HomeMy WebLinkAbout7825IVN
ORDINANCE NO. 7825
AN ORDINANCE SUBMITTING TO THE VOTERS OF THE
CITY OF LITTLE ROCK THE QUESTION ,HETHER IT
WILL ISSUE BONDS TO THE EXTF14T OF $359,000
FOR THE PURPOSE OF THE PURCHASE, DEVELOPMENT
AND IMPROVEMENT OF PUBLIC PARKS LOCATED EITHEF.
WITHIN OR WITHOUT THE CORPORATE LIMITS OF THE
SAID CITY AND FOR THE DEVELOPMENT AND IMPROVE -
MENT OF GILLAM PARK.
BE IT ORDAINED BY THE COUNCIL OF
THE CITY OF LITTLE ROCK:
Section 1. An election is hereby called to be held at the
usual polling places in the City of Little Rock on the lst day of
February, 1949, for the purpose of determining whether the City
of Little Rock shall issue $359,000.00 in negotiable bonds, bear-
ing interest at a rate to be specified by the purchaser but not
to exceed 3% per annum, payable semi - annually, but convertible at
the option of the purchaser into bonds bearing a lower rate of
interest, on such terms as the city shall receive and pay thereon
substantially the same as upon the bonds sold at the price and
interest rate bid, which shall not be less than par for bonds
bearing interest at a rate not to exceed 3% per annum, said bonds
to mature as follows:
$7,000 in
8, 000 in
9,000 in
10,000 in
1l, 000 in
12,000 in
13,000 in
14,000 in
15,000 in
16,000 in
_17,000 in
18,000 in
the year 1952,
each of the years
each of the years
each of the years
each of the years
each of the years
each of the years
each of the years
each of the years
each of the years
each of the years
the year 1981.
1953
1957
1960
1963
1967
1969
1972
1975
1977
1979
to 1956, inclusive,
to 1959, inclusive,
to 1962, inclusive,
to 1966, inclusive,
and 1968,
to 1971, inclusive,
to 1974, inclusive,
and 1976,
and 1978,
and 1950 and
said bonds to be issued for the purpose of the purchase, develop-
ment and improvement of public parks located either within or
without the corporate limits of the said city and for the
development and improvement of Gillam Park, and to be payable on
March 1, in each of the said years, and to be dated March 1,1949;
but callable on any interest paying date after March 1, 1952 at
par and accrued interest.
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• T
Section 2. Said election shall be conducted and the votes
thereat canvassed and the result thereof declared under the law and
in the manner now provided for municipal elections, and notice
Qf said election sh`,11 be given by the Mayor by advertis\ tent weekly
for at least four (4) times in a newspaper published in the City of
Little Rock and having a bona fide circulation therein, the last
publication to be not less than ten days prior to the date of sid
election.
The ballots for said election shall be marked:
"For bond issue for the purpose of the purenase,
development, and improvement of public parks
either within or without the corporatelimits
of the said city and for the development and
improvement of Gillam Park."
"Against bond issue for the purpose of the pur-
chase, development, and improvement of public
parks either within or without the corporate
limits of the said city and for the development
and improvement of Gillam Park."
At said election, only qualified voters of the City of Little Rock
will have the right to vote. The result of said election shall be
proclaimed by the Mayor, by publication in a newspaper which has
been published in the said City of Little Rock and having a general
circulation therein for more than twelve months past, and 'riis
proclamation shall advise the citizens and property owners of said
city that the result as proclaimed will be conclusive unless
attacked in the courts within thirty (30) days after the date (f
such proclamation.
Section 3. This ordinance shall take effect and be in
force on its passage.
Passed: December 27, 1948 .
APPROVED: X44YL�
MAYOR
ATTEST:
CITY CLERK
(SEAL)