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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. r s.; 4-1 ti PASSED: December 10. 1936 f.� e'a �i APPROVED: Decerber 10, 1936 �-4 SY1 �PP yor ATMST : City ler There being no further business the Council adjourned, Mayor City Clerk