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
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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.