The Courier News from Blytheville, Arkansas on May 26, 1952 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

Blytheville, Arkansas
Issue Date:
Monday, May 26, 1952
Page 7
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MOKBAT, MAY to, iwmc* or ElKd'ION Public notice Is hereby given tha tha following ordinance will be ref erred to the qualified electors o tiio City of Blytheville, Arkansas, a a special election to be held in an for said city on Tuesday, June I( 1052, during the hours from ei o'clock A.M. until half past o'clock P.M., and that the form h which the baUot title for referrlni said ordinance will be printed upoi the official ballot will be substau tially as follows: Vote on Ihe following public measure by placing an (x) In the square opposite either the v:ord "For" or ''Against": Por Q Against Q Ordinance No. 52C adopted May 23, 1852. providing for the acquisition ,of a municipal waterworks system by the City of Blytheville, Arkansas, and the teuance ol Waterworks Revenue Bonds in connection therewith. Said spec-ial election will be heli at the regular polling places in am lor each of the respective votini precincts for said city. W. I. Malln, City Cler> Blytheville. Arkansa !K NO. 526 AN OHDINANCE authorizing fid providing for (lie issmuirc of Waterworks Kevenuo Bonds of the City of nivthrvilln, Arkansas, for fhe purpose of the co«t of acquiring a waterworks system Tor said city, setting forlh the terms and candillons upon which said bonds and additional honds ranking- on a parity tbereivith -are to bft and may foe Issued and oulstanding, ami providing for ihe collection and segregation and distribution of (lie revenues of such municipal waterworks system for (be purpose of paying said bonds and the expenses of operation and maintenance of the system. • * * / WHEREAS it Is deemed advisable and for the best Interests of the. City of Blytheville. Arkansas, and its Inhabitants that it acquire and operate the waterworks system i._. owned and operated by the Blytheville Water Company so as to permanently assure an adequate supply of water and water service for said city and Its Inhabitants to; public and domestic use at reasonable rates and to thereby enable the city to more advantageously finance needed Improvements to its existing sanitary and sewer facilities WHEREAS an offer has been .under consideration by this City Council whereunder said city could acquire said waterworks system •through control of all of the outstanding capita! stock of said Water Company thereby enabling said Company to be liquidated or dissolved and Its assets, including said waterworks system, to be vested in said city free and clear of all Hens and encumbrances; and WHEREAS under the provisions of Act No. 131 of the Acts of the General Assembly of Arkansas, , as amended (same bein» Sec- 1033, tion 19-4201 et sea. ol Arkansas Statutes 1947), said city ij authorized to acquire, own and operate said waterworks system, and to issue Its revenue borids as therein provided for the purpose of defraying the cost of such acquisition; and WHEREAS the estimated cost of •aid waterworks system, including engineering, legal and other pertinent expenses, and with an allowance of $40,000 for contlngencien Is 81,300,000, and it has been determined that the amount of such revenue bonds necessary to be authorized and Issued for the purpose of acquiring by purchase said existing waterworks system with all appurtenances would be 51,300 000- and WHEREAS the city council adopts this ordinance for the purpose of (1) confirming its determination to purchase said water- work system, (2) providing for the Issuance of revenue bonds In connection therewith, (3) setting forth the terms and conditions under thorlzed to be \m\it4, H herein* ter provided, th« ravenu« bonds Mid city to be known aa "Water works Revenue Bonds," In the prln cipal amount of One Million Thru Hundred Thousand Dollars <H 300.000). lo be dated June 1, 185 of the denomination of 11.000 eae numbered consecutively i to 130 inclusive, hearing Interest at th coupon rate of three and oni eighth per cent (3'.i%) per annul payable on December ], 1952. an seml-annually thereafter on Jim 1 and December 1 of each year, a said bonds ehall mature In nunier leal order en June 1 ot lhe respec tive years, ae follows: Vear IMS 1956 1957 1958 1959 I960 1961 19S4 1PG5 1968 1%7 1968 ISC9 1970 1071 1972 1973 11.74 1975 1976 1977 1978 1910 1980 1931 ifwa 1983 1984 any addi- a" parity which said bonds and tional bonds ranking o therewith are to be and may be issued and outstanding, (41 making provision for the payment of said bonds tnlcrest thereon from the revenues of said waterworks system, and (5> limiting the rights of the holders of said bonds in"the Amount •26.000 27,000 38,000 20,000 30.000 31.COO 32,000 33.000 34,000 35,000 36.000 .18.000 39.000 40,000 41,000 43030 44.CM 45,000 41.000 4B.-90 BO.ODO 51, 000 53.000 54,000 56,000 58.600 60,000 62,000 64,000 66.000 provided that, for the purpose o permitting application of exces revenues from operation of sal waterworks system, bonds number ed 991 to 1300. inclusive (1980 t 1884, Inclusive, maturities), shall be optional for redemption by sal' city prior to maturity in part fror time to lime in the Inverse orde of their maturities (less than al of a single maturity to be selecler by lot), on any Interest paymen date on or after June 1, 1962. anc should tils right of redemption a aforesaid be exercised said cit sgrees to pay to the holder o :he respective bonds upon siirren der thereof interest In addition u that accrued at the coupon rat the redemption date, In ai miount equal to three per cent o ,he principal amount thereof :alled for redemption on or prior to December 1. 1984: thereafler In an amount equal to two and one- half per cent of the princlpa amount thereof If called lor redemption on or prior to December 1967; thereafter In an amount equal to two per cent of the principal amount thereof if called for •edemption on or prior to December i, iwo; thereafter In an mount equal to one and one-half xr cent of the principal aniounl hereof if called for redemption on or prior to December 1, 1973; there- liter in an amount equal to one icr cent of the principal amount hereof If. called for redemption on ~ prior to December i, J9 hereafter In an amount equal to me-half of ons per cent of the .rinclpal amount thereof If called or redemption on or prior to De- ember 1, 1979; and without pay- nent Of any additional Interest if ailed for redemption thereafter. Tn ddition the bonds of said series utstandlng from time to time shall 36 optional for redemption by said •'•• prior to maturity as > "whole or refunding purposes on any tn- erest payment date on or after une 1, 1959. and should such right f redemption be exercised for the urpose aforesaid said city shall pay the holder of the respective onds upon surrender thereof In- Test In addition to that accrued t the coupon rate to the redemf)- date In an amount equal to per cent of the principal mount thereof If called for re- cmption on June 1, 1959 or De- ember 1. 1959. and thereafter the mount of such additional interest so to be paid will he reduced one- quarter of one per cent of the principal amount of the respective bonds for each full year that the redemption date is subsequent to June 1, 1959. Notice of any such redemption identifying the bonds lo be redeemed shall be given at least once not loss than thirty days prior to the redemption date by publication in a newspaper of general eir- enforccmc-nt thereof WHEREAS nolle 'of ... _ will constitute an Indebtedness of'[ llal of general rh-cmn(ion published said city within the meaning of '" ."'her the City of Chicago. Illi- bonds j dilation in the City of BlythevilL Arkansas, and in a financial Joiir- Bt.YTrTBVTT.LB (ARK.) COURITK P. rl »f l *»> " «<* r^UUred bonds shall b* payable only to th, re* lst«r«l holdw, hi. legal represent atives or awlgra. » uch reg i 5 i ere<1 bonds shall be transferable to an other registered holder, or back to bearer, only upon presentation to the City Treasurer with a lega assignment duly acknowledged or proved. Registration of any of such bond* shall.not affect the negoll ability of the coupons thereto atlached. but such coupons shal be transferable by delivery mere Section S. That said bonds and coupons and provisions for reg islratlon shall be In substantial!) the following form, to wit: (Form of Bond) UNITED STATES OF AMERICA STATE OF ARKANSAS CODNTY OP MISSISSIPPI CITY OP BLYTHEVILLE WATERWORKS REVENUE BOND *i,ooo Al.Ii MEN BY 1M1FSP PRESENTS, That the city of Blytheville. In the County of Mississippi and Slate of Arkansas for value received, hereby promises to payjo beaver, or if this bond '° the registered - as hereinafter provided, the sum of One Thousand Dollars (SI.OOOJ on Ihe first day offline, 19 , an< i to pny inter _ rrom the ^ate at (he rate of Number KNOW be registered holder hereol. est on said sum hereof until paid ... ..... , nlv ... three and one-eighth per cent <3-'/» r /,.1 per annum, payable December 1. 1952, and semi-annually thereafter on the first days of June and December in each year, except as the provisions hereinafter set forth with respect lo prior redemption may be and become applicable hereto, all such interest as may accrue on and prior to the maturity hereof to be payable on presentation and surrender of the annexed Interest coupons as'the same severally mature, both principal and interest being payable in lawful money of the United States of America at t h e principal office of The Chase National Bank ef the City of New York in the City of New York, New York. This bond Is one of a series of bonds numbered 1 to 1300, inclusive aggregating $1,300,000 principal amount, all ranking equally and on a parity, authorized to be Issued by said city pursuant to ordnance adopted and approved for the purpose ot defraying the cost of acquiring by purchase a mimlc- pal waterworks system for said city under nnd in full compliance with the Constitution and statutes of the stale of Arkansas, includ- ng among others Act No. 131 of he Acts of the General Assembly of Arkansas, 1933, as amended. For the purpose of permuting application of excess revenues from said municipal waterworks system which aliaU be set aside as * special fund for that purjxjse and Identified u the "Waterworks Bond and Interest Redemption Account," and this bond does not constitute an Indebtedness of said City of Blyi.hevlUe wllhin lhe meaning of any constitutional or statutory provisions or limitations. Said city covenants that It will fix such rates for water and water service and collect and account for revenues from said waterworks system sufficient to promptly pay the interest on and principal of all bonds which by their terms are payable rrom safd special fund, and also to pay the costs ot operation and maintenance of said system lo provide an adequate depreciation fund, A statutory mortgage lien, which Is hereby recognized as valid and binding on said waterworks syslem. bonds shdll be paid Into th« "Waterworks Bond and Interest Redemption Account," hereinafter crealed. and if Inert lm any unexpended balance of the proceeds of said bonds remaining alter payment of the cost of acquiring said municipal waterworks system and expenses incident thereto s u c h balance shall also be paid Into said fund. Any accumtilatloru such De- oer w oectlon j. That upon said city 'en years from fhe date of tn preciatlon Fund may be Invested ai may be ordered by the City Council of the City of Blylhevllle or other board or body In charge and control of the system In lii- Icreet bearing bonds or other direct and general obligations of the United States of America, maturing or being subject lo retirement nt the option or the holder within coimng into possession of said - menl therein and investments 'as s as waterworks system and from and] w cll as the income therefrom shall after the delivery of any b o n d s I 1)c <""'rled to the credit of the De- issued under Ihe provisions ol tin's ordinance .said waterworks system shall, so long as any of said bonds ramain outstanding, be prcclation Rind and said fund shall not be used for any purposes other than as herein 'provided. All, or the required portion ol crated by said city and the gross " le balance of the revenues of said revenues of said WiUerworks"sys-i systf ' m sllal1 be lein shall be set aside arate and special created and designated "Water- aside and used e ^into a sep- ' or tllc P r <>per operation and maln- fund hcrebv tc '" vllce of ! ' alrt system, the City ' Is created anrt granted to and In'! portioned and used as follows works .Revenue Fund." to bo op- favor of the holder or holders of this bond and the issue and series of which forms a part, and in he operation of said municipal favor of the holder or holders of the coupons attached to said bonds and said system shall remain subject to such statutory mortage lien until the payment in full of the principal of and interest on all of sain: bonds. This bond Is. fully negotiable but may be registered as to principal only m the name of the holder on the books of said city In the office or it.s City Treasurer as Bond Registrar, such registration being evidenced by notation on the reverse side hereof by the city Treasurer, and after which no transfer shall be valid unless made on snid books and similarly noted on this bond but it may be discharged from such registration by being transferred lo bearer, after which it shall be transferable by delivery but It maj be again registered as" before. The regislrallon of fhis bond as to prin- -ipnl shall not restrain the ticgo- .lability of the coupons by deliver! merely. It Is hereoy certified, recited and declared that all acts, conditions and things required to exist, happen nnd be performed precedent to and n the Issuance of this bond, have existed, have happened and have been performed In due form, time and manner as required by law. and that the amount of this bond together with all other obligations of said city, rtoes not exceed any Imlt prescribed by the Constitu- ion or statutes of the Stale of Arkansas, and that'a sufficient por- 1011 of the revenues of said waterworks system has been pledged to and will be set aside Into said special fund by said city for the pay- nent of the principal of and Interest on all bonds, which by their terms are payable therefrom. IN W1TNF.S8 WHEREOF said City of Blythcville has caused this bond (o be signed by its Mayor and its corporate seal to be hereunto affixed, attested by its City Clerk and the coupons hereto attached to be executed with the facsimile signatures of snid Mayor and said City Clerk, which officials by the execution of this bond do ad'opt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, snd this bond to be dated the first day of June, 1952. Council of the City of Blylhevllle hereby I Hiding and dcternilnltig that same will be sufficient for the proper operation and main- snid system or (he opprallon thereof or against, said cli.y by reason of such ownership or operation and any tax equlvnlenl, payments, sliall be (Uenied an oiieratiiiB expense. 1C any surplus be accumulated nt any lim<> In said Operation and Miiintenmice Fund which shall be in excess of the cost of maintain- operating said system There shall be and there is hereby created a special fund to be knowii as the "Waterworks Bond and In- j tercst Redemption Account," Into which there shall be set aside from | the gross revenues of said waterworks system such portion thereof as will be sufficient lo pay the interest on and principal of the bonds hereby authorized to be Issued, ant! any additional Ixuids. miik/iiK on a parity therewith that may be Issued and outstanding under the conditions nnd restrictions hereinafter set out, and it U hereby determined that the amounts to be so set aside and paid into said fund cadi month shall be not less than one-sixth at the amount of interest Ijcencninc . "viL.n ijvt.uuiLUK , .,. ..v. im »»mi'i wuj us ijuiici anrl ±^1 "S. 1 . 1 !^,'™ 0 ?^ 1 ??. 1 . 1 :!."^'! J!"""t Redi-mptlon Account or to or i lhe rjenrcrialion Fund, us hereinbefore in this section created and provided. Any and all revenues of said waterworks system In excess of the amounts and sums required by the provisions aforesaid lo be .set aside nnd paid nnd transferred to the designated account ami funds may be used, applied and withdrawn for any lawful purpose as the City PACK service. If the foregoing rates shall bo insufficient to produce revenues necessary lo meet the requirements for the creation and hialntenani'i of (he account and funds as herc- Inabove set forth such rates shall be Increased in amounts sufficient to meet the required payments. Section 8. it 'is further covenanted ond agreed by said city with the holders of the bonds "issued hereunder that it will perform ul] duties with reference to said waterworks system required hereunder and by the Constitution and the Statutes of lhe State of Arkansas and the city hereby irrevocably covenants, binds and obligates itself not to sell, lease or hi any manner dispose of said waterworks system or any Integral part thereof. Including any extensions or additions that may bc> made thereto, until all lhe bonds Issued hereunder shall have j been paid in full, both principal couiitant not In the regular tmpior of the city reciting th, oplrnon nues of said system for the to at least ono and one-fourth will become due in any°^«J«ndac year for both principal and interest on the bonds then outstanding ana the bonds then proposed to b» ssued; provided also, that the interest payment dates for any siiohi S?lr f *•»' ^' n ' h>i shall of said system. Any"a"n'd and Interest",' o'r unless and until taxes levied or Imposed upon adequate provision shall have bra Ing nnd dii'-ino. tiie remainder of Ihe thin OTrr--t c-l»nd"r year and during Ihe nnxt ensuing calendar year am or all such excess may be, upoi order of the City Council or othei bonrd or body in charge and control of tlie nvsteni, transferred (o either the Waterworks Bond ant: the noiint of principal (if any) becoming due on the next succeeding June 1, provided that for Ihe purpose of creating nnd Ihereafler maintaining in said fund a reserve for payment of said Interest nnd Ihe monthly payments fund 110% of principal info said the amounts otherwise provided lo be made until the reserve by i ten per cei the amoim cipal'becoming due w succeeding twelve months, and amount of such ason of such additional payments is equal to of interest and prin- , -""t "nu ULIIU-J w 1SL' UVAEKiOlC whenever for any reason Ihe amount waterworks system held as such reserve Is drawn upon - -M-MCHI so as to reduce the balance below the equivalent of Interest and prin- (Porm of Coupon) On the first day of Blytheville, Arkansas, will pay .•aterworks bonds numbered 991 lo 300. inclusive U980 to 1984 inclusive, maturities), of the 'issue nd series of which this bond is a rart, are optional for redemption iy said city prior to maturity in part Irom time to time in the In- erse order of their maturities less than all of a single maturity o be selected by lot), on any In- er«*t payment date on or after 'une 1. 19fi2, and should the right 'f redemption as aforesaid be ex- rciaed said city agrees to pav to he holder of the respective bonds pon surrnder thereof Interest In ddlllon to that accrued at the oupon rate to the redemption ate, ln»«n amount equal to three er cent of the principal amount hereof If called for redemption on r prfor to December 1. 1964; there- fter In an amount equal to two nd one-half per cent of the prln- Ipal amount thereof • If colled for idemptlnn on or prior lo Decem- er I. ]967. thereafter in an amount qual to two per cent of lhe prlu- pal amount thereof if called for edemption on or prior to Dccem- 1. 1970: thereafter In Bn mount equal to one and one-half er cent of the principal amount hereof If called for redemption on prior to December 1, 1973- lereafter In an amount equal to per cent of the principal mount thereof If called ror re- mptlon on or prior to December 1976; thereafter In an amount qual lo one-half of one per cenl the principal amount thereof If illed for redemption on or prior' . „„ . ^ t December I. 1979; an d without ., SflClfon *• The bonds herein au-* lyhient of any additional interest I ™ meti shal1 be executed as here- cipal for one year the ments into said fund shall "again lie increased to 110'i O f tlle amount otherwise provided so as to reinstate the reserve to the prescribed amount. Such monthly payments into said fund shall be made on the first day of each month, except Hint when the first day of any month shall be a Sunday or a legal holiday then such payments shall be made on lhe next succeeding secular day. Said fund as nexl hereinbefore provided shall be maintained until all of the bonds Issued pursuant to this ordinance shall bave been retired and snid fund shall be used solely and only and Is hereby pledged for the purpose of pay- ng the principal and interest of said bonds and any additional bonds ranking on a parity therewith that nay'be Issued and outstanding under the conditions and restrictions hereinafter set forth, only moneys n said fund in excess of in. Council that all such excess and otherwise available revenues of said shall be used and applied toward the cost of improvements to the municipal sewer system nnd to the payment of bonds monthly nay- |h a t might be hereafter issued for that. purixiKo. Section 8. Prom and alter the dale said city acquires and undertakes the operation of said waterworks system, and so long as any of lhe bonds authorized hereunder remain outstanding and unpaid, the rates for all services rendered by Ihe said system to the City of BlythcvlKe. and (o Its citizens, corporations or other consumcrs/shall be reasonable, and Just, taking into account and consideration lhe cost and value of said waterworks system and the cost of maintaining and operating the same and the proper and necessary allowances for depreciation thereof and the amounts necessary for the retirement of all bonds and the accruing Interest on all such bonds as may be Issued nnd outstanding under the provisions or this ordinance, and there shall be charged against all users of st.ld water. Including the City of Blythc- ville, such rates anil amounts for water and water service as shall be ie amount Attest;' Date of Registration In Whose Name Registered 18 ""YhV'riiWr n ? cmlrUe '•" ™ e t the requirement, to bearer ' he Clt> of ! ot ""s «"<l »« preceding sections -' "• '" : hereof. Compensation for services rendered to snid city shall in like manner be charged against the city and payment for same shall be made into the special fund created by this ordinance as other revenues and shall be apportioned to operation and maintenance, depreciation and bond nud interest redemption funds as Ein-h other revenues. Section 1. sa long as made for the payment of said bonds and the Interest thereon in full and said clly further covenants ' and agrees with the holders of safd bonds to maintain in good condition and to operate snid waterworks system and lo charge and collect adequate rates and charges for the services rendered thereby, so that the revenues will be sufficient nt all times to meet the payments provided for herein. Section s. Said city hereby covenants and agrees that .«, long as any of the bonds hereby authored remain outstanding It will keep proper Ixmks ot record and account separate from all other municipal records and nccounts .showing complete and corrccl entries of all transacllons relating 1 0 sntd municipal waterworks system and that Ihe holder or holders of' any. of said bonds shall have the right nt all reasonable limes to Inspect the properties and all records, accounts nii<| dala ot the city relating thereto. An audit of suia records and accounts will be prepared each year by an independen aud tor not In lh e regular emplov or lhe city, and any holder or holders or said bonds shall upon writ ten request be furnished with a cur rent operating omr Income statement or the properties as disclosed by such audit.. Section 10, FV); of such additional bondi m Khicli 0 ". J "" e ' ° l " Ch year scheduled' to an b y eeom eh du^!" 01 "" " "Net annual revenuw" »n defined as gros« revenues let* operating expenses which shall Include salaries, wages, social jecur- age and retirement nar- fle^ *•* —-J.., . _. f"J norms lly regularly Included under recognized accounting practices except depreciation. The amount of aforesaid shall b« U -1'uml.luu H5 U) he amount of such gross revenues ad such revision been In effect throughout Hie period of tlon. If tlu opera tec system i ordlnam calendai com pu la- city ha* not owned and the municipal waterworks nder the provisions of thin B lor so long as two full at the time , i • »ny such additional borids ranking o;. a eomtV? '? "* lsSlled ' the » *"• equlya lent of annual revenues and annual operating expense., during the period of operation by .the city •nay be used in making the eomp..- -" n " Cr "" s "-—•—i .«. rur the further protection of fhe holders of the honds Issued hereunder and the coupons attached therelo a statutory mortgage lien upon said waterworks sys- !™,! * g , ranlctl B1><l created by Sec- of Arkansas Statutes) which alatutory mortgage 11-n Is hereby recognized as valid and binding ana shall become effective Immediately upon the delivery of any bond Issued • 14°'«m 14-4207 Mayor City Clerk (Form for Registration) Siena lure of Bond Registrar called for redemption . thereat- I '" P roviff ed and thereupon sold and r. In addition the bonds of said ' " e " veretl lo ll »e purchaser pursua ries nt nols. or the New York. - meaning .,. any constitution?.! or statutory "provisions or limitations, bnt same are to be payable solely out of the revenues of the waterworks system fr> to b" acquired ant! as may there- j in lawful nioneV of the nflsr I)? Improved and extruded States of America nt the p Uli 'J C <^ t K° lj i thc mn '"ri"<'s of office of The Chase Nafioiiai''^^'* all of sn.d bonds must be so nd-!of the Citv .lir,.-rl that such annual will he City of New York. Both principal and interest of all of said bonds shall be payable United of-New York, in t h e outstanding from time to' sl agreement for the sale of me shall be optional for rcdemu- 5ald bonds as m!i >' be determined on by said city prior to matur- whole for refunding nur- any Interest payment dale on or after J une I. ln59 and . .should such right of redemption be exercised for the purpose alore- sald said city holder of Die revenues City of New York. Ne.w York. Said i date shall pay to (he spcctive bonds upon surrender thereof Interest in addition lo that accrued at the coupon rale to the redemption amount equal to six '" by the City Council to be for the be.rt interest of (he City of Biylhe- ville. The Mayor and City clerk of required for Interest and principa becom •nng due within the ensuing twelve months may be used to call and redeem bonds in advance of maturity, if and when a surplus shall be created In .sold fund which is In excess of interest and may by suit, action, mandamus or other proceedings, enforce and compel the performance of all duties required by law and this ordinance including tl le making ami collect- Ing of sufficient rates, the segre gating of revenues and the application thereof. H a default shall occur In the payment of principal or Interest of iny of said bonds then, upon lhe Institution of a suit by any holder of said bonds or of any of the coupons, any court having Jurisdiction or the action may appoint a receiver to administer snid waterworks sv.s- tem on behalf of the city, with ihe power to charge and collect rales sufficient to provide for the payment of the principal of and Interest on the bonds outstanding and tor the payment of the depredation charges and operating e.xpcns- 1,000 gallnru Next 49,000 gallons Next 50.000 gallons Next 150,000 gallons Next 195.000 gallons Next 2-10.000 gallons All over 685.000 gallons Minimum Monthly Kales: E/8 inch meter, or smaller—| \ inch meter ~_ 1 inch meter 3 00 !'•« Inch inctcr __ ' s Q O I'.-i Inch meter T'^Q 2 inch rneter _ moo z'-j inch meter ^ m 3 inch meter _ jsioo 4 inch melcr _ 40 oo 6 inch meter _ 16000 r less—minimum monthly chargo .400 per 1000 gallons .35c per 1000 gallons .30c per 1000 gallons .20c per 1000 gallons .!6c per 1000 gallons .13c per 1000 gallons 1 so -, basis of extending the exper- ed revenues aild operating ex- tall. the ienci pcnses for a two year period! The additional bonds, the Issuance or which Is restricted and conditioned by this section, shall be understood to mean bonds payable from the revenues of said cipal becoming due (hiring the Ihnn system on a parity with the bonds herein specifically authorized and shall not be deemed to IticIudB other obligations ihe security and source of payment ot which 1, „,,- bordlnale and subject to the prlor- "y of the bonds herein authorized to be issued. Section 12. Tha provisions of thl. ordinance shall constitute a contract between said City 0 [ Blytheville and the holders of the bond, herein authorized to be Issued and after the Issuance of any of t h • lands no change, variation, or alteration of any kind of the provisions of this ordinance shall b» made In any manner except a, herein provided until such t 1 m » as all of said bonds Issued here- »nder and the Interest thereon have been paid In full. Section 13. If any section, paragraph, clause or provision of this ordinance shall be held Invalid the Invalidity of such section, paragraph dame or provision shall not a feet any of the remaining provisions or this ordinance Section H. All ordinances, resolutions and orders, or parts there- or In conflict with the provisions of this ordinance are, to th« extent of such conflict, hereby repealed. Section li. That the City clerk s hereby authorized and directed o cause this ordinance to be published once In the' Blythevill. -(jurler News, a legal newspaper Tinted and published In said city "Ih an appropriate notice to all persons concerned stating that said ordinance has been adopted and that said city contemplates the Issuance of the bonds as therein described, and that any person or persons Inlerested may appear and iresent protests before the Council of said city at a public meet- inu to be held at the City Hall, in the City of Blytheville, Arkansas on the 11 day ot June, 1952 at 7:30 o'clock p.m. said ordinance and the accompanying notice shall be published as aforesaid not less than ten 110( days prior to said chile of public meeting. Section 16. That It is hereby ascertained and declared that the negotiations for the acquisition of a municipal waterworks by spid city require that funds for such acquisition be provided immediate- theriile. through I. That thc C || T of Blv _ Arkansas, artine" bv and its city council 'herebv ra.iHes and confirm* Us determination to acquire, finance and operate a municipal waterworks lofrrthcr with the Interest thereon and any'addllional bonds ranking . ...jklnz on a parity therewith that may be issued and outstanding under the conditions and restrictions herein- torn pursuant to the prov^nfnf ""," 5 f' ( ° Tth ' sha " be P*vable Act No. 131 of the A c ts P o?the Ren ""LW ° f ,"» C " Willc "vorks Bond ' • -- - - lne Ll ™ and Interest Redemption Account " hereinafter created, and shall be a valid claim of Ihe holder thereof only against said fnnrt and t h e 1933. as ron- cral Assembly of Arkans amended, briefly describee Msllmr of real estate, welWpum'p'- In<? plant, overhead storage tanks purification works, waler mains pipes, hydrants, meters, connections, valves, apparatus, equipment books and records, and all afipur- tcnanccs now owned by Blvthevlile \Vntpr Company and used or useful in supplying w,lcr and water serv- in and surrounding (lie City of prior to the fixed portion of the revenues or I w-hich, upon the the municipal waterworks - of said I ed to sal Section redemption date by publication In a newspaner of eeneral circulation m th. City of Blythcville. Arkansas, and In a financial Journal of eeneral circulation onbllshcd In el'! >Cr .,, t _ he ^ Ity °. f Cl'tCORo. Illinois. >w York, New 's as fo trhlclt and exercises "'M r jfi l n .L™ dl ™n*<r «"' aforel redemption of aforesaid. m the City of New York. All such bond: said city reserves • a ' a " d ' 2. Thai upon presenta- Blyihcvillc. Arkansas, and for the purpose of defraying the cost of a-- qinring s\ich municipal waterworks system and paying the expenses incident thereto there are hereby »u- ur C ' 1 " or of said City of Blythcville ot any of said bonds same may be registered as to principal in the name of Ihe owner on the books of bis o/flcc, such registration to be noted on the reverse side of such bonds by the City Treasurer as Bond Registrar, and thcreafu ? system I funds are duly provided, will „»"' .e pledg- '« bear interest on the redemption This bond and the i.vme and series of which It forms with a part, together any additional bonds ranking on a parity therewith that mav be Issued and outstanding under" the conditions and restrictions rrt forth In said ordinance, are and will continue to be payable only from a fix| ed portion of the revenues lo be ' derived from tin oDeratfon or ih. directed to disburse and out the required amounts of t bond proceeds for the purchase of said waterworks system through acquisition of the capital stock control of Blytheville Water Company, to vote such stock In Ihe name of said city or in the name of the registered owner thereof for Ihe liquidation or dissolution of said Company by providing for the payment and satisfaction of all liens on Us physical properties and other obligations, and by calls, ing transfer of said watc'rwtirks system to said city free and clear 2 f "". lleris an<1 encumbrances. Said Mayor »nd City cleric are hereby authorized lo call for and rtly upon the advice and opinion of said special counsel In connec- ion with the foregoing, a belng the intention (o hereby authorize all Ihlngs to be done by said Mav or and City Clerk and lake all action deemed necessary or ad vlsable preliminary to and in con- nccllon with the issuance of t h e bonds hereinbefore authorized and in connection with the acquisition by said city of the waterworks sys- Icm now owned and operated by Blylhevllle Water Company All --mm received as accrued interest n the Issuance and sal, of • a i d in advance of maturity If there be such band, hen subject to redemption within the * current calendar year and otherwise any or all ot such excels may upon order of the City Council w transferred to either the Opera- I lection facilities for ""n and Maintenance Fund or | O ' other than tor arc connection— S48.00 per ench heart in excess of 1,000. t. Inch connection— S12IJ.CIO per racil bead In excess o[ 1 000 Hose reels --- S7.50 per reel per year ' ' plus plus 5c for 5c for : . Municipal fire h.velranls-$25.00 per hvdrailt itiy waUir usrd through flre pro-i ____ '- the Depreciation Fund. .,„ alter in Ihis section provided. as Tcln- be billed under regular rates, and Hie city .'hall pay for water used forcp from and after its adoption for the preservation of the public Peace, health and safety, and it Is so ordained, provided that if Ihla ordinance be submitted at a referendum election in said city, then the provisions of this ordinance shall be in full force and effect - "Pon declaration by the City Coun- from in conformity with this ordi- «» that a majority vote at such [election was in favor of the any | protection shall " *"" to "PP'y the revenues there- There shall be and there Is here- lhrol| 8 n nrc hydrants other than tori Section u. The bonds aulhorlzej I u " pnt public measure. per- Fund by created a Depreciation into which there shall be p;1 transfcred from the Watcrvork" Revenue Fund during each of Hie lcr measurement or estimated quan- ' • 'Illy when not practicable (o meter at the rale of fifteen ccnl.s per one thousand gallons. Bills for services and facilities afforded shall be rendered monthly ,..^ and bi-mr>ufhlv to consumer"; nf amoiints provided to be paid Into I-inch services and faclntlc" on the £ ert .±tt™ W £ ".I"" -"" d P 1 ^! fS? 1 ' 0 ? I05 ? <>"*« foregoing sched! and extinguishment of (o ^ issuc d hereunder and from Adopted and fires or for testtn? fire hydrants or tlme '" '»"« outstanding .shall not I952 for practice of city firemen by me- I J 1 ^ entitled to priority one ovor' f . -••*» ^ut-ii ui first two yea rs of municipal ownership and operation o! safd waterworks system an amount cnuiv- alent to .seven per cent of'ihe gross revenues of said waterworks after deducting the r) ™ iii dempllon Account, and (hcreaf- lite b;it such bills shall be payable , to be so paid andUilhln ten days following the da e sferred shall be eight per cent thereof at loor, net or such balance. Hie Depreciation I It such bill shall not be n,id >'ind sh 1 - "' " '" ' . >'ind shall be expended in making good any depreciation in said na- Icraorks system and In-making any extensions, additions or constructions therelo. the City Council of the City of niyllievillc hereby find- Ing and determining that such proportion of such ' ' reveneus of said balance of lhe waterworks sjs tern It tufflclcnt for said purposei. within the fifteen Uav.s following lhe d.ile rendered the services and facilities of said system consumers shall to such afforded be shut lhe other In the application approved May 23, Dan Blodgett Mayor Attest: ncome and revenues regardless of the time ov !;mc* of their issuance, it being the Intention that there shall be no priority among lhe bonds authorized to be Issued under the provisions of this ordinance, re-, gardlcss of the fuel tnat they may I be actually Issued and delivered at I Recorded; Mav 24 195J different times, said city herebv reserves the ri e ht and privilege o'r Issuing additional bonds from lime to lime payable from Ihe revenues of said system and ranking on a parity with the bonds herein authorized in order lo of extensions W. i. Maltn City Clerk W. I. Matin City Clerk. PUBLIC NOTICE PUBLIC NOTICE to all per- lo pay the costs; sons concerned Is hereby given that largements, 1m-! the foregoing ordinance providing

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