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ORDINANCE NO. =912•
An Ordinance Authorizing the Funding and Reissuance of
61,075,000.00 Outstanding Warrants of the City of
Little Rock.
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WHEREAS, There are outstanding warrants of the City of
Little Rock: of the aggregate amount of $1,0715,000.00, payable
March zs , 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
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 and the indebtedness represented thereby are valid
and that no part of said warrants or indebtedness has been paid;
NO "l, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK, ARKANSAS, as follows:
Section 1. The said $1,075,000-00 warrants shall be
funded and reissued and the indebtedness represented thereby ex-
tended by the issuance of new warrants of the City of Little Rock
of an equivalent face amount. Said new warrants shall be numbered
from one to 1075, inclusive, in the order of their final payment,
shall be of the denomination of $1,000.00 each, shall be dated
March 2.4-, 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 $27.50 on each $1,000.00 of such war-
rants, provision for which payments shall be made by indulgence
vouchers to be attached to said warrants; provided, however, that
the following amounts of such warrants shall in any event be re-
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tired and paid in the following years, respectively: $20,000.00
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of warrants on March 8$4 in each of the years 1923 to 1931, in-
elusive, and 895 ,000.00 of warrants on March 26', 1932.
Section 2. Said warrants shall be issued in substan-
tially the following form:
No. UNITED STATES OF AIMICA No.
STATE OF ARKANSAS
FUNDING Id OTE
A negotiable warrant
of the
1,000.00 CITY OI' LITTLE ROCK. 1,000.00
The City of Little Rock, a municipal corporation in
the County of Pulaski and State of Arkansas, hereby acknowledges
itself indebted and pr omises to pay and the City Treasurer is
hereby ordered to pay to the bearer the sum of
ONE THOUSAIM DOLLARS ($1,000.00)
in lawful money of the United States of America, at the office
of the City- Treasurer in, Little Rock, Arkansas, on demand;
PROVIDED, the principal of this warrant shall not be demanded ex-
cept upon the surrender of the unpaid attached indulgence vouchers
nor in any event prior to March 266, 19 , if the City shall reg-
ularly 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 Febru-
ary 28, 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 pur-
poses and for which the City has received full value.
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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 regular and due form as required by law, and that said
warrants and indebtedness, together with all other indebtedness
of the City of Little Rock, if within every debt and other limit
prescribed by the Constitution of statutes of said State. The
faith and credit of said City are hereby pledged to the punctaal
payment of this warrant in accordance with its terms.
1N WITT7,SS WEEREOF, the said City of Little Rock has
caused this warrant to be signed by its i:ayor 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 lvlayor and Clergy and this warrant to be dated March 23
1922.
ATTEST:
1vIayor.
City 1 erk .
(Form of Indulgence Voucher)
CITY OF LITTLE ROCK, ARKANSAS. $27.50
Voucher for payment of TWENTY -SEVEN & 50/100 DOLLARS
on 19 for indulgence for six months
on Funding Note No. dated i'larch 26,1922.
Mayor.
Clerk.
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(Endorsement on Warrant)
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 Cleric of the City of Little Rock.
City Clerk.
It is hereby certified that this warrant has been regis-
tered with 8nd recorded by the City Treasurer of the City of Little
Rock at line , on page , in Warrant Book 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 Funding Note of the City of Little Rock, Arkansas,
are genuine.
Dated , 19
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Section. 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 $1,o75,OOOoOO of warrants upon receiving from said
holders the said outstanding warrants.
Section 4. This ordinance is hereby determined to be an
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ordinance for the support and maintenance of the various branches
of the municipal goverment of the City of Little Rock.
Passed
Attest:
i y 1Zr erk.
Approved:
11ayo r