HomeMy WebLinkAbout5890ORDINANCE NO., 5890-
AN ORDINANCE PROVIDING FOR THE
ISSUANCE OF BONDS FOR THE PURPOSE
OF COMPLETING THE CONSTRUCTION AND
EQUIPMENT OF THE CITY AUDITORIUM
WHEREAS, by ordinance duly passed oh the 26th day
of February, 1940, there was submitted to the quglified
electors of the City of Little Rock, the question whether
it should issue $30,000 of bonds for the purpose of com-
pleting the construction and equipment of the city auditorium;
and
WHEREAS, due notice of the election was given as
required by lair, and at said election 1413 votes were cast
• in favor of said bond issue, and only 423 votes were cast
against it; and
WHIRR.P-0 after due advertisment for the time amd
in the manner required by law, duly published in a newspaper
having a bona fide circulation in the City of Little Rock,
said $30,000 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.Y. on the 6th day of May,
1940s and at said sale Peoples National Bank and T.J.Raney & Sons
bid and offered the price of 10._ 2.507_ cents on the dollar
and accrued interest for bonds bearing interest at the rate
-of Two 2 )per centum, and this being the best bid, said
bonds were sold to peoples National Bank and T.J.Raney & Sons
at that prices
NOWs THEREFORE, BE IT ORDAINED BY THE CITY CWNCIL
OF THE CITY OF LITTLE ROCKS
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Section 1. The Mayor and City Clerk are hereby
authorized and directed to execute the $300000 of bonds of
this City, bearing interest at the rate of Two ( %)
per aenttam per any, dated May 1, 1940, numbered from
30, inclusive, all in the denomination of $1000 each, and
maturing on March 1, 1944.
Section 2. Said bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
AUDITORIUM BOND
No. $ 1000
YJOW ALL MEN BY THESE. PRFUNTS s
That the City of Little Rock, in the County of'Pu,laski,
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 lst
day of March, 1944, with interest thereon from the lst day of
May, 1940, at the rate of Two 2% per centum per annum, payable
on the lst day of March, 1941, and semiannually thereafter on
the lst day of September and March 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 Peoples National Bank of Little Rock
in the City of Little Rock, and State of Arkansas.
This is one of a series of Thirty (30) bonds, aggregating
Thirty Thousand Dollars ($30,000), all of like tenor and effect,
numbered from 1 to 30, inclusive, issued for the purpose of
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completing the construction and equipment of the city auditorium
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 Aaendment which was.adapted as
15 to the Constitution of the State of Arkansas, now Amendment
No. 13, and in accordance with the laws of said State, particu-
larly 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, 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 Ark-
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nsass and part ca3arly under said Amendment :tom its. Constituti6 3
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 Constitu-
tional Amendment., and made payable annually until the principal
and interest of all of said bonds have been fully paid and dis-
charged; 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. 58 of the
City of Little Rock, passed and approved on the 6th day of.
May _ , 1940.
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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 May, 1940.
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:
80.
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,
at the office of , in the City
of Little Rock, Arkansas, being six monthsf interest then due
on its Auditorium bond dated May 1st, 1940, and numbered �.
MAYOR
(The first coupon will be for ten months interest, due March
.1. 1941.)
(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
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payable.
Section 4+ The N
ay
or and City Clerk are herby
authorised and directed, when they hhve executed said bonds,
to turn them over to the purchaser, upon receipt of the pur-
chase price; and the proceeds of said bonds shall be used
for no purpose except for the purpose of completing the
construction and equipment of the city auditorium,and the
necessary expenses of the issue.
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
:r$. ,40 to 199y, 4nalu-
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sfve, beixig a s sufi'icient to meet said bonds and interest
as they mature, with five per cent added for unforeseen con-
tingencies; 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:
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MATURITY
March 1, 1941
Sept. 1, 1.941
March 12 1942
bept. 1, 1942
March 1, 1943
Sept. 11 1943
PRIAGIPAL !NTEREST TOTAL
500.00
300.00 $800.00
300.00
300.00 600.00
300.00
300.00 600.00
March 1, 1944 X30,000 300.00 $ 30000.00
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 (1210) for each $100 par value of bonds
and a fee of twenty -five cents (250) for each X100 par value of
coupons to be paid Frith each remittance to the peoples National
Bank of Little Rock in the City of Little Rock, Arkansas, for
principal or interest of the said X30,000 of bonds of said City.
Section B. It is ascertained and 'hereby declared that
the unfinished condition of the city auditorium is a menace to
the safety and _�ealth of the public, end 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 thereby add to the peace and happi-
ness of the city. It is, tl3erefore, declared that an emergency
exists, that this ordinance is zi.ecessary for the immediate pre-
servation of the -public peace, health and safety, and that this
ordinance shall take effect and be in force from and after its
passage.
PASSED: 6th, 1G,4
ATTE T:
CITY CLERK
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