5674ORDINANCE # 9674.
AN ORDINANCE riUiHORIZIil-G AND DIRECTING THE 11AYOR AND
CI'T'Y CLERK OF THE CITY OF LITTLE ROCK, ARKANSAS, TO EXECUTE A1vD
DELIVER 20 THE PEOPLES NATIONAL BANK OF LITTLE ROCK AN ASSIGMviE<VT
OR PLEDGE OF ALL THE UVCOLLECTED GENERAL MUNICIPAL PROPERTY TAXES
NOW EXT 114DED UPON THE PULASKI COUNTY TAX BOOKS TO BE COLLECTED
DURING TIE YM R 1939.
BE IT ORDAINED BY THE CITY COUNCIL OF `'HE CITY OF LITTLE
ROCK, ARKi „'_ &.S :
Section 1 — The mayor and the City Clerk cf the City of
Little Rock, ,,rka, -sas, are hereby authorized and directed” to
execute and deliver, on behalf of the City of Little hock, to The
Peoples National Bank of Little hock a pledge or assignment of all
the uncollected general municipal property taxes now extended upon
the Pulaski Uounty, Arkansas, tax books to be collected during
the current ;;rear cf 1939 for the purpose of securing the payment
of all warrants issued by the City of Little hock covering current
operating expenses for the year 1939 now held by the said The
Peoples National riank of i,ittle hock or v4hich it may hereafter
acquire.
Section 2 — e,hereas, the financial condition of the City
of Little hock is such that said institution will not acquire or
handle additional warrants unless said assignment or pledge is
executed, which if r-ot executed would endanger the peace, health
and safety of the City of Little Rock, and an emergency is here by
declared to exist, and this ordinance shall be in full force and
effect on and after its passage and approval.
Passed: January 9, 1939.
Attest
City Clerk
Mayor