1488 RESOLUTION NO. 1480.
A RESOLUTION ACCEPTING A BID FOR BONDS TO BE
ISSUED BY THE CITY OF LITTLE ROCK , AFYA 4SAS ,
FOR THE PURPOSE OF PURCHASING 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
WHEREAS, after due advertisement for the time and in
the manner required by law, duly published in a newspaper havin
a bona fide circulation in the City of Little Rock , 25,000 of
bonds of the said City to be issued for the purpose of purchasing
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 were offered for sale on
sealed bids , at a meeting of the City Council , at 8:30 o' clock P.M. ,
on the 6th day of May, 1940; and.
WHEREAS, the Council finds that the bid of Peoples National
.Bank of Little Rock and T. J. Raney & Sons of 102. 507 cents on the
dollar and accrued interest for 425 ,000 of bonds bearing interest at
the rate of Two (2%) per cent is the best bid;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That said bid of Peoples National Bank of
Little Rock and T. J. Raney & Sons be accepted, and that the Mayor
and City Clerk be and are hereby authorized to execute on behalf
of the City the following contract for the sale of said bonds:
°May 6 , 1940
To the City of Little Rock , Arkansas -
For your issue of ,25 ,000.00 City of Little Rock,
Arkansas , Fire Equipment Bonds dated iiay 1 , 1940, maturing
Larch 1 , 1944, denomination ;;'1 ,000. 00 , bearing 2% interest ,
the first interest coupon for ten. months due March 1, 1941 ,
interest payable semi-annually thereafter to maturity , with
place of payment as we may designate , we will agree to pay
to you 402.507 on the dollar of the face value of the bonds
and accrued interest , you agreeing to deliver us the bonds as
provided above on or before thirty days from this date ,
thereafter at our option.
The above offer is made subject to our receiving the
unqualified approving opinion of Rose , Loughborough, Dobyns and
House as to the legality of these bonds.
Enclosed you will please find certified check
payable to the City of Little Rock in the amount of 750. 00 ,
which is 3% of the amount of the issue covered by this bid ,
to be used as liquidating damages if we fail , to make good
this bid , and to be applied to the purchase price if we get
the bonds. Otherwise to be returned to us.
Very truly yours , ,
PEOPLES NATIONAL BANK OF
LITTLE ROCK
ACCEPTED this the By W. A. Hicks
President
day of 19
T. J. RAN EEY & SONS
CITY OF LITTLE ROCK ,ARKANSAS ,
By Alton B. Raney
.Bv
ILa.yor
By
City Clerk.
' Lay 6th 1940.
To the City of Little Rock , Arkansas.
In re: Bid for bonds
130 ,000. 00: : :
Subsequent to the filing of the bid of the under-
signed and just prior to the opening of all bids the Mayor
announced that , due to the necessity for the lapse of thirty
days time , the bonds could not be delivered prior to the
lapse of said time and each of the undersigned announced that
their bid for the three issues provided for a delivery of
said bonds within thirty days from this date or there after
at the option of the purchasers and that the bids would be and
were amended substituting forty-five days for the thirty days;
THEREFORE this letter will confirm the substituted time from
thirty to forty five days.
Yours very truly ,
The Peoples National Bank
of Little Rock, Little Rock , Ark.
y E. B. Stokes
Trust Officer.
T. J. Raney and Sons
By Jeff Burnett
Section 2. It is ascertained and hereby declared
that the prompt 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 are essential to the public safety , and that
by reason of the present economic conditions , many citizens of
the City are out of work, and the improvement herein provided
would furnish -•rork for a large number of men nd thereby add
to the peace and happiness of the City. 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 force from and after its adoption.
ADOPTED: May 6th, 1940.
ATTEST: AP VL;D:
7 sr
CITY CLERK. i OR.