HomeMy WebLinkAbout5323ORDINANCE NO. <�Z3
AN ORDINANCE CONFIRMING ORDINANCE NO. 5316 ENTITLED "AN
ORDINANCE PROVIDING FOR THE ACi,UISITION OF THE
EXISTING WATERWORKS ;SYSTMA NOW SERVING THE CITY
AND FOR THE CONSTRUCTION OF A NEW WATER SUPPLY
SYSTFA FOR THE CITY.; PROVIDING FOR THE ISSUANCE
UNDER THE PROVISIONS OF ACT 131 OF THE ACTS OF
THE GENERAL ASSEMBLY OF 1933, AS AMENDED, OF
WATER REV94UE BONDS OF THE CITY, PAYABLE SOLELY
FROM WATER REVENUES, TO PAY THE COST OF SUCH PUR+
CHASE AND OF SUCH CONSTRUCTION; FIXING THE RATES
FOR WATER TO BE FURNISHED; PROVIDING FOR THE EXE-
CUTION AND DELIVERY OF A TRUST INDENTURE SECURING
THE BONDS; PROVIDING FOR THE CREATION OF CERTAIN
FUNDS; AND DECLARING AN EMERGENCY."
WHEREAS, Ordinance Tyo. 5316, passed by the City
Council and approved by the Mayor on r ebruary 28, 1936, and
entitled:
"AN ORDINANCE PROVIDING FOR THE ACQUISITION OF THE
l: EXISTING WATERWORKS SYSTEt NOW SERVING THE CITY
AND FOR THE C014STRUCTION OF A NEW WATER SUPPLY
SYSTEM FOR THE CITY; PROVIDING FOR THE ISSUANCE
UNDER Ti-E PROVISIONS OF ACT 131 OF THE ACTS OF THE
GENERAL ASSEuABLY OF 1933, AS AMENDEL, OF WATER
REVENUE BONDS OF THE CITY, PAYABLE SOLELY FROM
WATER REVENUES, TO PAY THE COST OF SUCH PURCHASE
AND OF SUCH CONSTRUCTION; FIXING RATES FOR WATER
TO BE FURNISHED; PROVIDING FOR THE EXECUTION AND
DELIVERY OF•A TRUST INDENTURE SECURING THE BONDS;
PROVIDING FOR THE CREATION OF CERTAIN FUNDS; AND
DECLARING AN EMERGENCY.'
was duly published in the Arkansas Gazette of February 29,
1936, together with a notice that The City of Little Rock
contemplates the issuance of the water revenue bonds described
in said Oldnance, and that any person interested may appear
before the City Council on the 16th day of Aarch, 1936,;;• at
8 o'clock, 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
suggestions were presented; and
WHEREAS, the City Council deems it proper that the
changes hereinafter set forth with respect to the duties of
the Trustee should be made in the -form of the Trust Indenture
which is set forth in Section 18 of said Ordinance, and that
said Ordinance with such changes should be confirmed; now,
t
!�
therefore,
I I -.%
i , V
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
LITTLE ROCK, ARKANSAS:
Section 1. The following changes shall be made in
i
the form of the Trust Indenture which is set forth in Sec-
tion 18 of the above - mentioned Ordinance:
In bection 5 of Article II, strike out the
words "the Trustee and " in the phrase "subject at
all times to the inspection of the Trustee and the
Consulting Engineers and the agents and representatives
thereof, and any other interested persons ".
in Section 8 of Article V, strike out in next
to the last sentence the word "make" and insert in
lieu thereof the word "file" and strike out the words
"To the Trustee" and insert in lieu thereof the. words
"with the City Treasurer ", so that said- sentence
will read: "The Uity further covenants that it will
file monthly reports with the City Treasurer covering
the matters hereinabove in this Section set forth."
In Section 3of Article VII, strike out in
the second sentence the words "execution or acknowledg-
ment thereof" and insert in lieu thereof the words
"Authorization, execution or recording thereof, or the
security therefor ", so that said sentence will read:
i "The Trustee shall have no responsibility in respect to
the validity or sufficiency of this Indenture or of
the bonds, or the due authorization, execution or re-
cording thereof, or the security therefor ".
In Section 5 of Article VII, strike out the
word "depositary" and insert in lieu thereof the word
"otherwise" in the phrase "to the extent that such assess-
ments are based on moneys held by the Trustee hereunder
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whether as Trustee or depositary ".
Section 2. Said Ordinance with the changes herein-
above set forth in the form of the Trust Indenture be and
same Is hereby in' all respects confirmed.
Section 3. 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 necess-
ary for the health of the inhabitants of the City; in order to
secure such new sourceof supply, it is necessary to Purchase
the existing waterworks system; 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 wrk and the improvements herein provided will furnish
work for a large number of men. This ordinance shall therefore
take effect from and after its passage.
PASSED: MAR eN 14 - ,1936
�Tt�s t
City lerk
APPROVEDI.�J�
mayor