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HomeMy WebLinkAbout5889ORDINANCE NO. 5899• All ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS FOR THE P0RP08R OF 1080VOWT OF THE CITY AIRPORT 11A36 RUNWAYS AND AN A NI$i► FQ8 SlliD AIRPORT ikiIIEREAS, By ordinance duly passed on the 26th day of February, 19403, there was submitted to the qualified electors of the city of Little Rock, the question whether it should issue $75,000 of bonds for the purpose of improvement of the City Air- port by constructing additional runways and an administration building and purchasing additional land for said Airport; and V HE ,LEAS, due notice of the election was given as t .. ... _ -1 required bylaw, and at said election 1514 votes were cast in favor Qf said bond issue, and only 353 votes were cast against it; and �. AS after dt a ad - rtissment for the tine and is the` I manner required by law, duly published in a newspaper having a bona fide circulation in the City of Little Rock said $75,000 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, 19402 and at said sale Peoples National Bank of Little Rock and T. J. Raney & Sons bid and offered the price of _ 1 02-507 cents on the dollar and aeerued interest for bonds bearing interest at the`rate of Two (2 %) per cent, and this being the best bid, ,.d bonds were s ©ld to peoples National Bank of L_ itle Rocl.._ . J. Raney & Bons at that price. NOW3o THEREFORS, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE HOCX3 Section 1. The Mayor and City Clerk are hereby authorized and directed to execute the $75,000 of bonds of this City,, bearing interest at the rate of �TXg (,2, %) per centum per jr °;�T' 1�s. ;. 104s 'fed.. Viacom l to 75, all in the denomination. of $1000, and maturing on March 1, 1944. Section 2. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ARKANNSAS CITY OF LITTLE ROCK AIRPORT IMPROVEMENT BOND $1000 KNOW ALL MEN BY THESE*PRESENTS: That the City of Little -Rack, in the U ty of Pulasi, State of Arkansas, acknowledges itself to owe and for value received promises to pay to bearer the sum of ONE THOUSA14D DOLLARS in lawful money of the United States of America, on the lst day i of March, 1944s, 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, 1941s, and semiannually thereafter on the lst day of September and March of each pear, 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 Seventy -Five (75) brands, aggregating Seventy Five Thousand Dollars ($75,000), all of like tenor and effect, numbered from 1 to 75, inclusive, issued for the purpose of improvement of the dity Airport., and the said City of r � s � 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 ,,_,ae ..as; +.►,. e+re nth -the lags of :said State, particularly Act No. 93 of the Acts of the General Assembly of the State of Arkansas of the year 19270 entitled, ffAn Act to regulate the issuance of bonds by municipal corporations,V approved March 4, 19270 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 It b9' lair; that a tax sufficient to pay the bond' afarasaid hag U44n 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 indebted- ness'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 Constitu- tion, and levied by Ordinance No. 5885 of the City of Little Rock, passed and approved on the 6th day of _, May , 1940. IN WITNESS WHEEEOF, 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 ATTEST: CITY CLERK To each of said bonds are attached coupons for the semiannual interest in the following form: 4____ —_- M RO;.�_____ arch, On the 1st day of September, 19 , the City of Little Rocks 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 monthst interest then due on its Airport Improvement bond dated May lst, 1940, and numbered MAYOR. (The first coupon will be for ten months, interest, due MardIA 10 1941.) s - ( signature of the Mayor to the coupons attached to said bolds may be lithographed or engraved.) r ` c r , 0 41 Section 5. If default is made for thirty days in the payment of any interest coupon, the holder of the bond to Which authorised and directed, when they have executed said bonds, to turn them over to the purchaser, upon receipt of the purchase price; and the proceeds of said bonds shall be used for no purpose except for the purpose of improvement of the City Airport by con - structing additional runways and an administration building and purchasing additional land for said airport, 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 of • 7__ 0_____ mills for each of the years 1040 t© 1648, inclusive, Jb®ing a star' 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 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, -,&.a 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 matures s i MATURITY PRINCIPAL I11TEREST TOTAL, March 1, 1941 X1250.00 Sept. 1, 1941 - 750.00 $2000.00 March 11 1942 750.00 r t�� Sept. 11 1942 750.00 1500.00 March 1, 1943 750.00 Sept. 1, 1943 750.00 1500.00 biarch 19 1944 X751000 750.00 75,750.00 Section 7, The Treasurer of the City of Little Rock is hereby authorized and instructed to inc7_ude a fee of twelve and one -half cents (122) for each 4100 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 Peoples ."'atiorial :3ank of Lit`zie Rock in the Cit;r of Little Rock , Arkansas , for principal or interest of the said 475,000 of bonds of said City. Section S. it is ascertained and hereby declared that the traffic by air is now so extensive that the prompt improvement of the city airport is 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 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. PkbbED: May 6th, 1840 APPROV A'. TE T: CITY CLERK i