5507ORDINANCE NUMBER 5 0� 7. _
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF
$468,000.00 FOR THE PURPOSE OF PAYING PART
OF THE COST OF PURCHASING A SITE FOR AND
CONSTRUCTION AND E•1UIP!,MT OF A MUNICIPAL
AUDITORIUM.
WHEREAS, by Ordinance No. 5395 duly passed on the tenth
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 "468,000.00, bearing in-
terest at the rate of four per cent per annum, for the purpose
of paying part of the cost of purchasing a site for and con-
struction and equipment of a municipal auditorium.
VVHEREAS, due notice of the election was given as required
by law, and at said election 1518 votes were cast in favor of
said bond issue, and only 519 votes were cast against it;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK;
Section 1. That bonds of this City be issued in the total
amount of $468,000.00 which amount together with funds to be furnished
by the United States of America is necessary to provide sufficient
funds to pay part of the cost of purchasing a site for and construction
and equipment of a municipal auditorium, and including architectural,
legal and other necessary expenses.
Section 2. That said bonds, each to be designated "Municipal
Auditorium Bond ", be dated February 1, 1937, 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 denomination of
$1,000.00 each, be signed by the Mayor and 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 Manhattan, 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 468, both inclusive, and mature without
option of prior redemption in their numerical order of August
1 in each year as follows:
1940
10,000
1941
;10,000
1942
11,000
1943
111,000
1944
119000
1945
12,000
1946
129000
1947
129000
1948
13,000
1949
133,000
1950
14,000
1951
140000
1952
15,000
1953
159000
1954
160000
1955
179000
1956
179000
1957
181000
1958
190000
1959
202000
1960
20,000
1961
21,000
1962
22,000
1963
23,000
1964
249000
1965
259000
1966
26,000
1967
279000
Section 3. That the interest upon said bonds shall be
evidenced by semi - annual interest coupons attached thereto which
shall be signed by the facsimile signatures of the Mayor and
the 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 appearing 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 A?�.ANSAS
THE CITY OF LITTLE ROCK
MU118ICIPAL AUDITORIUM BOND
No $1,000.
KNOW ALL MEN BY THEE PRESENTS
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
on the first day of August, 19 , with interest thereon
from the first day of August, 1937, at the rate of Four per
centum (4f) per annum, payable on February 1, 1938, and semi-
annually thereafter on February 1 and August 1 of each year, on
presentation and surrender of the annexed coupons as they severally
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 {dock, 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 468 bonds, aggregating
$468,000.00 Dollars of like tenor and effect, except as to number
and maturities, dated the first day of February, 1937, and
numbered from 1 to 468, inclusive, issued for the purpose of pay-
ing part of the costs of purchasing a site for, and construction
and equipment of a municipal auditorium; and the said City of
Little Rock hereby covenants that in the issuing of this bond
it has proceeded in accordance with the provisions of the Amend-
ment which was adopted as Amendment No. 15to 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 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 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 partic-
ularly under the said Amendment to the Constitution and said
Act, have existed, have happened and have been performed as re-
quired 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
thereon, the said City of Little Rock hereby pledges its full
faith, credit and taxing power, including the 3 5/6 mills of the
five mill tax authorized to be levied by said Amendment 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,
19370
S E A L
ATTEST:
X20
City Clerk
On the day of
( COUPON FORM )
NO.
, The City of Little
Rock, Arkansas, will pay to bearer Twenty 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, being
six months* interest then due on its Municipal Auditorium Bond
dated February 1, 1937, and numbered
ATTEST:
City er
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 costs of purchasing a site for, and con-
struction and equipment of a municipal auditorium, 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 connection with such construction shall be used solely
for the payment of the interest on and the principal of said bonds,
or said unexpended balance or balances may be used for the pur-
chase 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 ap-
proved by this Council ).
Section 6. The annual tax levied by Ordinance No.S,
passed and approved on the ?i =day of October, 1937, for the
purpose 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. When 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 de-
posits are insured by the Federal Deposit Insurance Corporation.
Section 7. The bonds herein authorized may be delivered,
though there may have been change 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. 5 Spy , 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
1938
1939
None
None
18,720
18,720
1940
10,000
182720
18,720
180720
28,720
1941
1942
.10,000
11,000
18,320
17,920
289320
28,920
1943
1944
119000
112000
172480
17,040
282480
28,040
1945
1946
12,000
12,000
161600
16,120
282,600
28,120
1947
1948
12,000
132000
15,640
15,160
27,640
289160
1949
1950
13,000
149000
14,640
149120
279640
28,120
1951
1952
141,000
150000
139560
13,000
27,560
281000
1953
1954
15,000
162000
120400
112,800
279400
279800
1955
1956
179000
179000
112160
103,480
280160
27,480
1957
18,000
19'000
9,800
9,080
271800
289080
1959
1960
209000
20,000
8,320
7,520
282320
27,520
1961
1962
21,000
22,000
6,720
59880
279720
270880
1963
1964
23,000
249000
59000
41080
289000
281080
1965
259000
3,120
28,120
1966
1967
26,000
279000
2,120
1,080
28,120
289080
Section 9.
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 City has no
municipal auditorium or facilities for large conventions or
gatherings; that by reason thereof the City loses great sums in
revenues which would otherwise come to the City. It is, therefore,
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.
Avmo, eo :r
Trayor
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