1489 C '..
RESOLUTION NO. 1489
A RESOLUTION ACCEPTING A BID FOR BONDS
TO BE ISSUED BY THE CITY OF LITTLE ROCK,
ARKANSAS, FOP THE PURPOSE OF IMPROVEMENT
OF THE CITY AIRPORT BY CONSTRUCTING
ADDITIONAL RUNWAYS AND AN ADMINISTRATION
BUILDING AND PURCHASING ADDITIONAL LAND
FOR SAID AIRPORT
WHEREAS, after due advertisement for the time and in
the manner required by law, duly published in a newspaper hav-
ing a bona fide circulation in the City. of Little Rock, $75, 000
of bonds of the said City to be issued for the purpose of
improvement cf the city airport by constructing additional
runways and an administration building and purchasing additional
land for said airport were offered for sale on sealed bids, at
a meeting of the City Council, at 8:30 o ' clock P.M. , on the 6th
day of May, 1940, and
WHEREAS, the Council finds that the bid of Peoples
National Bank of Little Rock and T. J. Raney & Sons of 102. 507
cents on the dollar and accrued interest for $75, 000 of bonds
bearing interest at the rate of Two ( 25) per cent is the best
bid;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That said bid of Peoples National Bank of
Little Rock and T. J. Raney & Sons be accepted, and thot the
Mayor and City Clerk be and are hereby authorized to execute on
behalf of the City the following contract for the sale of said
bonds:
"May 6, 1940
To the City of Little Rock, Arkansas -
For your issue of $75 , 000.00 City of Little Rock,
Arkansas, Airport Bonds dated May 1, 1940, maturing March 1,
1944, denomination $1, 000. 00, bearing 2% interest, the first
interest coupon for ten months due March 1, 1941, interest
payable semi-annually thereafter to maturity, with place of
payment as we may designate, we will agree to pay to you
$102. 507 on the dollar of the face value of the bonds and
accrued interest, you agreeing to deliver us the bonds as
provided above on or before thirty days from this date, there-
after at our option.
The above offer is made subject to our receiving the
unqualified approving opinion of Rose, Loughborough, Dobyns
and House as to the legality of these bonds.
Enclosed you will please find certified check
payable to the City of Little Rock in the amount of $2, 250. 00,
which is 3% of the amount of the issue covered by this bid, to
be used as liquidating damages if we fail to make good this
bid., and to be applied to the purchase price if we get the bonds.
Otherwise to be returned to us.
Very truly yours,
PEOPLES NATIONAL BANK OF
LITTLE ROCK
ACCEPTED this the _ By W. A. Hicks
President
day of 19 .
T. J. RANEY & SONS
CITY OF LITTLE ROCK, ARKANSAS,
By Alton B. R ,net
By
Mayor
By
City Clerk. i1
11May 6th 1940.
To the City of Little Rock, Arkansas.
In re: Bid for bonds
130, 000. 00: : :
Subsequent to the filing of the bid of the undersigned
and. Just prior to the opening of all bids the Mayor announced
that, due to the necessity for the lapse of thirty days time,
the bonds could not be delivered prior to the lapse of said time
and each of the undersigned announced that their bid. for the
three issues provided for a delivery of said bonds within thirty
days from this date or there after at the option cf the purchasers
and that the bids would be and were amended substituting forty-
five days for the thirty days; THEREFORE this letter will confirm
the substituted time from thirty to forty five days.
Yours very truly,
The Peoples National Bank
of Little Rock, Little Rock, Ark.
By E. B. Stokes
Trust Officer.
T. J. Raney and Sons
By Burnett 11
Section 2. It is ascertained and hereby declared that
the traffic by air is now so extensive that the prompt improve-
ment of the city airport is essential to the public safety, and
tht by reason of the present economic conditions, many citizens
of the City are out of work, and the improvement 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 Resolution is
necessary for the immediate preservation of the public peace ,
health and safety, and that this Resolution shall take effect
and be in force from and after its adoption.
ADOPTED: May 6th, 1940.
ATTEST , VE , „__7(
City Clerk. . or.