6720ORDINANCE NO.
AN ORDINANCE APPROPRIATING THE SUM OF EIGHTEEN THOUSAND ($18,000.00)
FROM THE GENERAL FUND FOR USE IN THE BOND AND INTEREST FUND; AND FOR
OTHER PURPOSES.
WHEREAS, under the provisions of Amendment No. 10 to the
Constitution of the State of Arkansas.. the City of Little Rock issued
bonds as of May 1, 1925, to fund the then general outstanding obliga-
tiom• of the City, .which said amendment further provided for a levy
of not to exceed three mills on the dollar of taxable valuations within Y
the City according to the assessment records of the County Assessor; and
WHEREAS, the three mills levy has been insufficient to service
this bond issue, necessitating the re -Issue of bonds on November 1, 1935
of $33,000.00, and the re. -Issue of bonds on November 1, 1938, of
$75,000.00, thereby extending maturities through the years 1951 and 1952,
and increasing the annual interest requirements thereon; and
WHEREAS, further re- issuance of bonds will be necessary
within a short period of time unless the retirement fund for said
bonds is supplemented with other tax funds; and
WHEREAS, it has been determined that an appropriation of
$18,000.00 from the general tax funds of the City to the said retire.
went account would avoid the necessity for several years of re- .issuing
additional bonds and incurring an additional tax burden on the tax-
payers of the City; and
WHEREAS, it has been determined that said appropriation
would not cause the curtailment of any general operating functions
of the City of Little Rock; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL CF THE CITY OF LITTLE ROCK, ARKkNSAS:
SECTION 1. There is hereby appropriated from the General
Fund of the City of Little Rock the sum of Eighteen Thousand ($18,000.00)
Dollars for deposit in the Bond and Interest Fund of the City to be
used to meet any legal requirements in the Funding Bond Issue of May 1,
1925; the Refunding Bond Issue of November lo 1935; and the Refunding
Bond Issue of November 1, 1938; and the Mayor and City Clerk are hereby
authorized and directed to issue a warrant of the City in said sum and
drawn upon the General Fund for deposit in the Bond and Interest Fund.
v z ♦ V
SECTION 2. This ordinance shall be in Pull force and
effect from and after its passage.
PASSED; December 11, 1944
ATTEkOity Clerk.
A VED;
, �' ?� 4"r
May or.