36311
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ORDINANCE NO. 3631. .
AN ORDINANCE AUTHORIZING THE FUNDING AND REISSUA
$1,285,000 OUTSTANDING "WARRANTS OF THE CITY OF L
WHEREAS, There are outstanding warrants of
the City of Little Rock of the aggregate amount of $1,255,000,
payable September 25, 1924, and there are not, and will not be
when said warrants become payable, funds available for their
payment; and
WHEREAS, Said warrants are negotiable war-
rants (otherwise described as Municipal Notes) dated September
25, 1924, being Series "A", Nos. 616 to 792, inclusive, Nos.
616 to 712, inclusive, of said warrants being in the denorrina-
lion of 85,000 each, and Nos. 713 to 792, inclusive, in the
denomination of ?10,000 each; and
WHEREAS, Said outstanding warrants were
issued in exchange for Funding Warrants maturing September
25, 1023, all as described i n Ordinance No. 3313 and Ordinance
No. 3314, passed September 10, 1923; and
WHEREAS, The City Council of the City of Little
Rock, prior to the issuance of such funding warrants maturing
September 25, 1923, and each of them, and also prior to the
issuance of such negotiable warrants (otherwise described as
municipal notes) dated September 2J, 1923, and each of them,
did carefully examine and determine the legality of the -orior
outstanding warrants in exchange for which such warrants
respectively were issued, and the legality of the original
indebtedness represented by each of such warrants; and did in
each instance carefully ascertain and declare the validity and
amount of such prior indebtedness and outstanding warrant$
before authorizing the reissuance thereof; and
'i`JHT!'REAS, The City Council of the City of
Little Rock has found that each of said warrants dated
September 25, 1923, 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 $1,285,000 and the
indebtedness represented thereby are valid and that no part
of said warrants or indebtedness has been paid. Now,
therefore:
BE IT ORDAINED BY THE CITY COUP ?CIL OF THE CITY OF LITTLE ROCK,
ARKAINSAS, as follows:
Section 1. That said # 1,285,000 warrants
shall be funded and reissued and the indebtedness represented
thereby extended by the issuance of new negotiable warrants
of the City of Little Rock of an equivalent face amount. Said
new warrants shall be known as Series "A;' to be numbered from
899 to 1054; inclusive. Each such warrant may bear the in-
scription "municipal note (a negotiable warrant)" and 101 of
said warrants shall be of the denomination of $10,000 each and
55 of said warrants shall be of the denomination of $ 5,000
each; said warrants shall all be dated September 25, 1924, and
shall be payable on March 15, 1925.
Section 20 Said warrants shall be issued in substantially
the following form :
Series "A"
No........ ................
Li3ITED STZ12AS OF AJI&RICA
STATi: OF A, ANSAS
CITY OF LITTLE ROCK
MUNICIPAL NOTE
( ;� Negotiable Warrant)
The City of Little Rock, a municipal corporation in the
County of Pulaski and State of ,'rkansas, hereby acknowledges
itself indebted and promises to pay, and the City Treasurer is
hereby ordered to pay to the bearer, the sum of ...............
in lawful money of the United States of
America, at the Chase :National Bank, New York City, on the 15th
day of March, 1925.
This warrant is issued p:zrsuant to the constitution and
statutes of the State of rkansas, including .pct Jo 383 of the
acts of .irkansas of 1917, and an ordina=nce adapted by the City
Council of the City of Little Rock on `eptember 15, 1924, for
the purpose of extending the payment of 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 the
State of xla?s_L' yo exist, be performed ind happen precedent to
or in the issuance of this warrant, or the incurring of the
indebtedness evidenced thereby, have been pro -oerly done Ind
perf ormed in regular and due form as required by law, an6 that
said warrants and indebtedness, together with all other in-
debtedness of the Cit r of little ? ock, is within every debt
and oth= r limit prescribed by the const.itutim i or statutes of
said estate, and that no part of said warrant or the indebtedness
evidenced thereby has been paid. T he full faith, credit and
resources of said City are hereby pledged to the punctual pay-
ment of this warrant in accordance with its ter?.-Is.
In witness whereof, the said City of Little Rock has caused
this warrant to be signed by its mayor and its cor-porate seal
to be hereunto affixed and attested by the city clerk, and this
warrant to be dated ueptember 25, 1924.
1,iay o r.
:fittest
City Clerk.
(;indorsement on _4 arrant )
It is hereby certified that this warrant is registered and
recorded at line on page in arrant Book
No. 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 Tarrant 3ook No.
in the office of the city treasurer of the city of Little Rock,
City Treasurer.
( Certificate)
This is to certify that the signatures and seal appearing on
the within dunicipal T3ote of the City of Little Rock, Arkansas,
are genuine.
Dated, 1924.
By
Section 3., 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 t':e
holders of said outstanding IJr of warrants upon
receiving from said holders the said outstanding 1.�arrants.
each of said outstanding warrants when exchanged shell be
cancelled by perforation by the City Clerk and stamped "can -
celled* upon the issuance of new warrants in exchange„ //
Section 4. This ordinance has 'the statutory effect of a
judg #went determining the validity of the indebtedness and of
the warrants above recited, including the warrants to be
issued; and the holder of any of said warrants may enter judg-
ment thereon in any court having- jurisdiction of the - ?arties
upon presenting to such court both such warrant or warrants and
a duly certified copy of this ordinance, provided that such
warraiit shall have been presented for payment at or after
maturity, which fact may be evidenced by statement thereon
signed by the c. ity treasurer.
Section 5. This ordinance is hereby determined to be an ordi-
nance for the support and maintenance of the various branches
of the municipal government of the City of little Bock.
Passed : September 15, 1924,
:approve
;iay o r.
-it test
City Clem