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ORDINANCE NO. 3745 e� „}
AN ORDINANCE AUTHORIZING THE EXTENSION OF THE TII2 OF
FAYIVENT OF 01,72.5,000 OUTSTANDING WARRANTS OF THE CITY
OF LITTLE ROCK.
WHEREAS, there are outstanding warrants of the City
of Little Rock in the aggregate amount of $1,725,000,
payable parch 15, 1925; and
NHEMAS, said warrants are negotiable warrants (other-
wise described as municipal notes) dated September 25,
being warrants
1924,/known as Series A, numbered from 899 to 1054, in-
clusive, aggregating :1,285,000, issued under Ordinance
warrants known as
No. 36 31 , and /Seri es A, numbered from 1055 to 1142, in-
elusive, aggregating $440,000, issued under Ordinance
No. 3632, both of which ordinances were adopted on
September 15, 1924; and
'IME'REAS, the City Council of the City of Little Rock,
by Ordinance No . _�7-4/ , adopted February 23, 1925, has
authorized the issuance of bonds, the proceeds of which
are to be used to pay said warrants and other valid in-
debtedness of the said city; and
WH AIMS, said bonds have been advertised for sale on
March 12, 1925, but will not be ready for delivery prior
to the time of payment of the said outstanding warrants;
Now, Therefore:
Be it Ordained by—the City Council of the City of Little
Rock, Arkansas, as follows:
Section 1. The said $1,725,000 warrants shall be
funded and reissued and the indebtedness represented
thereby extended by the issuance of new negotiable
warrants of the City of Tittle Rock of an equivalent face
amount. Said new warrants shall be known as Series A,
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to be numbered from / /yF to /_�9 ? , inclusive. Each
such warrant may bear the inscription "mur_icipal note (a
negotiable avarrant)" and / 6'0 of said warrants shall be
of the denomination of $ /0,000 each, and /yjw of said
warrants shall be of the denomination of •�,��`' each.
Said warrants shall be dated March 15, 1925, payable
i June 15, 1925, and shall be issued in substantially the
following form:
No.
Series "A"
UNITED STATAS OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
MUNICIPAL NOTE
(A Negotiable Warrant)
The City of Little Rock, a municipal corporation in
the County of Pulaski and State of Arkansas, hereby acknow-
ledges itself indebted and promises to pay, and the City
Treasurer is hereby ordered to pay to the bearer, the sum
of Dollars ($ ) in lawful money
of the United States of America, at the Chase National Bank,
New York City, on the 15th day of June, 1925.
This warrant is issued pursuant to the constitution
and statutes of the State of Arkansas, including Act No. 383
of the Acts of Arkansas of 1917, and an ordinance adopted
!!by the City Council of the City of Little Rock on Larch 9
1
ff 1925, for the purpose of extending the payment of
I� certain indebtedness of said city by exchanging outstanding
warrants which were duly and properly issued for municipal
purposes and for which the city has received full value,
equivalent to the face amount thereof.
It is hereby certified and recited that all conditions,.
acts and things required by the constitution and statutes of
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the State of Arkansas to exist, be performed and happen
precedent to or in the issuance of this warrant, or the
incurring of the indebtedness evidenced thereby, have been
properly done and performed in regular and due form as
required by law, and that said warrants and indebtedness,
together with all other indebtedness of the City of Little
Rock, is within every debt and other limit prescribed by
the constitution or statutes of said state, and that no
part of said warrant or the indebtedness evidenced thereby '
has been paid. The full faith. credit nnA _-P
said city are hereby pledged to the punctual payment of
this warrant in accordance with its terms.
IN V TN.ESS WHEREOF, the said City of Little Rock
has caused this warrant to be signed by its Mayor and its
corporate seal to be hereunto affixed and attested by the
City Clerx, and this warrant to be dated March 15, 1925.
! Attest: Mayor
City Clerk
(Endorsement on Warrant)
It is hereby certified that this warrant is regis-
'tered and recorded at line on page in Warrant Book
No. a kept in the office of the City Clerk of the City
of Little Rock,
City Clerk
It is hereby certified that this warrant has been
registered with and recorded by the City Treasurer of the
City of Little Rock at line - _ on page -- -- in Warrant Book
ISIS
-4h- Ordinance No. 37+5.
No. in the office of the City Treasz
of Little Rock.
City Treasurer.
(Certif icate )
This is to certify that the signatures and seal
appearing on the within Municipal Note of the City of Little
Rock, Arkansas, are genuine.
Dated, 1925.
M
Section 2. The Mayor, City Clerk and City Treasurer
are hereby authorized and directed to execute, register and
record said warrants, and to issue and deliver said warrants
to the holders of said outstanding X1,725,000 of warrants
upon receiving from said holders the said outstanding
warrants. Each of said outstanding warrants when exchanged
shall be cancelled by perforation by the City Clerk and
stamped "cancelled upon the issuance of new warrants in
exchange."
Section 3. The new warrants authorized by this
ordinance need not be issued if the Yayor, City Clerk and
Board of Public Affairs shall be able to arrange for the
extension of the time of payment of said outstanding warrants
until such time as the bonds authorized by Ordinance No. 7
can be delivered and paid for; but such new warrants shall
be issued and delivered to the holders of the said outstand-
ing warrants in exchange for such outstanding warrants if
at any time it shall be necessary to do so in order to pre-
vent a default on said outstanding warrants, or if it shall
be found advisable to take up such outstanding warrants.
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Ordinance No. 3745•
Section 4. The Mayor, City Clerk and Board of
Public Affairs are hereby authorized to arrange for the
extension of the time of payment of the said outstanding
warrants until June 15,, 1925, provided that such extended
warrants shall be subject to call at any time by the City
upon ter, days' written notice to the ChaseNational Bank,
New York City.
Section 5. This ordinance has the statutory effect
of a judgment determining the validity of the indebtedness
and of the outstanding warrants above recited and the
warrants to be issued in exchange therefor; and the holder
of any of said outstanding warrants or re- issued warrants
may enter judgment thereon in any court having, jurisdiction
of the parties, upon presenting to such court such warrant
or warrants and a duly certified copy of this ordinance,
provided that such warrant or warrants shall have been
presented for payment at or after Maturity, which fact
may be established by satisfactory proof or evidenced by
statement thereon signed by the City Treasurer.
Section 6. This ordinance is hereby determined to
be an ordinance for the support and maintenance of the
various branches of the municipal government of the City
of Little Rock.
I' Section 7. It is hereby ascertained and
1'1 S declared
that by reason of the heavy indebtedness hanging over the
City it is unable to procure or maintain proper facilities
for the extinction of fires, proper police protection or
proper safeguards for the public health, and that there-
fore it is immediately necessary for the preservation of
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the public peace, 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.
Passed: March 9., 1925-
Attest: Approved-*
y cleric. Mayor.