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ORDli"ANCE iu0. jr3 /6.
i I ; ING aY6TS ig6i 6ERVI dG
F 1H. vOlas.i'' �UCTIOid Or' � iilivii .rhTER SUrPI,Y
PROVI.JING POE THE ISSUa. CE UNi)Ei� THE P
C UI61 TIOii up TIL:
THE CI TY .AND POR
6Y� Ti IVi r` Oii THE CITY;
,iOVI 6I ONS OF �.0 {i 131
Oil THE hC TS 01.' THE' GE- iaEiZT, iL Si6I ABLY Or' 1933, "S rNii,NDED,
O ' rra TLxi 'L'EVEITUE bOiIDS Ot' THrs CITY, Pt1Yai ..-UE > OLD LY --ROM
_.EV NU.&S , TO 2.i--Y HE COSri' Ut' aU(; H 2Ut�CH.�'6E -,ND O:r'
fY ti {'7 1 {l i T. - f. ] _, ,.•. 7 ('1_-'__` C 1 -,ty
JVv culdaliUC�ION; IXI G _:x � yOn y +el�.l� i0 BE u��illiii 73;
` H � �CU I Od id ) II V i Y OP a TRUST
T P: L O VI I ii CT -o o: a J
IIG 'HL BW Da ; .1R)VI DI IG - Or: THE C ��x'±'I ON Iiv;JE IUt aECU
y' 0 ' CLiiThIid 'Uiiv,�; nIL) -JEUL�ING is.N "M -,RGENCY.
Hldi, the City council of The City of Little
dock (hereinafter sometimes called the council) has
determined to purchase the existing waterworks system now
serving the City and all -real property, rights -of -way,
franchises, easements and all other property, tangible or
a
intangible, appurtenant to such system (hereinafter
k,
• sometimes collectively called the existing waterworks
system) , and to construct an impounding reservoir on glum work
in .;aline younty, ,,rhansas, and supply inains connecting the
reservoir with the existing waterworks system, and other
inc icl ent,,.l thereto nd
improvements necessary to furnish to the City a new water
supply ( hereinafter sometimes collectively called the new
water supply system) , urider the provisions of .ct 131 of the
+ -_cis of the General _ssembly of 1933, as amended by ,icts 3,
96 and 107 of ;,he ,.cts of the General -- ssembly of 1935 r
(he �einaafter sometimes collectively called - -ct 131 of 1933
`1 as amended); and
+H � t�:
Action 1. Under the authority of act 131 of 1933
as amended, the issuance of ; ix Eillion jive Hundred Anety
;thousand 0;6,590,000) Dollars jater r=evenue 4; Bonds of The
0ity of Little stock (herein called the bonds) is hereby
authorized, said bonds to be in the denomination of One
yhousand (01,000) Dollars each, numbered 1 to 6,590, inclvsive,
to be �ated as of the first day of Zebruary, 1936, to bear
interest at the rate of your (Q per centum per annum, payable
semi - annually on the first ways of 2ebruawy and rugust in
each year, and to mature annually, February 1, as hereinafter
set forth. The principal ana interest of said bonds shall be
payable at the principal office of the Quaranty 'jrust Company
of 1: ew Tort, in the Borough of Lanhattan, The City of A ew pork,
solely from the special fungi_ provided therefor as hereinafter
set forth.. aaid bonds shall be signed by the Mayor and City
Clerk and sealed with the corporate seal of the City, and
the interest coupons thereto annexed shall be executed with
the facsimile signatures of said officers. 6aid bonds and
the interest coupons to be thereto annexed, and the certificate
of authentication by the Yrustee and the registration
endorsement on the bonds, shall be in substantially the forms
set forth in the form of Trust Indenture hereinafter mentioned
and set :forth in full.
Section 2. Water Aevenue 4% Bonds in the aggregate
principal amount of your Million ninety thousand 04,090,000)
annually on lebrusry 1 in the years 190 to 11YAT
Dollars shall be numbered and shall mature as prescribed in
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Section 7 of ti-rticle I of said Trust Indenture, and the
proceeds of said :Four Million Ninety Thousand (y4,090,000)
Dollars bonds are hereby allocated to the payment of the cost
of purchasing the existing waterworks system and of engineer-
ing, legal and other expenses incident %o such purchase.
:;ec tion 3. Water revenue 4o Bonds in the aggregate
principal amount of Two billion five Hundred :Thousand
s_nr_uE.11y on r ebruary 1 in thA ye,_;rs 19159 to 1976 inclusive
(2,500,000) :dollars shall be numbered and shall mature as
prescribed in Section 8 of -.rticle I of said trust InUenture,
and the proceeds of said Two I,iillion rive Hundred 'Thousand
(;.2,500,000) collars are hereby allocated to the payment of
the cost of constructing the new water supply system and of
engineering, legal and other expenses incident to such
co- astruction.
; ection 4. Said eater yLevenue 4�6 Bonds shall be
registerable as to principal alone in accordance with the
terms of said bonds and of said Trust Indenture, and the
`'W Guaranty Trust Company of Ltiew York is hereby appointed and
designated Bond _iegistrar for the purpose of registering
said bonds.
6ection 5. In order to secure the payment of the
principal of and the interest on the hater 1�evenue 4�6 Bonds
at any time issued and outstanding, according to their tenor ,
purport and effect, and in order to secure the performance
and observance of all of the covenants, agreements and
conditions contained in said bonds and in said Trust Inden-
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ture, and to declare the nature and extent of the security
and the terns and con :Ations upon which the bonds are or may
4„ be issued, and to state the rights, duties and obligations
of the City and of the 'rustee, and the rights of the holders
of the bonds, and in consideration thereof and of the con-
siderations mentioned in the Trust Indenture, ano for the equal
and -ratable benefit and security of the holders and registered
owners of all of the bonds which are or may be issued, the
City does hereby authorize the 1:ayor and City Clerk to
execute under the seal of the City, and to deliver an
agreement or Indenture (hereinabove and hereinafter sometimes
terried the Trust Indenture) by and between the City, oarty
of the first part, and the Guaranty `'rust Qompany ofvew
York, asrustee, party of the second part, in substantially
the form of "-rust Indenture" hereinafter set forth in full.
aection 6. special fund is hereby created and
designated Mater Purchase hind, as provided for in said
•' Trust Indenture. Into said uyater Purchase fund there shall
( exclusive of e ccrued rote)-°est)
be placed the proceeds Hof all bonds issued for the payment
of the cost of purciasing the existing waterworks system
and expenses incident to such purchase, as provided in said
Trust Indenture. The moneys in said y'und shall be
deposited and disbursed only in the manner and for the
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purposes provided in said Trust Indenture.
Section 7. n special Puna is hereby created and
desi6nated ,later aupply u'ons true tion Fund, as provided for
in said Trust Indenture. Into said crater •)upply construction
(exclusiire of F ccrup.d intrrPst)
Fund there shall be placed the proceeds/ of all bonds issued
for the payment of the cost of constructing, the new water
supply system and expenses incident to such construction, and
all Moneys received by way of grant from the United ;states or
from any other source for the construction of the new water
supply system. the moneys in said yund shall be deposited
and disbursed only in the manlier and for the purposes
provided in saia krust indenture.
section 8. >11 moneys paid as accrued interest on
bonds issued under this ordinance shall be paid to the
Sity treasurer and by him placea in the v+ater Revenue .Bonus
,und (hereinafter created) and applied to the payment of
interest payable on such bonds on the next interest payment
date.
erection 9. the riinimum rates for water furnished
by the waterworks system both before and after the completion
of the new water supply system, and until all of the ` ;Later
1-ievenue 4cp Bonds together kith all coupons appurtenant thereto
shall be paid or funds duly provided for such payment, are
hereby fixed at the rates prescribed in article III of said gust
Indenture.
erection 10. special fund is hereby created and
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designated �,ater Fund, as provided for in said Trust
Indenture. Into said Pater fund there shall be placed as
�w received all revenues derived from the operation of the
waterworks system. Such revenues are hereby pledged and shall
be applied to the payment of all grater Revenue 4(% Bonds
secured by said 'Trust Indenture and the interest thereon
and to the operation and fLaintenance of the waterworks
system and to providing an adequate depreciation fund, as
-provided in said 1'rust Indenture.
Oection 11. A special fund is hereby created and
designated Water nevenue Bonds rund, and the City Treasurer
shall pay from the Water Fund into said Water Revenue Bonds
Fund in monthly payments the amounts required to be paid by
Section 6 of ,Lrticle III of said Trust Indenture.
The amount required to be paid in each month from
the 'eater rund into the V'vater nevenue Bonds rund shall be
paid before any of the revenues of the waterworks system
received in the preceding month shall be used for any other
SMOOM
purpose. If the revenues of the waterworks system in any
month are insufficient to make the required payment on
the first day of the following month into the pater Revenme
Ands Vund, then the amount of any deficiency in the
payment made shall be added to the amount otherwise required
to be paid into the rater :revenue bonds 2u.nd on the first
day of the next month.
Section 12. a special fund is hereby created and
designated Water aystem depreciation 2und, and, as provided
in said Trust Indenture, the Gity Treasurer shall pay from
the eater 2und into said eater aystem oepreciation Bund on
the first day of each month while any of the 4ater Revenue
4 :ponds sect:.3:ed by said trust Indenture shall be outstanding,
a
beginning with the first day of tha month which is not Xmas
tham atsty &a7a nor more than ninety days after the delivery
of any of such bonds, five ( %) per centum of the
moneys remaining in the „ater Fund after makinE the payments
hereinabove required to be made to the :later Revenue Lords
'und. ;Moneys in the dater System _: epreciation Vund shall be
used solely for the purpose of paying the cost of replacements
made necessary by the depreciation of the waterworks system.
If any surplus shall be accumulated in the ,rater aystem
Depreciation Fund over and above the amount which shall be
necessary to defray the cost of probable replacements curing
ME
the then current fiscal year and the next ensuing fiscal
40 year, such surplus or excess may be transferred by the
Council and paid into the Viater revenue Bonds Fund; pro-
vided, hor „ever, that such transfer or payment into the
Yvater revenue zonds Fund shall be in addition to all other
payments hereinabove required to be made into said Vva.ter
Revenue Bonds Fund.
Section 13. x special fund is hereby created and
designated V�ater 6ystea Operation and itLa.intenance rund, and,
as provided in said `Crust Indenture, the City Treasurer shall
pay from the tivater Fund. into said hater Lyste, Operation and
aintenance rund on the first day of each month v.:hile any of
the dater revenue 4% bonds secured by said Trust indenture
shall be outstanding, beginning with the first day of a
month which is not more than ninety days after the delivery
of any of such bonds, the remaining ninety -five (95) per
i► centum of the moneys remaining in the water rund after making
the payments hereinabove required to be made to the V6ater Reve-
nue Bonds rund. 14oneys in the u'iater system Operation and Main-
tenance -Lund shall be used solely for the purpose of paying the
cost of operation and maintenance of the waterworks system.
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If any surplus shall be accumulated in the Aater
System Operation and Maintenance fund over and above the
amount which shall be necessary to defray the cost of
maintaining and operating the waterworks system during the
remainder of the then current fiscal year and the next
ensuing fiscal year, such surplus or excess may be transferred
by the City Council and paid into the "ater System Depreciation
;; and or into the eater Revenue :ponds jund as it may designate;
provided, however, that such transfer or payment into the
eater :-revenue :ponds fund shall be in addition to all other
payments here inabove required to be node into said eater
_;eve na.e 3onds Fund.
Section 14. -s provided in said !rust Indenture,
upon the happening, of any event of default specified in
section 2 of "rticle A of said !rust indenture, the principal
of all of the eater ?'.evenue ch Bonds then outstanding (if
not then due and payable) may be aeclared to be use and
payable immediately; provided, however, that such declaration
and its consequences may be rescinded and annulled upon the
performance of the conditions specified in ;section 3 of
said y_rticle VI.
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section 15. statutory mortgage lien upon the existing
waterworks system to be purchased and upon the new water
supply system do be constl °ucted shall exist in favor of the
holders of the .pater revenue 4 v Bonds and of the coupons thereto
al acned, which statutory mortgage lien tray be enforced as
provided by said !rust Indenture and by said �,ct 131 of 1933 as
amended.
Section 16. The aayor and City Clerk are hereby
authorized and directed to execute said 'hater Lievenue 4
Bonds in the Itlanner and form provided by said Trust Indenture
and in conformity with the provisions thereof to make the
following recital therein:
"611 acts, conaitions and things required by the
Constitution and laws of the state of ,Lrkansas to happen,
exist and be performed precedent to and in the issuance
of this bond and the execution of the indenture, have
happened, exist and have been performed as so required."
Section 17. `,2he officers of the Gity are hereby
authorized and directed to do all acts and things required
in and
for
the full, punctual and complete performance
of
all of
the
terms, covenants, provisions and agreements
of
the said + ater .revenue 4jc bonds and this ordinance and said
{_'rust Indenture.
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Section 18. The Trust Indenture in 6ection 5
provided for shall be in substantially the following
form:
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•.jection 19. '-:'he -ayor is hereby directed to publish
this ordinance once in the ArkEnsus a`_ ett? , a news-
paper published ar�d of general circulation in the City of
Tattle Rock, with a notice attached thereto and signed by
him, in substantially the -following formf
IT 0 'T I 0 E
NOTICE IS �gEBY GIVEN that the City Council
of �e City of Little - ock, ..rk-ansas, has adopted an
ordinance entitled:
"Aij 0 K11I d ivC � Pi�O vI ,i ld G _ v_,. r � nC UI SI' IUT� Ol' a
E Ia I TG iiti''Etf�ifU3HS ti- 1a'l'iLl iiWl i .E VING THE CITY r'OR
THE CO JSTiWCTIOTa OF n ii&i 4A.TiR f,jUJiPLY ;�YSTIX POR
THE CITY; PROVI oIi1G 'Ost TiIB 1S6U.PJ CE 'UNDE R THE
P,-ZOVISIONS 0�� "'CT 131 OF THi &C`'S OF TH`r, GLNE i.,s.I,
X66 ZMBLY OF 1933, ii.S k ", N )ED, 02 4r'ATER R-10 —a E
130N )S 02 T -E CI TY? kAY,,: BLE SOLELY PROM Wi_TEi-t'
rtEv ;TTtP15, i0 PAY THE CU 'T U ' ; UU PURCN aE rsTV'i OP
MUCH CONSTiUCTION; 2IXING 3B
TJxiNISHED; PROVI uIiiG 20.11 ''HL i.XECUTIOtT t;NI) DELIVSIiY
Uri a YRU6T INjL TUBE 6SOURING 5EE BONDS; PROVI:ING
'OR THE Ciii 1'IOid OF i +U dDS; UL) BECL�.RING
ist� .%i14IE.i�G;iiv C'.Y � rs
which ordinance is liereinafter set _Lorth in Lull; that The
City of Little contemplates the issuance of the
water revenue bonds described in said ordinance; and that
any person interested may appear before the City Council
upon the 16th day of ..._arch, 1936, at 8 p,!,�. , at its usual
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place of meeting in the City ZHall in the �A ty of Little
Nock, and present protests. nt such hearing all objections
and suggestions will be heard and the City Council will
take such action as it shalldeem proper in the premises.
it. E. Overman,
idayor of The City of Little
rock, "rkansas.
copy of the ordinance, illcluuingg the
'trust Indenture, is to be published in
full immediately iollowinL_ the foregoing
notice.)
ection 20. .11 ordinances and parts of ordinances
in conflict ierewith are hereby repealed.
section 21. it is Hereby declared that an emergency
exists and that this ordinance is necessary for the immediate
preservation of the public peace, health, and safety, for
the following reasons: a new source of water supply is
`" necessary for the health of the inhabitants of the City;
in order to secure such new source of supply, it is necessary
to purchase
the
existing waterworks
jystem;
there is urgent
public need
for
the purchase of the
existing
waterworks
system and for the construction of a new water supply system;
and, by reason of the present economic conditions, many
citizens of the City are out of viork and the improvements
hey ein provided will furnish viork for a large numbe1° of even.
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j
Isis ordinance shall therefore take effect from and after
y , its passage.
Passed:
February 24 1936.
""Proved
,;Iayor .
�,ttes
r
T amity G1erk.
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