HomeMy WebLinkAbout6338ORDINANCE NO. 6335
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS
FOR THE PURPOSE OF PURCHASING FIRE FIGHTING
APPARATUS, CONSTRUCTION OF BUILDINGS FOR THE
HOUSING OF FIRE FIGHTING APPARATUS AND MAKING
ADDITIONS TO EXISTING BUILDINGS FOR THE HOUSING
Y OF FIRE FIGHTING APPARATUS.
INHEREAS, By ordinance of the City Council duly passed
on the 26th day of February, 19402 there was submitted to the
qualified electors of the City of Little Rock, Arkansas, the
question whether it should issue $50,000 of bonds for the pur-
pose of pursing fire fighting apparatus, construction of
buildings for the housing of fire fighting apparatus, and making
additions to existing buildings for the housing of fire fighting
apparatus; and
WHEREAS,, Due notice of the election was given as
required by law and at said election 11614 votes were cast in
favor of said bonds, and only 282 votes were cast against; and
WHEREAS, Of said authorized issue of $50,000, $25,000
of bonds dated May 1, 1940, were issued and sold on May 6, 19401
the Council having determined that it was necessary to issue only
that amount of bonds at that time; and
WHEREAS, The Council has determined that it is necessary
at this time to issue the balance of $25,000 of said authorized
issue.of $50,000; 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, said $25,000
of bonds were offered for sale on sealed bids at a meeting of this
Council at the council chamber in the City Hall at Little Rock,
at 8:30 P. M.son'the 8th day of December, 1941, and at said sale
W. B. Worthen Company, Bankers, of Little Rock, Arkansas, bid
and offered the price of 102.27 cents on the dollar and accrued
interest for bonds bearing interest at the rate of two per cent
per annum, and this being the best bid, said bonds were sold to
them at that price:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF LITTLE ROCK:
Section 1. The Mayor and City Clerk are hereby
authorized and directed to execute the $25,000 of bonds of this
City, bearing interest at the rate of two per centum per annum
from September 1, 1941, payable on March 1, 1943, and semi-
annually thereafter on September 1 and March 1 in each year,
dated March 1, 191+1, each in the denomination of $1,000, and
their numbers and maturities to be as follows:
Nos. of Bonds
1 to 5, inclusive
6 to 10, r'
11 to 15, n
16 to 20, n
21 to 25, n
Amount
Maturity
$5,000
March
1,
191+5
5,000
March
11
1946
5,000
March
1,
1947
5,000
March
1,
19,48
5,000
March
1,
1949
Section 2. Said bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
2% FIRE APPARATUS AND FIRE STATION BOND
No $l, 000
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, 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 1st day
of March, 19 , with interest thereon from the 1st day of
September, 191.1, at the rate of two per centum (2f) per annum,
payable on the 1st day of March, 1943, and semiannually thereafter
on the 1st day of September and March of each year, on presenta-
tion and surrender of the annexed interest coupons as they
severally mature. Both principal and interest of this bond are
hereby made payable at the office of W. B. Worthen Company, Bankers,
in the City of Little Rock, and State of Arkansas.
This is one of a series of twenty -five (25) bonds,
aggregating Twenty -Five Thousand Dollars ($25,000), all of like
tenor and effect except as to maturity, numbered from 1 to 25,
inclusive, issued for the purpose of purchasing fire fighting
apparatus, construction of buildings for the housing of fire fight-
ing apparatus and making additions to existing buildings for the
housing of fire fighting apparatus, 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 the Amendment which was
adopted as Amendment No. 15 to the Constitution of the State of
Arkansas, now Amendment No. 13, and in accordance with the laws
of said State, particularly Act No. 93 of the Acts of the General
3
Assembly of the State of Arkansas of the year 1927, entitled "An
Act to Regulate the Issuance of Bonds by Municipal Corporations ",
approved March 4, 1927, under ordinances of the City Council of
said City, and in pursuance of an election duly held at which
the majority of the legal voters of said City voting at said
election voted in favor of the issue 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 and said Act, 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
principal and interest of all of said bonds have 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 limitation.
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
the tax authorized to be levied by said Amendment to the Constitution,
and levied by Ordinance No. of the City of Little Rock, passed
and approved on the day of , 1941.
This bond shall not be valid until authenticated by the
certificate hereon of W. B. Worthen Company, Bankers, of Little
Rock, Arkansas.
IN WITNESS WHEREOF, The City of Little Rock 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 1st day of March, 1941.
ATTEST:
City Clerk
CITY OF LITTLE ROCK
By
Mayor
To each of said bonds are attached coupons for the
semiannual interest in the following form:
No.
March,
On the 1st day of September, 19 , the City of Little
Rock, Arkansas, promises to pay to bearer
DOLLARS
in lawful money of the United States of America, at the office
of , in the City of
Little Rock, Arkansas, being six monthst interest then due on its
Fire Apparatus and Fire Station Bond, dated March 1, 191+1, and
numbered .
Mayor
(The first coupon will be for eighteen monthst
interest, due March 1, 19143•)
(The signature of the Mayor to the coupons attached
to said bonds may be lithographed or engraved.)
On the back of said bonds shall appear the following
CERTIFICATE
This is to certify that this is one of the twenty -five
bonds of the issue mentioned and described within.
W. B. WORTHEN COMPANY, BANKERS
By
Little Rock, Arkansas
19 •
S
Section 3. If default is made for thirty days in
the payment of any interest coupon, the holder of the bond to
which it is attached may declare the same immediately due and
payable.
able.
Section. The Mayor and City Clerk are hereby
authorized and directed, when they have executed said bonds, to
turn them over to W. B. Worthen Company, Bankers, the purchaser,
upon receipt of the purchase price in cash of 102.27 cents on
the dollar and accrued interest; and the proceeds of said bonds
shall be used for no purpose except for the purpose of purchasing
fire fighting apparatus, construction of buildings for the housing
of fire fighting apparatus and making additions to existing
buildings for the housing of fire fighting apparatus, and the
necessary expense of the issue.
Section 5. In order to pay the bonds as they mature,
with interest thereon, there is hereby levied upon all real
i
i
and personal property within the City of Little Rock a tax of
.20 mills for each of the years 1942 to 1948, inclusive,
being a sum sufficient to meet said bonds and interest as they
mature, with 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
,I
County, to the end that said taxes may be extended 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.
Section 6. In order to pay said bonds as they mature,
there is hereby appropriated out of the proceeds of the tax
hereby levied, and if such proceeds be not sufficient, then out
M
of the general revenues of the City, the following sums to pay
the principal and interest of said bonds as they mature:
Maturity Principal Interest Total
rch 1, 1943 X750.00
1, 1943 250.00 $1,000.00
March 1, 1944 250.00
Sept. 11 1944 250.00 500.00
March 12 1945 $5,000.00 250.00
Sept. 11 1945 200.00 5,450.00
March 11 1946 5,000.00 200.00
Sept. 1, 1946 150.00 5050.00
March 1, 1947 5,000.00 150.00
Sept. 11 1947 100.00 51250.00
March 1, 1948 5,000.00 100.00
Sept. 1, 1948 50.00 5,150.00
March 11 1949 5,000.00 50.00 5,050.00
Section 7. The Treasurer of the City. of Little.Rock
is hereby authorized and instructed to include a 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
to be paid with each remittance to the W. B. Worthen Company,
Bankers, in the City of Little Rock, Arkansas, for principal or
interest of the said $25,000 of bonds of said City.
Section 8. It is ascertained and hereby declared that
the prompt purchase of fire fighting apparatus and the construe-
. '
tion of additional buildings for the housing of fire fighting
apparatus and making additions to existing buildings for the
+ housing of fire fighting apparatus are essential to the public
safety, and that by reason of the present economic conditions,
many citizens of the City are out of work, and the improvement
herein provided would furnish work for a large number of men and
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thereby add to the peace and happiness of the City. It is,
therefore, declared that an emergency exists, that this ordinance
is necessary for the immediate preservation of the public peace,
health, and safety, and that this ordinance shall take effect and
be in force from and after its passage.
PASSED: December 15, 1941
ATTEST:
ity Clerk
il
APPROVED. . T,-j- ,r
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