2282 RESOLUTION NO. 2282
A RESOLUTION ACCEPTING A BID FOR GENERAL
OBLIGATION VARIOUS PURPOSE BONDS TO BE ISSUED
BY THE CITY OF LITTLE ROCK, ARKANSAS
WHEREAS , after due advertisement for the time and in the
manner required by law, duly published in a newspaper having a
bona fide circulation in the City of Little Rock, a proof of
publication thereof having been filed in the office of the City
Clerk of the City of Little Rock, and after advertisement in
The Bond Buyer, a proof of publication thereof having been filed,
also, in the office of the City Clerk of the City of Little Rock,
$3,300,000 of bonds of the said City as follows:
$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 straighten-
ing of streets , alleys , and boulevards;
$400 ,000 for the purchase , development and improvement
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 ,
were offered for sale on sealed bids at a meeting of the Board of
Directors , in the Board of Directors' Chambers , at the City Hall,
at 2:00 o'clock, P. M. , Central Standard Time, on the 7th day of
January, 1959 , and the following bid was received:
Board of Directors
City of Little Rock, Arkansas
Dear Sirs:
Subject to your approval, we hereby agree to waive our 2%
fee in our contract with you dated December 15, 1958, to secure
a buyer for your S3,300,000 in ad valorem tax bonds to be
issued under the provisions of Amendment No. 13 to the Consti-
tution of the State of Arkansas and dated as of December 1,
1958, and bid for said bonds a price of Par and accrued interest
for bonds bearing interest at the rate of 3.L18276% per annum,
subject to all of the terms and conditions set out in your
official notice of sale, and we agree to pay the expenses of
the printing of the bonds, the cost of their authentication,
and the fee of bond counsel.
We attach to this offer our certified check in the amount
of $66,000, to be held under the terms of said official notice
of sale.
Respectfully submitted,
T. J. RANEY & SONS
By Dallas P . Raney
STEPHENS, INC .
By Jack Stephens
and
WHEREAS, the Board of Directors finds that the said bid is
responsive to the notice of sale and should be accepted;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK:
Section 1. That the said bid of T . J . Raney & Sons and
Stephens, Inc . , be accepted, and that the Mayor and City Clerk be, and
are hereby, authorized to execute on behalf of the City, the following
acceptance of their offer for the sale of said bonds:
ACCEPTED THIS 7th DAY OF
JANUARY, 1959
BOARD OF DIRECTORS
CITY OF LITTLE ROCK
By: W. C. Knoop, Mayor
By: Pauline G. Beeson, City Clerk
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Section 2. It is hereby ascertained and declared that
there is an immediate and urgent need for the construction or
acquisition of the various municipal projects to be financed by
the sale of the bonds herein sold 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 the
public peace, health and safety, shall take effect and be in force
immediately upon and after its adoption.
ADOPTED: January 7 , 1959.
APPROVED:
M or
ATTEST:
City Clerk
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