Loading...
2923ORDINANCE NO. L OS An Ordinance Authorizing the Funding and Reissuan.ce of 50,000.00 Outstanding Tarrants of the City of Little Rock. WHEREAS, There are outstanding warrants of the City of Little Rock of the aggregate amount of W,000-00, payable April 1, 1922, and there are not, and will not be when said war- rants become payable, funds available for their payment; and, "WHEREAS , The City Council of the City of Little Rock has carefully investigated the said warrants and has found that all of said warrants were duly and properly issued for municipal pur- poses 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 and the indebtedness represented thereby are valid and that no part of said warrants or indebtedness has been paid; TTOirV , THEREFORE, BE IT ORDAIIIED BY THE CITY COUNCIL OF THE CIr( OF LITTLE ROCS, ARKANSAS, as follows: Section 1. The said $50,000.00 warrants shall be funded and reissued and the indebtedness represented thereby extended by the issuance of new warrants of the City of Little Rock of an equivalent face amount. Said new warrants shall be numbered from 1076 to 1125, inclusive, in the order of their final payment, shall be of the denomination of $1,000.00 each, shall be dated April 1, 1922, and shall be payable on demand, subject to the right of the City to postpone payment from time to time, upon the payment, semi - annually, of t-27.50 on each $1,000.00 of such war- rants, provision for which payments shall be made by indulg5�ice vouchers to be attached to said warrants; provided, however vN that the following amounts of such warrants shall in any event bE,r W • y9-tired and paid in the, following years, respectively: 1,0.00.00 of warrants on April lst in each of the years 1923 to 1931, in- clusive, and 41,000.00 of warrants on April 1, 1932. Section 2. Said warrants shall be issued in substan- tially the following form: No. UNITED STATE'S OF ATaERICA No. STATE OF AM ANSAS FUNDI NG NOTE A Negotiable ,,`arrant of the 1, 000.00 CITY OF LITTLE ROCK. (1,000.00 The City of Little Rock, a municipal corporation in the County of rulaski and State of Arkansas, hereby acknowledges it- self indebted and promises to pay and the City Treasurer is hereby ordered to pay to the bearer the sum of ONE THOUSAi4D DOLLARS ('1,000.00 )- In lawful move`; of the United States of America, at the Chase National Bank, New York City, New ,York, . on demand; PROVIDED, the principal of this warrant shall not be demanded except upon the surrender of the unp4ld attached indulgence vouchers nor in any, event prior to ;, 19 , if the City shall regularly pay such indulgence vouchers on the dates therein named or within thirty days after presentation and demand. This warrant is issued pursuant to the Constitution and statutes of the State of Arkansas, including Act No. 192 and 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 March 13, 1922, for the purpose of extending the payment of certain indebtedness of said City by funding and reissuing outstanding warrants which were duly and properly issued for municipal purposes and for which the City has received full value. ;_ ` IT 1 It is hereby certified and recited that all conditions, acts and things required by the Constitution and statutes of the State of Arkansas to exist, be performed and happen precedent to or in the issuance of this warrant, or the incurring of the in- debtedness evidenced thereby, have been properly done and per- formed in regulex 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. The faith and credit of said City are hereby pledged to the punctual payment of this warrant in accordance with its terms, IN WITTTESS THEREOF, 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 Clerk and the annexed indulgence vouchers to bear the facsimile signatures of the said Mayor end Clerk end this warrant to be dated April 1, 1922. ATTEST: May or . i t­y­_C 1 e k . (Form of Indulgence Voucher) CITY OF LITTLE RO Cif , ARTUNSAS. A2 7.50 Voucher for payment of TWENTY -SEVEN & 50/100 DOLLARS on 19 for indulgence for six f7-JPIl t c. f , months on Funding Note No. dated April. 1, 1922. Payable at Chase National Na,nk, New York City, N. Y. ,;lay or . Clerk. 1. I i (Endorsement on Tarrant) It is hereby certified that this warrant is registered and recorded at line on page in Warrant Book No. kept in the office of the City Clerk of the City of Little Mock. My Clerk. It is hereby certified that this warrant has been regis- tered with and recorded by the City Treasurer of the City of Little Rock at line , on page , in Tarrant Book No. , in the office of the City Treasurer of tYie City of Little Rock. City Treasurer. (Certificate) THIS IS TO CERTIFY that the signatures and seal appearing on the within Funding ]'dote of the City of Little Rock, Arkansas, are genuine. Dat ed , 19 . By Section 3. The Mayor, City Clerk and City Treasurer are hereby authorized and directed to execute, register and record said warrants, and the City Treasurer is hereby authorized and di- rected to issue and deliver said warrants to the holders of said outstanding $50 ,000.00 of warrants upon receiving from said holders the said outstanding warrants. Section 4. This ordinance is hereby detenninecl to be an #Iq 4 St ordinance for the support and maintenance of the various branches of the municipal government of the City of Little Rock. Pass ed /� /�h/ 1r1 Z Approves /,,.��%f�/�`_��_A s� r l ayor. Attest: y Clerk.