2249 R E S O L U T I O N 2 2 4 9
A RESOLUTION AUTHORIZING NOTICE OF SALE OF PART
OR ALL OF $4,950,000 CAPITAL IMPROVEMENTS BONDS.
WH'HREAS, the electors of Little Rock voting at the general
election held on November la., 1958 , voted by overwhelming majorities
in favor of bond issues under Amendment No. 13 to the Constitution
of the State of Arkansas for all five of the purposes submitted at
said election, and the result thereof has been duly certified to the
City Clerk by the Pulaski County Board of Election Commissioners , and
WHEREAS, under the terms of Ordinance No. 10, 582 submitting
the question of these five purposes and the ballot at which they
were voted upon, the City reserved the right to issue the bonds for
separate purposes in one issue ; and
WHEREAS, it is the finding of the Board of Directors of the
City of Little Rock that at this time it is to the best interests
of the City to sell a part or all of the authorized bonds; now,
therefore,
BE IT RESOLVED by the Board of Directors of the City of Little
Rock, Arkansas:
SECTION 1. That the Mayor and City Clerk be and they are
hereby authorized and directed to publish as required by the terms
of said Amendment notice of a public sale for bonds to be issued for
the following purposes in the following amounts:
$1,800,000 for the acquisition of rights-of-way for
construction of public streets , alleys
and boulevards ;
$1,350,000 for the construction of, widening, or straightening
of streets , alleys and boulevards ;
S 600,000 for the purchase , development and improvement
of public parks and flying fields .
51,000,000 for the purchase of sites for, construction
of, and equipment of city hall, auditorium,
and prison;
$ 200,000 for buildings for the housing of fire
fighting apparatus .
SECTION 2 . That said sale be held upon sealed bids to be
received up to and opened at 2:30 o ' clock P ..M. on the 12th
day of December , 1958.
SECTION 3 . That in accordance with the terms of the ordinance
submitting the question of the issuance of the bonds to the electors
of Little Rock, it is provided that the bonds shall bear a rate of
interest acceptable to the Board of Directors and may be sold with
the privilege of conversion at the option of the Board of Directors
to a rate or rates of interest lower than the rate accepted by the
Board of Directors, and that said bonds shall be callable and the
buyer shall have the right to name the trustee and paying agent for
said issue .
SECTION 4. It is hereby determined and declared that there
is immediate need for the public purposes for which the bonds were
authorized, in order to protect the health and safety of the
inhabitants of the City of Little Rock; therefore , an emergency
exists and this resolution, being necessary for the preservation
of the public peace , health and safety, shall take effect and be
in force from and after its passage .
ADOPTED: November 10, 1958
ATTEST : p ) APPROVED:
„ ty C ie~-k Mayor