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5499ORDINANCE N0. 5499 AN ORDINANCE AUTHORIZING THE TREASURER OF THE CITY OF LITTLE ROCK, ARKANSAS, TO ACCEPT FROM THE FEDERAL GOVERNMENT THROUGH ITS PROPER AGENCIES ALL MONEY TO BE PAID BY THE FEDERAL GOVERN'ENT TO THE CITY OF LITTLE ROCK UNDER A LOAN AND GRANT AGREEPvIENT AND ALL MONEY REALIZED BY THE CITY BY THE SALE OF BONDS IN THE AGGREGATE AMOUNT OF $418,000.00 FOR THE PURCHASE OF A SITE FOR AND CONSTRUCTION AND EQUIP- MENT OF A MUNICIPAL AUDITORIUM; FIXING A BOND FOR THE CITY TREASURER TO PROTECT SAID FUND; AUTHORIZING THE BOARD OF PUBLIC AFFAIRS OF THE CITY OF LITTLE ROCK TO MAKE ALL NECESSARY CONTRACTS FOR THE SELECTION AND PURCHASE OF A SITE FOR THE MUNICIPAL AUDITORIUM AND FOR THE CONSTRUCTION AND COMPLETION OF SAID AUDITORIUM; AND PROVIDING FOR THE DISBURSE- MENT OF SAID FUNDS AND FOR OTHER PURPOSES. WHEREAS, at an election held on the 26th day of January, 1937, qualified voters of the City of Little Rock authorized the issuance of general obligation bonds in the aggregate principal amount of $468,000.00 for the purpose of paying part of the cost of purchasing site for and construction and equipment of a Municipal Auditorium; and WHEREAS, the Federal Government has agreed to purchase said bonds in the aggregate amount of $418,000.00 and make a Grant to the City of Little Rock in the amount of $342,000.00 for the purpose of purchasing a site for and construction and equipment of the Municippl Auditorium; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK: Section 1. That the City Treasurer of the City of Little Rock is hereby authorized and directed to receive all sums paid by the Federal Government to the City and all sums realized by the City by the sale of bonds for the purchase of a site for and construction and equipment of the Municipal Auditorium, and said suns shall be deposited by the City Treasurer in an account to be known as "The Municipal Auditorium Fund "; that the City Treasurer is hereby directed to furnish proper surety bond in the sum of $25,000.00 in favor of the City for the proper accounting of any and all sums so received, said bond to be approved by the City Council of the City of Little Rock, Arkansas. N Section 2. That the Board of Public Affairs is hereby directed, authorized and empowered to proceed immediately to make all necessary contracts and agreements and to do all things necessary for the selection and purchase of a site for and the construction and equipment of a Municipal Auditorium; however, said Board of Public Affairs shall have no power to make contracts or expenditures for the construction of said Municipal Auditorium totaling a sum greater than $760,000.00, which has been ascertained to be the maximum total cost of the Municipal Auditorium. That the Board of Public Affairs shall submit to the Council for approval all proposed contracts for the purchase of a site for the Municipal Auditorium. Section j. That the payments for the purchase of site for and construction and equipment of said Municipal Auditorium under contracts made by the Board of Public Affairs shall be made only after the said Board of Public Affairs has approved in writing all requisitions for disbursements; such approved requisition or requisitions shall be forwarded to the City Treasurer who shall, upon ascertaining the approval of such requisition or requisitions, issue a check or checks in the proper amount against "The Municipal Auditorium Fund ", and said check or checks when signed by the City Treasurer shall be presented to the Mayor who shall countersign same, and the Depository holding said funds shall then honor said checks. Section 4. The Mayor of the City of Little Rock is hereby authorized and empowered to receive and endorse for deposit in said "Municipal Auditorium Fund" any and all checks or vouchers for the payment of funds to the City for bonds sold and delivered and Grants made by the Federal Government. Section 5. It is ascertained that the lack of an adequate place for public meetings in the City of Little Rock endangers the health and safety of the inhabitants of said City, and this Ordinance is necessary for the immediate preservation of the public peace, health f 4 and safety, an emergency is declared to exist and this Ordinance shall take effect and be in force from and after its passage. Passed: October 1, 1937 Attest: City Clerk. Appr Mayor.