1525 RESOLUTION NO. 1525.
A RESOLUTION ACCEPTING A BID FOR $300,000 OF BONDS TO BE ISSUED
BY THE CITY OF LITTLE ROCK , ARKANSAS , 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 EQUIPPING BUILDINGS FOR ADMINISTRAATION , PASSENGER
TERMINAL , HANGARS , SHOPS , ELECTRIC LINES , FENCES , RUN-WAYS , TAXI-
STRIPS , DRIVE-WAYS AND DOING OTHER THINGS INCIDENTAL AND NECESSARY
TO A MODERN AIRPORT
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 , Arkansas ,
$300 ,000 of bonds of the said City to be issued for the w.rpose
of the improvement of the City Airport by purchasing additional
land therefor , either within or without the corporate limits ,
and constructing and equipping buildings 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 , were offered for sale on sealed
bids at a meeting of the City Council , at g:00 o ' clock P.M. , on
the 18th day of September , 1940; and
WHEREAS , the Council finds that the bid of City National Bank
and Trust Company , of Kansas City ,Missouri , and Estes , Snyder and
Company , Inc. , of Topeka , Kansas , and W. R. Stephens Investments ,
of Little Rock , Arkansas , of 100 cents on the dollar and accrued
interest and a premium of $51 ,210.00 for $300,000 of bonds bearing
interest at the rate of four per cent is the highest and best bid;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LITTLE RO CK , ARKANSAS:
Section 1. That said bid of City National Bank and Trust
Company , of Kansas City , Missouri , and Estes , Snyder and Company ,
Inc. , of Topeka , Kansas , and W. R. Stephens Investments, of Little
Rock, Arkansas , be accepted , and that the Mayor and City Clerk be
and are hereby authorized to execute on behalf of the City the fol-
lowing contract for the sale of said bonds:
Page 2 - Resolution No. 1525
"September 16 , 19140
Honorable J. V. Satterfield , Mayor
City of Little Rock
Little Rock , Arkansas
Dear Sir:
For your $300 ,000 CITY OF LITTLE ROCK , ARKANSAS
AIRPORT IMPROVEMENT BONDS , fully described on the attached
official notice of sale , we will pay you 100 plus a premium
of $51 ,210. 00 (Fifty-one Thousand Two Hundred and Ten
Dollars and No Cents) plus accrued interest to date of
delivery for bonds bearing 4 per cent coupon rate , said
bonds to be dated October 1 , 1940 and mature March 1 , 1944
serially through 1970 , these bonds to be convertible to a
lower rate of interest , in accordance with official notice
of sale.
Said bonds are to bear the legal opinion of Messrs.
Rose , Loughborough , Dobyns & House , Attorneys , Little Rock ,
and you are to pay for legal opinion and printing of bonds.
Said bonds are to be delivered to us at the City Clerk ' s
office in Little Rock on or before November 16th , 1940 , there-
after at our option.
We attach hereto a good faith certified check for
$6 ,000. oo payable to the City of Little Rock.
If we fail to take up and pay for these bonds ,
said $6 ,000.00 check is to be your full and liquidating
damages for our failure to comply with this contract.
Yours very truly
CITY NATIONAL BANK & TRUST COMPANY
KANSAS CITY , MISSOURI
ESTES , SNYDER & COMPANY , INCORPORATED
TOPEKA , KANSAS
W. R. STEPHENS INVESTMENTS
LITTLE ROCK , ARKANSAS
ACCEPTED THIS 16TH DAY OF
SEPTEMBER , 1940 BY W. R. Stephens
BY J. V. Satterfield , Jr. ,Mayor
BY H. C. Graham ,Clerk. "
Section 2. It is ascertained and hereby declared
that the present City Airport is too small for the safe land-
ing of some of the modern airplanes , and particularly of
airplanes now 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
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Page 3 - Resolution No. 1525
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 : September 16th, 1U140
ATTEST APP VED:
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Ar•
City Clerk. Ma o' .