City Council

City Council of Jacksonville, Arkansas AGENDA Regular City Council Meeting August 6, 2015 7:00 p.m. 1. OPENING PRAYER: PAGE 2. ROLL CALL: 3. PRESENTATION OF Regular City Council Meeting MINUTES: July 16, 2015 1-5 4. APPROVALS AND/OR Regular City Council Meeting CORRECTION OF MINUTES: June 18,2015 5. CONSENT AGENDA: Engineering Department: Regular Monthly ReportJJuly City Engineer Jay Whisker 6. WATER DEPARTMENT: 7. WASTEWATER DEPARTMENT: 8. FIRE DEPARTMENT: 9. POLICE DEPARTMENT: PRESENTATION: Website Data (Mayor Fletcher) 10. STREET DEPARTMENT: BID: 201 5 Asphalt Overlay (Mayor Fletcher) 11. SANITATION DEPARTMENT: 12. PARKS & REC. DEPT: 13. PLANNING COWIWIISSION: 14. GENERAL: a. PLlBLlC HEARING ORDINANCE 1532 (#12-2015) Providing for issuance and sale of Capital lmprovement and Refunding Revenue Bonds regarding refunding outstanding obligations; funding acquisition and equipping various Capital Improvement (Mayor Fletcher) 8-14 (available at meeting) b. DISCUSSION: Privilege Tax Amendments (Mayor Fletcher) c. DISCUSSION: 5-Year Plan Presented by CDBG (Mayor Fletcher) 15. APPOINTMENTS: 16. ANNOUNCEMENTS: ADJOURNMENT  CITY OF JACKSONVILLE REGULAR CITY COUNCIL MEETING JULY 16, 2015 7:00 P.M. - 7:26 P.M. REGULAR CITY COUNCIL MEETING - CITY HALL - #1 MUNICIPAL DRIVE The City Council of the City of Jacksonville, Arkansas met in regular session on July 16, 2015 at the regular meeting place of the City Council. Alderman Bolden delivered the invocation, following a moment of silence observing the deaths of four US Marines today. Ryan and Reese Woods from Troop 170 led a standing audience in the "Pledge of Allegiance" to the flag. ROLL CALL: Aldermen: Elliott, Bolden, Sansing, Mashburn, Traylor, Twitty, Smith, and Howard answered ROLL CALL. Mayor Fletcher also answered ROLL CALL declaring a quorum. Alderman McCleary arrived at approximately 7:04 p.m. PRESENT NINE (9), ABSENT (1). Others present for the meeting were: City Attorney Robert Bamburg, Director of Administration Jim Durham, Finance Director Cheryl Erkel, Human Resource Director Jill Ross, City Engineer Jay Whisker, Public Works Director Jim Oakley, Parks and Recreation Director Kevin House, Police Chief Kenny Boyd, Fire Chief Alan Laughy, CDBG Director Theresa Watson, IT Director Scott Rothlisberger, 911 Director Tabby Hughes, Water Commission Chairman Jim Peacock, Fire Chief Administrative Assistant Lynette Culpepper, Planning Commissioner Jim Moore, Patrick Thomas, Jeff Twitty, Jennifer Martin, Johnny Simpson, and interested citizens, and members of the press. PRESENTATION OF MINUTES: Mayor Fletcher presented the minutes of the regular City Council meeting of June 18, 2015 for approval and/or correction at the next regularly scheduled City Council meeting. APPROVAL AND/OR CORRECTION OF MINUTES: Alderman Howard moved, seconded by Alderman Twitty that the minutes of the regular City Council meeting of 21 May 2015 be APPROVED. MOTION CARRIED . CONSENT AGENDA: REGULAR MONTHLY REPORT/POLICE DEPARTMENT Alderman Sansing moved, seconded by Alderman Mashburn to approve the Regular Monthly Report for June 2015 regarding annual crime statistical comparisons. Code Enforcement for June 2015 Assigned Calls 158 Self-Initiated Calls 595 Follow ups 524 Basketball Goals Meetings/Court Hearings 8 Structures Inspected 7 Citations/Warnings Issued 18 Rental properties Inspected 49 Notices/Letters Written 6 Properties Red Tagged 0 Vehicles Tagged i Search Warrants Served 0 Vehicles Towed 0 Structures Rehabbed 0 Lots posted 34 Structures Condemned 0  CITY O F JACKSONVILLE REGULAR CITY COUNCIL MEETING JULY 16, 2015 7:00 P.M. - 7:26 P.M. Signs removed 70 Houses Demolished by City 0 Trash cans tagged 2 Houses Demolished by Owner 0 Parking Violations 18 Grass Letters 48 Grass Mowed 47 REGULAR MONTHLY REPORT/FIRE DEPARTMENT Alderman Sansing moved, seconded by Alderman Mashburn to approve the regular monthly report for June 2015 from the Jacksonville Fire Department, reflecting a fire loss of $34,500.00 and a savings total of $959,000.00. REGULAR MONTHLY REPORT/ENGINEERING DEPARTMENT Alderman Sansing moved, seconded by Alderman Mashburn to approve the regular monthly report for June 2015. PERMITS/LICENSE ISSUED INSPECTIONS PERFORMED Building Permits 17 Building Inspections 22 Business Licenses 8 Electrical 31 Plumbing 26 HVACR 18 REGULAR MONTH REPORT/ANIMAL CONTROL Alderman Sansing moved, seconded by Alderman Mashburn to approve the regular monthly report for June 2015. ADOPTION FEES/FINES $975.00 CONTRIBUTIONS 15.00 TOTALS $990.00 ROLL CALL: Aldermen: Elliott, Bolden, Sansing, Mashburn, Traylor, Twitty, Smith and Howard voted AYE. MOTION CARRIED. WATER DEPARTMENT: RESOLUTION 730 (#06-2015) A RESOLUTION APPROVING AND GRANTING AUTHORIZATION T O MAYOR FLETCHER AND OFFICIALS O F THE JACKSONVILLE WATER COMMISSION FOR APPROVAL OF CERTAIN EASEMENTS AND USE AGREEMENTS AFFECTING CERTAIN PORTIONS OF PROPERTY OWNED B Y THE CITY O F JACKSONVILLE, ARKANSAS I N FAVOR OF MAGELLAN PIPELINE COMPANY, L.P. ; AND, FOR OTHER PURPOSES. City Attorney Bamburg explained that Resolution 730 is similar to one adopted by the Water Commission. He related that Magellan Pipeline Company, L. P. is constructing a new pipeline to transport petroleum products, which will include use by the Little Rock Air Force Base. He explained that Magellan needed some easements and use agreements, referencing a bullet points agreement that details what the City and Water Department will receive. He stated that negations were worked regarding easements and use agreements, outlining that the Water  CITY OF JACKSONVILLE REGULAR CITY COUNCIL MEETING JULY 16, 2015 7:00 P.M. - 7:26 P.M. Department area affected is the McCain Road Well Field and City will be affected regarding an easement that would run adjacent to the old Rogers Road Landfill on Graham Road across from the Shooting Range. He emphasized that there would be no disturbance of the Landfill. He also noted that the pipeline was rerouted to avoid going onto the Landfill. He noted that the pipeline will run from Fort Smith through Arkansas, adding that Jacksonville is a small part of the process toward the end to connect to the Air Base. He then answered Alderman Traylor, that the pipeline has other purposes for running the petroleum products, adding that it will serve the Air Base in the process. He stated that a leg will run from the main pipeline to the Air Base. Mr. Bob Jackson of Magellan Pipeline related product to the Air Base would be delivered across City property, using a pipeline owned by Enterprise that originates by a tank. He explained that they would interconnect with the tank delivering the product and then it would be pumped to the Air Base. City Attorney Bamburg then clarified that there are easements through the State to get the pipeline to Jacksonville. Mr. Jackson then explained that a new pipeline would be constructed from Fort Smit-h t-o a location east of Fort Smith where they will interconnect with an existing pipeline that will be repaired and repurposed from gas to oil in order to get the pipeline from the east to the west side of Jacksonville. He then explained the exact route the pipeline would take coming into Jacksonville including a new pipeline from Searcy to Little Rock. Alderman Traylor moved, seconded by Alderman Twitty to read Resolution 730 (#I-2015) . MOTION CARRIED. Whereupon City Attorney Bamburg read the heading of Resolution 730 (#I-2015). Alderman Sansing moved, seconded by Alderman Elliott to approve Resolution 730 (#I-2015) in its entirety. MOTION CARRIED. WASTEWATER DEPARTMENTS: FIRE DEPARTMENT: Fire Department Book authored by Alderman Barbara Mashburn Alderman Mashburn and Fire Chief Laughy presented Mayor Fletcher with a copy of the newly released Fire Department Book.  CITY OF JACKSONVILLE REGULAR CITY COUNCIL MEETING JULY 16, 2015 7:00 P.M. - 7:26 P.M. Chief Laughy stated that the book was authored by Alderman Mashburn, adding that in the last 24 months, Alderman Mashburn has contributed greatly to the City. He noted that she organized the Firefighter and Police Memorial, and is heading up the Historical District for Jacksonville which will help the City qualify for grants. He then explained that the Fire Department Book was a project Alderman Mashburn decided to undertake as a fund raiser for the Fire Department. He related that the book consist of information from the historical log books spanning from 1947 to 1969, adding that it is the first of two or three books that are being planned. Mayor Fletcher was presented with a copy of the book in respect of his support to the Fire Department. Alderman Mashburn announced that the books would be available in stores starting in August. POLICE DEPARTMENT: SANITATION DEPARTMENT: PARKS & RECREATION: PLANNING COMMISSION: GENERAL: ADDITION TO THE AGENDA: Waste Management Recycling Advantage Program Mayor Fletcher introduced a special guest, Ms. Carol Bevis from the Pulaski County Solid Waste Board. Ms. Bevis related that the District Board voted to impiement a new incentive recycling program for Pulaski County. She noted that the program is called Recycle Advantage, which is a bonus club. She stated that the program was initiated to make people more aware of recycling and understand the importance of recycling. She stated that as a bonus, prizes are given away. She explained that there are weekly and a monthly prize. She stated that anyone 18 years or older living in Pulaski County can register on their website at RegionalRecycling.org under Recycle Advantage. She noted that in the fall they will implement a school program for all the schools in Pulaski County, who wil.? be able to join the incentive program. She explained that the schools can get help with their recycling and win prizes. She related that students are being taught about recycling and its importance regarding the environment. She explained businesses that contribute and donate to the incentive program will be promoted and gain exposure. She noted that the businesses that contribute will have ads on their website and will be recognized in the local newspapers. She then added that the Mayors and  CITY OF JACKSONVILLE REGULAR CITY COUNCIL MEETING JULY 16, 2015 7:00 P.M. - 7:26 P.M. County Judges will have magnets that say "Recycle Patrol" to apply to their vehicles. She explained that they will award $50.00 dollar prizes for people they have observed recycling. She stated that this program is a way to encourage and increase recycling. She suggested that she be able to come back to City Council and offer an update regarding the school program in a few months. The City Council viewed two television ads that are being used through various media outlets to promote the Recycle Advantage Bonus Club. She held a ticket drawing to award various prizes to the audience and City Council. She noted that a recent prize awarded on television was a 14 person luncheon at Marlsgate plantation won by a Jacksonville citizen, Ralph Dove. She also noted that their first large prize giveaway was a gas grill that was also won by a Jacksonville resident. She stated that of the three large prizes awarded, two were Jacksonville residents. Mayor Fletcher recognized long time advocate of recycling and beautification volunteer, Ron Newport who passed away and funeral services were held this past Sunday. He stated that even when he knew he was dying, he continued working to beautify Jacksonville, adding that Ron was responsible for starting "Keep Jacksonville Beautiful". He then related that Ron was also involved in seeing that the Recycling Park was brought to fruition, noting that last year the Park was formally named "The Ron Newport Recycling Center". He stated that Ron was a citizen who found a passion in his community and got involved, adding that Ron will be remembered for many things. He then noted that Ron was responsible for both eagle statues in front of City Hall and the Police Department. He stated that volunteers such as Ron need to be recognized for their contributions to their community. APPOINTMENTS : ANNOUNCMENTS: ADJOURNMENT: Without objection, Mayor Fletcher adjourned the meeting at approximately 7:26 p.m. MOTION CARRIED. Respectfully, Susan L. Davitt GARY FLETCHER City Clerk-Treasurer  CITY OF JACKSONVILLE To: Mayor Fletcher, Jacksonville City Council From: Engineering Department Please find below the consent agenda for the Engineering Department ENGINEERING REPORT FOR JULY 2015 PERMlTSlLlCENSE ISSUED Building Permits 19 Business License 10 INSPECTIONS PERFORMED Building Inspections 29 Electrical 24 Plumbing 27 HVACR 13  CITY OF JACKSONVILLE BID TABULATION SHEET PROJECT NAME: 201 5 ASPHALT OVERLAY PROGRAM BID NUMBER: JAX-15-003 DEPT: STREET DATE: 7/20/2015 TIME: 10:OOam TABULATED BY: CE OPENED BY: Mayor Fletcher  ORDINANCE NO, $532 (#12-2015) AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF CAPITAL IMPROVEMENT AND REFUNDING REVENUE BONDS FOR THE PURPOSES OF REFUNDING CERTAIN OUISTANDING OBLIGA TIONS OF THE CITY; FUNDING THE ACQUISITION AND EQUIPPING OF VARIOUS CAPITAL I W R O VEMENTS AND OTHER RELATED IMPROVEMENTS I N THE CITY OF JACKSONVILLE, ARKANSAS; PROVIDING FOR THE PA YMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE PRESCRISING OTHER MA 7TERS RELA TING THERETO; AND DECLARINGAN ENERGENCY. WHEREAS, the City of Jacksonville, Arkansas (the "City''), acting by and through the City Council of the City (the \\Council''), has deterniined that it will be advantageous to the City and will improve the City's flow of funds and enhance the City's ability to meet its obligations from fl~ndsavailable to the City, to currently refund certain outstanding obligations of the City previously authorized pursuant to Amendment 78 to the Constitution of the State of Arkansas and ACA J€ 14-78-101, e t seq., including the following: a loan to the City from First Arkansas Bank & Trust in the original principal amount of Three Million One Hundred Thousand Dollars ($3,100,000.00) evidenced by that certain Promissory Note dated June 29, 2012, and authorized by Ordinance No. 1448 (#lo-2012) of the City approved June 28, 2012; a loan to the City from BancorpSouth in the original principal amount of Three Million Dollars ($3,000,000.00) evidenced by that certain Promissory Note dated February 11, 2013, and authorized by Ordinance No. 1472 (#03-2013) of the City approved February 7, 2013; and, certain short term obligations of the City to IYotorola Solutions, Inc. in the amount of Two Million Six Hundred Eleven Thousand Four Hundred Thirty-four and 681100 Dollars ($2,611,434.68) dated January 20, 2014, as initially authorized pursuant to Ordinance No. 1438 (#26-2011) approved December 15, 2011, as amended and restated by Ordinance No. 1508 (#01-2014), approved January 2, 2014, (together the "Obligations to be Refunded"). WHEREAS, the City has determined the need for acq~~iring,constructing, equipping, renovating, expanding and refurbishing certain capital improvements to benefit the citizens of the City including, rehabilitation of the Central Fire Station, the purchase of a new ladder truck and two additional fire trucks; replacement of playground equipment for City Parks and Recreation; roundabout construction at General Samuels and Harris Roads; rehabilitation of "Splash ZoneU(City Water Activity Park); replacenient of exercise equipment at the Community Center; and for related purposes (together, the "Capital Improvements1'), and for other purposes; Ordinance No. 1532 (#12-2025) Page TWO WHEREAS, the City is authorized and empowered under the laws of the State of Arkansas, including particularly ACA Ej 14-164-401 et, al., as amended (the "Act"), to issue revenue bonds for the purpose of refunding the Obligations to be Refunded and financing the Capital Improvements; WHEREAS, in order to provide for the refunding of the Obligations to be Refunded and to finance the Capital Improvements, the City intends to issue its Capital Improvement and Refunding Revenue Bonds, Series 2015 (the "Series 2015 Bonds") in an aggregate principal amount of Eight lvlillion Eight Hundred Fifteen Thousand and No/lOO Dollars ($8,815,000.00) pursuant to the provisions of the Act and the Trust Indenture hereinafter described (the "Indenture"); and, WHEREAS, the City will pledge its franchise fees charged to public utilities for the privilege of using the City's streets and rights-of-way pursuant to the authority contained in ACA Ej 14-200-101 et. al. as more specifically defined hereinafter, to secure the payment of the principal of and interest on the Series 2015 Bonds. NOW, THEREFORE, BE I T ORDAINED BY THE CITY COUNCIL OF THE CIN OF JACKSON V I L L ~ARRKANSAS,THA r: SECZIONONE: The accomplishment of the current refunding of the Obligations to be Refunded, and the acquiring, constructing, equipping, renovating and refurbishing the Capital Improvements, are hereby authorized and approved. SECTION TWO: Under the authority of the Constitution and laws of the State of Arkansas, including particularly ACA Ej 14-164-401 et. al., the Series 2015 Bonds are hereby authorized and ordered sold and issued in the total principal amount of Eight Million Eight Hundred Fifteen Thousand and No/100 Dollars ($8,815,000.00). The Series 2015 Bonds shall bear interest, and shall mature and be subject to redemption in the amounts and on the dates set forth in Addendum A attached hereto and made a part hereof. The Bonds shall not be general obligations of the City, but shall be special obligations payable solely from revenues received by the City from all franchise fees charged to public utilities for the privilege of using the City's streets and rights-of-way pursuant to the authority contained in ACA fj 14-200-101 et. al., specifically including, but not liniited to, all interest, profits or other income derived from the investment of any moneys held pursuant to the Indenture and required to be paid into the Revenue Fund (collecl:ively, the "Pledged Revenues"). Pledged Revenues not needed to pay debt service on the Series 2015 Bonds may be released from the lien of the Indenture (hereinafter defined) and used by the City for any lawful purpose, at the times and in the manner provided in the Indenture. Ordinance No. 1532 (#12-2015) Page Three SECTION THREE: The issuance of the Series 2015 Bonds is hereby authorized for the purposes of: (i) providing funds to currently refund the Obligations to be Refunded; (ii) providing funds to finance the costs of the Capital Improvements; (iii) to fund the Series 2015 Debt Service Reserve Fund (as defined in the Indenture); and, (iv) to pay the costs of issuance of the Series 2015 Bonds, including payment of the premium for a debt service reserve insurance policy. The Series 2015 Bonds will be subject to redemption in accordance with the provisions of the Indenture. SECTIONFOUR: The Series 2015 Bonds shall be sold to Stephens, Inc. (the "Underwriter") pursuant to a Bond Purchase Agreement in substantially the form s~~bmitted to the nieeting at which this Ordinance is adopted (the "Bond Purchase Agreement"), with such clianges, omissions, insertions, and revisions as the Mayor and City Clerk, with the advice of counsel, shall deem advisable, the execution and delivery by the Mayor of such Bond Purchase Agreement to constitute conclusive evidence of the City's acceptance and approval thereof. All actions heretofore taken by the Mayor and City Clerk in connection with the offering of the Series 2015 Bonds, including the preparation of the Preliminary Official Statement, preparation of the Indenture, and preparation of this Ordinance (the "Authorizing Ordinance") are hereby in all respects ratified and approved. The Mayor is hereby authorized and directed to take such action, at such time, with respect to the Preliminary Official Statement as is necessary to cause the Preliminary Official Statement to be deemed final for purposes of the Securities and Exchange Commission, Rule 15(c)2-12. The Preliminary Official Statement of the City in the form presented at this meeting with such changes, omissions, insertions, and revisions as the Mayor, City Clerk, and Finance Director with the advice of counsel, shall deem advisable, is hereby authorized and approved and the Mayor or Finance Director shall sign and deliver the final Official Statement for distribution to the owners of the Bonds and other interested persons. SECTION FIVE: First Arkansas Bank & Trust Conipany, Jacksonville, Arkansas, is hereby appointed to serve as Trustee for the Series 2015 Bonds (the "Trustee"). SECTIOIV SIX= To prescribe the terms and conditions upon which the Bonds are to be executed, accepted, held and secured, the Mayor is hereby authorized and directed to execute a Trust Indenture, dated as of September 1, 2015 (the "Indenture"), by and between the City and the Trustee, and the City Clerk is hereby authorized and directed to acknowledge the Indenture and to affix the seal of the City thereto, and the Mayor and City Clerk are hereby authorized and directed to cause the Indenture to be accepted, executed and acknowledged by the Trustee. The Indenture is hereby Ordinance No. 3532 (#22-2085) Page sour approved in substantially the form submitted to this meeting, with such changes, oniissions, insertions, and revisions as the Mayor and City Clerk, with the advice of counsel, shall deem advisable, the execution and delivery by the Mayor and City Clerk of such Indenture to constitute conclusive evidence of the City's acceptance and approval thereof. SECTION SEVEN: To meet the requirements of the Debt Service Reserve Fund created pursuant to the provisions of the Indenture, the City has received a "M~~nicipal Bond Debt Service Reserve Insurance Commitment (Stand Alone)" issued by Build America IYutual Assurance Company ("BAM") in the amount of not to exceed Three Hundred Sixty-Seven Thousand Four Hundred Twenty-Five Dollars ($367,425.00), dated August 6, 2015 (the "Commitment"), together with the form of a Debt Service Reserve Agreement (the "DSR Agreement"), and the Mayor is hereby authorized to accept the Commitment in form presented to this meeting of the City Council. The Mayor and the City Clerk are further authorized to, accept, execute, and acknowledge the DSR Agreement. The DSR Agreement is hereby approved in substantially the form presented to this meeting, with such changes, omissions, insertions, and revisions as the Mayor and City Clerk, with the advice of counsel, shall deem advisable, the execution and delivery of such DSR Agreement by the Mayor and the City Clerk to constitute conclusive evidence of the City's acceptance and approval thereof. SEC7IONEIGHT: Pursuant to the provisions of the Indenture, the City will covenant to comply with provisions of Federal Tax law following the issuance of the Bonds. I n order to enable the City's post issuance compliance, the City hereby adopts and approves a "Post Issuance Compliance IYanual" (the "Manual") substantially in the form submitted to the meeting, with such changes, omissions, insertions, and revisions as the Mayor and the City Clerk, with the advice of counsel, shall deem advisable, the execution and delivery by the Mayor and the City Clerk of the Manual to constitute conclusive evidence of the City's acceptance and approval thereof. SECTIONNINE: The Mayor and the City Clerk, for and on behalf of the City, are authorized and directed to do any and all things necessary to effect the preparation, execution and delivery of the Indent~~re, the performance of all obligations of the City under the Indenture, the issuance, execution, sale, and delivery of the Series 2015 Bonds, the use of a portion of the proceeds from the Series 2015 Bonds to refund the Obligations to be Refunded and to commence acquiring, constructing, equipping, renovating, and refurbishing the Capital Improvements and the performance of all acts enumerated in this Ordinance and all other acts of whatever nature necessary to effect and carry out the authority conferred by this Ordinance. The IYayor and City Clerk are further authorized and directed, for and on behalf of the City, to execute all papers, Ordinance No. 11532 (#22-2815) Pwe Five documents, certificates, and other instruments that may be required for the carrying out of such authority or to evidence the exercise thereof. SECTION TEN= All terms used in this Ordinance shall have the meanings ascribed thereto in the Internal Revenue Code of 1986, as amended (the "Code"). The City represents, warrants, and covenants that: (a) The City has not used or permitted the use of, and will not use or permit the use of, the Improvements in such manner as to cause the Bonds to be "private activity bonds" within the meaning of Section 141 of the Code; (b) None of the gross proceeds of the Bonds (hereby defined to include the original proceeds of the sale of the Bonds, amounts received as a result of investing the original proceeds, and amounts used to pay principal of and interest on the Bonds) will be used (directly or indirectly) either: (A) to make or finance loans to persons other than governmental units; or, (B) in any trade or business carried on by any person other than a governmental unit or other than as a member of the general public. The Capital Improvements will be available to and shall be used by members of the general p~~blic; (c) The City will take no action which would cause the Bonds to be "federally guaranteed," specifically: (A) the payment of any portion of principal or interest with respect to the Bonds will not be guaranteed (directly or indirectly) by the United States or any agency or instrumentality thereof; (B) none of the proceeds of the Bonds will be used in making loans the payment of any portion of the principal or interest with respect to which are to be guaranteed by the United States or an agency or instrumentality thereof; and, (C) none of the proceeds of the Bonds (excl~~sive of proceeds invested for an initial temporary period until needed for the purpose for which the Bonds were issued and proceeds deposited into the Bond Fund) will be invested (directly or indirectly) in federally insured deposits or accounts. Nothing in Paragraph (c) shall prohibit investments in bonds issued by the United States Treasury; (d) The City will submit to the Secretary of the Treasury of the United States, not later than the isth day of the second calendar month after the close of the calendar quarter in which the Bonds are issued, a statement on Form 8038-G concerning the Bonds; (e) The aggregate face amount of all tax-exempt bonds issued by the City (and all subordinate entities thereof) during 2015 is not reasonably expected to exceed Ten Million Dollars ($10,000,000.00); and, Ordinance No. 1532 (#12-2015) Page Six (f) The City hereby designates each of the Bonds as a "qualified tax-exempt obligation" for purposes of Section 265(b) of the Code. SECTIONELEVEN: The appointments of Wright, Lindsey & Jennings LLP, as Bond Counsel, and Stephens Inc., as Underwriter, are hereby approved and ratified. SECTION TWELVE: Emerqency, It is hereby found and declared that an immediate need exists to provide for the current refunding of the Obligations to be Ref~~nded and to finance the Capital Improvements in order to achieve interest cost savings, improved cash flow, and the most cost effective financing for the development of the City's infrastructure. It is, therefore, declared that an emergency exists. This Ordinance, 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. APPROVED AND ADOPTED THIS DA Y OF AUGUST 2015. CITY OF JACKSBNVILLG ARKANSAS GAR Y FLETCHER, MA YOR §USA N DA V I m , CITY CLERK APPROVED AS TO FORE//= RBBER P E. BAMBURG, C I T Y A mORNEY  ADDENDUM 'A" Schedule of Maturities Maturity Date Principal Interest (3une) Amount Rate 2016 $ 500,000.00 2.000°/0 2017 5 10,000.00 2.000°/0 2018 520,000.00 2.000°/0 2019 530,000.00 2.000°/0 2020 540,000.00 2.000°/0 2021 550,000.00 2.050% 2022 565,000.00 2.300% 2023 575,000.00 2.450% 2024 590,000.00 2.550% 2025 605,000.00 2.650% 2026 625,000.00 2.900% 2027 645,000.00 3.100% 2028 665,000.00 3.250% 2029 685,000.00 3.375% 2030 710,000.00 3.500% (Accrued interest from September 1, 2015 to be added)