1486 R E S O L U T I O N NO. 1456
WHEREAS, at the election held on the 2nd day of April,
1940, pursuant to ordinance No. 5858, a large majority of the
qualified electors of the city of Little Rock, Arkansas, voted
in favor of the issuance of $50,000 of bonds for the _purchase
of fire fighting apparatus, construction of buildings for the
housing of fire fighting apparatus and making additions to
existing buildings for the housing of fire fighting apparatus;
$75,000 of bonds for improvement of the city airport by con-
structing additional runways and an administration building and
purchasing additional land for said airport; and $30,000 of bonds
for completing the construction and equipment of the City audi-
torium; and
WHEREAS, the Council finds that all of said bonds should
be issued and sold as soon as possible except that it is not
necessary to issue and sell $25,000 of the bonds for the purchase
of fire fighting apparatus, construction of buildings for the
housing of fire fighting apparatus and making additions to exist-
ing buildings for the housing of fire fighting apparatus until
later; and
WHEREAS, the law requires that the bonds be sold at
public sale, and that a notice of said sale be published;
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That the Clerk of this City be required to
publish in some newspaper published in the City of Little Rock and
having a bona fide circulation therein, the following notice,
which shall be published once a week until the day fixed for the
sale, the first publication to be at least twenty (20) days before
said date:
Section 2. It is ascertained and hereby declared
that the prompt purchase of fire fighting apparatus and the
construction of additional buildings for housing of fire
fighting apparatus are essential to the public safety; that
the traffic by air is now so extensive that the prompt
improvement of the city airport is essential to the public
safety; that the unfinished condition of the city auditor-
ium is a menace to the safety ana health of the public;
and 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 ror a large number or
men and thereby add to the peace and happiness of the City.
It is, therefore, declared that an emergency exists, that
this ordinance is necessary for the immediate preservation
of the public peace, health and safety, end that this ordi-
nance shall take effect and be in force from and after its
passage.
ADOPTED: April ',th , 1 94 e /
APPROVED' -h."
-- MA 0' /
ATTEST /
Aft CITY CLERK
NOTICE OF BOND SALE BY THE CITY
OF LITTLE ROCK, ARKATISAS
Notice is hereby given that the City of Little Rock,
Arkansas, will sell for cash to the higher bidder on sealed
bids to be opened at a meeting of the City Council in the
Council Chamber in the City Hall, Little Rock, Arkansas, at
WO o' clock P.M. on the 6th day of May, 1940, the following
coupon bonds, all to be dated May 1, 1940, to mature March
1, 1944, without option of prior payment, interest to be
payable March 1, 1941, and semiannually thereafter on Sept-
ember 1 and March 1 of each year, and to be in denominations
of $1000 each:
1. $25,000 of bonds for the rurchase of
fire fighting apparatus and improvements to
fire stations.
2. $75,000 of bonds for the imrovement
of the city airport.
3. 630,000 of bonds for the improvement
of the city auditorium.
Alternate bids will be received for bonds bearing
interest at the rate of two :er cent per .tnnum and at the
rate of three aer cent ,er annum. The bonds will not be
sold for less than par on a basis of bonds bearing three
per cent interest. The privilege of converting the bonds
will not be allowed.
The sealed bids will be received by the City Clerk
at the City hail in the City of Little Rock, Arkansas, up
to 8: 30 P.M. on the day of the sale.
The bonds will be issued under authority of Amendment
No. 13 to the Constitution of Arkansas, a large majority of the
qualified electors 'laving voted in favor of their issuance.
They will be general obligation bonds of the city of Little
Rock, Arkansas, and will be secured by a special continuing tax
levy sufficient to :ay the rincipal and interest and provide
for a safe margin of security.
The city will furnish the rinted bonds and the opinion
of Messrs. Rose, Loughborough, Dobyns & House, Attorneys, Little
Rock, Arkansas, approving their legality.
The city reserves the right to reject any or all bids.
Bids shall be accompanied by certified check for three per cent
of the amount of each issue bid on, payable to the city, to be
its liquidated damages if the bidder fails to make good his bid,
and to be flpplied to the purthase rice if he gets the bonds,
otherwise to be returned.
This day of April, 1940.
CITY OF LITTLE ROCK
By
MAYOR.
ATTEST:
CITY CLERK