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5396ORDINANCE NO, 5356 AN ORDINANCE SUBMITTING TO THE VOTERS OF CITY OF LITTLE ROCK, ARKANSAS, THE QUESTION WHETHER IT WILL ISSUE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $25,000 FOR THE PUR- POSE OF PAYING PART OF THE COST OF CONSTRUCTION AND EQUIPMENT OF AN ADDITION TO CITY LIBRARY. VH9RA3, it appears _unto, the .. Gity Council tha. the. City--of Little Rock, Arkansas, is a city of the first class within the meaning of the 13th amendment to the Constitution of Arkansas adopted on October 5, 1926, and is authorized by said 13th amendment to issue bonds for the purpose of con- struction and equipment of an addition to City Library; and WHEREAS, it appears unto the Council that it is necessary for the health, safety and convenience of the City and the inhabitants and citizens thereof that certain improve- ments be made as follows: Construction and Equipment of an addition to City Library. WHEREAS, it appears unto the Council that .:stilt -i ably estimated cost of such proposed improvements is $45,000.00 and that in order to finance same in part it will be necessary - to issue and sell general obligation bonds of the City, aggre- gating the principal amount of $25,000.00; and WHEREAS, it appears unto the Council that the issuance and sale of bonds of the City in the amount of $25,000.00 for the purposes aforesaid, when added to all other bonds of the City issued under authority of both the 10th amendment to the Con - stitution of Arkansast adopted on October 7, 1924, and the said 13th` aamendment to the Constitution of Arkansas, and now out standing will not cause the total bonded debt of the city under the authority of said two amendments to exceed the sum of Five Million Dollars; and WHEREAS, it appears unto the Council that the City has heretofore levied and pledged to the payment of its out- standing bonds issued under authority of said Amendment No. 10 an annual ' tax of 3 mills; and WHEREAS, said City has heretofore levied and pledged to the payment of its outstanding bonds issued under authority -of a said Amendment No. 13 an annual tax of 1 -1/6 mills, and is now authorizrd to levy and pledge to the payment of the proposed issue of bonds an annual tax not to exceed 3-8/6 mills. NOT, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK, ARKANSAS: Section 1. An election is hereby called to be held at the usual polling plac4q. in, the3 Cif oP.T,itt1 Rock;sa: on the Wth day of January, 19370 for the purpose of determining whether the City of Little Rock shall issue $25,000.00 in the aggregate principal amount of negotiable general obligation bonds, bearing interest at the rate of four per centum per annum, payable semi - annually, said bonds to mature as follows: 1940 $1500.00 1941 1500.00 1942 150000 1943 1500.00 1944 1500.00 1945 1500.00 1946 1500.00 1947 1500.00 1948 2000.00 1949 2000.00 .. ;..- 1950 2000.00 1951 2000.00 1952 2000.00 1953 2000.00 1954 1000.00 Said bonds to bei -se-fted for the purpose of paying part of the cost of construction and equipment of an addition( to City Library, and to be payable on first day of August in)each of said years, and to be dated as of February 1, 1937, Section 2. Said election shall be conducted and the votes thereat canvassed and the result thereof declared under the law and in the manner now provided for municipal elections, and notice of. said election shall be given by the: Mayor .by, ad--, vertisement weekly for at least four (4) times in the Arkansas Gazette and Arkansas Democrat, newspapers published in the City of Little Rock, Arkansas, and having a bona fide circulation therein, the last publication to be not less than ten days prior to the date of said election. The ballots for said election shall be marked "For Bond Issue in the aggregate principal amount of $25,000.00 for the purpose of paying part of the cost of construction and equipment of an addition to City Library." fV il "Against Bond Issue in the aggregate principal amount of �25.,000900 for the purpose Of paying part of the cost of construction and equipment of an addition to City Library." At said election.only qualified voters of the City of Little Rock will have the right to vote. The result of said election shall be proclaimed by the Mayor by publication in the Arkansas et t* Arkansas .'Demoera, t 11. le Roick'and having a 'general circulation therein,,' and his'­'- ti proclamation shall advise the citizens and property owners of said City that the result as proclaimed will be conclusive unless attacked in the Courts within thirty (30) days after the date of such proclamation. Section 3* It is ascertained and declared that the lack of an adequate City Library endangers the health and safety CV of the inhabitants of said city; bhat by reason of the present economic conditions, many citizens of the City are out of work., and the improvements herein provided would furnish work for a large number of men and thereby add to the peace and hap,pliness of the City. It is., therefore, declared that an emergency exists, that this ordinance is necessary for the Immediate pre- servation of the public peace, health and safety, and that this ordinance shall take effect and be in force from and after its passage, PASSED: December 10,9 1936 411032 APPRO ATTES a. 4