1411 RESOLUTION NO. 1411
A RESOLUTION ACCEPTING THE OFFER OF THE UNITED
STATES TO THE CITY OF LITTLE ROCK TO AID BY WAY
OF LOAN AND GRANT IN FINANCING THE PURCHASE OF
NECESSARY LAND FOR AND THE CONSTRUCTION AND
NECESSARY EQUIPMENT OF A MUNICIPAL AUDITORIUM.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE
ROCK, PULASKI COUNTY, ARKANSAS:
Section 1. That the offer of the United States of
America to the City of Little Rock to aid by way of loan and
grant in financing the purchase of necessary land for and the
construction and necessary equipment of a municipal auditorium,
a copy of which offer reads as follows:
FEDERAL EMERGENCY ADMINISTRATION
OF PUBLIC WORKS
Washington, D. C.
Dated: October 1, 1937.
Docket No. Ark. 1072 DS
City of Little Rock,
Pulaski County, Arkansas.
1. Subject to the Terms and Conditions ( PWA Form No. 230 )
which are made a part hereof, the United States of America hereby
offers to aid in financing the purchase of necessary land for and
the construction and necessary equipment of a municipal auditorium
( herein called the " Project " ) by making a grant to the City
of Little Rock, Arkansas ( herein called the " Applicant " ) , in
the amount of 45 percent of the cost of the Project upon completion,
as determined by the Federal Emergency Administrator of Public Works
but not to exceed, in any event, the sum of $342,000, and by pur-
chasing, at the principal amount thereof plus accrued interest
thereon, from the Applicant, obligations of the description set
forth below ( or such other description as shall be mutually
satisfactory ) in the aggregate principal amount of $418,000:
( a ) Obligor: City of Little Rock, Pulaski County,
Arkansas;
( b ) Type: Negotiable, general obligation, serial coupon
bond;
( c ) Denomination: $1,000. ( d ) Date: August 1, 1937;
( e ) Interest rate and interest payment dates: 4 percent
per annum, payable semi-annually on February 1 and
August 1 in each year;
( f ) Place of payment: Both principal and interest payable
at the office of the Treasurer of the Applicant in
Little Rock, Arkansas, or at the option of the holder,
at a bank or trust company in the Borough of Manhattan,
City and State of New York;
( g ) Registration privileges: At the option of the holder,
as to principal only;
( h ) Maturities: On August 1 in the amounts and years as
follows:
$ 10,000 in 1940 and 1941; 19,000 in 1958;
11,000 in 1942 to 1944, inclusive; 20,000 in 1959 and 1960;
12,000 in 1945 to 1947, inclusive; 21 ,000 in 1961;
13,000 in 1948 and 1949; 22,000 in 1962;
14,000 in 1950 and 1951; 23,000 in 1963;
15,000 in 1952 and 1953; 24,000 in 1964;
16,000 in 1954; 25,000 in 1965;
17,000 in 1955 and 1956; 3,000 in 1966;
18,000 in 1957;
(i) Payable as to both principal and interest from a special
ad valorem tax on all real and personal taxable property
within the territorial limits of the Applicant which tax,
subject to the limitation prescribed by the Constitution
of the State of Arkansas (1 said limitation now being 5
mills on the dollar of assessed valuation for all special
taxes levied for the payment of all obligations of said
Applicant issued pursuant to Amendment No. 13 to the
Constitution of the State of Arkansas, and now or here-
after outstanding ) , shall be sufficient to pay the
principal of and interest on said bonds as the same
mature and become due.
2. By acceptance of this Offer the Applicant covenants to begin
work on the Project as early as possible but in no event later than
13 weeks from the date of this Offer and to complete such Project
with all practicable dispatch, and in any event by June 30, 1939.
UNITED STATES OF AMERICA
Federal Emergency Administrator
of Public Works
( Sgd ) E. W. Clark
By
For the Administrator.
be and the same is hereby in all respects accepted.
Section 2. That the said City of Little Rock agrees to
abide by all the Terms and Conditions relating to said Offer, a
copy of which Terms and Conditions was annexed to the Government's
offer and made a part thereof.
Section 3. It is hereby covenanted that work on the
project described in the offer will be commenced as early as
possible, but in no event later than 13 weeks from the date of
this Offer and to complete such Project with all practicable
dispatch, and in any event by June 30, 1939.
Section 4. That the Mayor of The City of Little Rock
be and he is hereby authorized and directed forthwith to send to
the Federal Emergency Administration of Public Works three
certified copies of this Resolution and three certified copies
of the proceedings of this Council in connection with the adoption
of this resolution, and such further documents and proofs in
connection with the acceptance of said offer as may be requested
by the Federal Emergency Administration of Public Works.
Section 5. Whereas, The City of Little Rock has no
municipal auditorium or facility for large conventions or
gatherings, that by reason thereof the City loses great sums in
revenues which would otherwise come to the City,
And, Whereas, the immediate acceptance of this Offer
will expedite starting of construction work which will partially
relieve the unemployment situation, it is hereby declared that an
emergency exists and that this Resolution shall take effect and
be in force immediately in the interest of the public peace, health
and safety.
Adopted: October 1st, 1937
Attest: Approved:
City Clerk. Mayor.