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ORDINANCE NO. 9112
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
BONDS BY THE CITY OF LITTLE ROCK, ARKANSAS,
FOR THE PURPOSE OF ACQUIRING RIGHTS -OF -WAY
FOR STREETS, BOULEVARDS, AND APPROACHES TO
THE BROADWAY AND HAIN STREET BRIDGES IN
THE CITY OF LITTLE ROCK.
WHEREAS, by Ordinance No.9028 duly passed on the 29th day
of September, 1952, there was submitted to the qualified electors
of the City of Little Rock, Arkansas, the question whether it should
issue $975,000 of bonds to bear interest at a rate or rates not to
exceed three per cent (37) per annum for the purpose of acquiring
rights -of -way for streets, boulevards, and approaches to the Broadway
and Alain Street Bridges in the City of Little Rock; and
WHEREAS, due notice of the election was given as required
by law, and at said election 22054 votes were cast in favor of said
bond issue, and only 6521 votes were cast against it; 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 otglock P. Y., on the
26th day of January, 1953, and at said sale T. J. Raney & Sons and
W. R. Stephens Investment Co., Inc., of Little Rock, Arkansas, bid
and offered the price of 100 cents on the dollar and accrued interest,
to the date of delivery, plus a premium of $3,554.00 for bonds bearing
interest at the rate of 3% per annum through the year 1965, and for
bonds bearing interest at the rate of 1-3/41/"0' per annum for the years
from 1966 to 1969, inclusive, and this being the best bid,,said
bonds were sold to T. J. Raney &a Sons and W. Stephens Investment
Co., Inc. at that price;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF LITTLE ROCK:
Section 1. The A.ayor and City Clerk are hereby authorized
and directed to execute the bonds of this City in the aggregate
principal amount of $975,000, $659,000 bearing interest at the rate of
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three per centum (3 %) per annum and $316,000 bearing interest at the
rate of one and three - fourths per centum (1 -3/4 %) per annum, in the
denomination of $1,000 each, dated as of February 1, 1953, their
numbers and maturities to be as follows, but subject to redemption
before maturity as hereinafter set out:
BOND NUMBERS
(All-Inclusive)
AMOUNT
INTEREST RATE
MATURITY
February
o
1
1- 59
$ 59,000
3
1956
60 -119
60,000
it
1957
120 -181
62,000
it
1958
182 -244
63,000
it
1959
245 -309
65,000
tt
1960
310 -375
66,000
tt
1961
376 -443
68,000
tt
1962
444 -513
70,000
tt
1963
514 -585
72,000
tt
1964
586 -659
74,000
it
1965
660 -735
76,000
1-3/4
1966
736 -813
78,000
tt
1967
814 -893
80,000
tt
1968
894 -975
82,000
tt
1969
form:
Section 2. Said bonds shall be substantially in the following
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UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
3% GENERAL OBLIGATION RIGHTS -OF -WAY STREET IMPROVEMENT BOND
No. $
KNOW ALL ADEN BY THESE PRESENTS:
That the City of Little Mock, in the County of Pulaski,
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, 19 , with interest thereon from the first day of
February, 1953, at the rate of three per centum (30) per annum,
payable on the first day of August, 1953, and semiannually thereafter
on the first day of February and August of each year, on presentation
and surrender of the annexed interest coupons as they severally
mature. Both principal of and interest on this bond are hereby made
payable at the office of The Peoples National Bank of Little Rock,
in the City of Little Rock, and State of Arkansas.
This is one of a series of nine hundred seventy -five (975)
bonds, aggregating Nine Hundred Seventy Five Thousand Dollars
($975,000), all of like tenor and effect, except as to number,
right of prior redemption, and maturity, numbered from 1 to 975,
inclusive, issued for the purpose of acquiring rights -of -way for
streets, boulevards, and approaches to the Broadway and ruin Street
Bridges in the City of Little Rock, and the said City of Little Rock
hereby covenants that in the issuing of this bond it has proceeded
in accordance with the provisions of Amendment No. 13 to the Con-
stitution of the State of Arkansas, and in accordance with the laws
of said State, under ordinances of the City Council of said City,
duly passed, and in pursuance of an election duly held at which the
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.
majority of the legal voters of said City voting at said election
voted in favor of the issuance of said bonds; that all things
necessary to the validity of this bond under the laws of the
State of Arkansas, and particularly under said Amendment to its
Constitution, have existed, have happened, and have been performed
as required by law; that a tax sufficient to pay the bonds aforesaid
has been duly levied in accordance with said Constitutional Amendment,
and made payable annually until the last of the principal of and
interest on said bonds has been fully paid and discharged; and that
the indebtedness represented by this bond and the issue of which
it forms a part does not exceed any constitutional or statutory
limitations.
For the prompt payment of this bond and all others of this
issue and the interest thereon, the said City of Little Rock hereby
pledges its full faith, credit and taxing power, including one (1)
mill of the five mill tax authorized to be levied by said Amendment
to the Constitution to be collected in the year 1953, and one and
one -half (1 -1/2) mills to be collected in each of the years 1954 to
1968, inclusive, and levied by Ordinance No, of the City
of Little Rock, passed and approved on the 26th day of January, 1953.
The bonds of this series are subject to redemption before
maturity, from time to time, at the option of the City, in inverse
numerical order, in lawful money of the United States of America, at
par and accrued interest, on any interest paying date on and after
August 1, 1956, only out of any surplus tax collections, and
on any interest paying date on and after August 1, 1958, out of
said surplus or any available funds. Notice of the call for
redemption shall be published by the City Clerk of the City once
a week for two weeks before the date of such redemption in a
newspaper of general circulation published in the City of Little Rock,
Arkansas, and having a general circulation throughout the State of
Arkansas, and after the date mentioned in the call the bond or bonds
so called will cease to bear interest, provided funds for their
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payment are on deposit at that time.
This bond shall not be valid until authenticated by the
certificate hereon of The Peoples National Bank of Little:ock,
Little �:ock, Arkansas.
IN WITNESS WHEREOF, the City of Little Rock, in the State
of 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 coupons hereto attached to be authenticated by the facsimile
signature of its Mayor, as of the first day of February, 1953.
CITY Os' LITTLE 000.1 ARKANSAS
By
ATTEST:
City Clerk
(S E A L)
Mayo r
To each of said bonds are attached coupons for the semiannual
interest in the following form:
No.
February,
On the first day of 19 , the :ity of Little
August,
Rock, Arkansas, promises to pay to bearer
Dollars, in lawful money of the United States of America, at the
office of The Peoples National Bank of Little Rock, in the City of
Little ock, Arkansas, being six monthst interest then due on its
General Obligation Plights -of -Way Street Improvement Bond dated
as of February 11 1953, and numbered ; unless the bond to
which this coupon is attached is sooner called for payment.
Mayor
(The signature of the Mayor to the coupons attached to said
bonds may be lithographed or engraved.)
On the back of said bonds will appear the following:
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C E R T I F I C A T E
This is to certify that this is one of the nine hundred seventI-
five (975) bonds of the issue mentioned and described within.
THE PEOPLES NATIONAL BANK OF LITTLE :SOCK
By
Little Rock, Arkansas
Section 3. If default is made for thirty (30) days in the pay-
meat of any interest coupon, the holder of the bond to which it is at-
tached may declare the same immediately due and payable.
Section 4. In order to pay the bonds as they mature, with
interest thereon, there is hereby levied upon all real and personal
property within the City of Little Rock, Arkansas, a tax of one (1)
mill for the year 1953, and a tax of one and one -half (1 -1/2) mills
for each of the years 1954 to 1968, inclusive, being a sum sufficient
to meet said bonds and interest as they mature, with more than five per
cent added for unforeseen contingencies; and the City Clerk is directed
to transmit a certified copy of this section of this Ordinance to the
County Clerk of Pulaski County, to the end that said taxes may be exten-
ded on the tax books of said County and collected annually along with the
other taxes until the said bonds and interest thereon are paid in full.
Surplus revenues derived from the said special tax levied for this bond
issue in excess of the amount required to pay the principal of and inter-
est on the bonds as they mature must be used to call the bonds of this
issue prior to maturity at the times and in the manner provided herein
for optional call.
Section 5. For the prompt payment of the bonds of this issue, with
interest, the City of Little hock hereby pledges its full faith, credit,
and taxing power, including the tax levied in Section 4.
Section 6. In order to pay the said bonds as they mature, there
is 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 to pay the principal of and interest on the said
bonds as they mature:
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YEAR PRINCIPAL 3% INTEREST 1 -3/4% INTEREST TOTAL
February 1 - August 1 February 1 - August 1
1953
$
$
$9885.00 $
1954
25,300.00
9885.00
9885.00
1955
2765.00
9885.00
9885.00
1956
59,000
9885.00
9000.00
1957
60,000
9000.00
8100.00
1958
62,000
8100.00
7170.00
1959
63,000
7170.00
6225.00
1960
65,000
6225.00
5250.00
1961
662000
5250.00
4260.00
1962
682000
4260.00
3240.00
1963
70,000
3240.00
2190.00
1964
72,000
2190.00
1110.00
1965.
74,000
1110.00
1966
762000
1967
78,000
1968
80,000
1969
82,000
$2765.00 $12,650.00
2765.00
2765.00
25,300.00
2765.00
2765.00
25,300.00
2765.00
2765.00
83,415.00
2765.00
2765.00
82,630.00
2765.00
2765.00
822800.00
2765.00
2765.00
81,925.00
2765.00
2765.00
82,005.00
2765.00
2765.00
81,040.00
2765.00
2765.00
81,030.00
2765.00
2765.00
80,960.00
2765.00
2765.00
80,830.00
2765.00
2765.00
80,640.00
2765.00
2100.00
80,865.00
2100.00
1417.50
812517.50
1417.50
717.50
82,135.00
717.50
82,717.50
Section 7. The bonds of this series are subject to redemption
before maturity, from time to time, at the option of the City, in
inverse numerical order, in lawful money of the United States of
America, at par and accrued interest, on any interest paying date,
on and after August 1, 1956, only out of any surplus tax collections,
and on any interest paying date on and after August 11 1958, out of
said surplus or any available funds. Notice of the call for redemption
shall be published by the City Clerk of the City once a week for two
weeks before the date of such redemption in a newspaper of general
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circulation published in the City of Little Rock, Arkansas,
and having a general circulation throughout the State of
Arkansas, and after the date mentioned in the call the bond
or bonds so called will cease to bear interest, provided funds
for their payment are on deposit at that time.
Section 8. When the $975,000 of 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 The Peoples National Bank of Little
Rock, in Little Rock, Arkansas, which shall authenticate and
deliver them to the purchasers, T. J. Raney & Sons and
W. R.Stephens Investment Co., Inc., of Little Rock, Arkansas,
upon payment in cash of the purchase price of $975,000,
plus the premium of $3,554, and accrued interest to the
date of delivery. The proceeds of the purchase price shall
be used for no other purpose except for the purpose of ac-
quiring rights -of -way for streets, boulevards, and approaches
to the Broadway and Main Street bridges in the City of Little
Rock, and for the expenses of the bond issue to be borne
by the City.
Section 9. It shall be the duty of the City Treasurer
to deposit with The Peoples National Bank of Little Rock, in
Little Rock, Arkansas, the paying agent, at least five (5) days
before the maturity date of any bond orinterest coupon issued here-
under, 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 cents
(122) for each $100 par value of bonds and.a fee of twenty -five
cents (25¢) for each $100 par value of coupons. Such deposit shall
elr _, • '.
be at the risk of the "ity and shall not operate as a payment of
the bonds or coupons until so applied.
Section 10. This Ordinance shall not create any right of any
character, and no right of any character shall arise under or pur-
suant to it, until the bonds authorized by this ordinance shall be
issued and delivered.
Section 11. All ordinances and parts of ordinances in
conflict with this ordinance are hereby repealed.
Section 12. It is ascertained and hereby declared that
the streets in the down town area of the City of Little Rock and
in and around the approaches to Broadway and main Street bridges
are inadequate to meet the demands of traffic requirements, that
the said areas are congested with traffic, and that on account
thereof the safety of theinhabitants and their property is jeopar-
dized, their health impaired, and their welfare endangered; and that
the acquisition of rights -of -way for streets, boulevards, and
approaches to the Broadway and ruin Street bridges is essential to
the safety and health of said City. It is, therefore, declared that
an emergency exists, and this Ordinance is necessary for the im-
mediate preservation of the public health, peace, and safety, and
the ordinance shall take effect from and after its passage.
PASSED: February 2, 1953.
ATTEST:
ity Clerk
APPROVED:
ilayor
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