1825 RESOLUTION NO. 1825
A RESOLUTION PROVIDING FOR NOTICE OF SALE OF
$359,800 PARK IMPROVEMENT BONDS BY THE CITY
COUNCIL OF THE CITY OF LITTLE ROCK,ARKr1NSAS.
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF LITTLE ROCK:
Section 1. That the Clerk of this City be recuired
to publish in some newspaper published in the City of Little
Rock and having a bona fide circulation therein, the follov -
ing 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
NOTICE IS HEREBY GIVEN that on the 14th day of March, 1949,
the City of Little Rock,Arkansas, will off. r for sale, for cash
at public sale on sealed bids, at eight o' clock P. M. , in the
Council Chamber in the City Hall, Little Rock, Arkansas, Three
Hundred Fifty-nine Thousand Dollars ($359,000) of improvement
bonds, issued for the purpose of financing the purchase, develop-
ment and improvement of public parks located within or without
the corporate limits of the said City and for the development
and improvement of Gillam Park,dated March 1, 1949, and maturing
on March 1, as follows :
7,000 in the year 1952;
8,000 in each of the years 1953 to 1956, inclusive,
9,000 in each of the years 1957 to 1959, inclusive,
10,000 in each of the years 1960 to 1962, inclusive,
11,000 in each of the years 1963 to 1966, inclusive,
12,000 in each of the years 1967 and 1968,
13,000 in each of the years 1969 to 1971, inclusive,
14,000 in each of the years 1972 to 1974, inclusive,
15,000 in each of the years 1975 and 1976,
16,000 in each of the years 1977 and 1978,
17,000 in each of the years 1979 and 1980 and
18,000 in the year 1981.
bearing interest at one rate only to be specified by the purchaser
but not to exceed three per centum. (3%) per annum, payable semi-
annually, but convertible, at the option of the purchaser, into
bonds bearing a lower rate of interest, on such terms that the
City shall receive therefor and pay thereon substantially the
same as upon the bonds sold at the price and interst rate bid,
which shall not be less than oar for bonds bearing interest at
a rate not to exceed three per cent (3%) per annum. The converted
bonds shall be in the denomination of $1000 each and the interest
on the converted bonds shall be at one rate only. The bonds
will be callable in inverse numerical order at any interest pay-
ing date at par after March 1, 1952.
Sealed bids will be received by the City Clerk at the City
Hall in the City of Little Rock up to eight o' clock P.M. on the
day of sale.
• J
The bonds will be general obligation bonds of the City
of Little Rock, Arkansas, issued under authority of Amendment
No. 13 to the Constitution of 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 Rose, Dobyns, meek & House, approving their legality. The
bonds shall be payable at a local bank which may be named by
the purchaser of the bonds . The City reserves the right to
reject any or all bids . Bids should be accompanied by certified
check for $10,000.00, payable to the City, to be its liquidated
damages if the bidder fails to make his bid good.
CITY 0 LITT- ,
By
Mayor
ATTEST.
City Clerk
.
Section 2. It is ascertained and hereby declared
that the City of Little Rock lacks sufficient public park
and recreation facilities to meet the needs of its citizens,
that on account thereof their health is impaired, their
welfare endangered, and adult and juvenile delinquency are
increased; and that the obtaining and development of public
parks for the City is essential to the safety and health
of said City. It is, therefore, declared that an emergency
exists, and this Resolution is necessary for the immediate
preservation of the public health, peace and safety, and
the Resolution shall take effect from and after its passage.
APPROVED: 0`'�'O4J6511—
Mayor
ADOPTED:
February 7 , 1949
ATTEST - e-__u
' City Clerk