1418 RESOLUT ION NO. 1418.,
RESOLUTION ACCEPTING THE BID'OF THE UNITED STATES
OF AMERICA TO PURCHASE $418,000.00 MUNICIPAL
AUDITORIUM BONDS OF THE CITY OF LITTLE ROCK,PULASKI
COUNTY, ARKANSAS, AND AUTHORIZING THE CONSUMMATION
OF SAID SALE BY DELIVERY OF SAID BONDS.
WHEREAS, the City of Little Rock, Pulaski County, Ark-
ansas, has authorized the sale of $468,000000 of Municipal
Auditorium Bonds; and
WHEREAS, a public sale was held on the 20th day of
December, 1937, after Notice of said sale of bonds had been
duly advertised more than twenty days prior to the time of
said sale; and
WHEREAS, the United States of America made a bid for
the purchase of $418,000,00 of said bonds, which bid was the
only bid received; and
WHEREAS, the City Council of the City of Little Rock
deems it for the best interest of said City to sell said bonds
to the United States of America;
NOW, THEREFORE, BE IT RESOLVE by the City Council
of the City of Little Rock, Pulaski County, Arkansas:
Section 1, The Treasurer of the City is hereby au-
thorized and directed to deliver to the United States of
America, the Municipal Auditorium Bonds of said City in the
aggregate principal amount of $418,000,00 at a price of par
and accrued interest from the date of the bonds, or in case
any bonds are delivered after the first interest payment
date, from the interest payment date immediately preceding
the date of payment of the purchase price to the date of
payment of purchase price.
Section 20 The bonds may be sold and delivered to
the United States in one block or in blocks from time to time
as may be decided by the United States of America.
Section 30 It is ascertained and declared that by
reason of the present economic conditions many citizens of
the City are out of work, and the improvements herein provided
would furnish work for a large number of persons and thereby
add to the peace and happiness of the City; further, that the
City has no Municipal Auditorium or facilities for large con-
ventions or gatherings; that by reason thereof the City loses
great sums in revenues which would otherwise come to the City;
and further, the United States Government has offered to make
an outright grant of $342,000000 for the purpose of paying part
9 of the cost of said improvements, provided construction work
begins immediately. It is, therefore, declared that an emergency
exists, that this resolution is necessary for the immediate
preservation of the public peace, health and safety, and that
this resolution shall take effect and be in farce from and
after its passage.
APPROV 4—
Mayor
ADOPTED: ue.cr nik. Zo 1937.
ATTEST:
C ty lerk