1988 RESOLUTION NO. 1988
RESOLUTION AUTHORIZING NOTICE OF SALE OF $120,000
OF GENERAL OBLIGATION CITY LIBRARY BONDS BY THE
CITY COUNCIL OF THE CITY OF LITTLE ROCK, ARKANSAS
BE IT RESOLVED by the City Council of the City of
Little Rock, Arkansas:
SECTION 1 . That the City Clerk of this City be, and he
hereby is, authorized and directed to publish in a newspaper
published in the City of Little Rock, Arkansas and having a
bona fide circulation therein, and at his election, in such
other financial journal or journals as he may select, the
following notice, which shall be published once a week for at
least three (3) consecutive weeks, the first publication to be
at least twenty (20) days prior to the date of the sale :
NOTICE OF BOND SALE
OF THE CITY OF LITTLE ROCK, ARKANSAS
$120,000 GENERAL OBLIGATION CITY LIBRARY BONDS
Notice is hereby given that the City of Little Rock, Arkansas
will sell for cash on sealed bids $120,000 principal amount of ne-
gotiable coupon bonds issued for the purpose of acquiring a site for
an addition to the City Library in the City of Little Rock, Arkansas.
The bonds will be in the denomination of $1,000 each, will
be dated as of February 1, 1954, and interest will be payable on
February 1 and August 1 of each year, commencing August 1, 1954, and
all bonds will mature on February 1, 1958.
Each bidder shall specify the interest rate upon which his
bid is based, which shall be in multiples of one-fourth (1/4) or
one-eighth (1/8) of one per cent (1%) , and which shall not exceed
two and one-half per cent (2-1-%) per annum. No bid of less than par
and accrued interest based upon the rate submitted by the bidder will
be entertained. The award, if made, will be to the bidder offering
the lowest interest cost to the city, the interest cost to be deter-
mined by computing the aggregate amount of interest at the rate bid
and deducting therefrom the amount of any premium offered.
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 the State of Arkansas and have been approved by
the electors of the City of Little Rock in the general election for
municipal officials held on November 3, 1953, and will be secured by
a special continuing tax levy sufficient to pay the principal of and
interest on the bonds at maturity and provide a sufficient margin
of security.
The bonds will be callable for payment prior to maturity
in inverse numerical order at par and accrued interest from surplus
tax collections on any interest paying date on and after February 1,
1957. Notice of the call will be published once a week for two (2)
weeks before the date of such redemption in a newspaper of general
circulation published in the City of Little Rock, Arkansas.
The purchaser may name the paying agent and trustee.
The City will pay the expenses of the issue, including the
printing and trusteeing of the bonds, and the City will furnish free
of cost to the purchaser the unqualified approving opinion of Messrs.
Mehaffy, Smith & Williams, bond counsel of Little Rock, Arkansas.
No contingent provisions may be included in the bids.
Sealed bids will be received up to 8:00 o 'clock p.m. , Cen-
tral Standard Time, on the llth day of January , 1954
Each bid shall be enclosed in a sealed envelope marked on the outside
"Proposal for City of Little Rock General Obligation City Library
Bonds" and addressed to the City Clerk and Finance Officer, City of
Little Rock, City Hall, Little Rock, Arkansas. The bids will be
publicly opened and read at a meeting of the City Council to be held
at 8:00 o 'clock p.m. on the 11th day of January , 19t-4.
in the Council Chambers in the City Hall, Little Rock, Arkansas.
Bids must be accompanied by a certified or cashier' s check in the
amount of $2400 on a bank that is a member of the Federal Deposit In-
surance Corporation, payable to the city, to be kept as liquidated
damages if the bidder is awarded the sale of the bonds and fails to
complete the purchase. Checks of unsuccessful bidders will be promptly
returned. The City reserves the right to reject any and all bids.
For further information, address the undersigned.
Given this day of , 1953.
CITY OF LITTLE ROCK, ARKANSAS
By
H. C. Graham, City Clerk
and Finance Officer
SECTION 2. It is hereby ascertained and declared that the City
Library facilities in the City of Little Rock are wholly inadequate
and that there is an immediate and urgent need for the acquisition of
a site for an addition to the City Library, in order to adequately
protect the health, safety and welfare of the inhabitants of the City,
and that only by the sale and issuance of the bonds hereinabove re-
ferred to can adequate facilities be made available. It is, therefore,
declared that an emergency exists and this resolution being necessary
for the preservation of the public peace, health and safety shall be
in force and shall take effect immediately upon and after its passage.
ADOPTED:. December 7 , 1953.
APPROVED:
gctir
Mayor
ATTEST%
City Clerk