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HomeMy WebLinkAbout10366ORDINANCE NO. 10,366 AN ORDINANCE CONFIRMING ORDINANCE NO. 102364- RELATING TO THE CONSTRUCTION OF BETTERMENTS AND IMPROVEMENTS OF THE EXISTING WATERWORKS SYSTEM OF THE CITY AND THE FINANCING OF SUCH CONSTRUCTION. WHEREAS, Ordinance No. 10,364, passed by the City Council and approved by the Mayor on November 26, 1956, and entitled: "AN ORDINANCE AUTHORIZING THE CONSTRUCTION OF BETTERMENTS AND IMPROVEMENTS OF THE EXISTING WATERWORKS SYSTEM OF THE CITY; AUTHORIZING THE ISSUANCE, UNDER THE PROVISIONS OF ACT 131 OF THE ACTS OF THE GENERAL ASSEMBLY OF 1933s AS AMENDED (ARK. STATS. § 19 -4201 ET SEQ.), OF WATER REVENUE BONDS OF- THE-CITY, PAYABLE SOLELY FROM WATER REVENUES, FOR THE -PUR- POSE OF (i) PROVIDING FUNDS, WITH OTHER MONEYS AVAILABLE FOR SUCH - PURPOSE, -FOR PAYING AND REDEEMING ALL THE OUTSTAND- ING WATERWORKS IMPROVEMENT REVENUE BONDS OF 1952, INCLUDING THE PAYMENT OF THE INTEREST THEREON TO -THE DATE OF SUCH REDEMPTION, AND (ii) PAYING THE COST OF SUCH BETTERMENTS AND IMPROVEMENTS; PROVIDING FOR THE ISSUANCE OF ADDITIONAL WATER REVENUE BONDS OF THE CITY FOR PAYING THE COST -OF ADDITIONAL BETTERMENTS -AND IMPROVEMENTS; FIXING THE RATES FOR-WATER TO BE FURNISHED; PROVIDING FOR THE EXECUTION AND DELIVERY OF A TRUST INDENTURE SECURING THE BONDS AND DEFINING THE RIGHTS OF THE BONDHOLDERS; FINDING AND DECLARING THE VALUE OF THE EXISTING WATERWORKS SYSTEM AND -THE VALUE OF THE BETTERMENTS AND IMPROVEMENTS TO BE CONSTRUCTED; PROVIDING FOR THE CREATION OF CERTAIN FUNDS; AND DECLARING AN EMERGENCY. ", was published in the Arkansas Democrat on December 3, 1956, together with a notice that The City of Little Rock contemplates the issuance of the water revenue bonds described in said Ordinance, and that any person interested may appear before the City Council on the 17th day of December, 1956, at 8:00 P.M. at its usual place of meeting in the City Hall in the City of Little Rock and present protests; and WHEREAS, at such hearing no protests, objections or sugges- tions were presented; and WHEREAS, the City Council deems it proper that the changes hereinafter set forth should be made in said Ordinance and in the form of the Trust Indenture which is set forth in Section 16 of said Ordinance, and that said Ordinance with such changes should be con- firmed; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF LITTLE ROCK, ARKANSAS: Section 1. Ordinance No. 10,364, passed by the City Council and approved by the Mayor on November 26, 1956, is hereby amended as follows: Strike out the second and third sentences of Section 3 of said Ordinance and insert in lieu thereof the following: "The bonds shall be signed by the Mayor or the chairman or presiding officer of the board of directors of the City or any other board or body in which the general legislative powers of the City shall be vested, and shall be sealed with the corporate seal of the City. The interest coupons attached to the bonds will be executed with the facsimile signatures of said officers." In Section 6 of said Ordinance insert after the words "the Mayor' the following words: "or the chairman or presiding officer of the board of directors of the City or any other board or body in which the general legislative powers of the City shall at the time be vested." Section 2. The following changes shall be made in the form of the Trust Indenture which is set forth in Section 16 of said Ordinance: In Section 101 of the Trust Indenture strike out the paragraph defining the words "City Council" and insert in lieu thereof the following: "The words 'City Council' shall mean the city council or the -board of directors of the City or any other board or body in which the general legislative powers of the City shall at the time be vested." In said Section 101 insert the following additional paragraph immediately after the paragraph defining the term "Manager- Engineer of the Waterworks System ": "The word 'Mayor' shall mean the Mayor of the City or the chairman or presiding officer of the board or body in which the general legislative powers of the City shall at the time be vested." At the end of the first sentence of the sixth para- graph of the Form of Bonds set forth in the preambles of the Trust Indenture, strike out the words `City Council" and insert in lieu thereof the words "legislative body of the City ". In the Witnessing Clause at the end of said Form of Bonds strike out the words "its Mayor" and insert in lieu there- of a blank line. In said Witnessing Clause strike out the words "said Mayor and City Clerk, which officers" and insert in lieu thereof the words "said officers, who ". Strike out the word "Mayor" following the line for the signature under said Witnessing Clause and insert in lieu there- of a blank line. Strike out the word "Mayor ", following the line for facsimile signature under the Form of Coupons set forth in the preambles of the Trust Indenture and insert in lieu thereof a blank line. In the first sentence of the second paragraph of Sec- tion 203 of the Trust Indenture strike out the words `=Mayor and the City Clerk" and insert in lieu thereof the words "Mayor or the chairman or presiding officer of the board of directors of the City or any other board or body in which the general legis- lative powers of the City shall at the time be vested and by the City Clerk, ". In the next sentence strike out the words t°the Mayor and the City Clerk" and insert in lieu thereof the words "said officers ". In Section 1302 of the Trust Indenture strike out the word "Mayor" and insert in lieu thereof the words `City Clerk ". Strike out the words "its Mayor" or the word "Mayor ", as the case may be, in the Witnessing Clause of the Trust Indenture, in the space provided for signing, and in the Form of Acknowledgment and insert in lieu thereof a blank line. Section 3. Said Ordinance No. 10,364 with the amendments hereinabove set forth and with the changes hereinabove set forth in the form of the Trust Indenture be and the same is hereby in all respects confirmed. Section 4. 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 reasons set forth in Section 19 of said Ordinance No. 10,364. PASSED: December 17, 1956. ATTEST: City Clerk APPROVED: