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HomeMy WebLinkAbout10874ORDINANCE NO. 10,874 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; PROVID- ING FOR THE PAYMENT OF THE. PRINCIPAL OF AND INTEREST o ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING.AN EMEFAWCY. r�1 '4 WHEREAS by Ordinance No. 10365 of the Ordinances of the City 0 of Little Rock, Arkansas, the City of Little Rock, through its Sewer vCommittee, authorized the construction of extensions, betterments and rd ( 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, better- ments and improvements, the City, by said Ordinance No. 10365 as supple- mented by Resolution No. 2128, authorized the issuance of $4,334,000.00 of 3 1 /4%, 3 1/2% and 3 3 Sewer Revenue Bonds dated December 1, 1956; and WHEREAS the Sewer Committee has made substantial progress towards the construction of the authorized extensions, betterments and improvements, but has now determined, after due consideration and after advice withits consulting engineer, that the additional sum of $110,000.00 will be needed in order to construct extensions, betterments and improve- ments 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 WHEREAS under the provisions of Section 18 of said Ordinance 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 aoo -7 F- 13 - 2 - for the annual costs of operation,repair, maintenance and depreciation of the sewer system after the contemplated extensions, betterments and improvements have been completed and placed in operation, and to leave a balance equal to at least One Hundred and 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 outstand- ing 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 indepen- dent 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 preced- ing 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 amounts of $110,000.00 be authorized and, when sold, issued under the provisions of Act No. 132 of the Acts of the General Assembly of the State 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 determined 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 $110,000.00, the proceeds of the sale of which are necessary to provide for the construction of - 3 - extensions, betterments and improvements 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 interest 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 December 1, 1958, and interest thereon shall be payable semi - annually on June 1 and December 1 of each year commencing June 1, 1959. The bonds shall mature on December 1 of each year as follows, but shall be callable for payment prior to maturity as hereinafter set forth: YEAR AMOUNT 1959 $2,000 1960 2,000 1961 2,000 19623 2,000 196 2,000 1965 2,000 1966 3,000 196 3000 1968 3,000 1969 3,000 1970 3,000 1971 3,000 1972 4,000 197 4,000 1974 4,000 1975 4,000 1976 4,000 1977 5,000 1978 5,000 1980 5,000 1981 6,000 1982 6,000 1983 6,000 198+ 6, 000 1985 7,000' 1986 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 - 4 - expenses of the issue, including without limitation, the publication expense, the expense of printing the bonds, the Trustee's fee for authenticating the bonds, and the fee of Mehaffy, Smith and Williams, Bond Counsel, Little Rock, Arkansas, upon whose approving opinion the bonds will be issued, will be paid by the City_1 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 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 $1,000.00 each, shall be number "consecutively 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 1959 to 1986, inclusive, which schedule shall reflect the yearly principal maturities, the semi - annual interest requirements and the total require- ments. 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 mortgaged for the equal and ratable - 5 - payment of the outstanding City of Little Rock Sewer Revenue Bonds dated December 1, 1956, and 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 outstanding 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 substantial- ly the following form: . UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PULASKI CITY OF LITTLE ROCK , SEWER REVENUE BOND No. 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 interest 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 June 1, 1959, upon presentation 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. This bond is one of a series of revenue bonds aggregating Dollars ($ ), dated December 1, 1958, and numbered from one (1) to C inclusive, all of like tenor and effect, except as to number, denomina- tion, rate of interest and maturity, and are issued for the purpose of providing for the payment of the cost of extensions, betterments and 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 - 7 - pursuant to and in full compliance with 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 limitation. The bonds are not general obligations of the City of Little Rock, but are special obligations payable solely from revenues derived 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.l, 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 , 1958, 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 payable, and to provide depreciation funds for necessary replacements. 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 obligations 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 IM 91 WE 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 shall 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 revenue: On and after December 1 ,1966, the bonds shall be callable 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, 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. This bond shall not be valid until it shall have been authenti- cated 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, pre- cedent 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 a part does not exceed any constitutional or statutory limita- tions; 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 December, 1958. (SEAL) No. y C16rk CITY OF LITTLE ROCK, ARKANSAS By Mayor (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 December 1, 1958, and numbered CITY OF LITTLE ROCK, ARKANSAS By Mayor - 10 - 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, denomina- tion, rate of interest and maturity. THE FIRST NATIONAL BANK IN LITTLE ROCK, Little Rock, Arkansas . By Authorized Signature Little Rock, Arkansas 1958 - 11 - 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 obligations pertain- ing 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, betterments 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 expense of the sewer system, to provide 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 payable, the Paying Agent's fees, and to provide adequate depreciation funds for necessary 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 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 - 12 - 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 con- strued as requiring the City or any department, agency or instrumental- ity thereof to avail.itself of the facilities or services afforded by the sewer system. Section 6. That nothing in this ordinance shall be construed 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 subject 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 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, undertakings 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 pertaining 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, „ F - 13 - 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 andsppertain to the bonds herein author- ized 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 inconsistent 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 Operation and Maintenance Fund ", the "1935 Sewer Revenue Bond Fund", the "1956 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 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 Resolution 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 ofthis issue. To the end that adequate provision be made for the payment of the princi- pal 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 of the next installment of interest and one -tenth of the next installment 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 contingendes 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. - 14 - After said reserve for contingencies has been increased to the required amount and so long as it is maintained in the required amount, the additional monthly deposits into the 1956 Sewer Revenue Bond Fund shall equal one -sixth of the next installment of interest and one - twelfth 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 Section 4 hereof. Section 9. That the provisions of Section 18 of Ordinance No. 10365 shall govern the issuance of additional bonds to finance or pay the costs of constructing extensions, betterments and improvements to the sewer system, except that the reference in said Section 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 respon- sible only for willful wrong in the execution of its trust. The 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 resign 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 - 15 - hereunder may appoint a new Trustee, such appointment to be evidenced 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 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 ordi- nance, but only upon the terms and conditions 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 accept- ance shall be filed with the Sewer Committee and with the City Clerk and a copy there of 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 December 1, 1958 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 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 10U17 H -iz Ordinance No. 10,874 (Cont'd.) - 16 - and improvements has been completed and the required Certificates and opinions pertaining thereto, as set forth in said Section 26 of Ordinance No. 10365 has been filed, any remaining balance in the Construction Fund attributable to the proceeds of the bonds of this issue may be used for the calling 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 Committee. 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 deposited 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 provisions hereof and fully discharge all of their obligations hereunder. Subject to the terms and provisions contained in this section and not otherwise, the holders of not less than sixty -five per cent (65%) in aggregate principal amount of the bonds issued hereunder and then outstanding shall have the right, from time to time, anything contained in this ordinance to the contrary notwithstanding, to consent to and approve the adoption by the City of such ordinance supplemental hereto as shall be necessary or desirable for the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions con- tained 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 interest on any bond issued hereunder, or (b) a reduction in the principal amount of any bond or the rate of interest thereon, or (c) the creation of a lien upon or a pledge of the revenues other than the lien and pledge created by this ordinance, or (d) a privilege or priority of any bond or bonds over any other bond or bonds, or (e) a reduction in the aggregate principal amount of the bonds required for consent to such supplemental o00.g 4-1 - 17 - ordinance. Section 13. That after the issuance of any of the bonds authorized hereby no change, variation or alteration of any kind in the provisions of this ordinance, except in the manner hereinabove provided in Section 12 hereof, shall be made until such time as all of said bonds issued hereunder and the interest thereon have been paid in full. Section 14. 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 15. 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 16. That all ordinances or parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict. Section 17. 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. PASS: December 1, 1958 �Cr Mayor ATTEST: ILL, city tier (MAL)