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AN ORDINANCE SUBMITTING TO THE VOTERS OF CITY OF
LITTLE ROCK, ARKANSAS, THE 4DESTION
IT TWILL ISSUE =ERAL OBLIGATION BONDS IN THE
M OUNT OF $25,000,00 FOR THE PURPOSE OF PAYING
PART OF THE COST OF CONSTRUCTION AND EQUIPMENT
OF AN ADDITION TO CITY LIBRARY.
"tPKEREAS it appears unto the City Council that the
City of Little Rock is a city of the first class within the
meaning of the 13th amendment to the Constitution of Arkansas
adopted on October 5th, 1926, and is authorized by said 13th
amendment to issue bonds for the purpose of construction and
equipment of an addition to City Library; and
YVHEREA.S it appears unto the Council that it is nec-
essary for the health, safety and convenience of the City as d
the inhabitants and citizens thereof that certain improvements
be made as follows: Construction and Equipment of an addition
to City Library.
7AMEAS it appears unto the Council that the reason-
ably estimated cost of such proposed improvements is $45,000.00
and that in order to finance same in part it will be necessary
to issue and sell general obligation bonds of the City, aggre-
gating the principal amount of $25,000,00; and
i.MREAS it appears unto the Council that the issuance
and sale of bonds of the City in the amount of $25,000,00 for
the purposes aforesaid, when added to all other bonds of the
City issued under authority of both the 10th amendment to the
Constitution of Arkansas, adopted on October 7th, 1924, and
the said 13th amendment to the Constitution of Arkansas, and now
outstanding iL I1 not cause the total bonded debt of the City under
the authority of said two amendments to exceed the sum of Five
Million Dollars; and
`ffBEREAS it appears onto the Council that the City has
heretofore levied and pledged to the payment of its outstanding
bonds issued under authority of said Amendment No. 10 an annual
tax of 3 mills; and
YEEREAS said City has heretofore levied and pledged to
the payment of its outstanding bonds issued under authority of
said Amendment No. 13 an annual tax of 1 1/6 mills, and is now
authorized to levy and pledge to the payment of the proposed
issue of bonds an annual tax of not to exceed 3 5/6 mills.
NU V1 TFTREFORE BE IT ORDAINED BY TIE CITY C OUNC IL OF TIC C I TY
OF LITTLE ROCK, ARIr,ANSAS:
Section 1. An election is hereby called to be held
at the usual polling places in the City of Little Rock on the
12th day of January, 1937, for the purpose of determining
whether the City of Little Rock shall issue ;; "25,000.00 /in the
gate principal amount of negotiable general obligation bonds,
bearing interest at the rate of four per centtun per annum,
payable semi- annually, said bonds to mature as follows:
1940
::1500,00
1941
1500,00
1942
1500.00
1943
1500,00
1944
1500,00
1945
1500,00
1946
1500,00
1947
1500.00
1948
2000,00
1949
2000,00
1950
2000,00
1951
2000.00
1952
2000,00
1953
2000,00
1954
1000,00
said bonds to be issued for the purpose of paying part of the cost
of construction and equipment of an addition to City Library,
and to be payable on first day of August in each of said years, and
to be dated as of February 1, 1937.
Section 2. Said election shall be conducted and the
votes thereat canvassed and the result thereof declared under
the late and in the manner now provided for municipal elections,
and notice of said election shall be Liven by the Mayor by
advertisement weekly for at least four (4) times in the Arkansas
Gazette and Arkansas Democrat, newspapers published in the City
of Little Rock and having a bona fide circulation therein, the
last publication to be not less than ten days prior to the date
of said election. The ballots for said election shall be marked
"For Bond Issue in the aggregate principal
amount of , ;25,000.00 for the purpose of paying;
part of the cost of construction and equipment
of an addition to City Library."
'Against Bond Issue in the aggregate principal
amount of 4125,000,00 for the purpose of paying
part of the cost of construction and equipment
of an addition to City Library."
At said election only qualified voters of the City of Little
Rock will have the right to vote. The result of said election
shall be proclaimed by the 11iayor by publication in the Arkansas
Gazette and Arkansas Democrat, newspapers published in the City
of Little Rock and havinC a general circulation therein, and his
proclamation shall advise the citizens and property of -imers of said
City that the result as proclaimed will be conclusive unless
attacked in the Courts within thirty (30) days after the date
�r
n of such proclamation.
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F. Section 3. It is ascertained and declared that the
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a, lack of an adequate City Library endangers the health and safety
N..r
of the inhabitants of said city; 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 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, healty and safety, and that this ordinance shall
take effect and be in force from and after its passage.
PASSED: November(
APPROVE �!�• e�0, � .��
APPRO
l.iayor
ATTEST;
y C er