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5238g ORDINANCE N0. 9238 AN ORDINANCE AUTHORIZING THE ISSUE OF BONDS TO COVER INDEBTED - NESS OF THE CITY OF LITTLE ROCK WHICH IWAS INCURRED BETWEEN THE DATES OF OCTOBER 7, 1924 AND DECEIDP:BER 7, 1924, UNDER THE AUTHO- RITY OF AMENDMENT NO. 11 TO THE CONSTITUTION OF THE STATE OF ARKANSAS; AND FOR 0TH !,R PURPOSES VMEREAS, Amendment No. 11 to the Constitution of the State of Arkansas authorized the issuance of interest bearing certificates of indebtedness, or bonds with interest coupons to secure funds to pay outstanding indebtedness of cities and counties which was in exis tance at the time of the adooti on of such amendment; and WHEREAS, The City Council of Little Rock acting under authority of said amendment No. 11 did by Ordinance No. passed on the day of 1925, authorize the issuance of One Million Nine Hundred Ten Thousand Dollars ($1,910,000.00) in bonds which purported t,o finance the City debt; and WHEREAS, Through misunderstanding as to the date of the adop- tion of said Amendment No. 11 the said Little Rock City Council con- sidered the indebtedness existing only up to October 7, 1924, when In truth and in fact the said Amendment No. 11 became effective Dec- ember 7, 1924, and the City indebtedness further increased during that sixty (60) day period; and + "HEREAS, An audit of the City records discloses that the in- debtedness of the City increased during that sixty (60) day period Th ou s nd in the sum of approximately One Hundred Fifteen /Dollars ($115,000.00) which said amount should have been but was not included in the bond issue which was authorized; and WHEREAS, Said debt has been carried over from year to year and prevents the City from following an orderly and business —like budget plan; Now, Therefore, BE I'T ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK, SECTION 1. That a bond issue in the sum of Fifty Thousand Dollars (;50,000.00) is hereby authorized for the specific purpose 530 bf retiring the balance which now remains unpaid on the floating debt which should have been included in the original bond issue authorized under Amendment No. 11. SECTION 2. The Mayor, City Clerk, the City Attorney and Board of Public Affairs are hereby authorized, instructed and directed to proceed to take such action as is necessary to enable the City of Little Pock to issue said bonds. SECTION 3. The Mayor and Board of public Affairs are further authorized and instructed to contract for the printing of bonds of the City of Little Rock in the principal sum of Fifty Thousand Dol- lars 050,000.00), which bonds shall bear interest at a rate which shall not exceed the sum of 5jY. per year. SECTION 4. For the purpose of raising the revenue necessary for the retirement of the bonds authorized by this Ordinance a sum sufficient to meet the annual interests and maturities on said bonds shall be set aside each year from the general revenue fund of the City. It is hereby ascertained that the revenue derived from the three (3) mill tax levied to meet the principle and interest requirements Thousand on the Cne Million Nine Hundred Ten'Dollars (WI ,910,000.00} issue of bonds made under authority of said Amendment No. 11 is not now suffi- cient to pay the present maturities required for that issue,. If at any time in the future the revenue derived therefrom shall be in ex- cess of the requirements for the payment of principle and interest on the One ':Million Nine Hundred Ten Thousand Dollars (;1,910,000.00) is- sue, then in that event such excess may be used for the retirement of the bonds herein authorized to be issued. SECTION 5. Bonds herein authorized shall be issued in such form, for such denominations, and at such maturities as, the Mayor, City Clerk and Board of Public Affairs may deem proper at the best and low- est obtainable rate of interest which shall in no event exceed 52% per annum. SECTION 6. The provisions of this ordinance shall be deemed separable and if any provision, clause, phrase, or word hereof be -3- declared invalid, such holding shall not impair the validity of any other provision, clause, phrase, or word herein. SECTION 7. All ordinances and parts of ordinances in conflict are hereby repealed. SECTION 8. Whereas, the City's financial arrangements for op- erating expenses depend upon the immediate operation of this ordin- ance, an emergency is therefore found to exist and this ordinance is found to be necessary for the preservation of the public health, peace, and safety and shall be in full force and effect from and after its passage and approval. Passed: Attest: Approved: City Clerk. Q� Mayor.