Loading...
HomeMy WebLinkAbout10852ORDINANCE NO. 101852 _ r AN ORDINANCE SUBMITTING AT THE GENERAL ELECTION TO BE HELD IN THE CITY OF LITTLE ROCK ON NDVEMB.ER 4, 1958, THE QUESTION OF ISSUING BONDS FOR THE SEVERAL DIFFERENT PURPOSES THEREIN LISTED, UNDER THE PROVISIONS OF AMENDMENT NO. 13 TO THE CONSTITUTION OF THE STATE OF ARKANSAS; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas, a city of the first class, needs to make a number of municipal improvements in order to protect the public peace, health and safety and to give adequate service to its expanding domestic, commercial and manufacturing needs, and it can secure the funds for some or all of these purposes by the issuance and sale of general obligation bonds under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas but first the bonds must be approved by a majority of the qualified electors of the City voting on the question of their issuance at an election held for that purpose; now, therefore, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. That there be submitted to the electors of the City at the general election to be held in the City on November 4, 1958, the question of issuing bonds in the following amounts and for the specified purposes, to -wit: $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 stimts, alleys and boulevards; $ 600,000 for the purchase, development and improvement 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; $ 200,000 for buildings for the housing of fire- fighting apparatus. �a0-f� C -� 7 1 SECTION 2. In the event that bonds for more than one purpose are approved, bonds approved for any one purpose may be issued separately or may be combined with bonds approved for any other purpose or purposes into one or more issues. The bonds shall bear interest at a rate 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, provided that by such conversion the City shall receive no less and pay no more than it would receive and pay if the bonds were not converted, and subject to the approval of the Board of Directors. The bonds shall be callable for payment before maturity. SECTION 3. The bonds, whether issued separately or combined with others, shall be dated as of the first day of December, 1958, with interest thereon to be payable semi- annually on January 1 and July 1 of each year, and shall mature on January 1 of each year as follows: $137,000 in 1962 139,000 in 1963 143,000 in 1964 147,000 in 1965 152,000 in 1966 156,000 in 1967 162,000 in 1968 167,000 in 1969 171,000 in 1970 177,000 in 1971 182,000 in 1972 188,000 in 1973 194,000 in 1974 200,000 in 1975 206,000 in 1976 212,000 in 1977 219,000 in 1978 225,000 in 1979 232,000 in 1980 238,000 in 1981 245,000 in 1982 253,000 in 1983 262,000 in 1984 271,000 in 1985 272,000 in 1986 In the event that less than all of the purposes are approved, or in the event that not all of the bonds are combined into a single issue, the bonds that are issued shall be issued with the same maturities but for proportionately less amounts. SECTION 4. The questions of the issuance of the various bond issues shall appear on the ballot for the general election in sub- stantially the following form: Vote on each measure by placing an "X° in the square opposite the measure, either for or against. For an issue of bonds in the amount of $1,800,000 for the acquisition of rights - of -way for construction of public streets, _ alleys, and boulevards . . . . . . . . . . . . . . . .L1 Against an issue of bonds in the amount of $1,800,000 for the acquisition cf rights - of-way for construction of public streets, _ alleys, and boulevards . . . . . . . . . . . . . . . .L1 For an issue of bonds in the amount of $1,350,000 for the construction of, widening, or straightening of streets, alleys and _ boulevards. . . . . . . . . . . . . . . . . . . . . .L1 Against an issue of bonds in the amount of $1,350,000 for the construction of, widening, or straightening of streets, alleys and _ boulevards. . . . . . . . . . . . . . . . . . . . . .L,1 For an issue of bonds in the amount of $600,000 for the purchase, development and _ improvement of public parks and flying fields. . . . .L1 Against an issue of bonds in the amount of $600,000 for the purchase, development and _ improvement of public parks and flying fields. . . . .Lf For an issue of bonds in the amount of $1,000,000 for the purchase of sites for, construction of, and equipment of city _ hall, auditorium, and prison . . . . . . . . . . . . .L i Against an issue of bonds in the amount of $1,000,000 for the purchase of sites for, contruction of, and equipment of city _ hall, auditorium, and prison . . . . . . . . . . . . . Z_/ For an issue of bonds in the amount of $200,000 for buildings for the housing _ of fire - fighting apparatus . . . . . . . . . . . . . .L1 Against an issue of bonds in the amount of $200,000 for buildings for the housing _ of fire- fighting apparatus . . . . . . . . . . . . . . Z_/ In the event that bonds for more than one purpose are approved, bonds approved for any one purpose may be issued separately or may be combined with bonds approved for any other purpose or purposes into one or more issues. The bonds shall bear interest at a rate 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, provided that by such conversion the City shall receive no less and pay no more than it would receive and pay if the bonds were not converted, and subject to the approval of the Board of Directors. The bonds shall be callable for Wiest before maturity. SECTION 5. Said election shall be held and conducted and the vote thereof canvassed and the result declared under the law and in the manner now provided for municipal elections, so far as the same may be applicable, and the Mayor of the City of Little Rock is hereby authorized and directed to give notice of such election by an advertisement published weekly, once a week for four times, in the Arkansas Democrat a newspaper published in the City of Little Rock, Arkansas, and having a bona fide circulation therein, the last publication to be not less than ten4ays prior to the date of said election, and only qualified electors of the City of Little Rock shall have the right to vote at said election. SECTION 6. A copy of this ordinance shall be given to the Pulaski County Sheriff in order that he may include the notice of the question of issuing these bonds when he posts and publishes his proclama- tion of said election, and a copy shall be given to t1m Pulaski County Board of Election Commissioners so that they may place the question on the ballot for said election, provide the proper election officials and supplies, and canvass the vote on the question. SECTION 7. The result of said election on the question of issuance of bonds, after the vote has been canvassed by the County Bard of Election Commissioners, shall be proclaimed by the Mayor and his proclamation shall be published one time in said newspaper, and said result as proclaimed by the Mayor shall be conclusive unless attacked in the courts within thirty days after the date of such proclamation. SECTION 8. It is hereby ascertained and declared that there is an immediate and urgent need for the construction or acquisition -`the various municipal projects being submitted to the electors, in order to protect the health, lives and property of the inhabitants of the City of Little Rock, Arkansas; therefore, an emergency exists and this ordinance, being necessary for the preservation of the public peace, health and safety, shall take effect and be in force immediately upon and after its passage. Passed: September 22, 1958. APPROVED: Attest: ci3a� City Clerk May APPROVED AT GENERAL ELECTION HELD NOVEMBER 4s 195$•