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HomeMy WebLinkAbout10278Oft •♦' . ORDINANCE NO. 10,278 AN ORDINANCE SUBMITTING TO THE ELECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS, AT THE GENERAL ELECTION TO BE HELD ON NOVEMBER 6, 1956, THE QUESTION OF ISSUING PUBLIC LIBRARY IMPROVEMENT BONDS. WHEREAS, the public library of the City of Little Rock, Arkansas, is now inadequate to meet the needs of the public, and it is estimated that the construction and equipment of an addition to the library and certain changes, alterations and modifications In the existing structure, in order to make it adequate for the present and the reasonable future, will cost $1,295,000; and WHEREAS, the City can secure the money to make this Improve- ment by issuing bonds under the provisions of Amendment No. 13 to the Constitution of the State of Arkansas, provided the proposed issue is approved by the electors of the City; now, therefore, BE IT ORDAINED by the City Council of the City of Little Rock, Arkansas: SECTION 1. That there shall be submitted to the electors of the City of Little Rock at the general election to be held in said City on November 6, 1956, the question of issuing bonds in the amount of $1,295,000, to be dated as of January 31, 1957, to be issued for the purpose of constructing and equipping an addition to the Little Rock Public Library and making certain changes, alterations and modifications in the existing structure, said bonds to bear an average rate of interest of not to exceed 3 1/4% per annum, to be callable at the option of the City, but without the privilege of conversion, and to mature serially on February 1 of each year as follows: $34,000 in 1960 36,000 in 1961 37,000 in 1962 38,000 in 1963 39,000 in 1964 40,000 in 1965 42,000 in 1966 43,000 in 1967 44,000 in 1968 46,000 in 1969 47,000 In 1970 49,000 in 1971 50,000 in 1972 52,000 in 1973 54,000 in 1974 56,000 in 1975 57,000 in 1976 59,000 in 1977 61,000 in 1978 63,000 in 1979 65,000 in 1980 67,000 in 1981 70,000 in 1982 72,000 in 1983 74,000 in 1984 SECTION 2. That the question shall appear on the ballot for said general election in substantially the following form: For an issue of library improvement bonds in the amount of $1,295,000 by the City of Little Rock, Arkansas. . . . . . . . . . Against an issue of library improvement bonds in the amount of $1,295,000 by the City of Little Rock, Arkansas. . . . . . . . . . L% The bonds will be issued for the purpose of constructing and equipping an addition to the Little Rock Public Library and making certain changes, alterations and modifications in the existing structure. They will bear an average rate of interest of not to exceed 3 1/4% per annum, will be callable at the option of the City but will not be subject to conversion, and will mature serially on February 1 of the years 1960 to 1984, both inclusive. SECTION 3. 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 adver- tisement published weekly, once a week, for four times in a newspaper published in the City of Little Rock and having a bona fide circulation I P. in said City, the last publication to be not less than ten days prior to the date of said election, and only qualified voters of the City of Little Rock shall have the right to vote at said election. SECTION 4. The result of said election on said question shall be proclaimed by the Mayor and his proclamation shall be published one time in said newspaper, and the result of said election as pro- claimed by the Mayor shall be conclusive unless attacked in the courts within thirty days after the date of such proclamation. SECTION 5. That a copy of this ordinance be given to the Pulaski County Sheriff in order that he may include the question of the bond issue in his proclamation of said election to be posted and published, and that a copy be given to the Pulaski County Board of Election Commissioners. SECTION 6. It is hereby ascertained and declared that in the event this question is not submitted at the general election in 1956, the cost of a special election will be prohibitive and the matter will be deterred until the next general election, but that meanwhile the present library facilities are inadequate to meet the cultural needs of the City; therefore, an emergency exists and this ordinance, being necessary to preserve the public peace, health, and safety, shall take effect and be in force from and after its passage. Passed: September 10, 1956. Attest: APPROVED: Mayor City Clerk CATE the unde igned, City Cl k of the City of ittle Rock, Arkansa , certify a foregoing to e a true copy o an ordinance assed b the City C \ncil at a dul cal led and const uted meeting a which m e than twds of the mbers -elect of t e Council were pre ent and oted for rdinance, wh h now appears i Ordinance Book page , of the re ords of said Cit C TIFIED my hand d the seal oP aid City, this day of u f 195 cry cier (Seal) �7