53090 R D I N A N C E N0. M-
AN ORDINANCE PROVIDING FOR THE ISSUING OF
REFUNDING BONDS BY THE CITY OF LITTLE ROCK
ARKANSAS.
WHEREAS the City Council of the City of Little
Rock, Arkansas, finds that because of the decrease in the
assessed valuation on property for tax purposes in Pulaski
County, the taxes from the special tax authorized by Amend-
ment No. 10 to the Constitution of Arkansas and other
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revenues of the city were insufficient to pay all of the
$66,000.00 of 4 % funding bonds of the City, dated May 1,
1925, which matured November 1, 1935, numbered 412 to 477x.._1,-1,,.-' #'
ne usive, and that there is now past due and unpaid $500.7W. y
on each of said funding bonds, making a total amount of
$33,000.00 past due; that the holders of said past due bonds
have offered to extend their maturity and to exchange them
for the refunding bonds of the City, hereinafter described;
and that it would be to the best interest of the City to
accept said offer and issue said refunding bonds.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COIINCIL
OF THE CITY OF LITTLE ROCK:
Section 1. That the Mayor and City Clerk of the
City of Little Rock, Arkansas, be and are hereby authorized
and directed to execute $33,000.00 of negotiable bonds of
the City, dated November 1, 1935, maturing November 1, 19512
bearing interest at the rate of 4j% per annum, numbered from
j 1 to 66, inclusive, and being in denominations of $500.00 each.
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ing form:
Section 2. The said bonds shall be in the follow-
UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
4j% REFUNDING BOND.
No. $500.00
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KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, in the County of
Pulaski, in the State of Arkansas,acknowledges itself to owe,
and for value received promises to pay to bearer the sum of
Five Hundred Dollars ($500.00) in lawful money of the United
States of America on the first day of November, 1951, with
interest thereon from date at the rate of four and one -half
per centum per annum, payable semi - annually on the first day
of May and November of each year, commending May 1, 1936, on
presentation and surrender of the annexed coupons as they
severally mature. Both principal and interest of this bond
are hereby made payable at the Chase National Bank in New
York City.
This bond is one of a series of sixty -six (66)
bonds aggregating Thirty -three Thousand Dollars ($33,000.,00),
all of like tenor and effect, and numbered from one (1) to sixty-
six (66), inclusive, issued for-the pfirpose of refunding a like.
par amount of the legally binding outstanding bonds of an issue
of 4j% of funding bonds of said City, dated May 1, 1925, which
were issued for the purpose of funding the indebtedness of the
City of Little Rock existing on the 7th day of October, 1924;
and the said City of Little Rock hereby covenants that it is
a city of the first class of the State of Arkansas, with a
population exceeding sixty thousand (60,000) inhabitants,
Pate 3 - ORDINANCE NO.
and that in the issuing of this bond it has proceeded in
accordance with the provisions of Amendment No. 10 (formerly
known as Amendment No. 11) to the Constitution of the State
of Arkansas, and in accordance.with the laws of the State of
_9rkansas,;.including provisions of Act No. 292 of the Acts
of the General Assembly of the State of Arkansas of the year
1925, entitled "An Act Relative to Cities of the First Class,
authorizing and validating bonds and the levy of a tax, and
fixing the fiscal year of cities of over sixty thousand
population, and for other purposes ", approved March 30, 1925,
and under ordinances of the City Council of the said City of
Little Rock and resolutions of its Board of Public Affairs
duly adopted; and 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 the Act aforesaid, have been done, have happened and have
been performed as required by law; and that a tax sufficient
to pay the bonds aforesaid has been levied in accordance with
the provisions of said constitutional amendment and act, and
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 three mill additional tax authorized by said Amendment No.
10 to the Constitution and applicable solely to the payment
of this bond and other bonds issued to pay indebtedness out -
standing'at the time of the adoption of the Amendment.
IN WITNESS WHEREOF the City of Little Rock has
executed this bond by the hands of its Mayor and City Clerk
and attested it with its corporate seal, and has caused the
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coupons hereto attached to be authenticated by the facsimile
signature of its Mayor as of the first day of November, 1935.
CITY OF LITTLE ROCK
To each of said bonds are attached coupons for the
semi - annual interest in the following form:
No. $11.25
May
On the first day of November, 19 , the City of
Little Rock, Arkansas, promises to pay to bearer Eleven and
25/100 Dollars at the Chase National Bank in the City of New
York, being six monthst interest then due on its refunding
bond dated November 1, 1935, and numbered
Mayor.
(The signature of the Mayor to the coupons attached
to said bonds may be lithographed or engraved.)
Section 3. That the holders of said refunding
bonds shall be subrogated to all the rights of the holders
of the original funding bonds, if such subrogation be neces-
sary or convenient for the protection of their rights under
said refunding bonds.
Section 4. That in order to pay the principal and
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interest of said refunding bonds as the same mature in 1951,
there is hereby levied upon all the real and personal property
within the City of Little Rock a tax of three mills for the
year 1950, being a sum sufficient to pay said principal and
interest with ten percent (10 %) added for unforeseen con-
tingencies; and the City Clerk is directed to transmit a
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certified copy of this ordinance to the County Clerk of
Pulaski County, to the end that said taxes may be extended
upon the tax books of Pulaski County and collected along
with the other taxes of the county.
That out..of.the three mill special.
g1jon
-`,ax,, eretofore levied by the Council, there is hereby
appropriated the sum of $1,485.00 in each of the years 1936
`
to 1950, inclusive, for the purpose of paying the interest
=; on said refunding bonds as it matures; and out of the three
mills levied by Section A.-of-this ordinance, there is appro-
priated the sum of $34,485.00 in the year 1951, for the
purpose of paying the principal and interest of said bonds
maturing in that year.
Section 6. After said refunding bonds have been
duly executed as aforesaid eachP sba,l.
City Clerk for one of the said 4j,% funding 6: s 'off' the`
dated May 1, 1925, which matured November 1, 1935, and on
which a credit of $500.00 was endorsed on November 1, 1935.
Each funding bond so exchanged shall be immediately marked
.nCancelledn by the City Clerk.
jSection 7. It is hereby ascertained and declared
that if the City does not immediately issue the said refund-
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f ing bonds and exchange them for the said past due funding
bonds, the credit of the City will be seriously impaired,
which wj11 make the City unable to maintain proper facilities
for the extinction of fires, proper police protection and
proper safeguards for the public health; and for these reasons ,b
it is hereby declared that an emergency exists and that this
ordinance is necessary for the preservation of the public peace,
health and safety,. and the same shall take effect and be in
force immediately upon its passage.
Passeds February 10,1936. v •
ATTE s
• Mayor.
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