3731,� A,.
oRD E,uuTCE lio . 7731
ORDIINANCE AUTHORIZIIIG "1'IlE MAYOR CITY CLERK All BOARD
OF PUBLIC AFFAIRS TO CONTRIXT FOR T1Ua SATE OF THE FUNDING BONDS
I SSLDID UNDER TIC AUTHORITY 01" AMIED1,21TT NUMBER Mi'+'VEN TO THE
CONSTITUTION OF THE STATE OF AMU SAS.
BE IT ORDj IN1.0 BY T� CI`T'Y COUNCIL OF THE CITY OF LITTLE+ ROCK:
SECTIO1.1 1. It is hereby ascertained and declared that
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t:he indebtedness o f the City of Little Rock existing at tree t i;ae o f
t ,.e adoption of Amendment No. 11 to the Constitution of tile State of
Arkansas amounted to a sum in excess of J A
SECTION 2. The Mayor, City Clerk and Board of Public
Affairs are hereby directed to advertise in a newspaper published
and having a bona fide circulation in the City of Little Rock for
bids for the f unding bonds authorized to be issued by said Amendment,
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the amount of said bonds to be , l00 d64& ayable serially
through a period of twenty -five years, the first bond to be payable
on September 1, 1926, and the schedule to be such triat the amount to
be paid each year after the year 1925 until the maturity of the last
of said bonds shall be substantially *iie same.
The bidders will be required to bid i'or the iovest rate
of interest aryl to submit a schedule of maturities and a place of
payment preferred by tizem, but the said 1ayor, City Cler4-. and Board
of Public Affairs shall reserve to themselves the -right to accept or
reject any and all bids and to make such contract as may be most ad-
vantageous to the City. Such no rice shall be published daily for two
weeks. Said bonds :,hall be executed by the 1Jayor, City Clerk and
attested by the corporate seal, but said bonus shall not be delivered
until approved by the Finance Committee of this Council.
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SECTION 3. The Ma-yor, City Clerk and j3oard of
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Public Affairs may contract for the printing of such bonds,
and
f or the legal services required in the preparation thereof
and all papers essential to the perfecting of the transaction,
and for the approval of the bonds, but the charges therefor
shall not be more than those customary in the City of Little Rock
for similar services.
SECTION 4. If any provision of this ordinance is
held to be void, it shall no; affect the validity of the remainder,
but the remainder shall stand.
SECTION 5. It is hereby ascertained and declared that
by reason of the heavy indebtedness hanginz; over the City it is un-
able to procure or maintain proper facilities for the extinction of
fires, proper police protection or proper safeguards for the public
health, and that therefore it is inuaediately necessary for the pre-
servation of tree 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: Tebruary 2?,,
Attest: Approved:
City Clerk. or.