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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 - 2 -- 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 4- Y — 3 _ 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.