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ORDINANCE NO. 5999_
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS '
FOR THE PURPOSE OF THE IMPROVEMENT OF THE CITY
AIRPORT AND LEVYING A TAX TO PAY THE SAS
W1EREAS, By ordinance duly passed on the 22nd day
of July, 1946, there was submitted to the qualified electors
of the City of Little Rock, the question whether it should
issue bonds to the extent of $300,000 of four per cent bonds,
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but convertible at the option of the purchaser-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
City Airport by purchasing additional land therefor, either
the corporate limits, and constr�aeetiAg
equipping buildings for administration, passenger terminal,
hangars, shops, electric lines, fences, run -ways, taxi - strips,
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drive -gays, and doing other things incidental and necessary
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to a modern airport; and
j M1ER.EAS, due notice of the election was given as
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required by law, and at said election 2556 votes were cast
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in favor of said bond issue, and only 149 votes were cast
against it; and
YfREREA.S, 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,
Arkansas, said bonds were offered for sale on sealed bids
at a meeting of the Pity' Council of Little Rock at 8s. 00 01 e3ock
'.son, the 16th d� of September, 1910, and at ,said sale: -
P.I�� Y
W. R. Stephens Investments of Little Rock, Arkansas, a
City National Bank & Trust Company of Kansas City, Missouri,
and Estes Snyder & Company of Topeka, Kansas,.bid and offered
- -- - - - -- - -- _
? the price of $351,210.00, and this being the highest and best
bid, said bonds were sold to them at that price; and
VMREAS, the said purchasers have elected to convert
said bonds into $377,000 of 2-1/2' per cent bonds, on which
the City will receive and Day substantially the same sum as
upon $300,000 of four per cent bonds at the price bid..
NOVA, 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 bonds of this City,
bearing interest at the rate of 2 -1/2 per centum per annum,
dated October 1, 19/.0, and in the denomination of $1000 each,
their numbers and maturities to be as follows, but callable
as hereinafter set out: ,
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NOS. OF BOLDS
AMOUNT
YA t TY
1
to
10, inclusive
$10,000
March
11
19A4
11
to
20,
"
10,000
March
1,
1945
21
to
309
"
10,000
March
11
1946
31
to
40,
"
10, 000
March
11
19.47
41
to
50,
"
10,000-
March
11
1948
51
to
60,
"
10,000-
March
11
1919
61
to
72,
"
12,000
March
11
1950
73
to
87,
"
15,000
March
1,
1951
88
to
102,
"
15,000
March
11
1952
103
to
117,
"
15,000
March
11
1953
118
to
132,
"
15,000-
March
11
1954
133
to
147,
"
15,000
March
12
1955
1.48
to
162,
"
15,000
March
1,
1956
163
to
177,
"
15,000
March
11
1957
170
to
192,
"
15,000
March
11
1958
193
to
207,
"
151,000
March
11
1959
208
to
2220
"
15,000
March
1,
1960
223
to
237,
"
15,000
March
11
1961
238
to
252,
"
15,000
March
11
1962
253
to
2670
"
15,000
Larch
1,
196.3
268
to
282,
"
15,000
March
1,
1964
283
to
2970
"
15-,000
March
1,
1965
298
to
313,
"
16,000
March
10
1966
3114
to
32,9,
"
16,000
March
1,
1967
330
to
3�5,
"
16,000
March
11
1968
346
to
311,
"
16,000
March
1,
1969
362
to
377,
"
16,000
March
1,
1970
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Section 2.
the following form:
No.
1
Said bonds shall be in substantially
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OE PULASKI
CITY OF LITTLE ROCK
2 -1/2% AIRPORT IMPROVENMNT BOND
KNOW ALL MEN BY THESE PRESENTS:
$1000.00
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, 191.0, at the rate of 2 -1/2 per centum per annum, pay-
able on the 1st day of September, 19/.1, 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 Three Hundred Seventy -seven
(377) bonds, aggregating Three Hundred Seventy -seven Thousand
Dollars ($377,000)2 all of like tenor.and effect, except as to
maturities, numbered from 1 to 377, inclusive, issued for the
purpose of the improvement of the City Airport , and the City
of Little Rock hereby covenants that in the issuing of this bond
it has proceeded in accordance with the provisions of the Amend-
ment which was adopted as Amendment No. 15 to the Constitution
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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,
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, 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 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
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,
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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 •
All bonds of this series are subject to redemption
by the said city before maturity at any interest paying date
after January 1, lcIA., in inverse numerical order at par and
accrued interest. Notice of the call for the redemption shall
be published by the City Clerk for one insertion of not less
than thirty days before the date of such redemption in a news -
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paper of general circulation published in the City of Little Rock,
Arkansas, and a financial newspaper published in the Borough of
Manhattan, City of New York, New York, and after the date men-
tioned in said call the bond or bonds so called will cease to
bear interest; provided funds for the payment are on deposit at
that time.
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 lst day of October, 191.0.
ATTEST:
CITY OF LITTLE ROCK
By
MAYOR
CITY CLERK
To each of said bonds are attached coupons for the
semiannual interest in the following form:
$ No.�
March,
On the lst 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 months► inter -
2 -1/2% Improvement
est then due on itt Airport1Bond dated October 11 1910, and
numbered unless the bond to which this coupon apper-
tains is sooner called for payment.
MAYOR
(The first coupon will be for eleven (11) months interest, due
September 1, 191.1.)
(The signature of the Mayor to the coupons attached to said bonds
may be lithographed or engraved.)
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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.
d City Clerk are hereby author-
ized and directed, when they have exeeuted said bonds, to turn j
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 City Airport
by purchasing additional land therefor, either within or without
the corporate limits, and constructing and equipping buildings
for administration, passenger terminal, hangars, shops, electric
lines, fences, run -ways, taxi- strips, drive -ways, and doing
other things incidental and necessary to a modern airport, and
the expenses 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, Arkansas,a tax of
four- tenths of a mill for each of the years 1940 to 191+21
inclusive, and six - tenths (.6) of a mill for each of the years
191+3 to 1969, 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
of this section of this ordinance to
transmit a certified copy, 1
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 a=long with the other,taxes until the said bonds and j
interest thereon are paid in full.
Section 6. In order to pay said bonds as they matures
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:
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XATURITY
PRINCIPAL
INTEREST
TOTAL
Sept. 1, 1941
$
$8,639.60
$8,639.60
March
1,
1942
42712.50
Sept.
11
1942
4,712.50
91425.00
March
11
1943
41712.50
Sept.
1,
1943
4,712.50
91425.00
March
11
1944
10,000
4,712.50
j Sept.
11
1944
4,587.50
19,300.00
March
11
1945
10,000
4,587.50
Sept.
11
191+5
4,462.50
19,050.00
March
12
1946
10,000
4, 462.50
Sept.
1,
1946
4,337.50
182800.00
March
1,
1947
10,000
41337.50
Sept.
11
1947
40212050
18,550.00
March
12
1948
lO, OOO
J+,, 212.. 50
Sept.
11
1948
169".56
18, 300.00
March
12
1949
10,000
4,087.50
Sept.
11
191+9
32962.50
18,050.00
March
1,
1950
12,000
3,962.50
Sept.
1,
1950
31812.50
19,775.00
March
11
1951
15,000
3,812.50
Sept.
1,
1951
32625.00
22,437.50
March
1,
1952
15,000
31625.00
Sept.
1,
1952
3,437.50
2210621650
March
1,
1953
15,000
3,437.50
Sept.
1,
1953
32250.00
21,687.50
March
11
1954
15,OOQ
31250.00
Sept.
1,
1954
31062.50
21,312.50
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March
12
1955
152000
31062.50
Sept.
11
1955
2,875.00
200937.50
March
1,
1956
15,000
2,875.00
Sept.
1,
1956
22687.50
20,562..50
March
11
1957
15,000
21687.50
i Sept.
1,
1957
2,500.00
20,187.50
March
1,
1958
15,000
2,500.
Sept.
1,
1958
22312.50
19,812.50
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XATURITY PRINCIPAL INTEREST TOTAL
March
1,
1959
$15,000
$2,312.50
Sept.
1,
1959
21125.00
$190137.50
March
1,
1960
15,000
21125.00
Sept.
11
1960
1,937.50
190062.50
March
11
1961
15,000
12937.50
Sept.
11
1961
12750.00
18,.657.50
March
1,
1962
15,000
11750.00
Sept,
1,
1962
1062.50
152312.50
March
11
1943
15,000
1,562.50
Sept,
1.
1963
1,375.00
17,937.50
March
1,
196,4
15,000
1,375.00
Sept,
1,
1961.E
1,187.50
17,562.50
March
1,
1965
15,000
1,157,.50
Sept,
11
1965
10000.00
17,187 *54
March
1,
1966
16,000
1,400.00
Sept.
1,
1966
800.00
17,500.00
March
12
1967
169000
800.00
Sept,
1,
1967
600.00
173,1+00.00
March
12
1965
16,000
600.00
Sept,
1,
1965
,400.00
17,000.00
March
1,
1969
16,000
1+00.00
Sept.
1,
1969.
200.00
16,600.00
March
1,
1970
16,000
200.00
16,200.00
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Section 7. When the amount herein appropriated by the
said City Council is sufficient in any year to pay the next
twelve months? installments of principal and interest, of t
said bonds and to pay any installments of principal and interest r
which may be past due and unpaid, and has been set aside and
deposited with the said The Chase National Bank of Borough of
Manhattan, New York, New York, in trust, for the purpose of pay-
ing said principal and interest, the said City Council may
thereupon appropriate any surplus of all collections of taxes
or other funds over the principal and interest requirements in
any year for retirement, at par and accrued interest, at any
interest paying date after January 1, 191./.x, of any outstanding
and unmatured bonds of this issue, calling them in inverse
numerical order. The City Clerk shall publish in some news-
paper of general circulation published in Little Rock, Arkansas,
and a financial newspaper published in the Borough of Manhattan,
City of New York, New York, a notice of intention to call such
bonds, such notice to be published for one insertion of not less
than thirty days before the date of such redemption, to give
the number or numbers of bonds to be called, to notify the
holders thereof to present the same to the paying agent for pay-
ment at par and accrued interest, to give the date on and after
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which the bonds are to be presented for payment and advise the
holders that the bonds which are called will cease to bear
interest after the date of the call; provided funds for their
payment are on deposit at that time.
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 (124) for each $100 par value of bonds and
a fee of twenty -five cents (250) for each $100 par value of
coupons to be paid with each remittance to The Chase National
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National Bank, Borough of Manhattan, New York, New York, for
principal or inter 044' of bid& oq
pity
Section 9. It is ascertained and hereby declared
that the present City Airport is too small for the safe landing
of some of the modern airplanes, and particularly of airplanes
now operated by the National Guard and the United States Army
in the military defense of the State and Nation; that under
the program for the National defense it is imperative for the
safety of the public that the Airport be promptly made suitable
for such airplanes; and that 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, 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: September 25, IqU