HomeMy WebLinkAbout6000ORDINANCE NO. 6000.
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AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS
FOR THE PURPOSE OF IMPROVING THE -FAIR PARK OWNED
BY THE CITY AND LEVYING A TAX TO PAY THE SAME
WHEREAS, By ordinance duly passed on the 22nd day of July,
1910, there was submitted to the qualified electors of the City
of Little Rock, the question whether it should issue bonds to the
extent of $1.7,500 of four per cent bonds, but convertible to a,
lower rate of interest on such terms that the City should pay and
receive substantially the same amount of money as upon a four
per cent bond issue, for the purpose of the improvement of the
Fair Park owned by the City by constructing and equipping a
modern swimming pool and additional park buildings; and
AIHEREAS, due notice of the election was given 4:"s res.r
by law, and at said election 2359 votes were cast in favor of
said bond issue, and only 311 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, said bonds
were offered for sale at a meeting of the City Council of Little
Rock at Stoo o'clock P.M., on the 16th day of September, 19,40,
and at said sale W. R. Stephens Investments of Little Rock, j
Arkansas, City National Bank & Trust Company of Kansas City,'.
Missouri, and Estes Snyder & Company of Topeka, Kansas, bid and
offered the price of $53,1+1a2•?51 and this being the highest and
best bid, said bonds were sold to them at that price; and
WHEREAS, the said purchasers have elected to convert,
said bonds into $55,000 of 2 -1/2 per cent bonds, on which the
City will receive and pay substantially the same sum as upon,
$47,500 of four per cent bonds at the price bid;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF LITTLE ROCK:
Section 1. The Mayor and City Clerk are hereby auth-
orized and directed to execute the bonds of this City, bearing
interest at the rate of 2 -1/2% per annum, dated October 1,
19,40, their numbers, denominations and maturities to be as
follows:
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I
i
NOS. OF BONDS
DENOMINATIONS
AMOUNT
MATURITY
1
and
2
$10000
$2,000
March
1,
1944
3
500
500
March
1,
1944
4
and
5
1,000
2,000
March
1,
1945
6
500
500
March
1,
1945
7
and
8
1,000
2,000
March
1,
1946
9
500
500
March
1,
1946
10
and
11
1,000
2,000
March
1,
1947
12
500
500
March
11
1947
13
to
152
inclus. 1,000
.3,000
March
1,
1948
16
to
18,
"
1,000
3,000
March
1,
1949
... 19
to
21,
"
19000
32000
March
1,
1954 x..
22
to
24,
n
11000
3,000
March
1,
1951
25
to
27,
"
1,000
3,000
March
12
1952
28
to
30,
"
1,000
3,000
March
12
1953
31
to
33,
"
1,000
3,000
March
1,
1954
34
to
36,
"
1,000
3,000
March
1,
1955
37
500
500
March
1,
1955
38
to
40,
"
19000
3,000
March
1,
1956
41
500
500
March
1,
1956
i
42
to
44,
"
1,000
3,000
March
1,
195fi
i
45
500
500
March
11
1957
46
i
to
48,
"
1,000
3,000
March
1,
1958
49
500
500
March
1,
1958
50
to
522
"
1,000
3,000
March
1,
1959
53
500
500
March
1,
1959
54
to
561
"
1,000
3,000
March
1,
1960.
57
to
59,
n
13,000
3,000
March
1,
1961
60
500
500
March
1,
1961
Section 2. Said bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
2 -1/2% FAIR PARK IMPROVEMENT BOND.
No.
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
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
October, 1940, at the rate of 2 -1/2 per centum per annum, pay-
able on the 1st day of September, 1941, and semiannually there-
after on the 1st day of March and September of each year, on
presentation 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 The Chase National
Bank, Borough of Manhattan, City of New York, and State of
New York.
This is one of a series of sixty (60) bonds, aggregating
Fifty -five Thousand Dollars ($55,000), all of like tenor and
effect, except as to denominations and maturities, numbered from
1 to 60, inclusive, issued for the purpose of improving the
Fair Park owned by the City, and the said City of Little Rock
hereby covenants that in the issuing of this bond it has pro-
ceeded in accordance with the provisions of the Amendment which
-4-
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 Assembly of the State of Arkansas of the year 1927, en-
titled, "An Act to regulate the issuance of bonds by municipal
corporations,It approved March 1927, under ordinances of the
City Council of said city, duly passed, 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 particu-
larly 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 pgy the bonds aforesaid has
been duly levied in accordance with said Constitutional Amend-
ment and made payable annually until the principal and interest
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
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 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 1940•
IN WITNESS VAEREOF, the City of Little Rock has executed -'
this bond by the hands of its Mayor and City Clerk, and
-5-
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 lst day of October, 1940.
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 The Chase National Bank, Borough of Manhattan,
City of New York, and State of New York, being six monthst
Improvement
interest then due on its 2 -1%2% Fair Park Bond dated October
11 1910, and numbered
MAYOR
(The first coupon will be for 11 months interest, due
September 1, 191.1) 4
S ; -
M
j Section 3. If default is made for thirty days in the
of a
payment ny interest coupon, the holder of the bond to which
it is attached may declare the same immediately due and payable.
Section 4. The Mayor and City Clerk are hereby authorized
and directed, when they have executed said bonds, to turn them
over to the purchasers, upon receipt of the purchase price; and
the proceeds of said bonds shall be used for no purpose except
for the purpose of the improvement of the Fair Park owned by
the City by constructing and equipping a modern swimming pool
and additional park buildings, and the expense of issuance.
Section 5. 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 a tax
of one -tenth (l) of a mill for each ' of the years 1940 to 1960,
inclusive, being a sum sufficient to meet said bonds and inter-
est 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 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 of the general revenues of the City, the following sums
to pay the principal and interest of said bonds as they mature:
-7-
i
MATURITY PRINCIPAL
- IKi%REST
TOTAL
Sept.
1,
1941
$
$1,260.40
$1,260.40
March
1,
1942
687,,50
Sept.
1,
1942
687.50
11375.00
March
1,
1913
687.50
Sept.
1,
1913
687..50
1075.00
March
10
19A4
2,500.
687.50
Sept.
11
1944
656.25
3,843.75
March
11
1915
2, 500
656.25
Sept.
1,
1945
625.00
32781.25
March
11
1946
2,500
625.00
Sept.
1,
1946
593.75
31718.75
March
11
1947
2,500
593.75
Sept.
1,
1947
562.50
32656.25
March
12
1948
3,000
562.50
Sept.
11
1948
525.00
4,087.50
March
11
1949
3,000
525.00
Sept,
1,
1919
487.50
4012.50
March
1,
1950
33,000
487.50
Sept.
11
1950
450.00
31937.50
March
11
1951
31000
450.00
Sept.
1,
1951
412.50
30862.50
Burch
1,
1952
3, 000
412.50
Sept.
1,
1952
375.00
31787.50
.March
11
1953
3,000
375.•00
Sept.
11
1953
337;50
3,712.50
March
1,
1954
32000
337.50
Sept.
1,
1951
300.00
31637.50
March
12
1955
31500
300.00
Sept,
11
1955
256.25
4056.25
March
1,
1956
3,500
256.25
Sept.
1,
1956
212.50
32968.75
March
11
1957
3,500
212.50
Sept,
1,
.1957
168.75
3,881.25
XLTURITr PRINCIPAL INTEBEST TOTAL'
Burch
1,
1955
$32500
$165.75
Sept.
1,
1955
125.00
31793.75
March
1,
1959
31500
125.00
Sept.
1,
1959
51.25
31706.25
Burch
1,
1960
3,000
51.25
Sept..
11
1960
43.75
32125.00
Burch
11
1961
31500
43.75
3,543.75
t
Section 8. The Treasurer of the City of Little Rock
is hereby authorized and instructed to include a fee of twelve
and one-half cents-.,.(1214 for each $100 par value... f
* W
a fee of twenty-five cents 250) for each $100 `.
t9' ( pare value "'of of
coupons to be paid with each remittance to The Chase National
Bank, Borough of Manhattan, City.of New York, New York, for
principal or interest of the said $55,000 of bonds of said
City.
Section 9. It is ascertained and hereby declared that
the facilities for the healthful exercise of swimming in the
City of Little Rock are inadequate, and the inhabitants of the
City seek swimming places outside of the City, which, because
of the lack of sufficient guards and their unsanitary condition,
ape a menace to the health aAO safety of the publ:.c;_� axed
by reason of the present economic conditions, many citizens of
the City are out of work, and the improvements herein provided
would furnish work for a large number of men and thereby add
to the peace, health and happiness of the City. It is, there-
fore, 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: September 25 9110.
APPROVED
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