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HomeMy WebLinkAbout5522ORDINANCE NO.— 5522 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $15,000 *00 BONDS FOR THE PURPOSE OF PAYING PART OF CONSTRUCTION AND EQUIPMENT COST OF AND FOR THE PURCHASE OF A PARK TO BE USED AS A NEGRO RECREATION PARK. WHERE1S9 By Ordinance No. 5398 duly passed on the 11th day of December, 1936, there was submitted to the qualified electors of The City of Little Rock, the question whether it should issue bonds to the extent of $15,000.00, bearing inter- est at the rate of four per eentum per annum, for the purpose of paying part of construction and equipment cost of and for the purchase of a park to be used as a Negro Recreation Park; WHEREAS, due notice of the election was given as re- quired by law, and at said election 1,588 votes were cast in favor of said bond issue, and only 442 votes were cast against it¢ NOSH, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK: Section 1. That bonds of this City be issued in the total amount of $15,000000, which amount together with other available funds is sufficient to pay the cost of construction and equipment of and for the purchase of a park to be used as a Negro Recreation Park, and including legal and other necess- ary expenses* Section 20 That said bonds, each to be designated "Bond for Negro Recreation Park ", be dated February 1, 1937, bear interest from date at the rate of four per centum (4'4) per annum, payable semi - annually on August 1 and February 1 in each year, be in the denomination of $1,000.00 and $500.00 each, be signed by the Mayor, attested by the City Clerk with the corpo- rate seal of the City affixed, be payable as to both principal and interest at the office of the City Treasurer of and in the City of Little Rock, Arkansas, or, at the option of the holder, at the Chase National Bank in the Borough of Manhattan, City and State of New York, in any coin or currency of the United States of America, which at the time of payment is legal tender for public and private debts, be numbered from 1 to 18, both inclusive, and mature without option of prior redemption in their numerical order on August 1 in each year as follows: 1940 $1,000.00 1941 11000400 1942 11000000 1943 1100000 1944 1,000000 1945 11000000 1946 1500000 1947 10500.00 1948 11500,00 1949 19500000 1950 19500000 1951 19500600 Section 30 Thst the interest upon said bonds shall be evidenced by semi-annual interest coupons attached thereto which shall be signed by the facsimile signature of the Mayor, attested by facsimile signature of City Clerk, and the Mayor and City Clerk by the execution of the bonds shall adopt as and for their own proper signatures the facsimiles of their signatures appear- ing upon each of said coupons. Section 4, Said bonds and interest coupons shall be in substantially the following form: UNITED STATES OF AMERICA STATE OF ARKANSAS THE CITY OF LITTLE ROCK BOND FOR NEGRO RECREATION PARK No. $1 ,,000000 and $500000 KNOW ALL MEN BY THESE YRESENrS: That the City of Little Rock, in the County of Pulaski, State of Arkansas, acknowledges itself to owe and for value re- ceived promises to pay to bearer, the sum of ONE THOUSAND DOLLARS (or FIVE HUNDRED DOLLARS) on the first day of August, 19 with interest thereon from the first day of February,1937, at the rate of four per centum (4 %) per annum, payable on August 1, 1937, and semi--annually thereafter on February 1 and August 1 of each year, on presentation and surrender of the annexed coupons as they severally mature. Both principal hereof and interest hereon shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the office of the Treasurer of The City of Little Rock, in the City of Little Rock, Arkansas, or, at the option of the holder, at the Chase. National Bank in the Borough of Manhattan, City and State of New York. This bond is one of a series of 18 bonds, aggregating $15,000,00 of like tenor and effect, except as to number and maturities, dated the first day of February, 1937, and numbered from 1 to 18, inclusive, issued for the purpose of paying part of construction and equipment cost of and for the purchase of a park to be used as a Negro Recreation Park, and tine 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 Assembly of the State of Arkansas, 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 a majority of the qualified electors of said City voting on the question voted in favor of the issuance of said bonds; that all things necessary to the validity of this bond under the laws of the State of Ark- ansas, and particularly under the said Amendment to the Con- ,titution and said Act, have existed, have happened and have been performed as required, by law; and that a tax sufficient to pay the bonds aforesaid has been duly levied in accordance with said Constitutional Amendment, and made payable annually un- til the last of said bonds has been fully paid and discharged. For the prompt payment of this bond and the interest thereon, the said City of Little Rock hereby pledges its full faith, credit and taxing power, including Two and Eighty -one One Hundredths mills of the five mill tax authorized to be levied by said Amendment to the Constitution, and applicable to the payment of this bond and other bonds of this series. IN WITNESS WHEREOF, The City of Little Rock has executed this bond by the hands of its Mayor and attested by its City Clerk, and sealed with its corporate seal, and has caused the coupons hereto attached to be authenticated by the facsimile sig- natures of its Mayor and City Clerk, all as of the first day of February, 1937. ( S E A L ) ATTEST: C ty Clerk $20.00 (or $10.00) THE CITY OF LITTLE ROCK, ARKANSAS By Mayor (COUPON FORM) No. On the day of , 19 , the City of Little Rock, Arkansas,mwill pay to bearer Twenty Dollars (or Ten Dollars) in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the office of the Treasurer of and in The City of Little Rock, Arkansas, or, at the option of the holder, at the Chase National Bank in the Borough of Manhattan, City and State of New York, being six monthst interest then due on its Bond for Negro Recre- ation Park dated February 1, 1937, and numbered . THE CITY OF LITTLE ROCK, AWANSAS ATTEST: BY Mayor City Clerk Section 5. The City Treasurer is hereby authorized and directed, when said bonds have been executed to deliver them to the purchaser upon payment of the purchase price and accrued interest. The proceeds shall be paid to the City Treasurer and shall be used for no other purpose except for the purpose of paying part of construction and equipment cost of and for the purchase of a Park to be used as a Negro Recreation Park, and including legal and other necessary expenses of this bond issue. The said City Treasurer shall deposit the said proceeds in a special account or accounts in a bank or banks in the State of Arkansas which are members of the Federal Reserve System and in which deposits are insured by the Federal Deposit Insurance Corporation. Any balance or balances remaining unex- pended in such special account or accounts after the purchase, construction and equipment of said Negro Recreation Park, and which are not required to meet unpaid obligations incurred in connection with such purchase, construction and equipment, shall be used solely for the payment of the interest on and the prin- cipal of said bonds, or said unexpended balance or balances may be used for the purchase of any bonds then outstanding, at a price, exclusive of accrued interest, not exceeding the prim cipal amount thereof. Any bonds so purchased shall be cancelled and no additional bonds shall be issued in lieu thereof. The Treasurer of the City shall be the custodian of the said proceeds and shall give bond for the faithful discharge of his duties as such custodian ( such bond to be fixed and ap- proved by this Council)* Section 6. The annual tax levied by Ordinance No. 5511 passed and approved on the 29th day of October, 1937, for the purpose of paying the principal and interest of the aforesaid bonds is hereby pledged and set apart for the payment of said principal and interest and shall never be used for any other purpose. When said tax is collected and turned over to the City Treasurer, he shall immediately deposit the same in a special account or accounts in a bank or banks in the State of Arkansas which are members of the Federal Reserve System and in which deposits are insured by the Federal }deposit Insurance Corporation. Section 7. The bonds herein authorized may be delivered, though there may have been changes in the officers executing them, and the bonds as once executed shall be the bonds of the City of Little Rock, and in all respects valid and binding, though there may have been a change in the personnel of the officers by whom they are executed prior to delivery thereof* Section 8, In order to pay said bonds as they mature, there is hereby appropriated out of the proceeds of the tax levied by said Ordinance No. 5511, 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: Year Endirr Principal August 1, 1938 None " 1939 None " 1940 11000000 " 1941 1,1 000,00 " 1942 19000,00 " 1943 12000,00 " 1944 11000400 " 1945 1 " 1946 *000.00 1'500000 " 1947 12500,00 " " 1948 1 500900 1 " 1949 1950 500oOO 11,600000 " 1951 11500,00 Interest Total R: .RORWO 600,100 600000 56OoOO 520,00 480000 440,00 400000 360,00 300„00 240 000 180000 120,00 60900 600.00 600eOO 1,1600,00 1t560o00 1,52Oo00 1,480,00 1,440,00 1,400,00 1,860,00 lv800,OO 1'740,00 1,680400 10620000 1,560000 Section 9. It is ascertained and declared that by reason of the present economic conditions many citizens of the City are out of work, and the improvements herein provided m uld fur- nish work for a large number of persons and thereby add to the peace and happiness of the City; further, that the lack of a Negro Recreation Park endangers the peace, health and safety of the residents of said City. If is, therefore, declared that an emergency exists, that this ordinance is necessary for the immediate preservation of the public peace, health ead safety, and that this ordinance shall take effect and be in force from and after its passage. PASSED: December 13 , 1937 1 ry ry CA cn =r • ATTEST: AA Ci y Clerk