3758Y.
ORDINIaNCE NO . 3758 •
AN ORDINANCE AUTHORIZING TIE ISSUjUTCE OF FIMMEG
BOND'S UNDER. ALIENDI. JIM NO. 11 TO THE CONSTITUTION OF THE
STATE OF APYQ NSAS .
Be it Ordained v the City Council of the Citv of
Little Rock as follows:
Section 1. To secure funds to pay the indebtedness
outstanding at the time of the adoption of iymendraent No. 11 to
the Constitution of the State of Arkansas, bonds in the ariount
of :1,900,000.00 are hereby authorized and directed to be
issued, which bonds shall be sold. as required by Ordinance
No. 3751 passed and approved March 16, 1925.
Section 2. Said bonds shall bear date April 1, 1925,
and. be payable serially through a period of twenty -five and
one-half years, the first bond to be payable uctober 1, 1.926, and
the last bond to be payable October 1, 1950, the first interest
coupon to be payable October 1, 1926, and thereafter the interest
shall be payable semi - annually on the first days of April and
October at a r +.te to be determined by the award of said bonds
in accordance with Ordinance No. 3751.
Section 3. The City Council shall by resolution confirm
the award of said bonds made pursuant to said Ordinance No. 3751
and shall, by such resolution, fix the rate of interest and
maturities and the place of payment of said bonds and shall,
by such resolution or by separate resolution, adopt the -form
of said bonds and provide for the execution thereof.
Section 4. The City Council shall, as required by said
act, levy a tax not exceeding; three mills for the payment of
said bonds. Such tax shall be in addition to the taxes now
authorized to be levied by said City and the full taxing power
of the City, including the general tax, is hereby pledged to the
payment of said bonds.
Page 2 - Ord. Yo. 3758.
Section 5. It is hereby ascertained and declared that
by reason of the heavy indebtedness h_.n�ing over the city it is
unable to procure or maintain proper facilities for the
extinction of fires, p� :oper police protection or p.-oper s,.fe-
r, guards for the public health, and that therefore it is immediate-
ly necessary for the preservation of the public pel.ce, health
and safety that this ordinance should go into effect immediately
and the same shall take effect and be in force from and after
its passage.
Approved:
Mayor
Passed: March 23, 1925.
Attest:
City Clerk.