10591M
s► . � _
ORDINANCE NO. 10s591
AN ORDINANCE SUBMITTING TO THE ELECTORS OF THE CITY OF LITTLE ROCK,
ARKANSAS, AT THE GENERAL ELECTION TO BE HELD ON NOVEMBER 5, 1957,
THE QUESTION OF ISSUING PUBLIC LIBRARY IMPROVEMENT BONDS.
WHEREAS, the public library of the City of Little Rock,
` 14vRxtne , to now inadequate to meet the needs of the public, and
it is estimated that the construction and equipment of an addition
to the library and certain changes, alterations and modifications
in the existing structure, in order to make it adequate for the
present and the reasonable future, will cost $1,295,000; and
WHEREAS, the City can secure the money to make this improve-
ment by issuing bonds under the provisions of Amendment No. 13 to
the Constitution of the State of Arkansas, provided the proposed
issue is approved by the electors of the City; now, therefore,
BE IT ORDAINED by the City Council of the City of Little Rock,
Arkansas:
SECTION 1. That there shall be submitted to the electors
of the City of Little Rock at the general election to be held in
said City on November 5, 1957, the question of issuing bonds in
the amount of $1,295,000, to be dated as of January 1, 1958; to be
issued for the purpose of constructing and equipping an addition
to the Little Rock Public Library and making certain changes,
alterations and modifications in the existing structure; to bear
an average rate of interest acceptable to the governing body of
the City at the time of their sale; to be callable at the option
of the City; to be subject to conversion, at the option of the
City at the time of sale, upon such terms as the City may specify;
and to mature serially on February 1 of each year as follows:
$42,OQO in 1961
44,000 in 1962
46,000 in 1963
48,000 in 1964
50,000 in 1965
52,000 in 1966
54,000 in 1967
56,000 in 1968
59,000 in 1969
62,000 in 1970
65,000 in 1971
67,000 in 1972
70,000 in 1973
73,000 in 1974
77,000 in 1975
80,000 in 1976
83,000 in 1977
86,000 in 1978
89,000 in 1979
920000 in 1980
SECTION 2. That the question shall appear on the ballot for
said general election in substantially the following form:
For an issue of library improvement
bonds in the amount of $1,295,000 by
the City of Little Rock, Arkansas ...................L%
Against an issue of library improvement
bonds in the amount of $1,295,000 by
the City of Little Rock, Arkarm s ....................L%
The bonds will be issued for the purpose of constructing and
equipping an addition to the Little Rock Public Library and making
certain changes, alterations and modifications in the existing
structure. They will bear an average rate of interest acceptable
to the governing body of the City at the time of their sale; will
be callable at the option of the City; will, at the option of the
City at the time of sale, be subject to conversion upon such terms
as the City may specify; and will mature serially on February 1 of
the years 1961 to 1980, both inclusive.
SECTION 3. Said election shall be held and conducted and the
vote thereof canvassed and the result declared under the law and in
the manner now provided for municipal elections, so far as the same
may be applicable, and the Mayor of the City of Little Rook is hereby
authorized and directed to give notice of such election by an ad-
vertisement published weekly, once a week, for four times in a news-
paper published in the City of Little Rock and having a bona fide
circulation in said City, the last publication to be not less than
ten days prior to the date of said election, and only qualified
voters of the City of Little Rock shall have the right to vote at
said election.
SECTION 4. The result of said election on said question shall
be proclaimed by the Mayor and his proclamation shall be published
one time in said newspaper, and the result of said election as pro-
' c1 imed by the Mayor shall be conclusive unless attacked in the
courts within thirty days after the date of such proclamation.
SECTION 5. That all ordinances and parts of ordinances in
conflict with the provisions of this ordinance are hereby repealed.
SECTION 6. That a copy of this ordinance be given to the
Pulaski County Sheriff in order that he may include the Question
of the bond issue in his proclamation of said election to be posted
and published, and that a copy be given to the Pulaski County Board
of Election Commissioners.
SECTION 7. That this ordinance shall be in force and effect
from and after its passage.
Passed: July 29 , 1957.
APPROVED:
Attest:
City Clerk
APPROVED AT CITY GENERAL ELECTION HELD NOVEMBER 5, 1957
I, he unders d, City Cleo f the City of Littn7.e Rock,
Arkansas, reify the oing to a true copy o ordinance
passed by th City Counci eetin held ,
1957, duly ca d and consti d, at wh h e than o thirds of
the members -elec of the- -- no pre t and voted or the
ordinance, which n a p ars din a Bo , p e ,
of the records of s City.
CERTIFIED under m h and the eal of s City, this
day of 19576
City Clerk
(Seal)