1829 RESOLUTION NO. 1829
A RESOLUTION ACCEPTING A BID FOR BONDS TO BE
ISSUED BY THE CITY OF LITTLE ROCK, ARKANSAS,
FOR THE PURPOSE OF THE PURCHASE, DEVELOPv1F_NT,
AND IlviPROVE+ENT OF PUBLIC PARKS LOCATED EITHER
WITHI,v OR WITHOUT THE CORPORATE LIMITS OF THE
CITY OF LITTLE ROCK AND FOR THE DEVELOPMENT
AND IMPROVEMENT OF GILLAM PARK.
WHEREAS, after due advertisement for the time and
in the manner required by law, duly published in a news-
paper having a bona fide circulation in the City of Little
Rock, Arkansas, $359,000.00 of bonds of the said city, to
be issued for the purpose of the purchase, development
and improvement of public parks located either within or
without the corporate limits of the City of Little Rock
and for the development and improvement of Gillam Park,
said bonds to bear interest at a rate to be specified by
the purchaser but not to exceed three per cent (3%) per
annum, were offered for sale on sealed bids at a meting
of the City Council at eight o' clock P.M. on the 14th day
of March, 1949, and at said sale the follo,°_-inU sealed bids
were received and opened:
Walter R. Bass Company of Little Rock , Arkansas : 104.24 and
accrued interest for bonds bearing 3% coupon rate;
Hill , Crawford & Lanford, Inc. , and J. R. Vinson & Company of
Little Rock , Arkansas , and First National Bank of Memphis ,
Memphis , Tennessee:
A premium of $1607. 80 and accrued interest for bonds bearing
a coupon rate of 2. 75%;
Paul B. Jones & Company of Little Rock , Arkansas; Lucas , Eisen
& Waeckerle , Inc. , Kansas City , Mo.; Wheelock & Cummins , Inc. ,
Des Moines , Iowa , and J. C. Bradford & Company, Nashville , Tennessee: -
A premium of $11.00 and accrued interest for bonds bearing a coupon
rate of 2. 79%;
T. J. Raney & Sons , and Womeldorff & Lindsey of Little Rock ,Arkansas:
Par and accrued interest for bonds bearing a coupon rate of 2.53%;
W. R. Stephens Investment Company, Inc. , of Little Rock ,- Arkansas:
Par and accrued interest for bonds bearing a coupon rate of 2.39%;
E. L. Villareal & Company and Southern Securities Corporation of Little
Rock , Arkansas; Fox-Reusch Company of Cincinnati , Ohio , and George
K. Baum & Company of Kansas City , Missouri:
101.7096 and accrued interest for bonds bearing a coupon rate of 2.75%
WHEREAS , the Council finds that the bid of W. R.
Stephens Investment Company , Inc. of Little Rock , ArkLnsas of
par and accrued interest for $359 ,000.00 of bonds bearing interest
at the rate of 2.39 per cent (2.39%) per annum is the highest and •
best bid;
NOW , THEREFORE , BE IT RE SOLVED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK , ARKAN SAS :
Section 1. That said bid of VT. R. Stephens Investment
Company , Inc. 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 :
"For your $359 ,000 Improvement Bonds dated March 1 , 1949 ,
maturing march 1 , 1952 to March 1 , 1981 , as per your
advertised notice of sale , we bid. par (100) plus accrued
interest for bonds bearing an interest rate of 2.39%.
Vie attach hereto Cashier' s Check , payable to the City of
Little Rock , for $10 ,000 , which is to cover full liqui-
dating damages if we fail to make good our bid.
Yours very truly ,
W. R. STEPHENS INVESTIENT CO. , INC.
By Guy Freeling
Accepted. this 14th day of March, 1949 , as authorized. by
Resolution No. 1829 of the City Council of the City of Little Rock
adopted March 14 , 1949.
CITY OF LITTLE ROCK , ARKANSAS ,
By
Mayor
City Clerk.-�_�- ------�
Section 2. It is ascertained and hereb, 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.
APPROVT .
Mayor
ADOPTED:
P MIa r ch 14 , 1949.
ATTEST:
City Clerk