3632P
i
ORDINA?-,,'CE NO
AN ORDINANCE AUTHORIZING THE FUNDING AND REISSUANCE OF
440,000 OUTSTANDING WA7RANTS OF THE CITY OF LITTLE ROCK.
"jHEREAS, There are outstanding warrants of the City
of Little Rock of the aggregate amount of $ 440,000 payable
September 2*7, 1924, and there are not, and will not be when
said warrants become payable, funds available for their pay-
ment; and
7MEREAS, Said warrants are negotiable warrants
(otherwise described as t,.unicipal Notes) dated and described
as follows: September 25, 1523 -Series "A", numbered from
586 to 61, inclusive, said warrants being in the denomination
of 1;1000 each, totaling $30,000.
October 22, 1923 - Series "A ", numbered from
793 to 817, inclusive, said warrants being in the denomination
of $1000 each, totaling- $ 25,000.
December 10, 1923 - Series "A ", numbered from
818 to 833, inclusive, fourteen of said warrants being in the
denomination of $5000 each arid. one of said warrants being of
the denomination of $4,312.50, totaling $79,312.50.
January 28, 1924 - Series "A ", numbered from
834 to 839, inclusive, said warrants ioeing in.the denomination
of $5000 each, totaling $30,000.
February 11, 1924 - Series "A ", numbered from
840 to °850, inclusive, said warrants being in the denomination
of $5000 each, totaling $ 5,000.
r
May 12, 1924 - Series "A ", numbered from
851 to 860,inclusive, nine of said warrants being in the
denomination of $5000 each, and one of said warrants being in
the denomination of $2,500, totaling $47,500.
June 23, 1024 - Series "A ", numbered from
861 to 873, inclusive,said warrants being in the denomination
of $5000 each, totaling $65,000.
August 4, 1024 - Series "A ", numbered from 874 to 883;
inclusive, said warrants being in the denomination of $5000 each;
totalin• $50,000.
August 25, 1124 - Series "A ", numbered from 884 to 893
inclusive, six of said warrants being in the denomination of
$5000 each, and four of said warrants being in the denomination
of $1000 each, totaling $34,000.
September 1, 1,024 - Series "A ", numbered from 894 to
808, inclusive, four of said warrants being in the denomination
of $5000 each, end one of said warrants being in the denomina-
tion of $4,187.50, totaling.$24,187.50.
;WHEREAS, said outstanding warrants were issued in
exchange for Funding 7rarrants as described in Ordinances
nur.�l,ered,respectively, 3312 _passed September 10, 1923; 3338
passed October 22, 1923; 3391 passed December 10, 1523; 3411
passed January 28, 1924; 3422 passed February 11, 1024; 3504
passed May 12, 1024; 3554 passed June 23, 1924; 3604 passed
August 4, 1524; 3625 passed August 25, 1924, and 3627 passed
September 1, 1924; and,
"uHEREAS, The City Council of the City of Little Rock,
prior to the issuance of such funding warrants maturing as
.jm
described above, and each of them,.and also prior to the
issuance of such negotiable warrants (otherwise described as
Municipal Notes), dated as above described, and each of them,
did carefully examine and determine the legality of the prior
outstanding warrants in exchange for which such warrants
respectively were issued, and the legality of the original
indebtedness represented by each of such warrants; and did in
each instance carefully ascertain and declare the validity and
amount of such prior indebtedness and outstanding warrants
before authorizing the reissuance thereof; and
,THT'REAS, The City Council of the City of Little
Rock has found that each of said warrants, dated as above
described, was duly and properly issued for municipal purposes
and that the said City has received in the case of each of such
warrants at least the face amount thereof and that the said
warrants aggregating $44 -0,000 and the indebtedness represented
thereby are valid and that no part of said warrants or indebted-
ness has been paid; Now, therefore:
BE IT ORDAINED FY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK,
ARKANSAS, as follows:
Section 1. The said $440,000 warrants shall be funded
and reissued and the indebtedness represented thereby extended
by the issuance of new negotiable warrants of the City of Littlei
Rock of an eouivalent face amount. Said new Warrants shall be
k:iovan as Series "A ", to be numbered from 1055 to 1142, inclusive
Tach such warrant may bear the inscription "municipal note (a
negotiable warrant)" and shall be of thL denomination of $5000
each, shall be dated September 25, 1924, and shall be payable
on March 15, 1925.
-eation 20 S:Ad warrants sh.*,ll be iuoued in eubstantially
the tollowing form
coo
UNITAD 01il-'"2 ..,_ UP
CI7Y or .-Dcx
UJI '
NU - L;.
Negotiable arr�4.nt)
municip- 1 corporatl�in Li the
Eby ziuvwowledgeu
ao,"la,ity of j:ul,_6AU and A�Aa Of -�rjL"nL_ - 0 ilexu
itsel.1 U,,de�ted .;,A pr,,,rd. ou to payj, ',he Olt.Y 71-reU'.� Iwer it�
hereby orde ed to ev to tht; bearer, Line _',4 of
In 1,-.iwf al r,.-,cnoj of tLa Lnj_14(4 A,'V-es of
11OW 101!k j�j' 0jj tj7 -1
,G 4
.morloa, lWitional Bank, Uh
day of Wiroh, 19259
:'his wvarr4nt 18 .issued pursu.,xnt to the oOWtAi1WL'tic' Aild
Statutes 01 tiTie jtato'e cl rkunsas, includiiig :ot ,io .jb. of
9 z -ice adopted by the City
0 44Ws of rk,►nsaz of :L917 �nd an ordlmii
Co- nail of 14110 eltj of Little Rook on 'Ap'toetaluor 15, 3924j, for
the Dur-oo.. o of extending the pl)-yMent of certain Ladebtedness of
said city by exohungl.n� outstandin.tT warm nts which were dul4y
a which tho nd propex:Lj iscued for municipal purpoued and fear v
r
eutvaleat to the Itica am-ount.
city h"� received full V_�Aluey
thereof,
It Is 'Aracroby certified L,ad recited that all ooiidItic.-,A, .eta
and thiiitgs requird by the conatitutL�,n and statutes of the
St�Ato of _..rkanu,.,S to exist-0 oe -oorlormed ..iiitl happen pr000dent Lo
or in the Issuance of this wa-rrU.-A. or 101ho incurring of the
iniebtednesa eviderioed thereby, havo been pxo--)orly done In,.l
Derfonriod iln Xogular and due forr. 4s roquired'by law, and that
�ald warrants i,nd indebtednes-ii, .op
,etl-,or with other In-
debtedness of t"_,o Uilu of - Little liook, Is uithin evory debt
and of r limit proscribed by the co xlitutio., or st=atutes of
said it"te uud that no curt o sl-,id viarrr4',nt or
evILde,iced thereby )via been -paid. T '.ho full credit and
resources o! waid City are hereby plodgcd to tr-e punctual pay.
meat of this warraW
40 1 -1 In accordunee with its tens.
la witnese vfhoreof, the ould City of Little FIoek hes caused
this vwrrant 460 be oligned by its ma=yor und Ito corporate seal
to be hereunto U.1fixod and attested by the city- clerk, uirid th"s
warrant to Uo dated "'apternber 26,, 19L4,
..tt out
.z
(,ind oraeinoni t on i'tarr-Ant
It io hereby aertif ied that this warrzint i= regiutered and
rocorded at line on page In iurruyit Book
_tTa e_ pity _ clerk. of t.1v city
kept in Lhe office 0,4t
of Little
MY 'Glork,
It is hereby certified this warrant has been regietered
1th 411nd recordod by the city trecwurer of the oity of i'i�ltle
,a
Lock :t 11-0 on pugs in iarrztnt .hook 14o,
In the office of Vhe cl+.-r Little pock.
. treau or of the city of Lit
UITy- Treasurer.
( '4`ert1f1azto)
TY18 lU tO certify th"t the signatures -,.nl,i se =1 appearing on
the vulthin �'u.jcjpal --soto of the W'%jtj u-4 'vittle Oak "irkansau,
r
are ganuine.
i:otad0 19 -1-4.
3y
aeetion 3. The mayor, city clerk . nc city treasarer are
hereby ut--thcrizod and directed to execute, re sister and record
e'iid warrants, �ind to issue «nd deliver said c.r,irranta to t .e
holders of said outstuadina, # 4-mo0, of Yjarrants upon
rece i y ii:g f roi.. u;, Id holder:= the i. oc t tElr��i iii irrr1rith,
eac . of s ,,id outr ;taudilig worranto when oxchaw ed 3h,,11 be
cancelled- by w'I'iC C= :tit ;ll by tie (il -t y Ole -rk %3 -lit 3 vr�T1"�3t?C� ��C` "I22-
celladt upon the issuai.ce of net, warrant6 in excha"ng -G.Ie
section 4. This crdin< -lice hie. 'the statutory offect of A,
J,adgw mer..t determiniiW t?Ze vifli:iit ;r r;¢ +hc Indebtedness ii-ni of
t e. -w;,irrurite above recited, I iclud.i.ip- tale warrants to be
is::i_ed; and the holder of ,any of said warrants may enter judg-
Le-:t thereon in � ;iV court hsavin- Jurisdicticn of the - )trties
upon presenting :.o such cot4rt both such arrant or warrants rarld
a dn1., certified cctp;� of t }_is ordi :f�izct�, ravided that such
wa*rrt.�_t sb }wll have been pz`eaented for payment at or after
i:,Aur ity , which Riot may be evidenced by suite meet thereon
s igrod by t':e a i tj treasurer.
SoctIoii b. This !irdiiu:i:ce is —rebj € etCrr lied tC, be an ordi
IIUDCe for 111110 Sui)iacrt and LFIiitenunce of the vario.s brunchee,
of th,a mii.icI zi,1 g��varnment of t. e 0 t j of i;1, t c3Ck.
2 assod :September 1 ., 1924.
pprove
i` 41 e rk.