9921.. 'N • _i
ORDINANCE NO. 9921
AN ORDINANCE AUTHORIZING THE TRANSFER OF FUNDS REMAINING
IN THE BOND AND INTEREST FUND OF THE CITY OF LITTLE ROCK
TO THE CITY GENERAL FUND; AND FOR OTHER PURPOSES.
WHE MS, in 1925, 4j% Funding Bonds in the amount of $1,910,000.00
were issued for the purpose of consolidating the floating debt of the
City of Little Rock; and
WHEREAS, the General Fund, at one time during the depression,
found it necessary to advance $18,000.00 out of said Fund to meet the
Sinking Fund requirements on this Bond, which advance has never been paid
back; and
WHEREAS, the Pulaski Chancery Court found that a balance of
$21,073.81 remains in the Funding Bond Sinking Fund (Bond and Interest
Fund) after all Bonds have been retired; and
WHEREAS,-, the interest, des . on the $189000.00 would amount to
more than the difference between said $18,000.00 and $21,073.81; and
WHEREAS,, the Court found that said funds could be transferred
to the General Fund to reimburse it for its advance;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. That the Mayor and City Clerk are hereby authorized
and directed to transfer the balance of $21,073.81 now remaining in the
Funding Bond Sinking Fund (Bond and Interest Fund) to the General Fund.
SECTION 2. That all ordinances and parts of ordinances in
Conflict herewith are hereby repealed, and this ordinance shall be in
full force and effect from and after its passage and approval.
PASSED: September 26, 1955
ATTEST: APPROVED:
1
City.Clerk Mayor