9113ORDINANCE NO. 9113
AN ORDINANCE PROVIDING FOR.THE ISSUANCE OF BONDS FOR
THE PURPOSE OF PURCHASING AND HOUSING FIRE- FIGHTING
APPARATUS AND FIRE ALARM SYSTEMS FOR THE CITY OF
LITTLE ROCK, ARKANSAS; LEVYING A TAX SUFFICIENT TO
PAY THE PRINCIPAL AND INTEREST OF SAID BONDS; DECLARING
AN EMERGENCY; AND FOR OTHER PURPOSES.
WHEREAS, by ordinance duly passed on September 30, 19522
there was submitted to the qualified electors of the City of Little
Rock, Arkansas, at the General Election held on November 4, 1952,
the question of whether it should issue bonds to the amount of
$590,000 for the purpose of purchasing and housing fire - fighting
apparatus and fire alarm systems for the City, said bonds to bear
interest at a rate not to exceed 3% per annum; and
WHEREAS, due notice of the election was given and the election
was held according to law, and at said election 22,082 votes were
cast for the issue of bonds and 5,483 votes were cast against the
issue of bonds; and
WHEREAS, the result of the election was announced by the Mayer
by a proclamation issued on November 15, 1952, and duly published in
the ARKANSAS DEMOCRAT, a newspaper having a bona fide circulation in
said City, and more than 30 days have elapsed since the date of said
proclamation and since it has not been attacked in the courts it is
now conclusive; and
WHEREAS, the City of Little Rock, at a public sale held at
8:00 P.M. January 26, 1953, in the Council Chamber, after more than
20 days'. advertisement in the ARKANSAS GAZETTE, a newspaper having a
bona fide circulation in said City, and also advertisement in THE
DAILY AND WEEKLY BOND BUYER, a financial journal published in New
York City, contracted to sell the bonds to Hill, Crawford & Lanford,
Inc., Southern Securities Corporation, Womeldorff & Lindsey, and
Walter R. Bass Company, all of Little Rock, Arkansas, who submitted
the best and highest bid for said bonds, being a price of 100 cents
on the dollar face value plus accrued interest plus a premium of
$2324 for bonds at a net average interest cost to the City of 2.33%
per annum; and
WHEREAS, the buyers of said bonds have elected to name the
Union National Bank of Little Rock, Arkansas, as paying agent; now,
therefore,
BE IT ORDAINED by the City Council of the City of Little Rock,
Arkansas:
SECTION 1. That the sale of the bonds to Hill, Crawford &
Lanford, Inc., Southern Securitfes Corporation, Womeldorff & Lindsey,
and Walter R. Bass Company, all of Little Rock, Arkansas, is approved
and confirmed.
SECTION 2. That the Mayor and City Clerk are hereby authorized
and directed to execute the Fire Apparatus and Fire Station Bonds
of 1953 of this City, dated as of February 1, 1953, and maturing on
February 1 of each year as follows:
YEAR
BOND
NOS.
AMOUNT
(both
inclusive)
1956
1
to
38
$38,000
1957
39
to
77
39,000
1958
78
to
118
41,000
1959
119
to
160
42,000
1960
161
to
203
43,000
1961
2o4
to
247
44,000
1962
248
to
293
46,000
1963
294
to
34o
47,000
1964
341
to
388
48,000
1965
389
to
437
49,000
1966
438
to
487
50,000
1967
488
to
538
51,000
1968
539
to
590
52,000
The bonds..shall be in the denomination of $1000 each, and
shall bear interest from date until paid at the following rates per
annum: Nos. 1 to 388, inclusive, at 2 3/4 %, and Nos. 389 to 590,
inclusive, at 2%; and the bonds shall be callable as hereinafter set
out.
SECTION 3. Said bonds shall be in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
Fire Apparatus and Fire Station Bond of 1953
No.
KNOW ALL MEN BY THESE PRESENTS:
$1000
That the City of Little Rock, in the County of Pulaski and
State of Arkansas, acknowledges itself to owe and, for value received,
promises to pay to bearer the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, on the first day of
February, 19 , with interest thereon from date hereof at the rate
of per centum (----%) per annum until paid, interest
payable semi - annually on the first day of February and August of each
year, commencing August 1, 1953, on presentation and surrender of the
annexed coupons as they severally mature. Both the principal and
interest of this bond are hereby made payable at the office of the
Union National Bank of Little Rock, Arkansas.
This is one of a series of bonds aggregating Five Hundred
Ninety Thousand Dollars ($590,000), all of like tenor and effect
except as to number, interest rate, and maturity, numbered from One
(1) to Five Hundred Ninety (590), inclusive, issued for the purpose
of purchasing and housing fire - fighting apparatus and fire alarm
systems for the City of Little Rock, and the City hereby warrants
and covenants that in the issuing of this bond it has proceeded in
accordance with the provisions of Amendment No. 13 to the Constitution
of the State of Arkansas and in accordance with the laws of said
State, under ordinances of the City Council of said City and in
pursuance of an election duly held at which the majority of the legal
voters of said City voting on the question voted in favor of the issue
of said bonds; that all conditions, acts and things required to exist,
to be performed, and to happen precedent to and in the issuance of
this bond have existed, have been performed and have happened in
due time, form and manner as required by law and particularly by
said Amendment No. 13; and that a tax sufficient to pay the bonds
aforesaid has been duly levied in accordance with said constitutional
amendment and made payable annually until all of said bonds and
interest thereon have been fully paid and discharged; and that the
indebtedness represented by this bond and the issue of which it forms
a part does not exceed any constitutional or statutory limitation.
For the prompt payment of this bond and the interest thereon,
the said City of Little Rock hereby pledges its full faith, credit
and taxing power, including the special tax authorized to be levied
by said Amendment to the Constitution for the payment of this bond
and other bonds of this series.
The City has agreed that out of the revenues derived from
the special tax which it has levied and which is authatzed by Amend-
ment No. 13 to the Constitution of the State of Arkansas, any surplus
over the amount necessary to pay principal and interest maturing that
year must be used, not earlier than August 1, 1956, to call the bonds
of this issue for payment prior to maturity in inverse numerical order
at par and accrued interest on any interest paying date, except that
the City will not be required nor permitted to call any bonds for
partial payment.
The bonds of this issue are subject to redemption prior to
their respective maturity dates in inverse numerical order at par
and accrued interest, as follows: If called for payment with funds
derived from the special tax levy, on any interest paying date on
and after August 1, 1956; if called for payment with funds from any
source, on any interest paying date on and after August 1, 1958•
In the event the City shall call bonds for payment prior to maturity,
it shall publish notice of such call once a week for two weeks in
some newspaper of general circulation throughout the State of Arkansas,
the first publication to be not less than fifteen days prior to the
date fixed for redemption, and the notice shall give the number and
maturity of each bond being called. All bonds so called shall cease
to bear interest after the date fixed for their redemption, provided
the funds for their payment are on deposit with the paying agent
at that time.
This bond shall not be valid until authenticated by the
certificate hereon of the Union National Bank of Little Rock, Arkansas.
IN WITNESS WHEREOF, the City of Little Rock, Arkansas, has
executed tht bond by the hands of its Mayor and City Clerk and
attested it with its corporate seal, and has caused the coupons
hereto attached to be authenticated by the facsimile signature of
its Mayor, as of the first day of February, 1953.
(Seal)
Attest:
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
City Clerk
To each of said bonds shall be attached coupons for the semi-
annual interest in the following form:
No.
COUPON
On the first day of FAugus i 19 unless the bond to which
this coupon is attached is paid prior thereto, the City of Little
Rock, Arkansas, promises to pay to bearer DOLLARS in
lawful money of the United States of America, at the office of the
Union National Bank of Little Rock, Arkansas, betg six months'
interest then due on its Fire Apparatus and Fire Station Bond of 1953
dated February 1, 1953, and numbered
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
(All coupons shall be for six months' interest. The signature
of the Mayor on the coupons may be lithographed or engraved.)
Each bond shall be authenticated by the Union National Bank
of Little Rock, Arkansas, as follows:
CERTIFICATE
The Union National Bank of Little Rock, Arkansas, hereby
certifies that this is one of the series of 590 Fire Apparatus and
Fire Station Bonds of 1953 issued by the City of Little Rock, Arkansas,
aggregating $590,000, described herein.
UNION NATIONAL BANK
OF LITTLE ROCK, ARKANSAS
By
Little Rock, Arkansas
SECTION 4. The Mayor and City Clerk are hereby authorized
and directed, when they have executed said bonds and have had them
duly certified, to deliver them to the purchasers upon receipt of
the full purchase price, and the proceeds of saH bonds shall be used
for no purpose except the purposes for which voted.
SECTION 5. In order to pay the said bonds as they mature,
with interest thereon, the City has levied a tax of one -half mill
on the dollar of assessed valuation of all taxable real and personal
property within the City of Little Rock, Arkansas, to be collected
in the year 1953, and that levy is hereby confirmed and the City does
annual
now by this ordinance levy as/tax of one mill on each dollar of assessed
valuation of all taxable real and personal property within the City
of Little Rock, beginning with the taxes collected in the year 1954
and continuing through the year 1967 and as long thereafter a Ebay be
necessary in order to pay the bonds and interest authorized by this
ordinance, being a sum sufficient to meet said bonds and interest as
they mature, with five per cent added for unforeseen contingencies;
and the City Clerk is directed to transmit a copy of this ordinance
to the County Clerk of Pulaski County, Arkansas, to the end that said
tax may be extended on the tax books of said county and collected
annually along with the other taxes until the said bonds and interest
thereon are paid in full. The City agrees that all of the revenues
derived from the special tax levied for this bond issue shall be put
in a separate fund known as the "Bond and Interest Fund" and shall be
used solely for the payment of the bonds and interest of this issue,
as set out in this ordinance. Any surplus from year to year shall be
kept and accumulated, and on and after August 1, 1956, any surplus
in said Bond and Interest Fund must be used to call the bonds of this
issue for payment prior to maturity in inverse numerical order, except
that the City will not be required to call bonds for partial payment.
SECTION 6. In order to pay said bonds, with interest thereon,
as they mature, there are hereby appropriated out of the proceeds of
the tax hereby levied, and if such proceeds be not sufficient, then
out of the general revenues of the City, the following sums, to -wit:
YEAR
PRINCIPAL
INTEREST
TOTAL
Feb. 1 of
Feb. 1
and Aug. 1
each year
of
each year
1953
$
$
$7,355.00
$ 7,355.00
1954
7,355.00
7,355.00
14,710.00
1955
7,355.00
7,355.00
14,710.00
1956
38,004.00
7,355.00
6,832.50
52,187.50
1957
39'000.00
6,832.50
61296.25
52,128.75
1958
41,000.00
6,296.25
5,732.50
53,028.75.
1959
42,000.00
5,732.50
5,155400
52,887.50
1960
43,000.00
5,155.00
4 :563.75
52,718.75
1961
44,000.00
4,563.75
3,95b-75
52622.50
1962
46,000.00
3,958.75
3,326.25
53,285.00
1963
47,000.00
3,326.25
2,680.00
53,006.25
1964
48,000.00
2,680.00
2,020.00
52,700.00
1965
49,000.00
2,020.00
1,530.00
52,550.00
1966
50,000.00
1,530.00
1,030.00
52,56o.00
1967
51,000.00
1,030.00
520.00
52,550.00
1968
52,000.00
520.00
- - - - -- .
52,5RO.00
SECTION 7. The Treasurer of the City of Little Rock is hereby
MA
ordered and directed to remit to the paying agent, not later than
five days before the date of each interest payment, the amount of
interest or interest and principal due on said date, together with
the paying charges, which shall be 1/8 of 1% on principal and 1/4 of
1% on interest, with the provision that the minimum paying charge
shall be one dollar. This instruction to the Treasurer is irrevocable
and may be enforced by mandamus. The City agrees to pay the bonds
and interest of this issue only through the designated paying agent
or its duly appointed successor.
SECTION 8. The City agrees to deposit the proceeds of the
sale as follows: The accrued interest shall be paid into the Bond
and Interest Fund, as hereinabove defined, and the balance received
from the sale of the bonds shall be deposited in a separate fund to
be known as the "Construction Fund," to be used solely for the payment
of the cost of the purposes for which the bonds are issued plus the
expenses of the bond issue.
The City agrees to require from the depository
bank in which the Construction Fund is placed, security for all of
the deposit over the $10,000 insured by the Federal Deposit Insurance
Corporation, and such security shall be either in the form of a
corporate surety bond or in the form of government bonds escrowed
with some other bank, with the right in the depository to withdraw
bonds from the escrow as the Construction Fund is withdrawn by the
City.
SECTION 9. Both the Bond and Interest Fund and the Con-
struction Fund shall be deposited in a bank or banks holding
membership in the Federal Deposit Insurance Corporation.
SECTION 10. If default is made and continues for thirty
days in the payment of any interest coupon, the holder of the bond
to which it is attached may declare the same immediately due and
payable, and the failure of the holder to exercise this option upon
any default shall not be a waiver of his right to exercise the option
upon any subsequent default.
SECTION 11. The bonds of this issue shall be callable for
payment prior to maturity according to the terms set out in the face
of the bond form in Section 3 of this ordinance.
SECTION 12. The Union National Bank of Little Rock, Arkansas,
is designated as paying agent. The holders of a majority in value
of the outstanding bonds at any time may, by an instrument duly
executed and recorded in the office of the City Clerk, appoint a
new paying agent, who shall have all of the powers of the paying
agent originally named, and the paying agent herein named may resign
at any time upon ten days' notice in writing mailed to the City Clerk.
SECTION 13. The terms of this ordinance shall constitute a
contract between the City of Little Rock and the holders of the bonds
herein authorized, and no variation or change in the undertakings
herein set out shall be made while any of these bonds are outstanding
except by the written consent of the holders of all bonds then out-
standing. The holder of any bond may at any time, for and on leis own
behalf or for and on behalf of all the bondholders, enforce the
obligations of the City by a proper suit for that purpose.
SECTION 14. The provisions of this ordinance are separable,
and in the event that any section or part of section shall be held
to be invalid, such invalidity shall not affect the remainder of
the ordinance.
SECTION 15. It is hereby ascertained and declared that there
is an immediate and urgent need for improvement of the municipal fire
department, in order to protect the health, life and property of the
inhabitants of the City of Little Rock; therefore, an emergency exists
and this ordinance is necessary for the preservation of the public
peace, health and safety, and shall be in force and take effect im-
mediately upon and after its passage.
Passed: February 2 , 1953.
APPROVED:
Mayor
Attest:
ity Clerk
CERTIFICATE
I, a undersigned, City Clerk of the City of Litt Rock,
Arkansas, c rtify the foregoing to be a true copy of dinance
No. ,\passed by the City Council of
day of
tuted meeting at
members -elect of the Counc
than
City on the
1953, as duly called and consti-
ds of the total number of
present and voted for said ordinance,
which is now of record in Ordinance Book No. , page ,
of the records of said;,.City.
CERTIFIED under my hand and the seal of said City, this
day of;. , 1953.
Ci yC erk
(Seal)