1951 RESOLUTION NO. 1951
A RESOLUTION ACCEPTING A BID FOR BONDS TO BE ISSUED BY
THE CITY OF LITTLE ROCK, ARKANSAS, FOR THE PURPOSE OF
ACQUIRING RIGHTS-OF-WAY FOR STREETS, BOULEVARDS, AND
APPROACHES TO THE BROADWAY AND MIN STREET BRIDGES IN
THE CITY OF LITTLE ROCK.
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, $975,000 of
bonds of the said City, to bear interest at a rate not to exceed 3%
per annum, to be issued for the purpose of acquiring rights-of-way
for streets , boulevards , and approaches to the Broadway and Main
Street Bridges in the City of Little Rock, were offered for sale on
sealed bids at a meeting of the City Council in its Council Chambers
at the City Hall, at 8 o' clock, P.M. , on the 26th day of January,
1953 , and the following bids were received:
Mercantile Trust Company, St. Louis , Missouri; Northern
Trust Company, Chicago, Illinois ; Harris , Hall & Company,
Chicago, Illinois ; Lucas , Eisen & Waeckerle , Kansas City,
Missouri; A. G. Edwards & Son, St. Louis , Missouri; and
Paul B. Jones & Company, Little Rock, par and accrued
interest to date of delivery, 2-3/4o for bonds maturing
in the years 1956 to 1967, inclusive, and 22% for bonds
maturing in the years 1968 and 1969, for a net interest
cost of 2.68507 per cent;
Halsey, Stuart & Company, Chicago, Illinois ; Stern Broth-
ers & Company, Kansas City, Missouri; First of Michigan
Corporation, Detroit, Michigan; John Nuveen & Company,
Chicago, Illinois ; Newhard, Cook & Company, St . Louis ,
Missouri; and Dabbs Sullivan Company, Little Rock, par and
accrued interest to date of delivery plus a premium of
$54.60, 3% for bonds due 1956 through 1965, and 2-3/4% for
bonds due 1966 through 1969, for a net interest cost of
2.8807 per cent;
W. R . Stephens Investment Company, Inc. , and T. J. Raney
and Sons , Little Rock, par and accrued interest to date of
delivery plus a premium of $3 ,554.00, 3% for bonds due 1956
through 1965, and 1-3/4% for bonds due from 1966 through
1969, for a net interest cost of 2.369789 per cent.
AND
WHEREAS, the Council finds that the bid of W. R . Stephens
Investment Company, Inc . , and T. J. Raney and Sons of Little Rock,
Arkansas , at the price of 100 cents on the dollar, plus a premium of
$3,554.00, for bonds to bear interest as follows : 3% for bonds due
1956 through 1965, both inclusive, and 1-3/4 for bonds due from 1966
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through 1969, both inclusive , and accrued interest to date of de -
livery was the best bid and should be accepted;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK, ARKANSAS :
SECTION 1. That said bid of W. R . Stephens Investment
Company, Inc . , and T. J. Raney and Sons 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 the said
bonds :
January 26, 1953
City Clerk and Finance Officer
City of Little Rock
City Hall
Little Rock, Arkansas
Dear Sir :
For the city' s proposed bond issue of $975,000 City of Little Rock,
Arkansas General Obligation Rights-of-Way Street Improvement Bonds,
we agree to pay par plus a premium of 03,554.00/100 plus accrued
interest for bonds bearing 3% from 1956 through 1965, both inclusive ,
and 1 3/1 from 1966 through 1969 , both inclusive . This results in
a net interest cost of 2.369789%.
Attached hereto is our good faith check in the amount of $19,500, and
we agree to comply with all the terms of the Notice of Sale .
Very truly yours ,
W. R . STEPHENS INVESTMENT COMPANY, INC.
By Jack Stephens
T . J. RANEY & SONS
By F. R . Thurmond
ACCEPTED THIS 26 DAY OF JANUARY, 1953
CITY OF LITTLE ROCK, ARKANSAS
By Pratt Remmel
MAYOR
H. C . Graham
CITY CLERK
SECTION 2. It is ascertained and hereby declared that the
streets in the down town area of the City of Little Rock and in and
around the approaches to Broadway and Main Street Bridges are inade -
quate to meet the demands of traffic requirements, that the said
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areas are congested with traffic , and that on account thereof the
safety of the inhabitants and their property is jeopardized, their
health impaired, and their welfare endangered; and that the acqui -
sition of rights-of-way for streets , boulevards , and approaches to
the Broadway and Main Street Bridges 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 preserva-
tion of the public peace, health, and safety, and the resolution
shall take effect from and after its adoption.
ADOPTED: January 26, 1953
ATTEST: APPROVED: /
City Clerk Mayor