2149 RESOLUTION NO. 2149
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO PUBLISH
A NOTICE OF SALE OF $1,295,000.00 GENERAL OBLIGATION LIBRARY
IMPROVEMENT BONDS .
WHEREAS, The electors of the City of Little Rock, at the
General election held on November 6, 1956, by a large majority voted
for the issuance of $1,295,000 in Library Improvement Bonds under the
authority of Amendment No. 13 to the Constitution of the State of
Arkansas, with a limitation that the average interest rate on said
bonds shall not exceed 3110 per annum; and
WHEREAS, Amendment No. 13 requires that these bonds be sold
at a public sale after due advertisement; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE
ROCK, ARKANSAS :
SECTION 1. That the Mayor and the City Clerk be and they are
hereby authorized to publish a notice of sale of the proposed bonds, in
substantially the following form:
NOTICE OF BOND SALE
OF THE CITY OF LITTLE ROCK, ARKANSAS
$1,295,000 GENERAL OBLIGATION LIBRARY IMPROVEMENT BONDS
Notice is hereby given that the City of Little Rock, Arkansas,
will offer for sale at a public sale for cash to the highest bidder a
proposed issue of 01,295,000 General Obligation Library Improvement
Bonds to be dated as of January 31, 1957, interest payable semi-annually
on February 1 and August 1, and to mature serially on February 1 of each
year as follows :
$34,000 in 1960 $52,000 in 1973
36,000 in 1961 54,000 in 1974
37,000 in 1962 56,000 in 1975
38,000 in 1963 57,000 in 1976
39,000 in 1964 59,000 in 19 77
40,000 in 1965 61,000 in 1978
42,000 in 1966 63,000 in 1979
43,000 in 1967 65,000 in 1980
,000 0 in
1968 67,000 in 1981
4 ,00 i 1969 70,000 in 1982
47,000 in 1970 72,000 in 1983
49,000 in 1971 74,000 in 1984
50,000 in 1972
These bonds were approved by the electors of the City at the
General election held on November 6, 1956, and under the authority of
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Amendment No. 13 to the Constitution of the State of Arkansas the
City will pledge for their payment a levy of 3/4 of one mill upon all
taxable property in the City to be collected in the year 1958, and a
levy of 1 1/4 mills to be collected beginning with the year 1959,
annually until all of the bonds and interest of the proposed issue are
paid in full. The present assessed valuation of the taxable property
in the City is $86,261,497.00.
Each bidder is requested to submit the average interest rate
upon which his bid is based not to exceed 34/ per annum, and to state
the interest rates used in determining the average and the maturities
in which the interest rates are fixed, provided that no more than one
interest rate shall be used in any one maturity. 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, 1960. Each bidder shall also
state the conditions under which prepayment of the bonds with funds
from other sources will be allowed, such prepayment to be not prior
to February 1, 1960. No bid will be considered for less than par and
accrued interest upon the average rate submitted and no conversion will
be allowed.
The successful bidder may name the trustee and the place of
payment for the bond issue.
The City will furnish the printed bonds and a complete
transcript of the proceedings authorizing the issue, and will pay the
cost of printing the bonds and the trustee ' s fee, and will furnish the
unqualified approving opinion of Townsend & Townsend, bond counsel, of
Little Rock, Arkansas.
The sale will be held upon sealed bids at 8 o' clock P.M. ,
Central Standard Time on the 24th_ day of June, 1957, in the Council
Chamber in the City Hall in Little Rock, Arkansas. Each Bid shall be
enclosed in a sealed envelope marked on the outside "Proposal for City
of Little Rock, Arkansas, General Obligation Library Improvement Bonds" ,
addressed to the City Clerk and Finance Officer, City Hall, Little Rock,
Arkansas. At the hour set for the sale all bids will be publicly opened
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and read, and the City reserves the right to reject any and all bids.
A good faith check in the amount of 26,000, either in favor of or
endorsed to the order of the City of Little Rock, certified by a Bank
that is a member of the Federal Reserve System, shall be filed by each
bidder with his bid. No interest will be paid upon good faith checks
but the checks of unsuccessful bidders will be returned promptly.
For further information, address the City Clerk of the City
of Little Rock.
GIVEN by order of the City Council this day of ,1957.
)'' i Af mayor
City Clerk
of the City of Little Rock,
Arkansas
SECTION 2. That said notice be published as required by said
Amendment No. 13, in a newspaper published in the City of Little Rock,
Arkansas, and in such other publications as the Mayor and the City Clerk
may think advisable, and they are hereby authorized to add to the notice
of sale as proposed such additional information as they think will be
helpful in securing the best interest rate for the City.
SECTION 3. It is hereby ascertained and declared that the
present facilities of the Little Rock Public Library are wholly inadequate
to serve the cultural needs of the citizens of the City of Little Rock,
Arkansas, and only by the issuance of the Bonds above referred to can
adequate facilities be made available. Therefore, an emergency is
declared to exist and this resolution being necessary to preserve the
public peace, health and safety shall take effect and be in force from
and after its adoption.
ADOPTED : May 27, 1957.
ATTEST : APPROVED :
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City Clerk Mayor