5497ORDINANCE NO. 5497
AN ORDINANCE AUT1--1O RIZI1NG AND DIRECTING THE
BOARD OF IPUBLIC AFFAIRS OF THE CITY OF
LITTLE ROCK TO ACCFkT THL SUM OF $155000.00
FROM 11 E AMUNSA-5 VALLIT 'iiAREHOUSE
001111PAITY IN RILL Aid) COMPLETE 3ffTL-SLENr OF THE
REWS DUX THE CITY FROM SAID CXpf
PERIOD OF EIGHT YEAS BEG11WING 0
1938.
' 11
'tAHLREASP the City of Little Rook and the Arkansas
Valley Compress v-nd '',arehouse woyvpany did, on the 31st day
of December, 1931, enter Into a lease contraot vrhereiri the
said "Olty did let and. lease to the Arkansas Valley Oompress
and "Arehouse Company certain property known as the Little Rook
-Ptir repot, specif loally described in said lease contrect . for
a period of years beginning January lot, 1932, as set forth in
said lease, for an manual rental of $600,x)'0 per year for tbe
first nine years of the lease and $1,00 per year for the balance
of the term of said lenne or any renewal or re-Instatement there-
of; and
iVhXREk�j by letter dated April 11, 1936, written by the
Arkansas Valley Compress and " Warehouse Company to Honorable R. E.
Overman, Mayor, the said Arkansas Valley Compress and Warehouse
Company a; __ i
to pay to the City of Little Rook as rental under
said lease cantract an annual rental of $3,000,00 fora 'perlod
of ten years from the date the City acquired title to the
.kirport property and the surd of ;p2, 500.00 per year from the ex-
piration of the seid term of ten years throughout the remainder
of the term of said lease or any renewal or re-instatement; and
IhRAR&►Sv the City of Little Rock is A-tow desirous of
riising funds with which to finance the purchase and erection
of a hangar for its Municipal Airport and the sm, of : 15,'000,000
will be reouired for this purpose and the City oRr, obtain the
anil 2-p.5,000,00 from the Arkansas Valley ^omprar-,s and 'iarehouse
Company by acknowledging flail pmyment and satin- faction of all
rentals due on the above lease contract for a period of eight
years;
NOW TEEREFORE 3E Fr OR!)f.11."ZD BY THE CITY COUNCIL OF THE
CITY OF L ITTL E RD Cy
(feet ion 1. That the -boars of 'ubi is rif f nirs be and it
is hereby authorized and directed to accept from Arkansas Va t;i.ey
Compre 3s and 14arehou3e vompany the ;gum of X15, 000.00 in oath, and
in return therefor, the ::
of the City, an emergency is declared to exist and ttis ordi-
nancae is necessary for the immediate :reservation of the
public peace, health and safety and shall take effect and be
in force from and after its passage.
XV'S- Septerll�er 271 Zvi 1
iiPPROV ED :
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ATTEST:
City Clerk
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