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37453/5/25 Yt M1 ' S �Ip� .� M ref 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, 3 7V,S 1auy.R -2— Ordinance No- 3745• 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 -2- l 37yS -3- Ordinance No. 3745. 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. -4- S;741-1 11w . 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 -5- 37 y�- 1JG -b Ordinance No. 3745. 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.