7922ORDINANCE NO. 7922.
AN ORDINANCE PROVIDING FOR THE ISSUANCE
OF BONDS FOR THE PURPOSE OF THE PURCHASE,
DEVELOPMENT AND IMPROVEMENT OF PUBLIC
PARKS LOCATED EITHER WITHIN OR WITHOUT
THE CORPORATE LINTS OF THE CITY OF LITTLE
ROCK, AND FOR THE DEVELOPMENT AND IMPROVE -
MENT OF GILLAM PARK, AND LEVYING A TAX
TO PAY THE SAME.
WHEREAS, by Ordinance No. 7825 duly passed on the 27th
day of December, 19J.8, there was submitted to the qualified
electors of the City of Little Rock, Arkansas, the question
whether it should issue bonds to the extent of $359,000 to
bear interest at a rate to be specified by the purchaser but
not to exceed three per cent (3 %) per annum for the purpose
of the purchase, development and improvement of public parks
located either within or without the corporate limits of the
City of Little Rock, Arkansas, and for the development and
improvement of G illam Park; and
WHEREAS,.due notice of the election was given as
required by law, and at said election 2936 votes were cast in
favor of said bond issue and only 2812 votes were cast against
it; and
WHEREAS, after due advertisement for the time and in
the manner required by law, duly published in a newspaper
having a bona fide circulation in the City of Little Rock,
said bonds were offered for sale at public sale on sealed bids
in the Council Chamber in the City Hall, Little Rock, Arkansas,
at eight o'clock P.M. on the 11th day of Burch, 1949, and at
said sale W. R. Stephens Investment Company, Inc. bid and
offered the price of 100 cents on the dollar and accrued
interest for bonds bearing interest at the rate of two and
thirty nine hundredths per cent (2-39%). and this being the best
bid, said bonds were sold to W. R. Stephens Investment Company,
Inc. at that price; and
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WHEREAS, the said W. R. Stephens Investment Company,
Inc. has elected to convert said bonds into $400,000 of one
and seventy -five hundredths per cent (1.75,%) bonds on which
the City will receive and pay substantially the same as upon
$359,000 of two and thirty -nine hundredths per cent (2.39 %)
bonds at the price bid.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF LITTLE ROCK:
Section 1. The Mayor and City Clerk are hereby
authorized and directed to execute the bonds of this City,
bearing interest at the rate of one and seventy -five hundredths
per centum (1.75 %) per annum, dated March 1, 1949, their
numbers, denominations and maturities to be as follows, but
callable as hereinafter set out:
NOS. OF BONDS
DENOMINATION
AMOUNT
MATURITY
1 -11
1000
11,000
March 1,
1952
12 -22
1000
11,000
1953
23 -33
1000
11,000
1954
34 -45
1000
12,000
1955
46-57
1000
12,000
1956
58-70
1000
13,000
1957
71 -83
1000
13,000
1958
84 -96
1000
13,000
1959
97 -109
1000
13,000
1960
110 -122
1000
13,000
1961
123 -135
1000
13,000
1962
136 -148
1000
13,000
1963
149-161
1000
13000
1964
162 -174
1000
13,000
1965
175 -187
1000
13,000
1966
188 -200
1000
13,000
1967
201 -213
1000
13,000
1968
214 -226
1000
13,000
1969
227 -239
1000
13,000
1970
240 -253
1000
14,000
1971
254 -267
1000
14,000
1972
268 -281
1000
14, 000
1973
282 -295
1000
14000
1974
296 -309
1000
14000
1975
3;0 -324
1000
15000
1976
325 -339
1000
15,000
1977
340 -354
1000
15,000
1978
355 -369
1000
15000
1979
370 -384
1000
15,000
1980
385 -400
1000
16,000
1981
Section 2. Said bonds shall be in substantially
the following form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
1.75% PARK IMPROVEMENT BOND
No.
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, in the County of
Pulaski, 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 lst
day of March, 19 , with interest thereon from the lst day
of March, 1949, at the rate of one and seventy -five hundredths
per centum (1.75 %) per annum, payable on March 1, 1950, and
semi - annually thereafter on the lst day of March and September
of each year, on presentation and surrender of the annexed
interest coupons as they severally mature. Both principal
and interest of this bond are hereby made payable at the
office of The Commercial National Bank of Little Rock, in the
City of Little Rock, and State of Arkansas.
This is one of a series of four hundred (1+00) bonds
aggregating Four Hundred Thousand Dollars ($1+00,000) all of
like tenor and effect, except as to maturities, numbered from
1 to 1+00, inclusive, issued for the purpose of the purchase,
development and improvement of public parks located either
within or without the corporate limits of the City of Little
Rock and for the development and improvement of Gillam Park,
and the said City of Little Rock hereby covenants that in the
issuing of this bond it has proceeded in accordance with the
provisions of the amendment which was adopted as Amendment No. 15
to the Constitution of the State of Arkansas, now Amendment
No. 13, and in accordance with the laws of said State, under
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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 at said election voted in favor of
the issue of said bonds; that all things necessary to the
validity of this bond under the laws of the State of Arkansas,
and particularly under said Amendment to its Constitution
and said Act, have-existed, have happened and have been per-
formed as required by law; that a tax sufficient to pay the
bonds aforesaid has been duly levied in accordance with said
Constitutional Amendment, and made payable annually until the
last of said bonds has been fully paid and discharged; and
that the indebtedness represented by this bond and the issue
of which it S)rms a part does not exceed any constitutional or
statutory limitations.
For the prompt payment of this bond and all others
of this issue and the interest
Little Rock hereby pledges its
power, including a four - tenths
to 1981, inclusive, authorized
to the Constitution and levied
of Little Rock passed and appri
1949.
thereon, the said City of
full faith, credit and taxing
mill tax for the years 1950
to be levied by said amendment
by an ordinance of the City
)ved on the 28th day of March,
All bonds of this issue are redeemable, at the
option of the City, at any interest paying date, at par and
accrued interest, after March 1, 1952, in inverse numerical
order, out of any surplus of the tax collections pledged for
their payment or out of any other available funds not pledged,
including proceeds of refunding bonds. Notice for the call
for the redemption shall be published by the City Clerk once a week
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for two consecutive weeks before the date for redemption in a
newspaper published in the City of Little Rock, Arkansas, and
having a general circulation throughout the State of Arkansas,
and after the date mentioned in said call, the bond or bonds
so called will cease to bear interest, provided funds for the
payment are on deposit at that time.
This bond shall not be valid until authenticated by the
certificate hereon of The Commercial National Bank of Little
Rock, Little Rock, Arkansas.
IN WITNESS WHEREOF the City of Little Rock has
executed this 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 1st day of March, 1949•
ATTEST:
City Clerk
(SEAL)
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
f
To each of said bonds are attached coupons for the
semi -annual interest in the following form:
No.
March
On the day of September, 19 , the City
of Little Rock, Arkansas, promises to pay to bearer
DOLLARS
in lawful money of the United States, at the office of The
Commercial National Bank of Little Rock in the City of Little
Rock, Arkansas, being six months' interest then due on its
Park Improvement Bond dated March 1, 1949s, and numbered
unless the bond to which this coupon is attached
is sooner called for payment.
Mayor
(The first coupon will be for twelve
months' interest due March 1, 1950.)
(The signature of the Mayor to the
coupons attached to said bonds may
be lithographed or engraved.)
On the back of said bonds shall appear the following
C E R T I F I C A T E
This is to certify that this is one of the four
hundred bonds of the issue mentioned and described within.
Little Rock, Arkansas
THE COMMERCIAL NATIONAL BANK OF LITTLE ROCK,
By
,1949.
Section 3. If default is made 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.
Section 4. The Mayor and City Clerk are hereby
authorized and directed, when they have executed said bonds,
to turn them over to the purchaser, upon receipt of the pur-
chase price of $359,000 and accrued interest from March 1, 1949,
to date of delivery; and the proceeds of said bonds, except
the accrued interest, shall be used for no purpose except for
the purpose of the purchase, development and improvement of
public parks located either within or without the corporate
limits of the City of Little Rock, and for the development
and improvement of Gillam Park, and for the expenses of the
bond issue to be borne by the City.
Section 5. In order to pay the said $4002000 Park
Improvement Bonds as they mature, with interest thereon, there
is hereby levied upon all real and personal property within
the City of Little Rock a tax of four tenths of one mill for
each of the years 1950 to 1981, inclusive, being a sum
sufficient to meet said bonds and interest as they mature with
five per cent added for unforseen contingencies; and the City
Clerk is directed to transmit a certified copy of this Section
of this Ordinance to the County Clerk of Pulaski County, 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.
Section 6. For the prompt payment of the bonds of
this issue with interest, the City of Little Rock hereby
pledges its full faith, credit and taxing power, including the
tax levied in Section 5.
Section 7. In order to pay said bonds as they mature
there is hereby appropriated out of the proceeds of the tax
hereby levied, and if such proceeds be not sufficient, then
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out of the general revenues of the City, the following sums to
pay the principal and interest of said bonds as they mature:
INTEREST
YEAR PRINCIPAL MARCH 1 SEPTEMBER 1 TOTAL
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
11,000
11,000
11,000
12,000
12,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
13,000
14,000
14,000
14,000
14,000
14,000
15,000
15,000
15,000
15,000
15,000
16,000
71000.00
3,500.00
3,500.00
3,403.75
3,307.50.
3,211.25
3,106.25
3,001.25
2,887-50
2,773.75
2,660.00
2,546.25
2,432.50
2,318.75
2,205.00
2,091.25
1,977.50
1..863.75
1,750.00
1,636.25
1,522.50
1,408.75
1,286.25
1,163.75
1,041.25
918.75
796.25
665.00
533.75
402.50
271.25
140.00
3,500.00
3,500.00
3,403.75
3,307.50
3,211.25
3,106.25
3,001.25
2, 8$7.50
2,773.75
2,660.00
2,546.25
2,432.50
2,318.75
2,205.00
2,091.25
1,977.50
1, 863.75
1,750.00
1,636.25
1,522.50
1,408.75
1,286.25
1,163.75
1,041.25
918.75
796.25
665.00
533.75
402.50
271.25
140.00
10,500.00
7,000.00
17, 903.75
17,711.25
17,518.75
1$,317.50
18,107.50
18,888.75
18,661.25
18,433.75
18,206.2.5
17,978.75
17,751.25
17,523.75
17,296.25
17,068.75
16,841.25
16,613.75
16,386.25
16,158.75
15,931.25
16,695.00
16 JP 450.00
16,205.00
15,960.00
15,715.00
16,461.25
16,198.75
15,936.25
15,673.75
150411.25
16,140.00
Section 8. All bo�ids of this issue shall be redeem-
able, at the option of the city, at any interest paying date,
at par and accrued interest, after March 1, 1952, in inverse
numerical order, out of any surplus of the tax collections
pledged for their payment or out of any other available funds
not pledged, including proceeds of refunding bonds. The City
Clerk shall publish once a week for two weeks before the date
for redemption in some newspaper published in Little Rock,
Arkansas, and having a general circulation in the State of
Arkansas, a notice of intention to call such bonds, such notice
to give the number of bonds to be
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.
called to notify the holders thereof to present the same to
the paying agent for payment at par, to give the date on and
after which the bonds are to be presented for payment and
advise the-holders that the bonds which are called will cease
to bear interest after the date of the call.
Section 9. It shall be the duty of the City
Clerk to deposit with The Commercial National Bank of Little
Rock, at bittle.Rock, Arkansas, the paying agent, at least
two days before the maturity date of any bond or interest
coupon issued hereunder, an amount from the funds herein
appropriated equal to the amount of such bond or coupon for
the sole purpose of paying the same, together with the paying
agent's fee of ten cents (10¢) for each $100 par value of bonds
and twenty -five cents (25¢) for each $100 par value of coupons.
Such deposit shall be at sole risk of the City and shall not operate as a
payment of the bonds or coupons until so applied.
Section 10. This Ordinance shall not create any right
of any character, and no right of any character shall arise under
a or pursuant to it, until the bonds, authorized by this Ordinance,
shall have been issued and delivered.
Section 11. It is ascertained and hereby declared that
the City of Little Rock lacks sufficient public park and recreation
facilities to meet the needs of its citizens, that on account thereof
their health is impaired, their welfare endangered, and adult and
juvenile delinquency are increased; and tha
development of public parks for the City is
and health of said City. It is, therefore,
exists, and this Ordinance is necessary for
of the public health, peace and safety, and
effect from and after its passage.
PASSED: March 28, 1949
1
ATTEST:
City Ulerk
(SEAL)
t the obtaining and
essential to the safety
declared that an emergency
the immediate preservation
the Ordinance shall take
APPROVED:
ay