The Courier News from Blytheville, Arkansas on October 22, 1966 · Page 5
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The Courier News from Blytheville, Arkansas · Page 5

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Blytheville, Arkansas
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Saturday, October 22, 1966
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Blyihwrlll* (Ark.) Courier NMM - Saturday, October 22, 19M- Page Flvi Astrological Forecast * By CARROLL R1GHTER paragraph opposite dates whicb include to determine your forecast, nutt |il] opposite dates your birth date. SUNDAY GENERAL TENDENCIES: Your day to find out exactly where you stand with others as well as yourself by analyzing the principles and precepts under which they — and you — are operating and existing, and for making improvements in them so you can live more in harmony with Tightness as well as treat your fellow man with equal consideration. ARIES (Mar. 21 to Apr. !9) Ideal day for joining with good pals and talking over certain matters that can bring in fine benefits for all concerned. Plan tomorrow's activities tonight. Retire at a reasonable hour. TAURUS (Apr. 20 to May 20) Out to cement better relations with the public in general during day, but show good friends you are very devoted in P.M. Don't permit them to impose on you, tho. They are apt to be a little loo demanding. GEMINI (May 21 to June 21) During A.M. you get excellent inspired ideas that can be put in operation very quickly to your tremendous benefit. Set a real goal for yourself. Some newcomer can be just the answer to your prayers. MOON CHILDREN (June 22 to July 21) Use your Intuitive faculties to clear up any problematical affairs you have. Then be with the one you love the most. A precise plan for the future can be carefully thought out tonight. LEO (July 22 to Aug. 21) You •re able to make contacts socially today at fashionable places that will be of tremendous help to you in the days ahead. You have to be more enthusiastic in order to cement right deals. Know what you are talking about and let others knpw it, too. VIRGO (Aug. 22 to Sept. 22) Conscientiously carrying through with what others expect of you brings harmony and benefits you desire. Backing you had not counted on so quickly is forthcoming. Ta k e time for some extra study, also, LIBRA (Sept. 23 to Oct. 22) Being with congenials you really like and who are interested in your well being is your best bet today. Use ingenuity where your talents are concerned. You could very well have more to offr than others. SCORPIO (Oct. 23 to Nov. 21) Get down to fundamentals where kin and home are concerned, and you can have far more security in Sie future. Go through your closets and weed out what is no longer of use to you. Don't neglect getting out to services early in the day. SAGITTARIUS (Nov. 22 to Dec. 21) Getting about and performing duties that require a more modern touch and new ideas after church brings you the good will of family and others. Benefit from spiritual studies. Retire quite early tonight. CAPRICORN (Dec. 22 to Jan. 20) You get inspired ideas during day just how to have greater abundance in the days ahead. Some quiet concentration will tap your inner resources, potentialities. Show that you are practical - minded. AQUARIUS (Jan. 21 to Feb. 19) During the day you have to get your aims more clear in your mind if you are to have success later in gaining Oiern. Cultivate social groups, etc. that are helpful. Important you act in a practical manner tonight. PISCES (Feb. 20 to Mar. 20) Meditation upon the important issues coming up in the near future will see you being more successful in them, and it behooves you to consider the details carefully. Sociability is fine for the evening. Be charming. IF YOUR CHILD IS BORN TODAY he or she, will be one of those exceptional youngsters who early comprehend the most modern ideas and in fact may be somewhat ahead of his time, so be sure to send to the finest college where the qualities of leadership in this chart can be brought out to the best advantage. Excellent ability here to fit the right person into the right Job. Love of the humanities is very marked here. MONDAY GENERAL TENDENCIES: Cyclic changes that may be hardly visible are occurring and you can find mucii benefit and (tin by studying trend* now to nvNautnt »mal«t« Ino see just where you can fit into the new dispensations that are about to take place in the world as well as in the lives of each individual. Combine principles and a detailed expression of them. ARIES (Mar. 21 to Apr. 19) Private desires can be achieved provided you are more broadminded and use more modern system to attain. Look to some expert for a plan of what to do in the immediate future. Don't forget to clear up correspondence tonight. TAURUS (Apr. 20 to May 20) You have fascinating friends who give excellent ideas f o r your development, tho at first you may not like them too well. Study them carefully. Follow and you get very good results. Show that you have comprehension. GEMINI (May 21 to June 21) Begin week properly by getting right at those career affairs that are of pitch and moment. Make right impression on higher ups. Use your intuition where civic, public affairs are concerned. MOON CHILDREN (June 22 to July 21) A new beginning is possible if you go after your finest aims in a sensible and practical fashion, get the information you need from right persons. Stop going around in circles. New doors of opportunity open to you. LEO (July 22 to Aug. 21) Carrying through with promises to others in exact way gets you back into their good graces now. se better methods for delighting your closest friends. Retire tonight with that fine feeling of satisfaction. VIRGO (Aug. 22 to Sept. 22) Reach right decision as to some course of action with associates concerning big project and then handle work very efficiently. Have a meeting with those in public works. Fine things come of this. LIBRA (Sept 23 to Oct. 22) By energetically getting at work before you, you get real satisfaction and fine results. Add pieces of art that do much to improve appearance of your home. Entertain in P.M. but not lavishly. SCORPIO (Oct. 23 to Nov. 21) Getting your most specialized talents before the public is right and wise on this day when the planets are with you. Congen- ials are amenable to your ideas for having a good time. Get into cultural pursuits you enjoy. SAGITTARIS (Nov. 22 to Dec. 21) Those at home expect you to make changes that are truly feasible, if you will but study them carefully. Rid yourself of that condition that has been troublesome for some time. Be most careful in driving or in motion of any kind. CAPRICORN (Dec. 22 to Jan. 20) You have some inspired plans now that will help to make your life more interesting and lighten the atmosphere around you. Put mind and high spirits to work quickly. Contact the right key people. AQUARIUS (Jan. 21 to Feb. 19) You require a greater abundance and some good thinking and fast acting will see you get it by working with a vim. You can put ideas to work from various angles. Serious application is all Hiat is necessary. PISCES (Feb. 20 to Mar. 20) Be very explicit in telling others what your aims are and how they can best fit into the picture. Let your language be clear and concise. Experts should be consulted if you want to reach your goals faster. IF YOUR CHILD IS BORN TODAY ... he, or she, will be one of those fascinating children who early will have fine, constructive ideas and you would do well to encourage your progeny, since you will also engender love of- f a m i 1 y above all others by so doing. Give the right training in both academic and spiritual matters. The field of banking is ideal here, or it may be that the arts are the forte. A great artist could be in this chart. Pills Fail To Harm Child WATERLOOVILLE, England (AP) — Sandra Roebarney was released unharmed from a hospital Thursday after swallowing five birth control pills. Sandri it 18 tiontht old. ORDINANCE NO. 753 AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION INDUSTRIAL DEVELOPMENT BONDS UNDER THE PROVISIONS OF AMENDMENT NO. 49 TO THE CONSTITUTION OF . THE STATE OF ARKANSAS FOR THE PURPOSE OF FINANCING THE COST OF SECURING AND DEVELOPING INDUSTRY (THE -PARTICULAR PROJECT BEING DESCRIBED IN THE ORDINANCE); LEVYING A TAX TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS the City of Blytheville, Arkansas (called "City"), has determined that there shouM be undertaken at this time a program of securing and developing industry consisting of the acquisition of lands; the installation and construction of necessary utility lines and services, roads, streets and other necessary facilities for the proposed development of the lands for the securing and developing of industry; and other improvements, facilities and expenditures necessary or incidental to the full utilization of the lands, improvements and facilities for the securing and developing of industry (called the "Project"); and WHEREAS it has been determined that the cost to the City of the Project, including the cost of issuing of bonds and the amount necessary to pay interest on bonds until revenues are available, will be $113,000; and WHEREAS the Project will result in increased employment, additional payrolls, alleviation of unemployment and otherwise in benefits in the public interest; and 'ncludlng particularly Amendment No. 49 to the Constitution of the State of Arkansas, City of Blytheville, Arkansas General Obligation Industrial Development Bonds are hereby authorized and ordered issued in the total principal amount of $124,000 for the purpose of securing and developing industry (the particular industrial project having been heretofore described in the recitals of this ordinance). The bonds shall be dated January 1, 1966, interest thereon shall be payable semiannually on January 1 and July 1 of each year, commencing July 1, 1966 (Coupon No. 1 due on July 1, 1966 will not be printed). The bonds shall be numbered consecutively from 1 to 124, inclusive, and shall be in the denomination of $1,000 each. The bonds shall bear interest as follows: Bonds Nos. 1 to 106, inclusive, being (he bonds maturing in the years 1969 to 1986, inclusive, shall bear interest at the rate of 4% per annum and Bonds Nos. 107 to 124, inclusive, being the bonds maturing in the years 1987 and 1988, shall bear interest at the rate of 1/10 of 1% per annum. The principal 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 principal office of Mercantile Bank, Jonesboro, Arkansas (the "Paying Agent"). The bonds shall mature on January 1 of each year as follows, but shall be callable for payment prior to maturity as hereafter set forth: YEAR 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 BONDS NOS. 1- 5 6- 10 11- 15 16- 20 21-25 26- 30 31- 35 36-40 41- 46 47- 52 52-58 59- 64 65- 70 71- 76 77-83 84- 90 91- 98 99-106 107-115 116-124 er improvements, facilities and expenditures necessary or incidental to the full utilization of the lands, Improvements and facilities for the securing and developing of Industry (called the "Project"), paying necessary expenses of issuing the bonds and providing for interest until revenues are available for the interest on the bonds- The bonds are issued pursuant to and in full compliance withe the Constitution and laws of the State of Arkansas, particularly Amendment No. 49 to the Constitution of the State of Arkansas (called "Amendment No. 49"), and pursuant to Ordinance No. of the City passed and approved on the day of October, 1966, and an election duly held at which the majority of the legal voters of the City voting on the question voted in favor of the issuance of the bonds. This- bond and the issue of which it forms a part are general obligations of the City of Blytheville, Arkansas, payable from the proceeds of a seven-tenths (.7) of a mill special tax on the dollar of the assessed valuation of all taxable real and personal property in the City, levied by the City Council under the authority of Amendment No. 49, and the City of Blytheville, Arkansas hereby pledges its full faith, credit and taxing power, including the said seven-tenths (.7) of a mill special tax, for the payment of this bond and the issue of which it forms a part. The said seven-tenths (.7) of a mill special tax will be levied and collected until the bonds are ' n ft*"- Reference is here- WHEREAS It has been determined that the most feasible way to finance the cost to the City of the Project is by the issuance of bonds (called "bonds") by the City under the provisions of Amendment No. 49 to the Constitution of the State of Arkansas (called "Amendment No. 49"); and WHEREAS the bonds will be secured by and payable from a special tax of .7 of a mill on the dollar of the assessed valuation of the taxable real and personal property in the City as hereinafter in this ordinance set forth; and WHEREAS the City is a city of the first class under the laws of the State of Arkansas and has heretofore issued bonds under the provisions of Amendment No. 49 but has available uncommitted millage thereunder in the amount of .7 mill; and Whereas the City is located in Mississippi County, Arkansas and Mississippi County has not issued any bonds under Amendment No. 49; and WHEREAS the City submitted to its electors the question of issuing -the bonds at a special election duly called and held on the 15th day of March, 1966, and at said election the electors of the City approved the issuance of the bonds; and WHEREAS after due advertisement for the time and in the manner provided by law, bonds in the principal amount of $113,000 were duly offered for public sale and at such sale the bid of the First National Bank of Memphis, Memphis, Tennessee of par and accrued interest for bonds bearing interest at the rate of 4% per annum, plus a premium of •$!,635.37 (resulting in a net interest cost of 3.895%) being the best I the date hereof until paid, such price offered for said bonds, the' interest to be payable semian- Section 3. That the bonds shall be executed on behalf of the City by the Mayor and the City Clerk, with either the manual or facsimile signature of the Mayor, but with the manual signature of the City Clerk, and shall have impressed thereon the seal of the City. Interest coupons attached to the bonds may have the facsimile signature of the Mayor lithographed or printed thereon. The facsimile signature of the Mayor on the bonds and the coupons shall have the same force and effect as if he had personally signed each of said bonds and coupons. Section 4- That the bonds and the coupons shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF MISSISSIPPI CITY QF BLYTHEVILLE —% GENERAL OBLIGATION INDUSTRIAL DEVELOPMENT AMT. $5 ooo by made to said Ordinance No. 5^000 f° r t ' ie details concerning 5 |ooo ' he nature and extent of the 5'goo security and the rights and ob- 5,'oOO 5,000 5,000 5.000 6,000 6,000 6,000 6,000 6,000 6,000 7,000 7,000 8,000 8,000 9,000 9,000 BOND No. >ns of the City and the bondholders. The bonds of this isue shall be subject to redemption prior to maturity in inverse numerical order at a price of par and accrued interest as follows: from surplus proceeds of the continuing annual tax (being tax proceeds over and above the amount necesary to insure the prompt payment of the principal of and interest on the bonds as the same become due) on any interest payment date; from funds from any source on any interest payment date on and after January 1, 1971. The City has agreed that all revenues received from the said special continuing tax in excess of ihe amount necessary to insure the prompt payment of the principal of, interest on and Paying Agent's fees in connection with the bonds as they mature, must be used from time to time on each interest paying date for calling the bonds for payment prior to maturity as soon as funds are available therefor. Notice of the call for redemption shall be published one time in a newspaper published in the City of Little Rock, Arkansas, and having a general circulation throughout the State of Arkansas, witth the Notice to give the number and maturity of each bond being called, and with the publication to be at least fifteen (15) days prior to the redemption date, and after $1,0001 the date fixed for redemption KNOW ALL MEN BY THESE'each bond so called shall cease PRESENTS: That the City of Blytheville, Arkansas, Mississippi County, Arkansas, a city of the first class under the laws' of the State or Arkansas (called "City"), for value received promises to pay to bearer, on January 1, 19—, the principal sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, and to pay interest thereon at the rate of per cent ( %) per annum from Constitution to the of Arkansas, prece- convert the $113,000 in bonds into an issue bonds were sold to said purchaser at said price; and WHEREAS pursuant to the terms of the Notice of Sale the purchaser has elected to 4% of $124,000 in bonds bearing interest at the rates of 4% and 1/10% per annum, and the conversion has been examined by the City Council and has been determined to be in accordance with the terms of the Notice of Sale and that the City will pay no more and receive no less than it would have paid and received had the bonds not been converted; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Blytheville, Arkansas: Section 1. That the sale of the bonds to The First National Bank of Memphis, Memphis, Tennessee, and the conversion thereof be, and the same are hereby, approved and confirmed. Section 2. That under the authority of the Constitution and Jaws of tilt State of Arkansas, nually on January 1 and July 1 of each year, commencing July 1, 1966, upon presentation and surrender of the annexed coupons as they severally become due. The principal of this bond and the interest hereon are payable at the principal office of Mercantile Bank, Jonesboro, Arkansas (the "Paying Agent"). This bond is one of an issue of one hundred twenty-four (124) bonds aggregating One Hundred Twenty Four Thousand Dollars ($124,000), designated "City of Blytheville, Arkansas General Obligation Industrial Development Bonds," dated January 1, 1966, numbered consecutively from one to 124, inclusive, all of like tenor and effect except as to number, rate of interest, maturity and right of prior redemption, issued for the purpose of securing and developing industry, consisting of acquisition of lands, the installation and construction of necessary utility lines and services, roads, streets and other necessary facilities for the proposed development of 'the lands for the securing and developing of industry, and oth- jto bear interest, provided funds 'for its payment are on deposit with the Paying Agent at that time. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed, under the Constitution and laws of the State of Arkansas, particularly Amendment No. 49 to the State dent 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 a tax sufficient to pay the bonds and interest thereon has been duly levied in accordance with the provisions of said Amendment No. 49 to the Constitution of the State of Arkansas and made payable annually until all of the principal of and interest on the bonds of this issue are fully paid and discharged. This bond shall not bs valid until it shall have been authen- icated by the certificate hereon duly signed by Mercantile Bank, Jonesboro, Arkansas. IN WITNESS WHEREOF, the City of Blytheville, Arkansas has caused this bond to be executed in its name by Its Mayor and City Clerk, thereunto duly authorized, wltheith- er the manual or facsimile signature of the Mayor, hut with the manual lignaturi oi the City Clerk, and Its corporate seal to be affixed, and has caused the interest coupons hereto attached to be executed by the facsimile signature of its Mayor, all as of the first day of January, 1966. CITY OF BLYTHEVILLE, ARKANSAS By - ATTEST: Mayor CITY CiERK (SEAL) (Form of Coupon) January On the first day of July , 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 DOLLARS in lawful money of the United States of America at the principal office of Mercantile Bank, Jonesboro, Arkansas, being six months' interest than due on its General Obligation Industrial Development Bond, dated January 1,1966, and numbered -—. CITY OF BLYTHEVILLE, ARKANSAS By (facsimile signature) Mayor On each bond shall appear the following: CERTIFICATE This is to certify that this is one of the one hundred twenty- four (124) City of Blytheville, Arkansas General Obligation Industrial Development Bonds mentioned and described with- " MERCANTILE BANK JONESBORO, ARKANSAS By-- — (Authorized Signature) Section 5. That in order to pay the principal of and interest on the bonds at the same become due and payable and the Paying Agent's fees in connection therewith, there is herewith, there is hereby levied a continuing annual special tax of seven-tenths (.7) of a mill on the dollar of the assessed valuation of all taxable real and personal property in the City, which tax is hereby pledged to the payment of said pr'ncipal of, interest on and Paying Agent's fees in connection with the bonds. Said special tax shall be collected annually until all of the principal of, interest on and Paying Agent's fees in connection with the bonds are paid in full. The City Clerk is directed to transmit a certified copy of this ordinance to the County Clerk of Mississippi County, Arkansas, to the end that said tax may be extended on the tax books and collected annually, commencing with the taxes collected in 1967 and each year thereafter until the principal of and interest on the bonds are paid in full. All proceeds derived from the collections of the special tax shall be paid as and when received into a separate fund which is hereby created and designated "City of Blytheville General Obligation Industrial Development Bond Retirement Fund" (sometimes called "Bond" Fund"), which fund shall be maintained in a bank that is a member of the Federal Deposit Insurance Corporation, and the moneys therein shall be used solely for the payment of the principal of, interest on and Paying Agent's fees in connection with the bonds of this issue at maturity and at redemption prior to maturity. The amounts on deposit in the Bond Fund at any time in excess of that insured by the Federal Deposit Insurance Corporation must be continuously secured fay bonds or other direct or fully guaranteed obligations of the United States of America, except that any amounts therein which are invested in the manner hereafter specified need not be so secured. All revenues in the Bond Fund in excess of the amount necessary to insure the prompt payment of the principal of and interest on the bonds as the same became due and payable must be used from time to time, as and when available, on each interest paying date for the redemption of bonds prior to maturity in accordance with the redemption provisions with the in the face of the bonds and in this Ordinance. Section 6. That fttr the prompt payment of the principal of and interest on the bonds of this issue and the Paying Agent's fees, the City of Blytheville, Arkansas, hereby pledges its full faith, credit and taxing power, including tht special continuing annual tax levied in Section 5 hereof. The bonds are not secured by a pledge of project revenues or by a lien on tn« project, but the City may, at its option, use project revenues to make or apply on principal arid interest payments. Section 7. That the moneys on deposit in th* Bond Fund are hereby appropriated tu pay the principal of, interest on and the Paying Agent's fees in connection with the bonds authorized hereby as they mature in accordance with the following schedule, and if said moneys be not sufficient for that purpose, then there are hereby appropriated out of the general revenues YEAR 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 of the City the sums necessary to pay the principal of, interest on and Paying Agent's fees in connection with the bonds as the same mature according to the following schedule, and to the extent of available moneys therein, as the bonds may bo called for redemption prior to maturity: * INTEREST BOND NOS. PRINCIPAL JAN. 1 JULY 1 TOTAL $2,129.00 $2,129.00 $4,258.00 2,129.00 2,129.00 4,258.00 2,129.00 2,029.00 9,158.00 2,029.00 1,929.00 8,958.00 1,929.00 1,829.00 8,758.00 1,829.00 1,729.00 8,558.00 1,729.00 1,629.00 8,358.00 1,629.00 1,529.00 8,158.00 1,529.00 1,429.00 7,958.00 1,429.00 1,329.00 7,758.00 1,329.00 1,209.00 8,538.00 1,209.00 1,089.00 8,298.00 1,089.00 969.00 8,058.00 969.00 849.00 7,818.00 849.00 729.00 7,578.00 729.00 609.00 7,338.00 609.00 469.00 8,078.00 469.00 329.00 7,798.00 329.00 169.00 8,498.00 169.00 9.00 8,178.00 9.00 4.50 9,013.50 4.50 9,004.50 1- 5 6- 10 11- 15 16- 20 21- 25 28- 39 31- 35 36- 40 41- 46 47- 52 53- 58 59- 64 65- 70 71- 76 77- 83 84- 90 91- 98 99-106 107-115 116-124 $5,000.00 5,009.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 7,000.00 7,000.00 8,000.00 8,000.00 9,000.00 9,000.00 Section 8. That the bonds of this issue shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond form in Section 4 of this Ordinance. Section 9. That the Treasurer of the City of Blytheville, Arkansas, is hereby ordered and directed to make available to the Paying Agent prior to the maturity of any bond or interest coupon issued hereunder an amount, from the moneys on deposit in the Bond Fund or from the moneys appropriated by this Ordinance, equal to the amount necessary for the payment of the principal of, interest on and Paying Agent's fees in connection with the bonds as the game become due in accordance with the schedule set forth in Section 7 hereof, or as the bonds may be called for payment prior to maturity. This instruction to, the Treasure is irrevocable and may be enforced by mandamus. Section 10. Mercantile BanE, Jonesboro, Arkansas, is designated as Paying Agent. The holders of a majority in value of the bonds at any time outstanding may by an instrument duly executed and recorded in the office of the City Clerk, appoint a new Paying Agent, who shall have all the powers of the Paying Agent originally named, and the Paying Agent may resign at any time upon ten (10) days notice in writing mailed to the City Clerk. In the event of a vacancy in the office of Paying Agent and the failure of the holders of a majority in value of the then outstanding bonds to take the necessary action to appoint a new Paying Agent within thirty (30) days after such vacancy occurs, the City shall forthwith designate a new Paying Agent. Section 11: That is defaunlt is made and continues for thirty days in the payment of any interest coupon, the holder of the bond to which it is attached may declare the same immediately due and payable, and the failure of the holder to exercise this option upon any default shall not be a waiver of the said holder's right to exescise the option upon any subsequent default. Section 12. That when the bonds herein authorized to be executed have been executed by the Mayor and City Clerk and the seal of the City impressed as herein provided, they shall be delivered to Mercantile Bank, Jonesboro, Arkansas, which shall authenticate them, and deliver them to the purchaser, Or pursuant to the order of the purchaser, upon payment in cash of %e purchase price of $113,000, plus accured interested to the date of delivery and plus a premium of $1,635.37. The accured interest shall be deposited in the Bond Fund. Such additional amount shall be deposited into the Bond Fund as will be necessary to provide for the payment of the interest on the bonds until tax collections are available, as shall be specified in a letter of instructions signed by the Mayor. The City expressly reserves the right to reimburse the Construction Fund (hereafter refererd to) out Of tax col- lecions in the amount of such deposit to take care of Interest. The balance of the proceeds of the sale of the bonds shall be deposited in a special account in a bank that is a member of the Federal Deposit Insurance Corporation in the name of the City designated. "City of Blytheville Amendment No. 49 Construction Fund" (called "Construction Fund"), and lhall be used for no other purpose than to pay the cost* incurred and expenditures required by the City to be made In accordance with or Incidental to the constructing and equipping of the Project and ;he issuance of the bonds. Dis- >ursements from the Construction Fund shall be made oa checks, warrants or vouchers signed by a duly designated representative of the City (which designation shall be in writing and filed with the depository of the Construction Fund, and each disbursement shall be supported by a certificate specifying at least the following: (1) The name of the person, firm or corporation to whom payment is to be made; (2) The amount of the payment; (3) That the disbursement is a proper expenditure of moneys in the Construction Fund; and (4) The purpose of the disbursement. When the City shall notify the depository of the Construction Fund that any balance remaining in the Construction Fund will not be needed because all costs Page 15 and expenses payable from the Construction Fund have been paid, any remaining balance in the Construction Fund shall be deposited in the Bond Fund. The City may invest and reinvest the moneys on deposit in the Construction Fund in any securities constituting authorized investments for municipal funds under the laws of ths State of Arkansas having maturity dates, or subject to redemption by the holder, on or . before the dates the moneys so invested will be needed for the purposes for which said moneys may be expended. Section 13. That the provisions of this ordinance are hereby declared to be separable, and in the event any action, provision or part thereof shall be field to be invalid, such invalidity shall not affect the remainder of the ordinance. Section 14. That all ordinances and parts thereof in conflict terewith are hereby repealed ;o the extent of such conflict. Section 15. That this ordinance shall not create any right of any character and no right of any character shall arise under or pursuant to it until the bonds authorized by this ordinance shall be issued and delivered. Section 16- That there is heresy found and declared to be an .mmediate need for the securing and developing of industry as hereinabflve in this ordinance set forth in order that additional payrolls and additional employ- nent may be secured and that said industry can be secured and developed only by the issuance of the bonds authorized icreby. It is, therefore, declared that an emergency exists and that this ordinance being necessary for the immediate reservation of the public peace, lealth and safety shall be in 'orce and take effect immediately upon and after its passage., PASSED: October 19, 1966. APPROVED: s/Jimmie Edwards, Mayor ATTEST: W. I. Malin, City Clerk (SEAL) 10-22 The Castillo de San Marcos, St. Augustine, Fla., is the oldest masonry fort still standing in the United States. Fuller Brush Dealer Phone PO 3-1766 2008 W. Chickasawba St. COWPOKE WESTERN SHOP Vliit id »t our new locution at Norwood, at STAULOlirS »IFA STATION, Mlway 01, 1 ml. South ot Blytheville,

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