1490 is .° s
RESOLUTION NO. 1490.
A RESOLUTION ACCEPTING A BID FOR BONDS TO BE ISSUED
3Y THE CITY OF LITTLE ROCK , ARKANSAS , TFOR THE PURPOSE
OF COMPLETING THE CONSTRUCTION AND EQUIPMENT OF THE
CITY AUDITORIUM
WHEREAS , after due advertisement for the time and in the
manner required by law, duly published in a newspaper having a bona
fide circulation in the City of Little Rock, 430 ,000 of bonds of the
said City to be issued for the Purpose of completing the construction
and equipment of the City Auditorium were offered for sale on sealed
bids , at a meeting of the City Council , at g:30 o ' clock P. i. , 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 $30 ,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 COUI` CIL 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:
1'May 61 l94o
To the City of Little Rock , Arkansas -
For your issue of .;30,000.00 City of Little Rock, Arkansas ,
Bonds dated iay 1 , 1940, maturing March 1 , 1944, denomina-
tion X1 ,000.00 , bearing 27 interest , the first interest coupon for
ten months due March 1 , 1941 , interest payable semi-annually there-
- after to maturity, with place of payment as we may designate, we will
agree to nay to you 0102.507 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.
e
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Enclosed you will please find certified check payable
to the City of Little Rock in the amount of 3900.00, which is
3% of the amount of the issue covered by this bid, to be used as
liquidating damages if we fail to make rood 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
By W. A. Hicks , President
T. J. tRANEY & SONS
By Alton B. Raney
ACCEPTED this the day of �lq__
CITY OF LITLE ROCK, ARKANSAS ,
By
;ayor
By
City Clerk"
"May 6th, 194+0
To the City of Little Rock , Arkansas -
In re: Bid for bonds
1;130,000. 00.
Subsequent to the filing, of he bid of the undersigned
and. just prior to the openin 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 thereafter 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. ,
By E. B. Stokes , Trust Officer
T. J. Raney and Sons ,
By Jeff Burnett. "
Section 2. It is ascertained and hereby declared that
the unfinished condition of the city auditorium is a menace to
the s afety and health of the public , 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 work
for a large number of men and thereby add to the peace and happi-
ness of the City. It is , therefore , declared that an emergency
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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; 11,ay 6th, 1940.
ATTES": APPROVED:
City Clerk. Layor.