2029 RESOLUTION NO. 2029
RESOLUTION AUTHORIZING NOTICE OF SALE OF $75,000
GENERAL OBLIGATION GARBAGE DISPOSAL PLANT BONDS
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 she hereby
is, authorized and directed to publish in a newspaper published in
the City of Little Rock, Arkansas, and having a bona fide circula-
tion therein and at her election in such other financial journal
or journals as she 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
$75,000 GENERAL OBLIGATION GARBAGE DISPOSAL PLANT BONDS
Notice is hereby given that the City of Little Rock,
Arkansas will sell for cash on sealed bids $75,000 principal amount
of negotiable coupon bonds issued for the purpose of acquiring sites
for and equipping garbage disposal plants .
The bonds will be in the denomination of $1,000 each,
will be dated February 1, 1955, and interest will be payable semi-
annually on February 1 and August 1 of each year commencing August 1,
1955, and all bonds will mature on February 1, 1959.
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 (21) 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 determined by computing the aggregate amount of interest at the
rate bid and deducting therefrom the amount of any premium offered.
The bonds will not be subject to conversion.
The bonds will be general obligation bonds of the City o '
Little Rock, Arkansas issued under the authority of Amendment No. 13
to the Constitution of the State of Arkansas and have been approved
by the electors of the City at the general election held November 2,
1954, 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,
1958. 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.
Central Standard Time on the 17th day of January, 1955. Each bid
shall be enclosed in a sealed envelope marked on the outside "Pro-
posal for City of Little Rock General Obligation GarbageDisposal
Plant 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 17th day of January, 1955 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
$1500.00 on a bank that is a member of the Federal Deposit Insurance
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 re-
turned. The City reserves the right to reject any and all bids .
For further information, address the undersigned.
Given this day of December, 1954.
CITY OF LITTLE ROCK, ARKANSAS
By Pauline G. Beeson
City Clerk and Finance Officer
•
SECTION 2. It is hereby ascertained and declared that the present
facilities for the disposal of garbage in the City of Little Rock,
Arkansas are wholly inadequate with the result that the health,
safety and welfare of the inhabitants of the City are in danger,
and that only by the issuance of the bonds above referred 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 take effect immediately upon and after its adoption.
ADOPTED : December 6 , , 1954.
APPROVED :
Acting Mayor
ATTEST:
City Clerk