6813fi
.f
{ _ OFJDIFANCE NO.
0 IBANCE PROVIDING FOR THE ISSUANCE DANCE OF BONDS FDR THE PUR-
POSE OF REMNDING PART OF THE OUTSTANDING BONDS OF THE CITY
OF LITTLE ROCK D&TED FEBRUARY 1, 1937, WHICH WERE ISSUED FOR
THE PURPOSE OF PAYING PART OF THE COSTS OF PURCHASING A SITE
FOR., AND CONSTRUCTION AND EQUIPMENT OF, A MUNICIPAL.AUDI.TOR*
IMI.. AND LEVYING A TAX TO PAY THE SAFE.
WHEREAS, the ovmer of $350,000 principal amount
(being part of a total of $403,000 principal amount now out -
_ standing) of the City's non - callable municipal audttorif
bonds authorized by Ordinance No. 5507, dated February 1,
1937, mmbered from 119 to 468, inclusive, bearing interest
k . a ii ta#® ®f ' `bt r per eentt� (,►) Per annum from date, and
maturing serially on August 1st in the years 1950 to 1967,
inclusive; the schedule of principal and interest maturities
being as follows:
e
i
i
YEAR
PRINCIPAL
INTEREST
TOTAL
1946
_
14 ,000
14, o00
1947
14,000
14,000
1948
143,000
1/+,000
1949
14,000
14,000
1950
{
11,000
14,000
25,000
1951
14,000
13,560
27,560
1952
15,000
13,000
282000
1953
I
15,000
12,100
27,400
i 1954
16 000
11,800
27,800
1955
17,000
11,160
28,160
1956
17.0000
10, 480
27, 480
18,000
9,800
27,800
1958
19,000
9,080
28,080
1959
202000
8,320
283-2O
1960
20,000
7,520
27,520
1961
21,000
6,720
273,720
1962
22,000
5,880
27,880
1963
23,000
5,000
28,000
1964
24,000
4,080
.28,080
1965
25,000
3,120
28,120
1966
26,000 -
2,120
28,120
1967
27,000
1,080
2 8,080
350 NM
t2O jl-20
555,120
2
has agreed With the City that said $350,040 principal amount of
bonds may be refunded by exchanging them for a like principal
smou$t of callable bonds bearing g lower rate of interest, dated
August 1, 19,45 and maturing serially on August 1 in the yeas 4
1,906 to 1967, inclusive, converted to their equivalent of I
$433,000 principal amount of bonds, callable on the terms here-
inafter set forth, bearing interest at the rate of two per
eentum (2%) per annum from date, dated August 1, 1945 and
I
maturing on August 1 in the years 1946 to 1967, inclusive; the
a follows:
schedule of principal and interest maturities being s
YEAR
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
L
BOND PRINCIPAL
$ 6,000
6,500
6,000
7,000
17,500
21,000
21, 500
21,500
22,000
22,500
23,000
23,500
24,000
24,500
25,000
25,500
26,000
�r
BOND INTEREST
Feb. 1 4,330
Aug. 1 41330
Feb. 1 41270 '
Aug. 1 41270 -
Feb. 1 41205
Aug. 1 A,1205
Feb. 1 4,145- -
Aug. 1 4,145 -
Feb. 1 4,075 -
Aug . 1 /+1075 -
Feb. 1 3,900 -
Aug. 1 3,900
Feb. 1 3,690 -
Aug. 1 31690 -
Feb. 1 3,475
Aug. 1 31475 -
Feb. 1 3,260 --
Aug. 1 3.t260-
Feb. l 3,040 -
Aug. 1 3,040 -
Feb. 1 2,815 -
Aug. 1 2,815
Feb. 1 2,585
Aug. 1 22585 -
Feb. 1 2,350
Aug. 1 2,350 -
Feb. 1 21110
Aug. 1 2,110
Feb. 1 12865
Aug. 1 11865
Feb. 1 1,615
Aug. 1 1,615 _
Feb. 1 1060
Aug. 1 1060
TOTAL
$ 14,660
15,040
14,410
15,290
25,650
2 8, 800
.28, 880
28, 450
28, 520
28,580
28,630
28, 670
28,700
28,720
28,730
28,730
28, 720
YEAR
BOND PRINCIPAL
BOND
IN__ TEREST
TO —T'
1963
$ 26,500
Feb.
Aug.
1 $ 1,100 -'
1 1,100
28,700
1961
27,000
Aug.
1 835 -
28,670
1965
27,500
Feb.
Aug.
1 565 -
1 565-
28,630
1966
28,000
Feb.
Aug.
1 290
1 290
28,580
1967
1,000
Feb.
Aug.
1 10
1 _ 10
1,020
i
433,_000
$111.780
9 544,780
and,
WHEREAS, it appears that by issuing the said $433,000
principal amount
interest rate of
i 'authorized to
Assembly of Arka
of callable refunding bonds bearing the lower
two per centum (2 %) per annum, (which the City
do under Act No. 103 of the Acts of the General
nsas of the year 191+5), the City will certainly
save the sum of $10,31+0.00, and, because of the callable feature
of the refunding bonds, will probably save substantially more,
particularly if the present assessed valuation of property in the
City increases in the future, which is reasonably possible; and.,
WHEREAS, the City Council finds that $53,000 principal
amount of said non - callable municipal auditorium bonds dated
February 1, 1937, and numbered from 66 to 118, inclusive, would
still be outstanding, but that the present tax rate of ninety-
one and two- thirds hundredths (.91 -2/3) of a mill will be suf-
ficient to pay their principal and interest maturities and the
principal and interest maturities of the refunding bonds herein
authorized to be issued, and possibly leave a surplus to call
some of the said refunding bonds;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF LITTLE ROCK, ARKANSAS:
Section 1. That the City proceed with the refunding
of its said $350,000 principal amount of 4% outstanding bonds
and that the refunding bonds in the principal amount of $1+33,000
bearing interest at the rate of 2% per annum and more fully
desbribed hereinafter be prepared, executed and delivered to The
Commercial National Bank, in the City of Little Rock, Arkansas,
to be delivered on the terms and conditions as hereinafter directed
and authorized in Section g.
Ci
Section 2. The Mayor and the City Clerk are hereby
authorized and directed forthwith to execute the bonds of the
City in the principal amount of $433,000, bearing interest at
the rate of two per cen tum (2 %) per annum from date, dated
August 1, 191+5, their numbers, denomination, and maturities to
be as follows, but subject to redemption before maturity on
the terms and conditions hereinafter set forth;
7
BOND NOS.
AUG. 1ST
1 to 6, inclusive
7
500
8 to 13
n
14 to ' 19
�
20 to ,26
71000
27
28 to 44
n
45 to 65
tr
66
21,000
67 to 87
r�
88
21,000
89 to 109
"
110 to 131
"
132
22,000
133 to 154
500
155 to 177
22,000
178
23,000
179 to 201
n
202 to 225
n
226
24,000
227 to 250
n
251 to 275
n
276
25,000
277 to 301
n
302 to 327
n
328
26,000
329 to 354
"
355 to 381
n
382
27,000
383 to 409
500
1+10 to 437
"
438
28,000
DENOMINATION
1,000
500
1,000
1,000
1,000
500
1,000
1,000
500
1,000
500
1,000
1,000
500
1,000
1,000
500
1,000
1,000
500
1,000
1,000
500
1,000
1,000
500
1,000
1,000
500
1,000
1,000
1,000
7a
MATURITY
AMOUNT
AUG. 1ST
$ 6,000
1946
500
6,000
1947
6,000
1948
71000
1949
500
17,000
1950
21,000
1951
500
21,000
1952
500
211000
1953
22,000
1954
500
22,000
1955
23,000
1956
500
23,000
1957
24,000
1958
500
24,000
1959
25,000
1960
500
25,000
1961
26,000
1962
500
-
26,000
1963
27,000
1964
500
27,000
1965
28,000
1966
1,000
1967
F
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
MUNICIPAL AUDITORIUM 2% REFUNDING 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
DOLLARS
in lawful money of the United States of America, on the first day
of August, 19 , with interest thereon from the first day of
August, 1945, at the rate of two per centum (2 %) per annum,
payable on the first day of February, 1946, and semi - annually
thereafter on the first days of August and February 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 pa.ya-)Ie G.t the office of The Commercial National
Bank, in Little Rock, Arkansas.
This is one of a series of 438 bonds aggregating Four
Hundred and Thirty - Three Thousand Dollars ($433,000), all of like
tenor and effect, except as to maturities and denominations, and
numbered from 1 to 438, inclusive, issued for the purpose of
refunding tine )r-1rici )� l of legally binding outstanding bonds of
the City which were issued for the purpose of paying part of the
costs of a site for, and construction and equipment of a municipal
a
auditorium; and the City of Little Rock hereby covenants that in
the issuing of this bond it has proceeded in accordance with the
Constitution of the State of Arkansas and Acts of the General
Assembly of said State, under ordinances of the City Council of
said City, duly passed, and in pursuance to an election duly held
at which the majority of the legal voters of said City voting at
said election voted in favor of the issuance of the bonds refunded
by this issue; that all things necessary to the validity of this
bond under the laws of the State of Arkansas and its Constitution
have existed, have happened and have been performed as required
by law; that a tax sufficient to pay the bonds aforesaid has been
duly levied in accordance with said Constitution and made payable
annually until the principal of and interest on said bonds have
been fully paid and discharged; and that the indebtedness repre-
sented by this bond and the issue of which it forms a part does not
exceed any constitutional or statutory limitations.
For the prompt payment of this bond and all other bonds
of this issue, and the interest thereon, the said City of Little
Rock hereby pledges its full faith, credit and taxing power,
including the nirr ty -one and two- thirds hundredths (.91 -2/3) of a
mill of the five -mill tax authorized by Amendment No. 1; to the
Constitution of Arkansas to be levied, and levied by Ordinance
No. of the City Council of the City of Little Rock, Arkansas,
passed and approved on the day of September, 1945, and
applicable equally to the payment of this bond and other bonds
of this issue and the $53,000 principal amount of municipal
auditorium bonds of the City dated February 1, 1937.
Bonds numbered 375 to 438, inclusive, of this issue shall
be subject to redemption, at the option of the City, in lawful money
of the United States of America, at par and accrued interest, in
7
inverse numerical order, if no bonds of this issue or of said
issue of municipal auditorium bonds dated February 1, 1937 are
in default as to principal or interest, out of any surplus of
.the proceeds of the tax of ninety -one and two - thirds hundredths
(.91 -2/3) of a mill levied for their payment over the sums ne-
cessary to pay the principal of and interest on the said bonds
dated February 1, 1937 and the bonds of this issue falling due
in the current year, or out of any other available tax collec-
tions, as follows: bonds Nos. 426 to ,438, inclusive, on August
11 1946; any of said bonds not previously redeemed, and bonds
'� of said bonds
Nos. 17.6 to ,425, inclusive, on August 1, 19.7; any
not previously redeemed, and bonds Nos. 406 to 415, inclusive,
on August 1, 1948; any of said bonds not previously redeemed,
and bonds Nos. 396 to 405, inclusive, on August 1, 1949; any of
slid bonds not previously redeemed, and bonds Nos. 386 to 395,,,
inclusive, on August 1, 1950; and any
of
said
bonds not pre-
viously redeemed, and bonds Nos. 375
to
385,
inclusive, on
August 1, 1951. On August 1, 1952, and at any interest paying
date thereafter, any bonds of this issue not previously redeemed
shall be subject to redemption, in inverse numerical order, at
par and accrued interest, out of any such surplus or other
available tax collections or with money from any other source.
In case the City shall desire to exercise such right of redemp-
tion., notice of the call for redemption shall be published by
the City Clerk once a week for two weeks before the date of such
redemption., in a newspaper of general circulation published in
the City of Little Rock, Arkansas, and having w general circu-
lation throughout the State of Arkansas; and after the redemp-
tion date mentioned in said notice, the bond or bonds so cakled
will cease to bear interest, provided funds for their payment
are on deposit at that time.
10
This bond shall not be valid until authenticated by
the certificate hereon of The Commercial National Bank, in
Little Rock, Arkansas.
IN WITNESS WMM116F, 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 first day of August, 1945•
CITY OF LITTLE ROCK.,
ATTEST: by
Mayor
City Clerk
To each of said bonds are attached coupons for the
semi-annual-interest., in the following form:
No.
February,
On the first day of sty 19—J. 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 Commercial National Bank,
in the City of Little Rock, Arkansas, being six months'
interest then due on its municipal auditorium 2% refunding
bond dated August 1, 1945, and numbered _, unless the bond
to which this coupon appertains is sooner called for payment.
Mayor
(The signature of the Mayor to the coupons attached to said
bonds may lithographed or engraved.)
(The number of this.ordinance and the date of its passage and
approval shall be filled in the blanks in the bond form.)
11
On the back of each bond shall appear the following:
CERTIFICATE
This is to certify that this is one of the 438
bonds of the issue mentioned and described herein.
THE COWERCIAL NATIONAL BANK,
Little Rock,
Arkansas by
,1945
YIce- President and Secretary
Section 4. Bonds numbered 375 to 438, inclusive,
of this issue shall be subject to redemption, at the option of
the City, in lawful money of the United States of America, at
i
par and accrued interest, in inverse numerical order, if no
bonds of this issue or of said issue of municipal auditorium
bonds dated February 12 1937 are in default as to principal or
interest, out of any surplus of the proceeds of the tax of
ninety -one and two- thirds hundredths (.91 -2/3) of a mill levied
for their payment over the sums necessary to pay the principal
of and interest on the said bonds dated February 1, 1937 and
the bonds of this issue falling due in the current year, or
out of any other available tax collections, as follows:
bonds Nos. 426 to 438, inclusive, on August 1, 1946; any of
said bonds not previously redeemed, and bonds Nos. 416 to 425,
inclusive, on August 1, 1947; any of said bonds not previously
redeemed, and bonds Nos. 406 to 415, inclusive, on August 1,
1948; any of said bonds not previously redeemed, and bonds Nos.
396 to 405, inclusive, on August 1, 1949; any of said bonds
not previously redeemed, and bonds Nos. 386 to 395, inclusive,
on August 1, 1950; and any of said bonds not previously re-
deemed, and bonds Nos. 375 to 385, inclusive, on August 1,1951•
0n August 1, 1952, and at any interest paying date thereafter,
any bonds-of this issue not previously redeemed shall be sub-
ject to redemption, in inverse numerical order, at par and
accrued interest, out of any such surplus or other available
tax collections or with mone12from any other source.
In case the City shall desire to exercise such right of redemp-
tion, notice of the call for redemption shall be published by
the City Clerk once a week for two weeks before the date of
such redemption, in a newspaper of general circulation pub-
lished in the City of Little Rock, Arkansas, and having a gen-
eral circulation throughout the State of Arkansas; and after
the redemption date mentioned in said notice, the bond or bonds
so called will cease to bear interest, provided funds for their
payment are on deposit at that time.
Section 5. 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 6. In order to pay the said $1+33,000 prin-
cipal amount of municipal auditorium 2% refunding bonds dated
August 1, 1945, and the said $53,000 principal amount of mun-
icipal auditorium bonds dated February 1, 1937, all as they
mature, with interest thereon , there is hereby levied upon
all real and personal property within the City of Little
Rock, Arkansas, a tax of ninety -one and two - thirds hundredths
(.91 -2/3) of a mill for each of the years 1946 to 1966, in-
clusive, being a sum sufficient to meet said bonds and interest
as they mature, with five per cent (5 %) added for unforeseen
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 taxes 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 fall.
Section 7. In order to pay the $,433,000 principal
amount of refunding bonds herein authorized to be issued, there
is hereby appropriated out of the proceeds of the tax herein -
before levied, and if such proceeds be not sufficient, then out
of the general revenues of the City, the sums to pay the prin-
33
cipal of and interest on the said bonds as they mature, accord-
ing to the schedule of principal and interest maturities herein-
before set out.
The sums herein appropriated, and the sums appropriated
by Ordinance 80. 5507 for the payment of principal of and inter-
est an the said $53,000 of municipal auditorium bonds of the
City dated February 1, 1937, shall be applied to the payment of
the principal and interest of both series, equally and ratably,
as they mature.
Section 8. The Mayor and City Clerk are hereby au-
thorized and directed promptly after the passage of this ordin-
ance to execute and deliver the said $.433,000 principal amount
of refunding bonds herein authorized to be issued to The Com-
mercial National Bank, in Little Rock, Arkansas, Which is
hereby authorized to authenticate and to exchange them, all at
one time, for said $350,000 principal amount of municipal au-
ditorium bonds of the City dated February 1, 1937, and num-
bered from 119 to 1+68, inclusive, With all interest coupons
maturing February 1, 1946 and subsequently attached.
At the time of the exchange the said Bank shall pay
the holder of said $350,000 principal amount of bonds exchanged
the amount of accrued interest due thereon to the date of ex-
change, less the accrued interest on the $ ,433,000 principal
amount of refunding bonds. (The difference in the amount of
interest Will be deposited With the Bank by the City Treasurer,
as hereinafter directed in Section 9•)
The said Bank shall cause to be marked "Refunded and
Canceled" the outstanding bonds exchanged and the interest cou-
pons thereto attached maturing February 1, 19,46 and subse-
quently, and to deliver them to the City Clerk to be held by
him subject to the further orders of the Council.
Section 9. The City Treasurer is hereby authorized
and directed to ascertain the amount of interest to be paid by
1J.
the City to the holders of the outstanding bonds exchanged as provided
in Section 8, and to deposit said amount out of the bond account pledged
for the payment of the outstanding bonds to The Commercial National Bank,
in Little Rock, Arkansas, for use in paying the said interest.
Section 10. The holders of the refunding bonds herein author-
ized. to be issued shall be subrogated to all the rights, title and in-
terest of the holders of the bonds refunded.
Section 11. The Treasurer of the City of Little Rock is hereby
authorized and instructed to include a fee of ten cents (10¢) for each
$100 par value of bonds, and twenty -five cents (250) for each $100 par
value of coupons, to be paid with each remittance to the paying agent,
The Commercial National Bank, in Little Rock, Arkansas, for principal
or interest of the said $4.33,000 of refunding bonds of said City.
Section 12. It is found and declared by the City Council of
the City of Little Rock, Arkansas, that by the issuance of the refund-
ing bonds herein authorized, the City will certainly save $10,340, and,
by reason of the call feature which is not in the bonds which they are
to refund, the City will probably save a substantial additional amount;
that a delay in the taking effect of this ordinance and the delivery of
said refunding bonds might render void the City's contract with the
owner of the bonds to be refunded, and prevent the City from receiving
said benefits of the refunding; that for said reasons it is hereby de-
clared necessary, for the preservation of the public peace, health and
safety, that this ordinance shall become effective without delay. An
emergency, therefore, exists, and this ordinance shall take effect and
be in force from and after its adoption.
PASSED: September _k_, 1945.
ATTEST:
City Clerk
APPROVED:
or
15