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ORDINANCT NO.- k801
AN ORDINANCE PROVIDING FOR THE ISSUING OF FUDIDING BONDS BY
THE CITY OF LITTLE ROCK-
SEAS on the 7th day of October, 19241, when
Amendment. No. 11 to the Constitution of the State of Arkansas
was: adopted, the City of Little Rock was indebted in the sum
V °rte3, 910, 000; and
WHEREAS before the passage of Act No. 29a of the Acts
of the General Assembly of the State of Arkansas of the year
1925, the City of Little Rock had duly given notice of its
intention to sell funding bonds for the purpose of funding
the indebtedness aforesaid; and
«VHEREA+S said bonds were sold and purchased by the
Federal Cor.,merce Trust Company and William R. Comiton Company,
of St. Louis, Missouri, and the Union Trust Company and the Bankers
Trust Company, of Little Rock, Arkansas, for the price of par
with accrued interest, plus $761.00; tht said bonds bearing
interest at the. rate of four and one -half per centum per annum,
and in the denominations, hereinafter set forth;
NUN, THEREFORE, BE IT ORDAIM BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK:
SECTION 1. That the Mayor and City Clerk of the City
of Little Rock be authorized and directed to execute the bonds
of the said City bearing interest at the rate of four and one -
half per centum per annum, their numbers, amounts and maturities
to be as. follows:
NOS. OF BONDS A MUNT MATURITY
1 and 2,
3 to 22, inc.
23 N 71,
72 " 122,
123 ' 175, "
176 " 230,
231 " 288, N
.289 " 348, N
349 N 411, N
412 N 477, w
478 " 546,
547 N 618,
619 N 693, N
694 * 772,
773 " 854, N
885 " 940,
941 01030, N
1031 *1124, N
1125 012220 N
1223 *1324, *
1325 01431, *
1432 *1543,
1544 *1660, N
1661 01782, *
1783 *1910;
$2000
20000
49000
51000
53000
55000
58000
60000
63000
66000
69000
72000
75000
79000
82000
86000
90000
94000
98000
102000
107000
112000
117000
122000
128000
November
1,
1926;
"
1,
1927;
N
1,
1928;
"
1,
1929;
"
1,
1930;
• "
1,
1931;
N
1,
1932,
N
N
w
"
a
"
a
N
M
N
N
n
N
1, 1934;
1, 1935;
1, 1936;
1, 1937;
1 1938
1, 1939;
1, 1940;
1, 1941;
1, 1942;
1, 1943;,
1, 1944;
1, 1945;.
1, 1946,.
1,
1947,
w
1948;
K
1949;
1,
1950,'
�r
N
N
w
"
a
"
a
N
M
N
N
n
N
1, 1934;
1, 1935;
1, 1936;
1, 1937;
1 1938
1, 1939;
1, 1940;
1, 1941;
1, 1942;
1, 1943;,
1, 1944;
1, 1945;.
1, 1946,.
1,
1947,
1,
1948;
1,
1949;
1,
1950,'
Section 2. The said bonds shall be in the following
f orm:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
42% FUN -ING B011-4D .
No.
KNOW ALL MEN BY THESE PRESENTS:
41000.00
That the City of Little Rock, in the County of Pulaski,
in the State of Arkansas., acknowledges itself to owe, and for
value received promises to pay to bearer the sum of One Thousand
Dollars (:1,000 -.00) in lawful money of the United Statea of
America on the first day of November, 19 , with interest
thereon from the first day of May, 1925, at the rate of four
and one -half per centum per annum, payable semi - annually on the
first day of May and November of each year, commencing May 1,
1926, on presentation and surrender of the annexed coupons as
they severally mature. Both principal and interest of this bond
are hereby made payable at the Chase National Bank in New York
City.
This bond. is one of a series of nineteen hundred and ten
(1910) bonds, aggregating One Million Nine Hundred and Ten Thou-
sand Dollars ($10910,000.00), all of like tenor and effect, +accept
ae to maturities, and numbered from one (1) to nineteen hundred
and ten (1910), inclusive, issued for the pur-pose of funding
the indebtedness of the City of Little Rock existing on the 7th
day of Octobers 1924; and the said. City of Little Rock hereby
covenants that it is, a city of the first class of the State of
Arkansas, with.a population exceeding sixty thousand (60,000) in-
habitants, and that in the issuing of this bond it has proceeded
44.
in accordance with the provisions of Amendment Number Eleven
to the Constitution of the State of Arkansas, and in accordance
with the laws of the State of Arkansas including provisions of
Act No 2.92 of the Acts of the General Assembly of the State of
Arkansas of the year 19250 entitled, "An Act Relative to Cities
of the First Class, authorizing and validating bonds and the levy
of a tax, and fixing the fiscal year of cities of over sixty
thousand population, and for other purposes," approved March 30*
1925, and under ordinances of the City Council of the said City
of Little Rock and resolutions of its Board of Public Affairs duly
adopted; that said sum of $1,910,000.00 was justly due and owing
by said City of Little Rock on the 7th day of October, 19240 when
said Amendment was adopted; and that all things necessary to the
validity of this bond under the laws of the State of Arkansas, and
particularly under the said Amendment to the Constitution and
the Act aforesaid, have been done, have happened and have been per-
formed as required by law; and that a tax sufficient to pay the
bonds aforesaid has been levied in accordance with the provisions
of said constitutional amendment and act, and payable annually
until the last of said bonds has been fully paid and discharged,
For the prompt payment of this bond and the interest thereon, the
said City of Little Rock hereby pledges its full faith credit and
taming power, including the three mill additional tax authorized by
said Amendment Number Eleven to the Constitution and applicable solely
to the payment of this bond and other bonds issued to pay indebted-
t mess outstanding at the time of adoption of ,the';Amendment.
IN WITNESS W.MREOF the City of Little Rock has executed this
bond by the hands of its Mayor and City Clerk and attested it with its
corporate seal, and has caused the coupons hereto attached to be
authenticated by the fac simile signature of its Mayor on this first
day of May, 1925o,
CITY OF LITTLE ROCK
ATTEST: BY , Mayor
City Clerk.
#5
The first coupon will be for interest due May 1, 1926, amount-
ing to $45.00.
To each of said bonds are attached coupons for the semi-_
annual interest in the following form:
No.
$22.50
May
On the first day of November, the City of Little Rock,
Arkansas, promises to pay to bearer Twenty Two and 5,0/100 Dollars
at the Chase National Bailk in the City of New York, being six
months' interest then due on its funding bond dated May 1, 1925,
and numbered ,
Mayor .
( The signature of the Mayor to the coupons attached to said
bonds may be lithographed or engraved).
Section 3. The Mayor and City Clerk are hereby authorized
and directed, when they have executed the said bonds, to tum over
the same to the said purchasers, upon receipt of the purchase lrx e;
and the said Mayor and City Clerk will draw their warrants against
the proceeds of said bonris and use the same only in the payment of
the indebtedness of this City owing on the 7th day of October,. 1�E 4,
when such indebtedness has been audited and allowed by the Board of
Public Affairs and the Finance Committee of this Council.
Section 4. In order to pay the interest 'which mill accrue
on said bonds on the first day of May, 1926, vh ich Rd 11 be before
the regular settlement of the first collection of the taxes heretofore
levied for the payment of said bonds and interest thereon, the
premium of Seven Hundred and Sixty- One Dollars ( $761.00) on said
bonds and the interest which has accrued thereon before their
delivery shall, so fax as necessary, be applied to the interest accruing
May 1, 1926 upon said bonds,
.1 f•
. Ar
f6s
Section 5• the provisi0ns of Ordinance Humber 3780
entitled, "An ordinance ratifying the sale of the funding bonds
of-the City of Little Rook and levying a tax for their payment ",
not in owflict herewith, are hereby confirmed.
Section 6. It is hereby ascertained and declared
that by reason of the heavy indebtedness hanging over this city,
of which the $1,910,000 for which bonds are to be issued is
evidenced by past due city warrants which could be used in the
payment of taxes, fines and other accounts due the City, s o that
its revenues and credit are seriously threatened, it is unable
to procure and maintain proper facilities for the extinction of
fires, proper police protection and proper safeguards for the
public health; and for these reasons it is hereby declared that
an emergency exists, and that this ordinance is immediately
necessary for the preservation of the public peace, health and
safety, and the same shall take effect and be in force upon its
passage.
Passed: Approved:
_ May 12, 1925. �
�,.
Attest:
City Clerk: