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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS FOR THE PURPOSE OF AIDING IN THE BUILDING AND EQUIPMENT OF A CITY HALL AND CENTRAL FIRE STATION AND A FIRE SUB-STATION; LEVYING A TAX SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST OF SAID BONDS; AND DECLARING AN EMERGENCY.
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WHEREAS, by an ordinance duly passed on March 3, 1958, there was submitted to the qualified electors of the City of Jonesboro, Arkansas, the question of whether the City should issue bonds in the amount of $180,000, of which $150,000 would be issued for the purpose of aiding in the building and equipment of the City Hall and Central Fire Station and $30,000 would be issued for the purpose of aiding in building and equipping a Fire Sub-Station; and
WHEREAS, due notice of the election was given as required by law and said election was duly held on April 8, 1958, at which election both issues of bonds were approved by large majorities; and
WHEREAS, the result of the election was announced by the Mayor by proclamation issued April 9, 1958, and duly published in the JONESBORO EVENING SUN, a newspaper having a bona fide circulation in said City; and
WHEREAS, the City of Jonesboro at a public sale held at 2:00 P.M. April 10, 19858, in the Council Chamber, after more than twenty days’ advertisement in said newspaper, contracted to sell the bonds to Stephens, Inc. of Little Rock, Arkansas, who submitted the best and highest bid for said bonds, being a price of 100 cents on the dollar face value plus accrued interest for bonds hearing interest at the race of 2.74 % per annum, with the provision that the buyer could convert the bonds from 2.74 % interest to a lower rate of interest; and
WHEREAS, the buyer of said bonds has elected to name The Peoples National Bank of Jonesboro, Arkansas, as trustee and paying agent, and has elected to convert the $180,000 in 2.74 % improvement bonds to $183,700 in bonds bearing interest and maturing as hereinafter set out, and has presented computations sh...
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