2265 .
RESOLUTION NO. 2265
A RESOLUTION AUTHORIZING NOTICE OF SALE OF
$3,300,000 OF GENERAL OBLIGATION VARIOUS
PURPOSE BONDS BY THE CITY OF LITTLE ROCK,
ARKANSAS
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS :
SECTION 1. That the City Clerk of this City be required to
publish in some newspaper published in the City of Little Rock,
Arkansas , and having a bona fide circulation 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
until the day fixed for the sale, the first publication to be at
least twenty (20) days before said date:
SECTION 2. It is hereby ascertained and declared that
there is an iwwediate and urgent need for the construction or
acquisition of the various municipal projects to be financed by
the sale of the bonds , notice of sale of which is herein provided,
in order to protect the health, lives and property of the inhabitants
of the City of Little Rock, Arkansas. It is , therefore, declared
that an emergency exists and this resolution, being necessary for
the preservation of public peace , health and safety, shall take
effect and be in force iwuiediately upon and after its adoption.
ADOPTED: December 1` , 1958.
APPROVED:
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Mayor
ATTEST:
City Clerk
NOTICE OF SALE BY THE CITY
OF LITTLE ROCK, ARKANSAS , OF
$3,300,000 OF GENERAL OBLIGA-
TION VARIOUS PURPOSE BONDS .
1. NOTICE IS HEREBY GIVEN that on the ,� day of
January, 1959 , the City of Little Rock, Arkansas , will sell for
cash, on sealed bids , at 2:00 o'clock, P. M. , Central Standard Time,
in the Board of Directors Chamber at the City Hall in the City of
Little Rock, Arkansas , Three Million Three Hundred Thousand Dollars
($3 ,300,000) principal amount of General Obligation Negotiable
Coupon Bonds (being a part of an authorized issue of $4,950,000
of bonds) , being issued under authority of Amendment 13 to the
Constitution of the State of Arkansas , for the following purposes:
$1,500 ,000 for the acquisition of right-of-way for
construction of public streets , alleys , and boulevards;
$850 ,000 for the construction of, widening, or
straightening of streets , alleys and boulevards ;
$400,000 for the purchase, development and improve-
ment of public parks and flying fields ;
$400,000 for the purchase of sites for, construction
of, and equipment of City Hall, Auditorium and Prison;
$150 ,000 for buildings for the housing of fire-
fighting apparatus.
The bonds were approved by the electors of the City at the
general election held November 4, 1958, by a majority of more than
five for to one against the issues.
2. The bonds will be dated December 1, 1958, and will bear
an average rate not to exceed
interest at/ ut x f 3.48276 % per annum, payable semiannually
on January 1 and July 1 of each year. The bonds will mature on
January 1 of each year as follows , but shall be callable for pay-
ment prior to maturity in accordance with provisions pertaining
thereto hereinafter set forth:
Year Amount Year Amount Year Amount Year Amount
1962 $91,000 1969 $111,000 1975 $133,000 1981 $159 ,000
1963 93,000 1970 114,000 1976 137,000 1982 163 ,000
1964 95 ,000 1971 118,000 1977 142,000 1983 169 ,000
1965 98 ,000 1972 121,000 1978 146,000 1984 175 ,000
1966 101,000 1973 125 ,000 1979 150,000 1985 181,000
1967 104,000 1974 130,000 1980 155 ,000 1986 181,000
1968 108,000
3. The bonds will be sold upon sealed bids. 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 and deducting therefrom the amount of any premium offered.
The successful bidder will be permitted to designate not more than
three interest rates , provided that the total interest cost of the
interest rate or rates so designated does not exceed 3.48276 %,
and all rates shall be in multiples of one-fourth (1/4) of one per
cent (1%) and not exceeding five per cent (5%) , and not more than one
interest rate may be specified in any one year. The City will make
delivery of the bonds within sixty days after the successful bidder
designates the name of the paying agent and the bank to authenticate
the bonds , and specifies the interest rates , if more than one.
4. The bonds shall not be subject to conversion.
5. The bonds shall be callable at the option of theCity in
inverse numerical order on any interest paying date from surplus tax
collections at par and accrued interest, and after January 1, 1965 ,
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with funds from any source at the following prices plus accrued
interest: July 1, 1965 , to and including January 1, 1966 , at 104
cents on the dollar, and reducing 1/2 of 17 each year thereafter
to a par call after January 1, 1974. Notice of call shall be
published by the City Clerk by one insertion not less than fifteen
(15) days before the date of such redemption in a daily newspaper
published in the City of Little Rock, Arkansas , and having a general
circulation throughout the State of Arkansas.
6. The authorized issue of bonds in the amount of $4,950,000
will be secured by a pledge of 1.55 mills on the dollar of the
assessed valuation of all taxable real and personal property in the
City of Little Rock collected with the taxes payable in 1959 , and
by a pledge of 3. 25 mills on the dollar collected with taxes payable
in 1960 and continuing annually thereafter until all of the said
bonds and interest thereon have been paid in full. All tax col-
lections in excess of the amount required to service the bonds and
provide a reserve of $87,500 will be used to call the bonds for
prior payment. The assessed valuation of all taxable real and
personal property in Little Rock, Arkansas , for the year 1957, the
latest assessment of record, is $107,602,187.
7. The City reserves the right to issue, at such time or
times as it may elect, $1,650,000 of bonds (being the remaining
portion of the said authorized issue of $4,950 ,000 of bonds) on a
parity of security with the bonds herein offered for sale.
8. The purchaser may name the paying agent and the bank to
authenticate the bonds , and will be required to pay the following
expenses of the issue: the printing and authenticating of the bonds ,
and the fee of Mehaffy, Smith & Williams ; Rose, Meek, House, Barron &
Nash; and Townsend & Townsend, bond counsel, all of Little Rock,
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Arkansas , upon whose approving opinion the bonds will be issued.
Information on the amount of the legal expenses may be obtained
from Mr. Dean Dauley, City Manager, City Hall, Little Rock, Arkansas.
9 . Each bidder must file a certified or cashier's check in
the amount of $66,000 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 returned promptly. The City will pay no interest on good
faith checks .
10. Sealed bids in envelopes addressed to the City of Little
Rock and marked "Proposal for General Obligation Various Purpose
Bonds" will be received at the office of W. C. Knoop, Mayor, City
Hall, Little Rock, Arkansas , up to 2:00 o'clock, P. M. , January ,
1959.
11. The City reserves the right to reject any and all bids.
No contingent provisions may be included in a bid.
For further information address the undersigned.
GIVEN this day of December , 1958.
CITY OF LITTLE ROCK, ARKANSAS
By:
W. C. Knoop
Mayor
ATTEST:
Pauline G. Beeson
City Clerk
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