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5398r� ORDINANCE NO.-.5339 AN ORDINANCE SUBMITTING TO THE VOTERS OF THE CITY OF LITTLE ROCK, ARKANSAS THE QUESTION OF WHETHER OR NOT THE CITY OF LITTLE ROCK WILL ISSUE GENERAL OBLIGATION BONDS IN THE AMOUNT OF J15YOOO.00 FOR THE PURPOSE OF PAYING PART OF THE CONSTRUCTION AND EQUIPMENT COST OF AND FOR THE PURCHASE OF A PA:"K TO BE USED AS A NEGRO RECREATION PARK; AND FOR OTHER PURPOSES WHEREAS, It appears to the City Council that the City of Little Rock, Arkansas, is a city of the first class with- in the meaning of the 11th Amendment (Appelegatets Constitution Annotated) to the Constitution of the state of Arkansas adopted on October 5, 1926, and is authorized by said amendment to issue bonds for the purpose of purchase, development, improvement, construction and equipment of an addition to the City of a public park; and, `T'HEREA, It appears to the Council that it is nec- essary for the health, safety and convenience of the City and the inhabitants and citizens thereof that park facilities be provided for the negro population of the City; and, WHEREAS, It appears to the Council that property suitable for the construction of said park may be purchased at a price not to exceed Nine Thousand ($9,000.00) Dollars and that by the contribution of an additional six Thousand (1-P6,000.00) a the City can secure a large grant f rom the Federal Government for the purposes of developing , improving, equipping and con- structing said park; and that in order to finance the said ex- penditure in the sum of Fifteen Thousand (,,,15,000.00) Dollars it will be necessary to issue and sell general obligation bonds of the City,, aggregating the principal amount of Fifteen Thousand ($15,000.00) Dollars; and, WHEREAS, It appears to the Council that the issu- ance and sale of said bonds of the City in the sum of Fifteen Thousand Dollars ($15,000.00) for the purposes aforesaid, when added to all other bonds cf the City issued under authority, and now outstanding, will not cause the total bonded debt of the City under the authority of the Constitution and the :amendments there- to, to exceed the sum of Five 'billion ($5,000,000.00) Dollars; and, -2- WHEREAS, It appears to the Council that the City has heretofore levied and pledged to the payment of its outstand- ing bonds, issued under authority, of the Constitution and the Amendment thereto, an annual tax of three mills; and, WHEREAS, Said City has heretofore levied and pledgee to the payment of its outstanding bonds, issued under authority of the Constitution and its Amendments, an annual tax of 1 and 1/E mills, and is now authorized to levy and pledge to the payment of the proposed issue of bonds an annual tax not to exceed 3 and 5/6 mills. NOT, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THh CITY OF LITTLE ROCK, ARKANSAS SECTION 1. t1n election is hereby called to be held at the usual polling places in the City of Little Rock, Arkansas, on the 26th day of January 1937, for the purpose of determining whether or not the City of Little .mock shall issue Fifteen Thou- sand (;15,000.00) Dollars in the aggregate principal amount of negotiable general obligation bonds, bearing interest at the rate of not to exceed four per centum per annum, payable semi - annually, said bonds to mature as follows: 1940 $1000.00 1941 1000.00 194 1000 .00 1943 1000.00 1944 1000.00 1945 1000.00 1946 1500.00 1947 1500.00 1948 1500.00 1949 1500.00 1950 1500.00 1951 1500.00 Said bonds to be issued for the purpose of paying for the purchas( price of the property to be used for the said negro park and for the further purpose of paying part of the development, improve- ment, construction and equipment cost of said proposed park and to be payable on the first day of August in each of said years, and to be dated as of the first clay of February, 1937. -3- SECTION 2. Said election shall be conducted and the vote thereat canvassed and the result thereof declared under the law and in the manner now provided for municipal general elections, and notice of said election shall be given by the Mayor by advertisement weekly for at least four (4) times in the Arkansas Gazette and the Arkansas Democrat, newspapers published in the City of Little Rock, Arkansas, and having a bona fide circulation therein, the last publication to be not less than ten (10) days prior to the date of said election. The ballots for said election shall be marked "For bond issue in the aggregate principal amount of Fifteen Thousand 015,000.00) Dollars for the purpose of paying part of t'r:e cost of construction and equipment and the purchase price of 'a negro recreational park for the City of Little Rock, rirkansas�'. "Against bond issue in the aggregate principal amount of Fifteen Thousand 015,000.00) Dol- lars for the purpose of paying part of the cost of construction and equipment and the purchase price of a negro recreational park for the City of Little Hock, Arkansas ". At said election only qualified voters of the City of Little Rock .ill have the right to vote. The result of said election shall be proclaimed by the 'Aayor by publication in the Arkansas Gazette and the Arkansas Democrat, newspapers published in the City of Little ::ock, and having a general circulation t^ erein, and his proclamation shall advise the citizens and property owners of said City that the result as proclaimed will be conclusive unless attacked in the courts within thirty (30) days after the date of said proclamation. SECTION 3. It is ascertained and declared that the lack of adeq_tate park facilities for the negro citizens of the City of Little hock endangers the morals, health and safety of the inhabitants of the City; and by reason of the present econo- mic condition, many citizens of the City are out of work, and the improvement herein provided for would furnish work for a large number of men and thereby add to the peace and happiness -4- of the entire City. It is, therefore, declared that an emergency exists and 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 full force from and after its passage and approval. Attest: December 11, 1936 Passed:. a City Clerk Approves:= -` Mayor.