12450ORDINANCE NO. 12,450
AN ORDINANCE AMENDING SECTION 8 OF
ORDINANCE NO. 10,957 TO ALLOW FUNDS
OF THE PORT AUTHORITY TO BE PAID OUT
BY THE WARRANTS SIGNED BY THE EXECUTIVE
DIRECTOR, THE CHAIRMAN, OR THE TREASURER
OF THE LITTLE ROCK PORT AUTHORITY AND
FOR OTHER PURPOSES.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION I. Section 8 of Ordinance 10,957 of the Ordinances
of the City of Little Rock is hereby amended to read as follows:
All revenue derived from the operation of the Port Authority,
after paying operation expenses and maintenance, shall be set
aside and used for additional improvements, reserves for
depreciation, or for the retirement of bonds and interest there-
on issued by the Board of Directors of the City of Little Rock
for the purposes hereinabove enumerated in the manner now provided
by law. All Authority funds shall be deposited in a bank or banks
to be designated by the Authority. Funds of the Authority shall
be paid out only upon warrants signed by any two of the following
three officials of the Little Rock Port Authority: The Executive
Director, the Chairman, or the Treasurer. No warrant shall be
drawn or issued disbursing any of the funds of the Authority
except for a purpose or expenditure for which the same is to be
given in payment has been audited and approved by the Authority.
SECTION II. All other sections and provisions of Ordinance
No. 10,957 remain in effect as set out in said Ordinance.
Section III. It is hereby found by the Board of Directors
that there is an urgent need to designate the persons of the
Little Rock Port Authority who are authorized to sign and
countersign warrants on behalf of said Authority. Therefore,
an emergency is declared to exist, and this Ordinance being
necessary for the preservation and advancement of the public
peace, health and safety, shall be in full force and effect
from and after the date of its approval.
PASSED: March 1, 1971
ATTEST : a_i 03-aaL
CITY CLERK
i
APPROVED:
MAYOR