Fund ", the "Sewer Opera-
tion and Maintenance Fund ", and "1935 Sewer Revenue Bond Fund ", the
111956 Sewer Revenue Bond Fund ", and the "Sewer Depreciation Fund"
are all hereby ratified, confirmed and continued with respect to
the bonds of this issue.
(b) That it is hereby covenanted and agreed that the
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required monthly payments into the 1956 Sewer Revenue Bond Fund
shall be increased in an amount necessary to provide funds for the
payment of the principal of and interest on the bonds herein authorized
as they mature according to the schedule to be set out in the Reso-
lution approving the sale of the bonds, and to increase the amount
in the reserve for contingencies to the maximum amount that will
become due in any year for principal and interest on all outstanding
bonds, including the bonds of this issue. To the end that adequate
provision be made for the payment of the principal of and interest
on the bonds authorized hereby and the Paying Agent's fees, and to
the end that the reserve for contingencies may be increased to the
required amount, the additional monthly deposits into the 1956
Sewer Revenue Bond Fund shall equal one -fifth (1/5) of the next
installment of interest and one -tenth (1 /10) of the next install-
ment of principal of the bonds herein authorized, plus an amount
sufficient to pay the Paying Agent's fees, until the amount in the
reserve for contingencies shall be equal to the maximum amount
that will become due in any year for principal and interest on all
outstanding bonds, including the bonds of this issue. After said
reserve for contingencies has been increased to the required amount
and so long as it is maintained in the required amount, the addi-
tional monthly deposits into the 1956 Sewer Revenue Bond Fund shall
equal one -sixth (1/6) of the next installment of interest and one-
twelfth (1/12) of the next installment of principal, plus an amount
sufficient to pay the Paying Agent's fees.
Section 8. That the bonds shall be subject to call for
redemption prior to maturity as set forth in the bond form in Sec-
tion 4 hereof.
Page 16
Section 9. That the provisions of Section 18 of Ordinance
No. 10365 shall govern the issuance of additional bonds to finance
or pay the cost of constructing extensions, betterments and improve-
ments to the Sewer System, except that the reference in said Sec-
tion 18 of Ordinance No. 10365 to "bonds of this issue" shall be
construed to mean the bonds of the issue authorized by Ordinance
No. 10365 and the bonds of the issue authorized hereby.
Section 10. That the Trustee shall be The First National
Bank in Little Rock, Little Rock, Arkansas, and said Trustee shall
be responsible only for willful wrong in the execution of its trust.
IThe recitals in this Ordinance and in the face of the bonds are
the recitals of the City and not of the Trustee. The Trustee shall
not be required to take any action as Trustee unless it shall have
been requested to do so in writing by the holders of not less than
ten per cent (10 %) in principal amount of the Sewer Revenue Bonds
then outstanding and authorized hereby, and shall have been offered
reasonable security and indemnity against the costs, expenses and
liabilities to be incurred therein or thereby. The Trustee may re-
sign at any time by ten (10) days' notice in writing to the Sewer
Committee and the majority in value of the holders of the outstanding
Sewer Revenue Bonds issued hereunder at any time, with or without
cause, may remove the Trustee. In the event of a vacancy in the
office of Trustee, either by resignation or by removal, the majority
in value of the holders of the outstanding Sewer Revenue Bonds issued
hereunder may appoint a new Trustee, such appointment to be evi-
denced by a written instrument or instruments filed with the
Sewer Committee and the City Clerk. If the majority in value of
the holders of the outstanding Sewer Revenue Bonds issued hereunder
Page 17
shall fail to fill a vacancy within thirty (30) days after the same
shall occur, then the Sewer Committee shall forthwith designate a
new Trustee by a written instrument filed in the office of the
City Clerk. The original Trustee and any successor Trustee shall
file a written acceptance and agreement to execute the trust imposed
upon it or them by this ordinance, but only upon the terms and con-
ditions set forth in this ordinance and subject to the provisions
of this ordinance, to all of which the respective holders of the
bonds agree. Such written acceptance shall be filed with the Sewer
Committee and with the City Clerk and a copy thereof shall be placed
in the bond transcript. Any successor Trustee shall have all the
powers herein granted to the original Trustee.
Section 11. (a) That when the bonds herein authorized
to be issued have been executed by the Mayor and City Clerk and
the seal of the City impressed as herein provided, they shall be
delivered to the Trustee which shall authenticate them and deliver
them to the purchaser upon payment in cash to the Trustee of the
purchase price thereof and accrued interest from April 1, 1960 to
the date of delivery and with reference to the purchaser and the
purchase price, the Trustee may rely upon a letter of instructions
signed by the Mayor and the City Clerk.
(b) The accrued interest shall be remitted to the City
Treasurer, and the City Treasurer shall deposit said amount in the
1956 Sewer Revenue Bond Fund. The balance of the proceeds of the
sale of the bonds shall be remitted to the City Treasurer and the
City Treasurer shall deposit said amount in the "Construction Fund"
created by Section 26 of Ordinance No. 10365 and presently being
maintained. The provisions of Section 26 of Ordinance No. 10365
Page 18
pertaining to expenditures and disbursements from the Construction
Fund shall be fully applicable to the proceeds of the sale of the
bonds of this issue deposited in said Construction Fund. When the
construction of the extensions, betterments and improvements has been
completed and the required certificates and opinions pertaining
thereto, as set forth in said Section 26 of Ordinance No. 10365 have
been filed, any remaining balance in the Construction Fund attributable
to the proceeds of the bonds of this issue may be used for the call-
ing of-bonds of this issue for payment prior to maturity or may be
transferred to the Sewer Fund as shall be directed by the Sewer Com-
mittee. The provisions of Section 27 of Ordinance No. 10365 per-
taining-to the investment of moneys in the Construction Fund shall
be fully applicable to the proceeds of the bonds of this issue de-
posited in the Construction Fund.
Section 12. That the provisions of this ordinance shall
constitute a binding contract between the City of Little Rock,
Arkansas, and the holders of the outstanding bonds and coupons issued
hereunder in accordance with the terms hereof and in accordance with
the terms of the bonds, and the City of Little Rock and the Sewer
Committee will at all times strictly adhere to the terms and pro-
visions hereof and fully discharge all of their obligations hereunder.
After the issuance of any of the bonds authorized hereby no change,
variation or alteration of any kind in the provisions of this ordi-
e
nance, except upon the prior written approval of the holders of
all of the outstanding bonds issued hereunder, shall be made until
such time as all of said bonds issued hereunder and the interest
thereon have been paid in full.
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Section 13. That this ordinance 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 14. That if any provision of this ordinance shall
be for any reason held illegal or invalid, such holding shall not
affect the validity of the remainder of the ordinance.
Section 15. That Ordinance No. 10874 passed and approved
on the 1st day of December, 1958 is hereby repealed and all other
ordinances and parts of ordinances in conflict herewith are hereby
repealed to the extent of such conflict.
Section 16. That it is hereby ascertained and declared
that the lack of adequate sewer facilities to serve the City of
Little Rock and all of its inhabitants constitutes an immediate
hazard to the life, health and welfare of the inhabitants of the
City, and that the needed extensions, betterments and improvements
can be completed only by the issuance of the revenue bonds authorized
herein. It is, therefore, declared that an emergency exists and
this ordinance being necessary for the immediate preservation of
the public peace, health and safety shall take effect and be in
force from and after its passage.
ATTEST:
( SEAL)
PASSED:
City Clerk
March 21
, 1960.
Mayor