1526 RESOLUTION NO. 1526
A RESOLUTION ACCEPTING- A BID FOR $47 ,500 OF BONDS TO BE
ISSUED BY THE CITY OF LITTLE ROCK , ARKANSAS , FOR THE PUR-
POSE OF THE IMPROVEI N T OF THE FAIR PARK OWNED BY THE
CITY BY CONSTRUCTING AND EQUIPPING A MODERN STII 'LING POOL
AND ADDITIONAL PARK BUILDINGS
WHEREAS , after due advertisement for the time and
in the manner required by law , duly published in a news-
paper having a bona fid.e circulation in the City of Little
Rock , Arkansas , y47 ,500 of bonds of the said City to be
issued for the purpose of the improvement of the Fair Park
owned by the City by constructing and equipping a modern
swimming pool and additional park buildings , were offered
for sale on sealed bids at a meeting- of the City Council ,
at 8:00 o 'clo ck P.M. , on the 16th 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 $5 ,942. 25 for $47 ,500 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 ROCK , ARKANSAS:
Section 1. That said bid of City National Bank
and Trust Company , of Kansas City , Missouri , arid 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 following contract for the
sale of said bonds:
"September 16 , 1940
Honorable J. V. Satterfield , Mayor
City of Little Rock
Little Rock , Arkansas
Dear Sir:
For your $47 ,500 , CITY OF LITTLE ROCK , ARKANSAS ,
r
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Page 2 - Resolution No. 1526
PARK IMPROVEMENT BONDS , fully described on the attached
official notice of sale , we will pay you 100 plus a premium
of $5 ,942. 25 plus accrued interest to date of delivery for
bonds bearing 4 per cent coupon rate , said bonds to be
dated October 1 , lg40 and mature March 1 , 1944 serially
through 1961 , 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 print-
ina 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 thereafter at our option.
We attach hereto a good faith certified check for
.G950. 00 payable to the City of Little Rock.
If we fail to take up and pay for these bonds ,
said $950.00 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 , SNYD�._,F' R & COMPANY , INC.
TOPEKA , KANSAS
W. R. STEPHENS INVESTMENTS
LITTLE ROCK , ARKANSAS
ACCEPTED THIS 16TH DAY
OF SEPTEMBER, 19940 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 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;
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 ,
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Page 3 - Resolution No. 1526
that this Resolution is necessary for the immediate pre-
servation 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, 1940
ATTEST : 7OVED :Jf
City Clerk. MB , .