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HomeMy WebLinkAbout9448ORDINANCE NO. 9448 AN ORDINANCE PROVIDING FOR THE ACQUISITION OF A SITE FOR AN ADDITION TO THE CITY LIBRARY; PRO- VIDING FOR THE ISSUANCE OF BONDS TO PAY THE COST THEREOF LEVYING A TAX SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS; PRESCRIB- ING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY WHEREAS )by Ordinance No. 9363, duly passed by the City Council of the City of Little Rock, Arkansas on October 1, 1953, there was submitted to the qualified electors of the City of Little Rock, Arkansas the question of whether the city should issue bonds in the amount of $120,000 to bear interest at a rate not to exceed 220 per annum for the purpose of acquiring a site for an addition to the City Library; and WHEREAS due notice of the election was given as required by law and said election was duly held on November 3, 1953 at which election 10,919 votes were cast for the issuance of bonds and 3,757 votes were cast against the issuance of bonds; and 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, the said bonds were offered for sale on sealed bids at a meeting of the City Council in the council chambers at the City Hall at 8:00 o'clock p.m. on the 11th day of January, 195+, and at said sale Hill, Crawford & Lanford, Inc.of Little Rock, Arkansas bid and offered the price of one hundred cents on the dollar and accrued interest to the date of delivery, plus a premium of $26.00, for bonds bearing interest at the rate of 1.50%, and this being the best bid said bonds were sold to Hill, Crawford & Lanford, Inc. at that price; and WHEREAS the purchaser of the bonds has elected to name the Union National Bank of Little Rock, Arkansas as trustee and pay- ing agent; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Little Rock, Arkansas: -2- Section 1. That under the authority of the Constitution and laws of the State of Arkansas, including particularly Amendment No. 13 to the Constitution of the State of Arkansas, City of Little Rock 1.50/ City Library Bonds are hereby authorized and ordered issued in the total principal amount of $120,000, the proceeds of the sale of which are necessary to provide sufficient funds to pay the cost of acquiring a site for an addition to the City Library, including other necessary expenses incidental thereto and to the issuance of bonds. Said bonds shall be numbered consecutively from 1 to 120, in- clusive, and shall be in the denomination of $1,000 each. The bonds shall be dated February 1, 195+ and interest shall be payable semi- annually on the first days of February and August of each year com- mencing August 1, 195+. All bonds bear interest at the rate of 1.50f per annum and the interest shall be evidenced by interest coupons. The principal and interest shall be payable in lawful money of the United States of America upon presentation of the bond or proper coupon at the Union National Bank of Little Rock, Arkansas. All bonds mature on February 1, 1958, but are callable as hereinafter set forth. Section 2. 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. Interest coupons attached to each of said bonds may have the facsimile signature of the Mayor of the city lithographed or printed thereon, which signature shall have the same force and effect as if he had personally signed each of said coupons. Section 3. The bonds and coupons shall be in substantially the following form: -3- UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PULASKI CITY OF LITTLE ROCK 1.50% GENERAL OBLIGATION CITY LIBRARY BOND No. KNOW ALL MEN BY THESE PRESENTS: $1,000.00 That the City of Little Rock in the County of Pulaski and State of Arkansas acknowledges itself to owe, and for value received 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 February, 1958 and to pay interest hereon at the rate of one and one - half per cent (1.50%) per annum from date, semi - annually on the first days of February and August in each year, commencing August 1, 195+, 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 Union National Bank of Little Rock, Arkansas. This is one of a series of one hundred twenty (120) bonds, aggregating One Hundred Twenty Thousand ($120,000) Dollars, dated February 1, 195+, numbered from one (1) to one hundred twenty (120) inclusive, all of like tenor and effect except as to number, and the bonds are issued for the purpose of acquiring a site for an addition to the City Library, of the City of Little Rock, Arkansas. 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 Con- stitution of the State of Arkansas and pursuant to ordinances of the City Council of said city and an election duly held at which the majority of the legal voters of said city voting on the question voted in favor of the issuance of said 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 one -half (1 /2) mill special tax levied by the City Council under the authority of Amendment No. 13 to the Constitution of the State of Arkansas, and the City of Little Rock hereby pledges its full faith, credit and taxing power, including the said one -half (1/2) mill special tax, for the payment of this bond and the series of which it forms a part. The bonds of this issue shall be callable for payment prior to maturity in inverse numerical order at par and accrued interest from surplus tax collections on any interest paying date on and after February 1, 1957. Notice of the call for redemption shall be pub- lished once a week for two (2) weeks in a newspaper published in the City of Little Rock, Arkansas and having a general circulation throughout the State of Arkansas, giving the number and maturity of each bond being called, the first publication to be at least fifteen (15) days prior to the redemption date 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 bonds 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 authenticated by the certificate hereon duly signed by Union National Bank of Little Rock, Arkansas. -5- IN WITNESS WHEREOF, the City of Little Rock, Arkansas has executed this bond by the hands of its Mayor and City Clerk and attested it with its corporate seal and has caused the coupors hereto attached to be authenticated by the facsimile signature of its Mayor, all as of the first day of February, 1954. ATTEST: (SEAL) No. City Clerk CITY OF LITTLE ROCK, ARKANSAS By Mayor (FORM OF COUPON) February On the first day of August, 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 in lawful money of the United States of America at the office of Union National Bank of Little Rock, Arkansas, being six (6) months' interest then due on its general obligation city library bond dated February 1, 195+, and numbered . CITY OF LITTLE ROCK, ARKANSAS By Mayor On each bond shall appear the following: CERTIFICATE This is to certify that this is one of the one hundred twenty (120) bonds of the issue mentioned and described within. Little Rock, Arkansas 1954 UNION NATIONAL BANK OF LITTLE ROCK, ARKANSAS Em r M Section 4. In order to pay the said bonds as they mature, with interest thereon, there is hereby levied upon all taxable real and personal property within the City of Little Rock, Arkansas a tax of one -half (1/2) mill on each dollar of assessed valuation, be- ginning with the taxes collected in the year 1954 and continuing through the year 1958 and as long thereafter as may be necessary to pay the principal of and interest on the bonds authorized by this ordinance, being a sum sufficient to pay-the interest on and princi- pal of the bonds at maturity, with more than five (5 %) per cent added for unforeseen contingencies; and the City Clerk is directed to trans- mit a copy of this ordinance to the County Clerk of Pulaski County, Arkansas to the end that said tax may be extended on the tax books of said county and collected annually along with the other taxes until said bonds and interest thereon are paid in full. The revenues de- rived from the said special tax shall be used solely for the payment of the principal of and interest on the bonds and revenues over and above the annual interest requirements of the bonds may be invested in bonds or obligations of the United States of America. Section 5. 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 tax levied in Section 4. Section 6. In order to pay the principal of and interest on said bonds as they mature, there are hereby appropriated out of the proceeds of the tax herein levied, and if such proceeds be not sufficient then out of the general revenues of the city the following sums: YEAR BOND NOS. PRINCIPAL INTEREST TOTAL February 1 August 1 195+ 900 goo 1955 goo 900 1,800 1956 900 goo 1,$00 1957 900 900 1,800 1958 1 - 120 $ 120,000 900 120,900 Section 7. 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 form in Section 3 of this ordinance. Section 8. The Treasurer of the City of Little Rock, Arkansas is hereby ordered and directed to deposit with Union National Bank of 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 paying agent's fee of twelve and one -half (122¢) cents for each One Hundred ($100) Dollars par value of bonds and a fee of twenty -five (25¢) cents for each One Hundred ($100) Dollars par value of coupons. Such deposit shall be at the risk of the city and shall not operate as a payment of the bonds or coupons until so applied. This instruction to the Treasurer is irrevocable and may be enforced by mandamus. Section 9. Whenever the word "Trustee" is used in this ordinance, it shall refer to Union National Bank of Little Rock, Arkansas. The Trustee shall be responsible only for wilful wrong in the execution of its trust. The recitals in this ordinance and in the face of the bonds are the recitals of the City and not of the Trustee. The Trustee shall not be required to take any action as Trustee unless it shall have been notified in writing and shall have been indemnified to its satisfaction against any loss, damage or expense on account of the taking of such action. The Trustee may resign at any time by ten (10) days' notice in writing to the City Clerk. The majority in value of the holders of the outstanding bonds at any time may, either with or without cause, remove the Trustee and appoint a new Trustee, pro- vided that such removal and appointment shall be evidenced by a writing, duly acknowledged and recorded in the office of the Circuit Clerk and Ex- Officio Recorder for Pulaski County, Arkansas. Any successor trustee shall have all of the powers herein granted to the original Trustee. Section 10. If default is made and continues for thirty (30) days in the payment of any interest coupon, the holder of any 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. Section 11. When the bonds herein authorized to be issued have been executed by the Mayor and City Clerk and the seal of the city impressed as herein provided, they shall be delivered to Union National Bank of Little Rock, Arkansas, Trustee, which shall authenti- cate them and deliver them to the purchaser upon payment in cash to the Trustee of the purchase price thereof and accrued interest from February 1, 1954. The proceeds of the purchase price shall be used for no other purpose except for the purpose of acquiring a site for an addition to the City Library in Little Rock, Arkansas, and for the expenses of the issuance of the bonds. Section 12. The terms of this ordinance shall constitute 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 out shall be made while any of these bonds are outstanding and the holder of any bond may at any time for and on his own behalf, and the Trustee may for and on behalf of all the bondholders, enforce the obligations of the City by a proper suit for that purpose. Section 13. The provisions of this ordinance are separable and in the event that any section or part thereof shall be held to be invalid , such invalidity shall not affect the remainder of the • ordinance. Section 14. All ordinances and parts of ordinances in conflict herewith are hereby repealed. Section 15. 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. s WC Section lb. It is hereby ascertained and declared that the City Library facilities in the City of Little Rock are wholly inadequate and that there is an immediate and urgent need for the ac- quisition of a site for an addition to the City Library, in order to adequately protect the health, safety and welfare of the inhabitants of the City, and that only by the sale and issuance of the bonds herein authorized can adequate facilities be made available. It is, there- fore, declared that an emergency exists and this ordinance being necessary for the preservation of the public peace, health and safety shall be in force and take effect immediately upon and after its passage. PASSED: January 15 , 195+. APPROVED: May Or ATTEST: i City Clerk