Loading...
HomeMy WebLinkAbout10944ORDINANCE NO. 10,944 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $1,6502000 OF BONDS, BEING THE REMAINING PART OF AN AUTHORIZED ISSUE OF $4,9502000 OF BONDS, FOR THE SEVERAL DIFFERENT PUR- POSES LISTED THEREIN; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas, is a city of the first class; and WHEREAS, by Ordinance No. 10,852 duly passed by the Board of Directors and approved on the 22nd day of September, 1958, there was submitted to the qualified electors of the City of Little Rock, Arkansas, the question of the issuance of bonds in the following amounts for the following purposes: ' $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; $ 600,000 for the purchase, development and im- provement of public parks and flying fields; $1,000,000 for the purchase of sites for, con - struction of, and equipment of city hall, auditorium, and prison; and $ 200,000 for buildings for the housing of fire- fighting apparatus; with the provision that in the event bonds for more than one purpose were approved the bonds approved for any one purpose might be issued separately or might be combined with bonds approved for any other purpose or purposes into one or more issues; and WHEREAS, due notice of the election was given as required by law and the election was duly held on the 4th day of November, ,4_�� 1958, at which election the electors approved the issuance of bonds for each of said purposes; and WHEREAS, the results of the election were announced by the Mayor by a proclamation duly published as required by law in a newspaper of bona fide circulation in the City of Little Rock, Arkansas; and WHEREAS, heretofore the City has sold and delivered bonds in the aggregate principal amount of $3,300,000 of said total issue of $4,950,000, with a reservation by the City of the right to issue, at such time, or times, as it might elect, the remaining $1,650,000 of said total authorized issue approved by the electors at the November 4, 1958, election on a parity with the said $3,300,000 of bonds; and WHEREAS, the Board of Directors determined to sell the said remaining $1,650,000 of bonds, as initially authorized, for the following purposes: and $300,000 for the acquisition of rights -of -way for construction of public streets, alleys, and boulevards; $500,000 for the construction of, widening, or straightening of streets, alleys and boulevards; $200,000 for the purchase, development and im- provement of public parks and flying fields; $600,000 for the purchase of sites for, con- struction of, and equipment of city hall, auditorium, and prison; and $ 50,000 for buildings for the housing of fire- fighting apparatus; WHEREAS, bonds in said aggregate principal amount of $1,650,000 for said above set forth purposes were duly advertised - 2 - for sale, with the bonds being offered for sale dated December 1, 1958, the interest thereon payable semiannually on January 1 and July 1 of each year and with the bonds maturing on January 1 in each of the years 1962 to 1986, inclusive, all as specified in the notice of sale; and WHEREAS, said sale was duly held pursuant to advertise- went on thel8th day of May, 1959, and at said sale Stephens, Inc. and T. J. Raney & Sons, both of Little Rock, Arkansas, bid and offered the price of par and accrued interest for bonds bearing interest at the rate of 3.84966% per annum, and this being the best bid for said bonds, the bonds were sold to the said Stephens, Inc. and T. J. Raney & Sons for said price; and WHEREAS, the said notice of sale permitted the purchasers to designate not more than three interest rates provided that the total interest cost of the interest rates so designated did not exceed the rate of 3.84966% per annum with the rates to be in multiples of 1/4 of 17. and with no single rate exceeding 5% and with not more than one interest rate to be specified in any one year; and WHEREAS, pursuant to the privilege set forth in the notice of sale to so designate three interest rates, the purchasers have designated a rate of 5% for the bonds maturing in the years 1962 to 1973, inclusive, 47. for the bonds maturing in the years 1974 to 1985, inclusive, and 0% for the bonds maturing in the year 1986; and WHEREAS, the Board of Directors has examined the maturity schedule of bonds bearing interest at the rate of 3.84966% per annum - 3 - and the maturity schedule of bonds bearing interest at the above set forth rates designated by the purchasers and finds that the total interest cost of the rates designated by the purchasers is identical with that of bonds bearing interest at 3.84966% per annum, so that said designations by the purchasers are proper and are within the term of the notice of sale: NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: Section 1. That the sale of $1,650,000 of 3.84966% bonds to Stephens, Inc. and T. J. Raney & Sons, both of Little Rock, Arkansas, at a price of par and accrued interest and the designations by said purchasers of interest rates of 5 %, 47., and 0% for the years set forth above be, and the same are hereby, approved and confirmed. Section 2. That under the authority of the Constitution and laws of the State of Arkansas, including particularly Amend- meet No. 13 to the Constitution of the State of Arkansas, City of Little Rock General Obligation Improvement Bonds are hereby authorized and ordered issued in the total principal amount of $1,650,000 for the following purposes: $300,000 for the acquisition of rights -of -way for construction of public streets, alleys and boulevards; $500,000 for the construction of, widening, or straightening of streets, alleys and boulevards; $200,000 for the purchase, development and im- provement of public parks and flying fields; $600,000 for the purchase of sites for, con- struction of, and equipment bf city hall, auditorium, and prison; and - 4 - $50,000 for buildings for the housing of fire- fighting apparatus; and the principal amount of the bond issue includes necessary expenses incidental to the completion of the authorized purposes and to the issuance of bonds and includes an amount sufficient to pay interest on 1he bonds until tax collections are available. As provided in the official ballot and as authorized under the Constitution and laws of the State of Arkansas, the City has elected to combine bonds for the various purposes into one issue. The bonds shall be dated December 1, 1958, and the interest thereon shall be payable semiannually on January 1 and July 1 of each year commencing July 1, 1959. The bonds shall mature on January 1 in each of the years 1962 to 1986, inclusive, as hereinafter set forth. The principal of and interest on the bonds shall be payable in lawful money of the United States of America upon presentation of the bond or proper coupon at the office of Worthen Bank & Trust Company, Little Rock, Arkansas. Section 3. That the bonds presently being issued are the remaining part of a total authorized issue of $4,950,000 of bonds approved by the electors at said November 4, 1958, election, and are issued on parity of security with $3,300,000 of the said authorized issue of $4,950,000 of bonds heretofore issued by the City. Section 4. That the bonds shall be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. The bonds and the interest coupons attached thereto may have the facsimile signature of the Mayor of the City lithographed or printed thereon, which signature shall have - 5 - the same force and effect as if he had personally signed each of said bonds and coupons. Section 5. That the bonds numbered 1 to 1,559, in- elusive, and coupons thereto attached, shall be in substantially the following forms: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PULASKI CITY OF LITTLE ROCK % GENERAL OBLIGATION IMPROVEMENT BOND, SERIES B No. KNOW ALL MEN BY THESE PRESENTS: $1,000.00 Thatthe. City of Little Rock, in the County of Pulaski, and State of Arkansas, acknowledges itself to owe and for value received hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America on the first day of January, 19 , and to pay interest hereon at the rate of. per cent ( %) per annum from date, semiannually on January 1 and July 1 of each year, upon presentation and surrender of the annexed coupons as they severally become due. Both principal and interest of this bond are hereby made payable at Worthen Bank & Trust Company, Little Rock, Arkansas. This is one of a series of one thousand six hundred fifty (1,650) bonds, aggregating One Million Six Hundred Fifty Thousand Dollars ($1,650,000.00), dated December 1, 1958, and numbered from one (1) to one thousand six hundred.fifty (1,650), inclusive, all of like tenor and effect except as to number, rate of interest and maturity, and the bonds are issued for the following purposes: For the acquisition of rights -of -way for construc- tion of public streets, alleys, and boulevards; For the construction of, widening, or straightening of streets, alleys and boulevards; - 7 - For the purchase, development and improve- ment of public parks and flying fields; For the purchase of sites for, construction of, and equipment of city hall, auditorium, and prison; and For buildings for the housing of fire - fighting apparatus. This bond and the series of which it forms a part are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, particularly Amendment No. 13 to the Constitution of the State of Arkansas and pursuant to ordinances and resolutions of the Board 'of Directors of the City of Little Rock and an election duly held, at which a majority of the legal voters of said City voting on the question voted in favor of the issuance of the bonds. This bond and the series of which it forms a part are general obligations of the City of Little Rock, Arkansas, payable from the proceeds of a special tax levied by the Board of Directors under the authority of Amendment No. 13 to the Constitution of the State of Arkansas, and the City of Little Rock, Arkansas, hereby pledges its full faith, credit and taxing power, including the said special tax, for the payment of this bond and the series of which it forms a part. The special tax pledged to these bonds is as follows: 1.55 mills on the dollar of the assessed valuation of all taxable real and personal property in the City collected with the taxes payable in 1959 and 3.25 mills on the dollar of the assessed valuation of all taxable real and personal property in the City collected with the taxes payable in 1960 and continuing annually thereafter until all of the bonds and interest thereon have been paid in full. The bonds presently being issued are part of a total authorized issue of $4,950,000 of bonds and are issued on a parity of security with $3,300,000 of bonds of the said authorized issue of $4,950,000 of bonds hereto- fore issued by the City. The City has covenanted and agreed that all revenues de- rived from said special tax in excess of the amount necessary to provide a reserve of $87,500 and to insure the prompt payment of the principal of and interest on the bonds as they mature, and the Paying Agent's fees, must be used to call the bonds for payment prior to maturity at the times and in the manner provided herein for call and payment prior to maturity. Bonds numbered 1 to 1,559, inclusive, will be callable for payment prior to maturity in inverse numerical order on any interest paying date from surplus tax collections at par and accrued interest. They will be callable after January 1, 1965, with funds from any source on any interest paying date at the following prices plus accrued interest; July 1, 1965, to and including January 1, 1966, at 1041 on the dollar; July 1, 1966, to and including January 1, 1967, at 103 i on the dollar; July 1, 1967, to and including January 1, 1968, at 1031 on the dollar; July 1, 1968, to and including January 1, 1969, at 102ki on the dollar; July 1, 1969, to and including January 1, 1970, at 1021 on the dollar; July 1, 1970, to and including January 1, 1971, at 101k¢ on the dollar; July 1, 1971, to and including January 1, 1972, at 1011 on the dollar; July 1, 1972, to and including January 1, 1973, at 100k¢ on the dollar; July 1, 1973, and any interest paying date thereafter at par. Notice of the call for redemption shall be published by the City Clerk or Finance Officer by one insertion not less than fifteen (15) days before the date of such redemption in a daily newspaper published - 9 - in the City of Little Rock, Arkansas, and having a general circula- tion throughout the State of Arkansas, which notice shall give the number and maturity of each bond being called, and after the date fixed for redemption each bond so called shall cease to bear interest provided funds for its payment are on deposit with the Paying Agent at that time. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed, under the Constitution and laws of the State of Arkansas, particularly Amendment No. 13 to the Constitution of the State of Arkansas, prece- dent to and in the issuance of this bond have existed, have happened and have been performed in due time, form and manner as required by law; that the indebtedness represented by this bond and the issue of which it forms a part, does not exceed any constitutional or statutory limitation; and that a tax sufficient to pay the bond has been duly levied in accordance with said Amendment No. 13 to the Constitution of the State of Arkansas and made payable annually until all of the bonds and interest thereon have been fully paid and discharged. This bond shall not be valid until it shall have been authenti- cated by the certificate hereon duly signed by Worthen Bank & Trust Company, Little Rock, Arkansas. IN WITNESS WHEREOF, the City of Little Rock, Arkansas, has executed this bond by the hand of its City Clerk and attested it with its corporate seal and has caused this bond and the coupons hereto attached to be authenticated by the facsimile signature of its Mayor, all as of the first day of December, 1958. ATTEST: city Clerk (S E A L) - 10 - CITY OF LITTLE ROCK, ARKANSAS By: Mayor No. (Form of Coupon) $ January On the first day of July 19 , the City of Little Rock, Pulaski County, Arkansas, unless the bond to which this coupon is attached is paid prior thereto, hereby promises to pay to bearer DOLLARS in lawful money of the United States of America at the office of Worthen Bank & Trust Company, Little Rock, Arkansas, being six (6) months' interest then due on its General Obligation Improvement Bonds, Series B. dated December 1, 1958, and numbered CITY OF LITTLE ROCK, ARKANSAS By: Mayor On each bond shall appear the following C E R T I F I C A T E This is to certify that this is one of the one thousand six hundred fifty (1,650) bonds of the issue mentioned and de- scribed within. Little Rock, Arkansas WORTHEN BANK & TRUST COMPANY LITTLE ROCK, ARKANSAS By: Authorized Signature - 11 - That bonds numbered 1,560 to 1,650, inclusive, shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PULASKI CITY OF LITTLE ROCK GENERAL OBLIGATION IMPROVEMENT BOND, SERIES B No. KNOW ALL MEN BY THESE PRESENTS: $1,000 is That the City of Little Rock, in the County of Pulaski, and State of Arkansas, acknowledges itself to owe and for value received hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America on the first day of January, 19 , without interest. The principal of this bond is hereby made payable at Worthen Bank & Trust Company, Little Rock, Arkansas. This is one of a series of one thousand six hundred fifty (1,650) bonds, aggregating One Million Six Hundred Fifty Thousand Dollars ($1,6503,000.00), dated December 1, 1958, and numbered from one (1) to one thousand six hundred fifty (1,650), inclusive, all of like tenor and effect except as to number, rate of interest and maturity, and the bonds are issued for the following purposes: For the acquisition of rights -of -way for construc- tion of public streets, alleys, and boulevards; For the construction of, widening, or straightening of streets, alleys and boulevards; For the purchase, development and improvement of public parks and flying fields; - 12 - For the purchase of sites for, construction of, and equipment of city hall, auditorium, and prison; and For buildings for the housing of fire - fighting apparatus. This bond and the series of which it forms a part are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, particularly Amendment No. 13 to the Constitution of the State of Arkansas and pursuant to ordinances and resolutions of the Board of Directors of the City of Little Rock and an election duly held, at which a majority of the legal voters of said City voting on the question voted in favor of the issuance of the bonds. This bond and the series of which it forms a part are general obligations of the City of Little Rock, Arkansas, payable from the proceeds of a special tax levied by the Board of Directors under the authority of Amendment No. 13 to the Constitution of the State of Arkansas, and the City of Little Rock, Arkansas, hereby pledges its full faith,'credit and taxing power, including the said special tax, for the payment of this bond and the series of which it forms a part. The special tax pledged to these bonds is as follows: 1.55 mills on the dollar of the assessed valuation of all taxable real and personal property in the City collected with the taxes payable in 1959 and 3.25 mills on the dollar of the assessed valuation of all taxable real and personal property in the City collected with the taxes payable in 1960 and continuing annually thereafter until all of the bonds and interest thereon have been paid in full. The bonds presently being issued are part of a total authorized issue of $4,950,000 of bonds and are issued on a parity of security with $3,300,000 of - 13 - bonds of the said authorized issue of $4,950,000 of bonds hereto- fore issued by the City. The City has covenanted and agreed that all revenues de- rived from said special tax in excess of the amount necessary to provide a reserve of $87,500 and to insure the prompt payment of the principal of and interest on the bonds as they mature, and the Paying Agent's fees, must be used to call the bonds for payment prior to maturity at the times and in the manner provided herein for call and payment prior to maturity. Bonds numbered 1,560 to 1,650, inclusive, of this issue will be callable for payment prior to maturity in inverse numerical order on any interest paying date from surplus tax collections at par. They will be callable after January 1, 1965, with funds from any other source on any interest paying date at the following prices: July 1, 1965, to and including January 1, 1966, at 1041 on the dollar;, July 1, 1966, to and including January 1, 1967, at 103ki on the dollar; July 1, 1967, to and including January 1, 1968, at 1031 on the dollar; July 1, 1968, to and including January 1, 1969, at 102k¢ on the dollar; July 1, 1969, to and including January 1, 1970s at 102¢ on the dollar; July 1, 1970s to and including January 1, 1971, at 101k¢ on the dollar; July 1, 1971, to and including January 1, 1972, at 1011 on the dollar; July 1, 1972, to and including January 11 1973, at 100k¢ on the dollar; July 19 19732 and any interest paying date thereafter at par. Notice of the call for redemption shall be published by the City Clerk or Finance Officer by one insertion not less than fifteen (15) days before the date of such redemption in a daily newspaper published - 14 - in the City of Little Rock, Arkansas, and having a general circula- tion throughout the State of Arkansas, which notice shall give the number and maturity of each bond being called. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed, under the Constitution and laws of the State of Arkansas, particu- larly Amendment No. 13 to the Constitution of the State of Arkansas, precedent to and in the issuance of this bond have existed, have happened and have been performed in due time, form and manner as required by law; that the indebtedness represented by this.bond and` the issue of which it forms a part, does not exceed any constitutional or statutory limitation; and that a tax sufficient to pay the bond has been duly levied in accordance with said Amendment No. 13 to the Constitution of the State of Arkansas and made payable annually until all of the bonds and interest thereon have been fully paid and dis- charged. This bond shall not be valid until it shall have been authenticated by the certificate hereon duly signed by Worthen Bank & Trust Company, Little Rock, Arkansas. IN WITNESS WHEREOF, the City of Little Rock, Arkansas, has executed this bond by the hand of its City Clerk and attested it with its corporate seal, and has caused this bond to be authenti- cated by the facsimile signature of its Mayor, all as of the first day of December, 1958. ATTEST: city Clerk (SEAL) CITY OF LITTLE ROCK, ARKANSAS By: -- Mayor - 15 - On each bond shall appear the following G E R T I F I C A T E This is to certify that this is one of the one thousand six hundred fifty (1,650) bonds of the issue mentioned and described within. Little Rock, Arkansas WORTHEN BANK & TRUST COMPANY LITTLE ROCK, ARKANSAS - 16 - By: Authorized Signature Section 6. That the levy of the millages heretofore levied and the pledge of the revenues therefrom for the payment of the said authorized issue of bonds in the aggregate principal amount of $4,950,000, of which authorized issue the bonds issued hereunder are a part, as provided in Ordinance No. 10893 of the ordinances of the City of Little Rock, and the deposit of such revenues as therein provided, are hereby confirmed. Whenever funds are available for the payment of bonds prior to maturity, the City will call bonds proportionately from Series A and Series B. Section 7. That for the prompt payment of the bonds of this issue with interest, the City of Little Rock, Arkansas, hereby pledges its full faith, credit and taxing power, including the aforementioned levies. Section 8. That in order to pay the principal of and interest on the bonds as they mature, there are hereby appropriated out of the proceeds of the above referred to special tax, and if said proceeds be not sufficient, then out of the general revenues of the City, the sums necessary to promptly pay the principal of and interest on the bonds as they mature according to the following schedule: - 17 - BOND YEAR NUMBERS 1959 1960 INTEREST T_ 1961 January - -July 1 1962 1- 46 1963 47- 92 1964 93- 140 1965 141- 189 1966 190- 240 1967 241- 292 1968 293- 346 1969 347- 402 1970 403- 459 1971 460- 518 1972 519- 579 1973 580- 642 1974 643- 706 1975 707- 773 1976 774- 842 1977 843- 912 1978 913- 985 1979 986 -1060 21,440.00 1980 1061 -1137 63,000 1981 1138 -1216 1982 1217 -1298 1983 1299 -1382 1984 1383 -1469 1985 1470 -1559 1986 1560 -1650 PRINCIPAL INTEREST T_ January - -July 1 $409121.68 $400121.68 $34$90.00 349390.00 683,780.00 349390.00 34$90.00 68,780.00 $469000 34,390.00 332240.00 1132630.00 463,000 33,240.00 32,090.00 1119330.00 48,000 322090.00 309890.00 1102980.00 492000 309890.00 29,665.00 1092555.00 513,000 29,665.00 281,390.00 1092055.00 52,000 282390.00 272090.00 1073,480.00 542000 279090.00 25,740.00 106,830.00 562000 252740.00 243,340.00 1062080.00 57,000 242340.00 22,915.00 1042255.00 59,000 22,915.00 21,440.00 1032355.00 61,000 21,440.00 191,915.00 1021,355.00 63,000 193,915.00 182340.00 1019255.00 64,000 18,340.00 17,060.00 99,400.00 673,000 172060.00 15,720.00 99,780.00 692000 159720.00 14,340.00 992060.00 70,000 140340.00 12,940.00 972280.00 733,000 129940.00 11,480.00 979420.00 759000 110480.00 92980.00 969460.00 773,000 9,980.00 82440.00 959420.00 79,000 89440.00 69860.00 949300.00 82,000 62860.00 59220.00 941,080.00 84,000 51,220.00 31540.00 92,760.00 872000 33,540.00 19800.00 922340.00 90,000 1,800.00 91,800.00 '913,000 91,000.00 Section 9. That the bonds of this issue shall be callable for payment prior to maturity in accordance with the terms set out in the face of the bond forms in Section 5 of this Ordinance. Section 10. That the Treasurer or Finance Officer ofthe City of Little Rock, Arkansas, is hereby ordered and directed to place on deposit Vith Worthen Bank & Trust Company, Little Rock, Arkansas, the Paying Agent, at least five (5) days before the maturity date of any bond or interest coupon issued hereunder, an amount from the funds herein appropriated equal to the amount of such bonds or coupons, for the sole purpose of paying the same, together with the customary paying agent's fee of twelve and one -half cents (12ki) for each $100 par value of bonds and a fee of five cents (5J) for each coupon. This instruction to the Treasurer and Finance Officer is irrevocable and may be enforced by mandamus. Section 11. That Worthen Bank & Trust Company, Little Rock, Arkansas, is designated as Paying Agent. The holders of a majority in value of the outstanding bonds at any time may by an instrument duly executed and recorded in the office of the City Clerk appoint a new paying agent, who shall have all of the powers of the paying agent originally named, and the Paying Agent herein named may resign at any time upon ten (10) days' notice in writing mailed to the City Clerk. In the event of a vacancy in the office of paying agent and the failure of the holders of a majority in value of the outstanding bonds to take the necessary action to appoint a new paying agent within thirty (30) days after such vacancy occurs, the City shall forthwith designate a new paying agent. Section 12. That if default is made and continues for thirty (30) days in the payment of any interest coupon, the holder of the bond to which it is attached may declare the same immediately due and payable, and the failure of the holder to exercise this option upon any default shall not be a waiver of his right to exercise the option upon any subsequent default. - 19 - Section 13. That when the bonds herein authorized have been executed by the Mayor and City Clerk and the seal of the City impressed as herein provided, they shall be delivered to Worthen Bank & Trust Company, Little Rock, Arkansas, which shall authenti- cate them and deliver them to the said purchasers, or order, upon payment in cash of the purchase price of $1,650,000 plus accrued interest from December 1, 1958, to date of delivery. From the proceeds of the sale of the bonds, there shall be deposited in the Sinking Fund the accrued interest. The balance of the proceeds shall be deposited in an account designated 111958 General Obliga- tion Improvement Construction Fund'(hereinafter called "Construction Fund') and shall be used solely for the purposes hereinabove specified, for necessary expenses incidental thereto, and for the expenses of the issuance of the bonds. The City expressly reserves the right to direct the depository or depositories in which said moneys are deposited to invest the moneys at any time and from time to time in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States of America. The City reserves the right to invest at any time and from time to time in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States of America any moneys in the Sinking Fund held as a reserve for contingencies. Interest earned by investments of either the Sinking Fund or the Construction Fund may be used by the City for any municipal purpose. Section 14. That the terms of this Ordinance shall con- stitute a contract between the City of Little Rock, Arkansas, and the holder or holders of the bonds and no variation or change in the undertakings herein set forth shall be made while any of these - 20 - 1 ' • bonds are outstanding and the holder of any bonds may at any time for and on his own behalf or for and on behalf of all bondholders enforce the obligations of the City by a proper suit for that purpose. Section 15. That the provisions of this Ordinance are separable and in the event that any section or part hereof shall be held to be invalid, such invalidity shall not affect the remainder of this Ordinance. Section 16. That all ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 17. That this Ordinance shall not create any right of any character and no right of any character shall arise under or pursuant to it until the bonds authorized by this Ordinance shall be issued and delivered. Section 18. That is is hereby ascertained and declared that ' there is an immediate and urgent need for the construction or ac- quisition of the various municipal projects to be financed by the issuance of the bonds above referred to 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 Ordinance, being necessary for the preservation of public peace, health and safety, shall take effect and be in force immediate- ly upon and after its adoption. PASSED: Tune 1. 1959 • ATTEST: ty er APPROVED: r - 21 -