5395ORDINANCE NO. 532,E
AN ORDINANCE SUBMITTING TO THE VOTERS OF THE
CITY OF LITTLE ROCK, ARKANSAS, THE QUESTION
=HER IT STILL ISSUE GENERAL OBLIG &TION BONDS
IN THE AMOUNT OF $468, 000,00 FOR THE PURPOSE
OF PAYING PART OF THE COSTS OF PURCHASING A
SITE FOR, AND CONSTRUCTION AND E�UIPEONT OF A
P: WICIPAL AUDITORIMI.
1 °d MEAS it appears unto the City Council that the City
of Little Rock is a city of the first class within the meaning
of the 13th amendment to the Constitution of Arkansas adopted
on October 5th, 1926, and is authorized by said 13th amendment
to issue bonds for the purpose of purchasing a site for, and
construction and equipment of a Municipal Auditorium; and
'JIMEAS it appears unto the Council that it is necessary
for the health, safety and convenience of the City and the in-
habitants and citizens thereof that certain improvements be
made as follows:
and
Purchase of site for, and construction
and equipment of Municipal Auditorium;
'EEREAS it appears unto the Council that the reasonably
estimated cost of such proposed improvements is ?760,000,00 and
that in order to finance same in part it will be necessary to
issue and sell general obligation bonds of the City in the aggre-
gate principal amount of $4680000,00; and
iIHEREAS it appears unto the Council that the issuance and
sale of bonds of the City in the amount of X468,000,00 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 Arkansas adopted on October 7, 1924 and the said
13th Amendment to the Constitution of Arkansas and now outstand-
ing 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
,VHEREAS it appears unto the Council that the City has
heretofore levied and pledged to the payment of its outstanding
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 said .Amendment No. 13 an annual tax of
1 1/6 mills and is now authorized to levy and pledge to the pay-
ment of the proposed issue of bonds an annual tax of not exceed-
ing 3 5/6 mills.
NOM THEREFORE BE IT ORDAINED BY THE CI17 COUNCIL OF TILE
CITY OF LITTLE ROCK, ARK4NSAS:
Section 1. An election is hereby called to be held at
the usual polling places in the CITY of Little Rock, on the Z6th
day of January, 1937, for the purpose of determining whether
the CITY of Little Rock shall issue $468,000.00 aggregate prin-
cipal amount of negotiable general obligation bonds, bearing
interest at the rate of four per century per annum, payable
semi - annually, said bonds to mature as follows:
1940
$100000.00
1941
10,000.00
1942
11,000.00
1943
11,000.00
1944
110000.00
1945
12,000.00
1946
12,000.00
1947
122000.00
1948
13,000.00
1949
13,000.00
1950
14,000.00
1951
14,000.00
1952
15,000.00
1953
15,000.00
1954
16,000.00
1955
17,000.00
1956
17,000.00
1957
180000.00
1958
19,000.00
1959
20,000.00
1960
20,000.00
1961
21,000.00
1962
22,000.00
1963
23,000.00
1964
249000.00
1965
25,000.00
1966
26,000.00
1967
27,000.00
said bonds to be issued for the purpose of paying part of the
costs of the purchase of site for, and construction and equip-
ment of Municipal Auditorium, and to be payable on the first
day of august in each of said years, and to be dated as of
February 1st, 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
advertisement weekly for at least four (4) times in the
.Arkansas Gazette and Arkansas Democrat, newspapers published
in the CITY of Little Rock 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 X468,000.00 for the purpose of
paying part of the costs of purchasing
site for and construction and equipment
of 1,1unicipal Auditorium."
"Against Bond Issue in the �Lggre gate prin-
cipal amount of $468,000.00 for the purpose
of paying part of the costs of purchasing
site for and construction and equipment
of Municipal Auditorium."
At said election only qualified voters of theCITY 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 Gazette and Arkansas Democrat, newspapers published
in said CITY of Little Rock, and having a general circulation
therein, and his 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 place for public meetings in the City of
Little Rock endangers the health and safety of the inhabitants
of said City; that by reason of the present economic condi-
tions, 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 happiness of
the CITY. It is, therefore, declared that an emergency exists,
that this ordinance is necessary for the immediate preserva-
tion of the public peace, health and safety, and that this
ordinance shall take effect and be in force from and after
its passage.
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PASSED: December 10. 1936
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APPROVED: Decerber 10, 1936
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ATMST :
City ler
There being no further business the Council adjourned,
Mayor
City Clerk