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5888ORDINANCE NO. 58 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS FOR.THE PURPOSE OF PURCHASING FIRE FIGHTING APPARATUS, CONSTRUCTION OF BUILDINGS FOR THE HOUSING OF FIRS FIGHTING APPAR US S JiiG ADDITIONS O E IS, WHEREAS, by ordinance of the City Council duly passed. on the 26th day of February, 1940s, there was submitted to the qualified electors of the City of Little Rock, Arkansas, the ques- tion whether it should issue $50,000 of bonds for the purpose of purchasing firefighting apparatus, construction of buildings for the housing of fire fighting apparatus, and making additions to existing buildings for the housing of fire fighting apparatus; and WHEREAS, due notice of the election was given as required by law and at said election 1614 votes were cast in favor of said awd SSA v ®tars xere cast t ate. ....�; . St s the Cotmall has heretofore detendsod that it is necessary to issue only $25,000 of said bonds at this time; 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 $25,000'of bonds were offered for sale on sealed bids at a meeting of this council at the council chamber in the City Hall at Little Rock at 83`30 P,IA,, on the 6th day of May! 1940, and at said sale Peoples National Bank of Little Rock ` bid and offered the + Of x '102.r)OZ cents" on the dollar and accrued• interest for beeeir= ing interest at the rate of Two•(2 %) per cent per annum, and i this being the best bids said bonds: wore sold to Peoples jgaioyal Dank of Little Rack and T.J.RaneY & .Sons at that price; NOW, THEREFORE, BE IT ORDAINED BY THE CITY 99VNCIL OIL THE CITY OF LITTLE ROCK: Section 1. The Mayor and City Clerk are hereby authorized and directed to execute the $25,000 of bonds of this City, bearing interest at the rate of Two (2g) per centum per annum, dated May 1, 1840, �bered Prom 1 to 25, inclusive, all in the denomination O #1 ©ti0 each, and maturing on March Z, -19"., Section 2. Said bonds shall be in substantially the follow- ing. form: UNITED STATES OF AMERICA STATE OF ARKANSAS CITY OF LITTLE ROCK FIRE APPARATUS AND FIRS STATION BOND No._____, $1000 KNOW ALL MEN BY THESE PRESENTS: '�; - City of tt1e Rock, in the 6t'" State of Arkansas, acknowledges itself to ogre 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, 1944, with interest thereon from the lst day of May, 1940, at the rate of Two t2J per centum per annump payable on the jL_st;.. day of March, 1941s and semianoually thereafter on the lot day of September and March of each year, on presentat1 *A ji,11;trr ' er of the annexed interest coupons as they OWSX4, E mature. Both principal and in - terest of this bond are hereby Made payable at the office of peoples National Bank of Little Rock IA the City of Little Rock, and State of Arkansas. This is one of a series of Twenty -five (2v) bonds, aggre- gating Twenty -five Thousand Dollars ($25,000), all of like tenor and effect, numbered from 1 to 259 inclusivep issued for the pur- pose of purchasing fire fighting apparatus, construction of build- ings for the housing of fire fighting apparatus and making.add- tions to existing buildings for the housing of fire fighting appara- tus, and the said City of Little Rock hereby covenants that in the issuing of this bond it has proceeded in accordance with the provi- sions of the Amendment which was adopted as Amendment No. 15 to the ry now .a and �n accordance with the laws of said State, particularly Act No. 93 of the Acts- of the General Assembly of the State of Arkansas of the year 1937, entitled, "An Act to regulate the issuance of bonds by municipal corporations," approved March 4, 1927, 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 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 Amend- ment to its Constitution and said Act, have existed, have happened F, ; erel as rewired by lair; that !! tZtX sf iete ; to pay the bonds aforesaid has been duly levied i.A accordance with said Constitutional Amendment, and made payable annually until the principal and interest of all of said bonds 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 consti- tutional or statutory limitation, For the prompt payment of this bond and all others of this issue and the interest thereon, the said City of Little Rock . pledges its full faith, credit and taxing pMerO iaaltding the tax authorized to be levied by said Amendment to the Constitution, and levied by Ordinance loo. 5889 of the City of Little Rock, 1 passed and approved on the 6_ th __ day of _ May 1940, 1 IB FITNESS 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 antheatiaated by the faesUdle signature of its .1twor, as. ut tAe. t` cosy of Say, 1940. ATTEST: CITY OF LITTLE ROCK By MAYOR. CITY CLERK To each of said bonds are attached coupons for the semiannual interest in the following form: March, On the lst 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 in the City of Little Rock, Arkansas, being six months' interest then due on its Fire Apparatus and Fire Station Bond, dated May 1st, 1940.9 and numbered . BAY R (The first coupon will be for ten months interest, due March 1, Yom..} Ohe: signature of the Mayor to the coupons attached to said bonds -may be lithographed or engraved) 1 ; <1 I 1 i Section 30 If default is made for thirty days in the payment of any interest coupons the holder of the bond to which it is attached may declare the same immediately due and payable. Beetle A ar �p . ► Cle r � \ I and directed, when they have executed said bonds, to turn them over to the purchasers upon receipt of the purchase price; and the proceeds of said bonds shall be used for no purpose except for the purpose of purchasing fire fighting apparatuss construc- tion of buildings for the housing of fire fighting apparatus and making,additions to existing buildings for the housing of fire fighting apparatus, and the necessary expense of the issue. Section 5. In order to pay the bonds as they matures with interest thereon$ there is hereby levied upon all real and personal property within the City of Little ,Rock a tax of .13,0 bonds and interest as , they mature, w3.Za five per cent 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 Countys to the end that said taxes be extended on the tag 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. In order to pay said bonds as they matures th"o is hereby appropriated out of the proceeds of the tax �4hereby levied, and if such proceeds be not suffieieat-i tb" sad' of the general revenues of the City* the following sums to pay the principal and interest of said bonds as they mature: MATURITY PRINCIPAL, INTEREST TOTAL March 1, 1941 $416.68 $ Sppt. 1, 1941 250.00 666.68 March it March 1, 1842 1943 Sept. 10 1943 March 1, 1944 25,000 250.00 250,0 x;50.00 250.00 500.00 250.00 $25,250.00 Section 7. The Treasurer of the City of Little Rock is hereby authorised and instructed to include a fee of twelve and one -half cents (12) for each $100 par value of bonds and a fee of twenty -five cents (250) for each $100 par value of coupons to be paid with each remittance to the Peoples National Bank of Little Rock in the City of Little Rock, Arkansas, for principal or interest ha A&W+ %FW V . the prompt purchase of fire fighting apparatus and the constrac- tion of additional buildings for the housing of fire fighting apparatus and making additions to existing buildings for the housing of fire fighting apparatus are essential to the public safety, and that by reason of the present economic conditions, many citizens of the City are out of work, and the improvement herein provided would furnish Fork for a large number of men and thereby add -to the peace and happiness of the City. It is, I i 'tha' fore, declared that an emergency exists, that this ordinance ! is necessary for the immediate preservation of the public peace, health and safety: and that this ordinance shall take effect and be in force from and after its passage. PASSED:, May 6th, 1940 ATTEST L CITY CLR$K.