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
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