FRIDAY, SEPTEMBER SO, 1958 BLTTHEVn-LB (ARK.) COURIER HEWS PAGE SEVEN Banking Experts Urge: Cut Federal Debt Before Taxes »jr SAM DAWSON NEW YORK (AP) — Since the cold war turned into the smiling war there has been a growing hope that the U. S. budget could be balanced — and taxes cut. But some bankers are urging rector, on the President's known today that we do better than that —more than balance the budget so that the huge Federal debt can be cut. To do this probably would mean putting off the longed-for tax cuts for awhile. Budget making time is here. It it one of the most controversial and important functions that will be going on while the President Isn't on hand to referee. Already Washington reports that the Secretary of the Treasury would like to see one billion dollars trimmed from present standing) plans, and that the Secretary of Defense fears that any cut in defense plans at this time would be dangerous. He apparently suspects the Russian smile is warmer than its heart is likely to be. Won't Be Popular The plea to put Federal debt reduction ahead of tax relief Is made by the Guaranty Trust Co. in its October survey, out today. The bank's idea that tax cuts should watt is unlikely to prove very popular— either with indtvi wishes, will presumably try to knock down some of the spending requests of the department heads. How good his chances are remains to be seen. Tax cutting however, with or without expense paring, is going to be very popular in Congress — especially with the elections coming up and the voters. anxious for tax relief. duals or with ments. company manage. Corporations pay more than half of their earnings to the Federal Government — not to mention taxes to other governments. Federal rates on Individual incomes range from 20 to 91 per cent. Heavy excise taies discriminate against some Industries and their customers. And State and local tax rates continue to climb. Need Obvious "The need for tax relief is only too obvious," the bank concedes. But it argues that debt retirement now would contribute to future tax cuts by paring the considerable cost of carrying the present huge j Dogs Live Betfer Than Prisoners, Magistrate Says KITCHENER, Ont. WV—A city magistrate says an inmate of the kitchener jail,doesn't lead even a dog's life. A proposal before the City Council calls for building a new Humane Society shelter for $40,000. Magistrate J. R. H. Klrkpatrick said last night he favors the plan but wants similar consideration for human prisoners. The judge said animals at the Humane Society's kennels are better off in three respects — they have better food, more privacy and also enjoy exercising privileges. debt. The debt can be cut only by paring government expenditures or by keeping the present high tax rates, or by both. Defense spending has been reduced from its peak. But non- defense spending has been creeping higher. .Currently the annual battle over the budget is on. The budget di- Nor Her Ticket, Judge Is Told LAS VEGAS, Nev. Martha Lynch pleaded innocent to a speeding ticket in Superior Court and then explained why: The wallet she lost two days ago, containing .all her identification, was returned in an anonymous letter. Inside the wallet was the ticket, which wasnt hers. Judge George Gilson yesterday checked the license number on the ticket with that of Mrs. Lynch's car and decided the wallet-finder apparently used her identification when stopped by police. The charge was dismissed. ORDINANCE NO. 562 AN ORDINANCE AMENDING ORDINANCE NO. 549 IN CERTAIN PARTICULARS WITH REFERENCE TO THE ISSUANCE OF SEWER REVENUE BONDS TO FINANCE THE CONSTRUCTION OF EXTENSIONS, BETTERMENTS AND IMPROVEMENTS TO THE CITY'S SEWER SYSTEM AND DECLARING AN EMERGENCY WHEREAS the CHy Council of the City of Blytheville, Arkansas has heretofore passed Ordinance No. 549 providing for the construction of extensions, betterments and improvements to the Sewer System, for the issuance of Sewer Revenue Bonds, and prescribing other matters relating thereto; and WHEREAS due to a delay In the undertaking of said construction, It is necessary to amend said Ordinance No. 545 in certain particulars; NOW. THEREFORE, BE IT ORDAINED BY THE crry COUNCIL OF THE CITY OF BLYTHEVILLE, ARKANSAS: Section 1. That Section 4 of Ordinance No. 549 be. and the same Is hereby, amended to read as follows: "Section 4. That under the authority of the Constitution and laws of the State of Arkansas, particularly Act 132 of the Acts ot Arkansas of 1233, City of Blytheville Sewer Revenue Bonds are hereby authorized and ordered sold in the principal amount of Eight Hundred Bitty Thousand Dollars (5350.000), the proceeds of the sale of which are necessary to provide sufficient funds to pay the cost of constructing the extensions, betterments and improvements lo the Sewer System, including engineering and other expenses incidental thereto and to the issuance of the bonds, and twelve (12) months' interest on the bonds. The bonds shall be sold at public s?le, shall be dated October 1, 1955, and interest shall be payable on April 1 and October 1 of each year, commencing April i, 1956, at the rate fixed in the bid accepted by the City after the public sale of said bonds. The interest shall be evidenced by interest coupons and the principal and Interest shall be payable la lawful money of the United states of America upon presentation of the bond or proper coupon at the office of the paying agent designated by the purchaser. The bonds' shall be subject to the conversion provisions set forth in the notice of sale and shall mature on October I of each year as reflected in said-notice of sale, the form oi which Is hereinafter set forth in Section 5. but are callable as hereinafter provided." Section Z. That Section 5 of Ordinance No. 549 be, and the same is hereby amended to read as follows; "Section 5. That the bonds shall be sold at public sale upon auction bids, and the time, place and terms of the sale shall be as set forth In the following form of notice, which notice shall be given by the Mayor by publishing the same In substantially the following form in • newspaper published «nd having a general circulation in the City of Blytheville, Arkansas «nd by such other means as the Mayor shall deem to be in the best Interest of the City. NOHCB OF BOND SALE OF THE CITY OF BLYTHEVILLE, AB::ANSAS HSO.OOO SEWEE REVENUE BONDS "Notice is hereby given that the City of Blytheville, Arkansas will sell for cash on auction bids $840,000 principal amount of negqtlable coupon Sewer Revenue Bonds, which are being issued for (he purpose of financing the cost of .certain extensions, betterments and improvements to the Sewer System of the City of Blytheville. Arkansas. The bonds will be dated October 1, 1955 and interest will be payable on April 1 and October 1 of each year commencing April 1, 1956. The bonds will mature on October 1 of each year as follows, but are callable as hereinafter set forth: 516,000 in each of the years 1957 and 1958 $17,000 in 1959 818,000 in each of the years I960 and 1961 $19,000 in each of the years 1962 and 1963 $20,000 in J964 S21.000 in 1965 522,000 in 1966 S23.000 In 1967 $24,000 in 1968 S25.000 in 1969 $26,000 in 1970 $27.000 in 1971 $28,000 in each of the years 1972 and 1973 $30,000 in 1974 $31,000 In 1975 $32,000 In 1975 $33,000 in 1977 $34.000 in 1978 $36.000 In 1979 $37,000 in 1980 $38,000 in 1981 $40.000 in 1982 $41,000 tn 1983 $42,000 in 1984 $44,000 in 1985 $45.000 In 1986 "Each bidder shall specify the interest rate or rates upon which his bid is based and each bidder must specify In his bid then mount and maturities, of the bonds of each rate. No bid or less than par and accrued Interest based upon the rate or rates submitted by the bidder will be entertained and the award, if made, will be to the bidder offering the lowest interest cost to the City, the interest cost to be determined by computing the aggregate amount of interest at the rate or rates bid and deducting therefrom the amount of any premium offer. "The bonds will not be general obligations of the City of Blytheville but will be special obligations payable from and and secured by a specific pledge of the net revenues of the Sewer System. The purchaser shall have the right to convert the bonds to an issue bearing a lower rate or rates of interest in accordance with the Universal Bond Values Tables and subject to the approval of the City Council, upon such terms that the City will receive no less and pay no more than it would receive and pay if the bonds were not converted. "The bonds shall be callable for payment prior to maturity in inverse numerical order at par and accrued interest on any interest paying date from surplus revenue derived from the operation of the Sewer System. On and after October 1, 1963, they shall be callable for payment prior to maturity in Inverse numerical order at par and accrued interest on any interest paying date with funds derived from any source. Notice of the call for redemption shall be published by the Sewer Committee once a week for two weeks before the date of such redemption 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. "The purchaser may name the Paying Agent and Trustee. All expenses of the issue, including the printing of the bonds, the Trustee's fee, the publication expense, and the fee of Mehaffy. Smith i Williams, bond counsel, Little Rock, Arkansas, upon whose approving opinion the bonds will be issued, will be paid by the City's fiscal agent. "No contingent provisions may be included in the bids. "The sale will be held upon auction bids at o'clock .m, on the day of KNOW ALL MEN BT THESE PRESENTS: That U» City of Blythevllle, County of Mississippi, 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 1955 in Blythevills, Arkansas. Each bidder will be required to file a certified or cashier's check In the amount of $17,000 on a bank that is a member of the Federal Deposit Insurance Corporation, payable to the City, to be kept as liquidated damages if the bidder Is awarded the sale of the bonds and fails to complete the purchase. Checks of unsuccessful bidders will be promptly returned. "The Clly reserves the right to reject any and all bids. "For further information, address the undersigned. "Given this day of , 1955. CITY OF BLYTHEVTLLE. ARKANSAS By E. R. JACKSON, Mayor. Section 3, That Section 7 of Ordinance No. 549 be, and the same is hereby, amended to read as follows: "Section 7, That the bonds and coupons shall be in substantially the following form, and the Mayor and City Clerk are hereby expressly authorized and directed to make all recitals contained therein. UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF MISSISSIPPI CITY OF BLYTHEVILLE % SEWER REVENUE BOND No. 4 Paint Closeout M»ny Types ud C*l*n i Price Hubbard Hardware J. A. SALIBA M.D., M.E., PH.G. Specialist Eye, Ear, Nose and Throat Fitting of Glasses DR. SALIBA'S CLINIC Office Hours 9-12, 2-4, or by appointment Office Ph. 2-2161 128 E. Kentucky Res. Ph. 2-2536 For All That's Good in Insurance Fire. Extended Connft, Automobile. Flrt, Theft and UabWtj, •ad surety bonds tot your employe**, FOK Sound Insurant* protection and dependable serrlc*, jn an bl- Tlted to call at oir oCtk*. W. M. BURNS AGENCY 219 W. Walnut Phone 3-3361 in lawful money of the United States of America on the first day of October, 19— and to pay solely from said special fund interest hereon at the rate of • per cent ( %) per annum from date, semi-annually on the first days of April and October, commencing April 1, 1956, upon presentation and surrender of the annexed coupons as they severally become due.. Both principal and interest of this revenue bond are made payable at • This bond is one of a series of 'Dollars ($ ), dated October 1, 1955, numbered from one (1) to —; revenue bonds, aggregating inclusive, all of'like tenor and effect, except as to number, denomination, rate of interest and maturity and are issued for the purpose of providing for the payment of the cost of constructing extensions, betterments and improvements to the Sewer System of the City of Blytheville, Arkansas. This bond and the series of which it forms a part are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, particularly Act 132 of the Acts of Arkansas of 1933, and pursuant to an ordinance of the City Council of the City of Blytheville, duly adopted, and do not constitute an indebtedness of the City of Blytheville within any constitutional or statutory limitation. Said bonds are not general obligations of the City, but are special obligations payable solely from an amount of the net revenues of the Sewer System which has been duly set aside and pledged as a special fund for that purpose identified as the Sewer Revenue Bond Fund, created by Ordinance No. 549 of the City of Blytheville, Arkansas, duly passed on the 20th day of April, 1954, as amended and supplemented by Ordinance No. 562 passed on the 2T day of September, 1955, under which this bond is authorized to be issued, and the city of Blytheville has fixed and has covenanted and agreed to maintain rates for sewer services which shall be sufficient at all times to provide for the proper and reasonable expenses of operation and maintenance of the System, for the payment of the principal of and interest on the bonds of this issue as the same become due and payable, and to make adequate provision for the depreciation of the System. 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 surplus revenue derived from the operation of the Sewer System. They shall be callable on and after October 1, 1963 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 before the date for such redemption 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 payments are on deposit with the Paying At;ent at that time. This bond shall not be valid until it shall have been authenticated by the certificate hereon duly signed by , . 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 a part does not exceed any constitutional or statutory limitations; and that sufficient of the income and reveneu 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 interest on said bonds. IN WITNESS WHEREOF, the City of Blytheville, Arkansas, by its City Council has caused this bond to be signed by the Mayor and City Clerk thereof and sealed with the corporate seal of said City, and has caused the coupons hereto attached to be executed by the facsimile signature of said Mayor, all as of the first day ot October, 1955. CITY OF BLYTHEVILLE, ARKANSAS By E. R. JACKSON, Mayor. W, I. MALIN, City Clerk. SEAL (Form of Coupon) No. $ On the first day of (April) (October), 19 , the City of Blytheville, Mississippi 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 atached Dollars lawful money of the United States of America at the office of being six (6) months' interest then due on . its Sewer Revenue Bond dated October 1, 1955 and numbered . CITY OF BLYTHEVTLLE, ARKANSAS By E. R. JACKSON, Mayor. On each bond shall appear the following CERTIFICATE hereby certifies that this is one of j a series of bonds described herein ' aggregating $ num-1 bered from 1 to , in- j elusive, all of like tenor and ef- j feet except as to number, denomi- j nation, rate of interest and maturity. • each month thereafter until lU | ouUtandlntf bond* of tnii luue I with inwrwt thereon have been | paid in full, or provision made i for such payment, a turn equal tp one-sixth (1/6) of the next installment of Interest and one- twelfth (1/12) of the next installment of principal, and an • amount sufficient to provide for the paying agent's fees, on aU outstanding bonds. In addition, in order to create a reserve for contingencies, there snail be paid by the Treasurer from the Sewer Fund into the Sewer Kcv- enue Bond Fund the sum of Eight Hundred Dollars ($800) on the first business day of the month of , 1956, and continuing on the first business day of each monthe thereafter, until a total reserve of Forty-Eight Thousand Dollars ($48,000) has been accumulated. This reserve shall be maintained as hereinafter provided until full payment of all outstanding bonds and interest therori has been made or provided for. The reserve may be invested in United States Government obligations having maturity dates not to exceed ten (10) years from date of purchase." Section 6. This section 27 of Ordinance No. 549 be, and the same is hereby amended to read as follows: "Section 27. The Sewer Committee shall send a written notice to any owner of improved property that can be served by the Sewer System but is not connected, to make such connection within two (2) weeks from the date of said notice, if, after said notice, the propery owner fails to make such connection the City agrees to institute appropriate proceedings in a By —. , 1955 j Section 4. (a) That that para- j graph of Section 8 of Ordinance j No. 549 immediately following the j sub-heading "Connection Charge" j be, and the same as hereby, amended to read as follows: "No charge shall be made for any connection to the sewer system prior to January 1, 1958. During the calendar year 1958 a connection charge of $10.00 shall be paid by all customers connecting to the system, and the said connection charge shall inr crease $10.00 on the first day of each calendar year thereafter, until it reaches $100.00. Thereafter all customers shall pay a connection charge of $100.- I 00." | (b) That the last paragraph of; Section 8 of Ordinance No. 549 be, ! and the same is hereby, amended to read p.s follows: "The rates herein fixed shall not be effective until December [ 1, 1955 and said rates shall take effect on that day only if the j bonds herein authorized are ac- • tually issued and sold prior j thereto." j Section 5. That sub-section <2) of Section 14 of Ordinance No. M9 be, ; and the same is hereby, amended \ to read as follows: "(2) There shall be paid by the Treasurer from the Sewer Fund into the Sewer Revenue Bond Fund, beginning on the first business day of the month of , 1956 and continuing on the first business day of Gcf o million dollars worth of memories for only ONE CENT > A POUND A BEAUTIFUL 517 PORTRAIT OF YOUR BABY., at an amazing price Finished in soft, cuddly, life-like tones... »nd printed on fine portrait board. Perfect for home or office ... perfect gift for other folks who love your baby. Yet the cost is only one penny for each of baby's pounds. Limit one to a family; one to 2 subject. Cannot be used in conjunction with other Olan Millt idvtrtiting offers. ' Cfvfc MM mMiton wh* h«v« mintd • ichfrfwltd tilting may ifl olan mills EXPERT WATER PUMP REPAIR Hubbard Hardware NOBLE HOTEL October 3, 4, 5, 6 Photographic Hours 12 Noon until 7 p.m. Give Your Child Something Educational and Entertaining for Xmas, a set of Child World Books. Call 3-4152 for Demonstration. court of competent Jurisdiction to compel such connection. Furthermore, any property owner who fails or refines to connect his Improved property with the sewer system after being notified to do shall b« guilty of a misdemeanor, and upon conviction shall be fined in any sum not less than Two Dollars <2.<X» and not more than Ten Dollars (110.00), arid each day's failure or refusal after the expiration of the time fixed in the notice to make such connection shall be a separate offense; provided, however, that the provisions of this sentence shall be effective to make such failure a misdemeanor only in the event the City Health Officer, or other duly designated Individual or board, has found and determined that such failure on the part of any particular property owner constitutes a hazard to the public health and safety of the inhabitant* of the City." Section 7. That the first paragraph of Section 33 of Ordinance No. 549 be, and the same is hereby, amended to lead as follows: "Section 33. 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 October 1, 1955." Section 8. That all other provisions of Ordinance No. 549 shall be in full force and effect, which Ordinance No. 549 as amended and supplemented by this Ordinance No. 662 states the terms, condition! ind obligations under which U» Mid extensions, betterment! and improvements to the Sewer System of the City of Blytheville, Arkansas shall be constructed and the said Sewer Revenue Bonds shall be issued. Section I. That thi provisions oi this ordinance are hereby declared to be separable aod if any provision shall for any reason be held Illegal or Invalid, it shall not affect th« validity of the remainder 61 th« ordinance. Section 10. That this ordinanct shall not create any right of any kind and no right of any kind sh.aU arise hereunder pursuant to It until the said bonds shall be issued and delivered. Section 11. That all ordinance* and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 12. That it Is hereby ascertained and declared that the lack of an adequate sewer system for th« City of Biytheville, Arkansas greatly endangers the life, health and welfare of the inhabitants thereof, and that extensions, betterments and improvemens thereto, which are immediately necessary, can be constructed only by the issuance and sale of Sewer Revenue Bonds. It U, therefore, declared, that an emergency exists and this ordinanc 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. PASSED: Sept. 27, 1966. APPROVED: E. R. Jackson, Mayor ATITST: W. I. Malin, City Clerk (SEAL) Taxpayers OCTOBER 1 is last day for payment of 1954 County Tax on Real | Estate without penalty and, also, final date for payment of 1955 Poll Tax. PERSONAL AND DRAIN TAXES ARE ALSO DUE AND PAYABLE Under Section 1 of Act 480 of the 1949 Legislature, "payment of the Poll Tax must be made to the County Collector, or his authorized deputy by the person named in the receipt, or by the husband, wife, son, daughter, sister, brother, father, or mother of such person. Payment of the Poll Tax may be made by remitting the payment to the County Collector by United States Mail." If payment of the Poll Tax is made by mail, sender should give the name of the person to whom the receipt is to be issued, relationship to the sender (if remittance is made for a person other than the sender), color or race, residence, post office address (if different from resident of city) or township (if rural resident). Payment for 1955 Poll Tax must be RECEIVED in the Collector's office by OCTOBER 1. William Berryman Sheriff and Collector Mississippi County, Ark.
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