5521ORDINANCE NO. 5521
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$25,000.00 BONDS FOR THE PURPOSE OF PAYING
PART OF THE COST OF CONSTRUCTION AND EjUIP-
lir
ENT OF AN ADDITION TO CITY LIBRARY.
WHEREAS, By Ordinance No. 5396 duly passed on the 10th
day of December, 1936, there was submitted to the qualified
electors of The City of Little Rock, the question whether it
should issue bonds to the extent of "25,000.00, bearing interest
at the rate of four per centum per annum, for the purpose of pay-
ing part of the cost of construction and equipment of an addi-
tion to City Library;
'WHEREAS, due notice of the election was given as re-
quired by law, and at said election 1,673 votes were case in
favor of said bond issue, and only 359 votes were cast against
it;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK:
ry
Section 1. That bonds of this City be issued in the
total amount of "25,000.00, which amount together with other
available funds is sufficient to pay the cost of construction
and equipment of an Addition to City Library, and including
architectural, legal and other necessary expenses.
:Section 2. That said bonds, each to be designated
"Bond for Addition to City Library", be dated February 1, 19379
bear interest from date at the rate of four per centum (4 %) per
annum, payable semi - annually on August 1 and February 1 in each
year, be in the denomination of $1,000.00 and °"500.00 each, be
signed by the Mayor, attested by the City Clerk with the corporate
seal of the City affixed, be payable as to both principal and
interest at the office of the City Treasurer of and in the City of
Little Rock, Arkansas, or, at the option of the holder, at the
Chase National Bank in the Borough of u'Ianhattan, City and State
of New York, in any coin or currency of the United .States of
America, which at the time of payment is legal tender for public
and private debts, be numbered from 1 to 29, both inclusive, and
mature without option of prior redemption in their numerical
order on August 1 in each year as follows:
1940
$1,500.00
1941
1,500.00
1942
1,500.00
1943
1,500.00
1944
1,500.00
1945
1,500.00
1946
1,500.00
1947
1,500.00
1948
2,000.00
1949
2,000.00
1950
2,000.00
1951
2,000.00
1952
2,000.00
1953
2,000.00
1954
1,000.00
erection 3. That the interest upon said bonds shall be
evidenced by semi- annual interest coupons attached thereto which
shall be signed by the facsimile signature of the Mayor, attested
by facsimile signature of City Clerk, and the Mayor and City
Clerk by the execution of the bonds shall adopt as and for their
own proper signatures the facsimiles of their signatures appear-
ing upon each of said coupons.
Section 4. Said bonds and interest coupons shall be
in substantially the following form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
THE CITY OF LITTLE ROCK
BOND FOR ADDITION TO CITY
LIBRARY
No.
IaTOW ALL A=,4 BY THESE PRESENTS:
:1,000.00 and
x$500.00
That the City of Little Rock, in the County of Pulaski,
State of Arkansas, acknowledges itself to owe and for value re-
ceived promises to pay to bearer, the sum of ONE THOUSAND DOLLARS
(or FIVE HUNDRED DOLLARS) on the first day of August, 19 , with
interest thereon from the first day of February, 1937, at the rate
of four per centum (4f) per annum, payable on August 1, 1937, and
semi - annually thereafter on February 1 and August 1 of each year,
on presentation and surrender of the annexed coupons as they sever-
ally mature. Both principal hereof and interest hereon shall be
payable in any coin or currency of the United States of America
which at the time of payment is legal tender for public and private
debts, at the office of the Treasurer of The City of Little Rock,
in the City of Little Rock, Arkansas, or at the option of the holder,
at the Chase National Bank in the Borough of Manhattan, City and
State of New York.
This bond is one of a series of 29 bonds, aggregating
:25,000.00 of like tenor and effect, except as to number and
maturities, dated the first day of February, 1937, and numbered
from 1 to 29, inclusive, issued for the purpose of paying part
of the cost of construction and equipment of an Addition to City
Library; and the said City of Little Rock hereby covenants that
in the issuing of this bend 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, particularly
Act No. 93 of the Acts of the General Assembly of the State of
Arkansas, entitled: "An Act to Regulate the Issuance of Bonds by
Municipal Corporations ", approved earth 4, 1927, under ordinances
of the City Council of said City, and in pursuance of an election
duly held at which a majority of the qualified electors of said
City voting on the question voted in favor of the issue once
of said bonds; that all things necessary to the validity of this
bond under the laws of the State of Arkansas, and particularly
under the said Amendment to the Constitution and said Act, have
existed, have happened and have been performed as required by law;
and 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.
For the prompt payment of this bond and the interest there-
on, the said City of Little hock hereby pledges its full faith,
credit and taxing power, including Two and Ninety -one One Hundredths
mills of the five mill tax authorized to be levied by said Amend-
ment to the Constitution, and applicable to the payment of this
bond and other bonds of this series.
IN WITNESS WHEREOF, The City of Little Rock has executed
this bond by the hands of its Mayor and attested by its City Clerk,
and sealed with its corporate seal, and has caused the coupons
hereto attached to be authenticated by the facsimile signatures
of its Mayor and City Clerk, all as of the first day of February,
1937.
THE CITY OF LITTLE ROCK, ARKANaAS
BY
Mayor
( a E A L )
ATTEST:
City Clerk
( COUPON FORM )
*20.00 (or $10.00)
On the day of
No.
, 19 , the City of
Little Rock, Arkansas, will pay to bearer Twenty Dollars (or Ten
Dollars) in any coin or currency of the United States of .America
which at the time of payment is legal tender for public and private
debts, at the office of the Treasurer of and in The City of Little
Rock, Arkansas, or at the option of the holder, at the Chase
National Bank in the Borough of Manhattan, City and State of New
York, being six months' interest then due on its Bond for Addition
to City Library dated February 1, 1937, and numbered
ATTEST:
THE CITY OF LITTLE ROCK, ARKANSAS
BY
.Mayor
City Clerk
Section 5. The City Treasurer is hereby authorized and
directed, when said bonds have been executed to deliver them to
the purchaser upon payment of the purchase price and accrued
interest. The proceeds shall be paid to the City Treasurer and
shall be used for no other purpose except for the purpose of
paying part of the cost of construction and equipment of an
Addition to City Library, and including architectural, legal
and other necessary expenses of this bond issue. The said City
Treasurer shall deposit the said proceeds in a special account
or accounts in a bank or banks in the State of Arkansas which
are members of the Federal Reserve System and in which deposits
are insured by the Federal Deposit Insurance Corporation. Any
balance or balances remaining unexpended in such special account
or accounts after the completion of said construction and which
are not required to meet unpaid obligations incurred in connect-
ion with such construction shall be used solely for the payment
of the interest on and the principal of said bonds, or said un-
expended balance or balances may be used for the purchase of
any bonds then outstanding, at a price, exclusive of accrued
interest, not exceeding the principal amount thereof. Any bonds
so purchased shall be cancelled and no additional bonds shall be
issued in lieu thereof.
The Treasurer of the City shall be the custodian of the
said proceeds and shall give bond for the faithful discharge of
his duties as such custodian (such bond to be fixed and approved
by this Council).
Section 6. The annual tax levied by Ordinance No. 5510
passed and approved on the 29th day of October, 1937, for the pur-
pose of paying the principal and interest of the aforesaid bonds
is hereby pledged and set apart for the payment of said principal
and interest and shall never be used for any other purpose. {,then
said tax is collected and turned over to the City Treasurer, he
shall immediately deposit the same in a special account or accounts
in a bank or banks in the State of Arkansas which are members of
the Federal Reserve System and in which deposits are insured by the
Federal Deposit Insurance Corporation.
Section 7. The bonds herein authorized may be delivered,
though there may have been changes in the officers executing them,
and the bonds as once executed shall be the bonds of the City of
Little Rock, and in all respects valid and binding, though there
may have been a change in the personnel of the officers by whom
they are executed prior to delivery thereof.
Section 8. In order to pay said bonds as they mature,
there is hereby appropriated out of the proceeds of the tax levied
by said Ordinance No. 5510, and if such proceeds be not sufficient,
then out of the general revenues of the City, the following sums
to pay the principal and interest of said bonds as they mature:
Year Ending
Principal
Interest
Total
August
1, 1938
None
$19000600
$1,000000
"
1939
None
11000600
19000.00
"
1940
11500,00
11000,00
21500,00
"
1941
11500400
940x00
21440,00
"
1942
1,500000
880,00
21380000
"
1943
11500,00
820,00
21320,00
"
1944
11500„00
760,00
21260,00
"
1945
11500,x00
700,x00
21200000
"
1946
11500,00
640600
21140,00
"
1947
11500,00
580,00
21080,00
"
1948
21000,00
520,00
21520,00
"
1949
21000600
440,00
21440000
"
1950
21000,00
360000
21360600
"
1951
21000,00
280,,00
21280000
"
1952
21000000
200000
21200,00
"
1953
21000.00
120,00
21120,00
"
1954
11000,00
40,00
11040,00
Section 96 It is ascertained and declared that by reason
of the present economic conditions many citizens of the City are
out of work, and the improvements herein provided would furnish
work for a large number of persons and thereby add to the peace
and happiness of the City; further that the lack of an adequate
City Library endangers the peace, health and safety of the resi»
dents of said City. It is, therefore, declared that an emergency
exists, that this ordinance is necessary for the immediate preser-
vation of the public peace, health and safety, and that this
ordinance shall take effect and be in force from and after its
A P 11�0l�gD
passage.
Mayor
PASSED:
December 13, 1937
ATTES
City Clerk