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ORDINANCE NO. 371+_
AN ORDINANCE AUTHORIZING THE 1AIAYUR AND BOARD OF PUBLIC
AFFAIRS TO EMPLOY A FISCAL AGENT TO ASS16T IN THE SAT.;
OF AND TO MAKE CONTRACTS FOR THE SALE OF BONDS OR INT-
EREST BEARING CERTIYICAT.L.S OF INDEBTEDNESS UNDER THE
AUTHORITY OF A,1ENDMENT NO. 11 TO THE CONS'T'ITUTION OF
THE STATE OF ARKAN6AS .
WHEREAS, upon October 7, 1924, Amendment No.
11 to the Constitution of the State of Arkansas was
adopted, said amendment authorizing the issuance of
interest bearing certificates of indebtedness, or
bonds with interest coupons to secure funds to pay
outstanding indebtedness at the time of the adoption
of such amendment and
WHEkEAS, indebtedness of the City of Little
Rock amounting to/ �j O 0 C u Dollars evidenced by
warrants maturing , was outstanding
indebtedness at the time of the adoption of said
amendment, and an enormous saving will be made by
the City in the issuance of bonds or other certi-
ficates of indebtedness, the funds from which may
be used for the purpose of retiring all such in-
debtedness, and
WU�ttEAS, the services of someone familiar
with and competent to handle a transaction of such
size and in touch with the market from which such
money must be secured, is necessary for the proper
and economical consummation of such loan, and the
securing of funds by the issuance of said bonds,
NOW, THEREFORE
BE IT URDAINED BY ThE CITY COUNCIL OF THE
CI'T'Y OF LITTLE RUCK
f
Section 1. The Mayor, City Clerk, and Board
of Public Affairs are hereby instructed and directed
to immediately secure and contract for trie services
of a broker or brokers, fiscal agents, or other
persons competent to sell for the City of Little
ow-
Rock a bond issue of not exceeding D t�
Dollars, and are further authorized to pay for such
services either in advance or at the completion
thereof, such amount as in their discretion may
seem proper, not however, in any event in excess
of lea of the face of the bonds issued.
Section 2. The Mayor, City Clerk, and Board
of Public Affairs are further authorized and instruct-
ed to immediately contract for the printing of bonds
r
of the City of Little Rock of the face of6. )
Dollars, with interest not to exceed such percent
as shall be contracted for under the previous section
of this ordinance, such bonds to be printed in ac-
cordance with the contract made under the authority
of the previous section.
Section 3. The Mayor, City Clerk, and Board
of eublic Affairs are hereby authorized and directed
to immediately contract with such attorneys as in
their discretion may seem proper, for the approval
of said bonds, at not to exceed the prevalent rate
being charged the City of Little Rock by attorneys
passing upon warrant issues.
Section 4. The brokers, fiscal agents, at-
torneys, or other persons employed under the auth-
ority of this Ordinance shall be required to draft
371K
all necessary papers, to provide the form of bond to
be printed, and to care for such other details as may
be necessary prior to the execution and delivery of
said bonds.
Section 5. For the purpose of raising the funds
contemplated by this ordinance to pay indebtedness of
the City of Little Rock existing and outstanding at
the time of the adoption of Amendment No. 11, the
Mayor and the City Clerk of the City of Little Rock
are hereby authorized and directed to execute the
city's interest - bearing certificates of indebtedness,
or bonds with interest coupons attached, of the face
value of ��''�, Dollars, which is hereby declared
to be a sum less than the indebtedness outstanding at
the time of the adoption of said amendment; said cer-
tificates of indebtedness or bonds shall be issued in
such form, for such denominations, and at such matur-
ities as, in the discretion of the Mayor, the City
Clerk, and the Board of Public Affairs, may seen best,
at the best and lowest obtainable rate of interest,
not in any event exceeding 6% per annum, said bonds
and interest to be pa=id from a city tax to be levied
in accordance with said Amendment No. 11, not exceed-
ing three mills in addition to the tax levy now auth-
orized, provided, however, the form of bond, the
maturities and rate of interest shall be subject to
the approval of the Finance Committee of this Council.
Section 6. The provisions of this Ordinance
shall be deemed separable and if any provision, clause,
phrase, or word hereof be declared invalid, such hold-
ing shall not impair the validity of any other provision,
V_
clause, phrase, or word herein.
Section 7. All ordinances and parts of ordinances
in conflict herewith are hereby repealed, and this Ordi-
nance shall be in force and effect from and after its
passage.
Passed: January 15, 1925.
Attest:
City
Approved:
Mayor