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ORDINANCE CALLING IN WARRANTS TO THE CITY COUNCIL
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The City Council does hereby declare that it is expedient that all outstanding warrants of the City of Jonesboro be forewith called in, for the purpose of cancelling the same, and issuing other scrip in lieu thereof, classifying the same, and numbering the scrip to be issued in lieu of that now outstanding; and that the Council thoroughly examine all scrip so presented and reject such as the said City is not legally bound to pay.
That the said warrants outstanding be and they are hereby ordered to be presented to the City Council of the City of Jonesboro at the City Hall, or Fire Department, at nine o’clock A.M. on the 12th day of August, A.D. 1907.
The City Clerk is hereby ordered to notify the holders of all outstanding warrants to present the said warrants to the Council at the time and place aforesaid, for the cancellation, re-issuance, numbering and classifying thereof as above provided, by putting up at the County Courthouse door of the Jonesboro District of Craighead County, and at each Election Precinct in each Ward of said City of Jonesboro, a true copy of this Ordinance, and by publishing the same in newspapers printed in said County and published and having a bona fide circulation therein, and in said State of Arkansas, for two weeks in succession, the last insertion to be at least Thirty (30) days before the time so fixed by the said Council therein for the presentation of said warrants.
That all persons who shall hold any warrant or warrants of said City of Jonesboro and shall neglect or refuse to present the same as required by this Ordinance and the said notice, shall thereafter be forever barred from deriving any benefit from their claims.
Whenever the outstanding scrip shall be presented as required by this Ordinance, the City Council shall thoroughly examine each piece thereof, and shall reject all such evidences of indebtedness as in their judgment the said City of Jonesboro is not justly and legally bound to pay, subject to appeal to the Circuit Court.
When scrip so presented is held to be a valid and subsisting claim against the City according to its terms, by the said Council, the same shall be classified, and new scrip numbered consecutively and classified according to the proper classification of the former outstanding scrip shall be issued in lieu thereof, and upon such re-issuance of new scrip properly numbered and classified, and drawn on the proper fund, the said outstanding scrip so presented shall be cancelled and shall thenceforth be voice of no effect.
Passed and adopted this May 6, 1907.