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1519 RESOLUTION NO. 1519 A RESOLUTION PROVIDING FOR NOTICE OF THE SALE OF BONDS BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK , ARKANSAS 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, Arkansas , 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 : NOTICE OF BOND SALE BY THE CITY OF LITTLE ROCK , ARKANSAS Notice is hereby given that the City of Little Rock, Arkansas , will sell for cash to the highest 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 , eight o 'clock P.Y. on the 16th day of September , 1940 , the following coupon bonds : I. AIRPORT IMPROVE..ENT BONDS 3300 ,000 of bonds for the purpose of the improvement of the City Airport by purchasing additional land therefor , either within or without the corporate limits , and constructing and eouipping buildinp•s for administration , passenger terminal , hangars , shops , electric lines , fences , run-ways , taxi-strips , drive-ways , and doing other things incidental and necessary to a modern airport. Said bonds will be dated October 1 , 1940 , bear interest at the rate of four per cent per annum , payable semi- annually , but convertible to a lower rate of interest at the option of the purchaser on such terms that the City will pay and receive substantially the same amount of money as upon the four per cent bonds at the price bid, and mature on March 1st in the amounts and years respectively as follows , but will be callable in inverse numerical order on thirty days notice on any interest paying date after January 1 , 1944 , at par and accrued interest: 5000 in each of the years 1944 to 1947 , inclusive $6000 in each of the years 1048 to 1950 , inclusive $7000 in each of the years 1951 to 1953 , inclusive 18000 in each of the years 1954 and 1955 $9000 in each of the years 1956 to 1v58 , inclusive $10 ,000 in the year 1959 $12 ,000 in the year 1 $13 ,000 in the Year 1961 $14 ,000 in the year 1962 $15 ,000 in the year 1963 $16 ,000 in the year 1964 $17 ,000 in the year 1965 $18 ,000 in the year 1966 $19 ,000 in the year 1967 $20 ,000 in the year 1968 $21 ,000 in the year 1969 $23 ,000 in the year 1970 II . PARK IMPROVEMENT BONDS 447 ,500 of bonds for the purpose of the improvement of the Fair Park owned by the City by constructing and ecuipping a modern swimming pool and additional park buildings. Said bonds will be dated October 1 , 1940 , bear interest at the rate of four per cent per annum , payable semi-annually , but convertible at the option of the purchaser to a lower rate of interest on such terms that the City will pay and receive substantially the same amount of money as upon the four per cent bonds at the price bid , and mature on March 1st in the amounts and years respectively as follows: $2 ,000 in each of the years 1944 to 1950 , inclusive $2 ,500 in each of the years 1951 to 1954 , inclusive $3 ,000 in each of the years 1955 to 1957 , inclusive $3 ,500 in each of the years 1955 to 1960 , inclusive $4,000 in the year 1961 Written bids will be received on each of the above issues for bonds bearing interest at the rate of four per cent per annum. The bonds will not be sold for less than par on a basis of bonds bearing five per cent interest. • The sealed bids will be received by the City Clerk at the City Hall in the City of Little Rock , Arkansas , up to 8:00 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 having 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 pay the principal and interest and provide for a safe margin of security. The city will furnish the printed 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 two 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 applied to the purchase price if he gets the bonds , otherwise to he returned. This day of August , 1940. CITY OF LITTLE ROCK By MAYOR ATTEST : CITY CLERK SECTION 2. It is ascertained and hereby declared that the facilities for the healthful exercise of swimming in the City of Little Rock are inadequate , and the inhabitants of the City seek swimming places outside of the City , which , because of the lack of sufficient guards and their unsanitary condition , are a menace to the health and safety of the public; that the present City Airport is too small for the safe landing of some of the modern airplanes , and particularly of airplanes now r • • operated by the National Guard and the United States 'Army in the military defense of the State and Nation; that under the program for the National defense it is imperative for the safety of the public that the Airport be promptly made suitable for such airplanes; 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 for a large number of men and thereby add to the peace , health 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: Au Rust 26 , 1940 ATTEST : VED:,/ City Clerk. or.