HomeMy WebLinkAbout5388ORDINANCE NO. 938
AN ORDINANCE SUBPTITTING TO THE VOTERS OF THE
CITY OF LITTLE ROCK, A.M,�N'SAS, THE QUESTION
'WHETHER IT WILL ISSUE GENERAL OBLIGATION BONDS
IN THE AMOUNT OF $468,000,00 FOR THE PURPOSE
OF PAYING PART OF TIC COSTS OF PURCHASING A
SITE FOR, .21D CONSTRUCTION AND EQUIPMENT OF A
MU11ICIPAL AUDITORIUM.
WHEREAS 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 purchasing a site for, and
construction and equipment of a Municipal Auditorium; and
V1HEREAS it appears unto the Council that it is necessary
for the health, safety and convenience of the City and the in-
habitants and citizens thereof that certain improvements be
made as follows:
Purchase of site for, and construction
and equipment of Municipal Auditorium.;
and
1H'FREAS it appears unto the Council that the reasonably
estimated cost of such proposed improvements is $960,000,00 and
that in order to finance same in part it will be necessary to
issue and sell general obligation bonds of the City in the aggre-
gate principal amount of $468,000,00; and
AREAS it appears unto the Council that the issuance and
sale of bonds of the City in the amount of $468,000000 for the
purposes aforesaid, when added to all other bonds of the City
issued under authority of both the 10th Amendment to the Con-
stitution of Arkansas adopted on October ?, 1924 and the said
13th Amendment to the Constitution of Arkansas and now outstand-
ing will 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
XDUMAS it appears unto 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
tag of 3 mills and, whereas, 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 pay-
ment of the proposed issue of bonds an annual tax of not exceed-
ing 3 5/6 mills.
NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF LITTLE ROCK,
ARKANSAS:
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 $4689000.00 aggregate prin-
cipal amount of negotiable
general obligation bonds, bearing
interest at the rate of four per centum per annum, payable
semi - annually, said bonds to mature as follows:
1940
$ 71000,00
1941
80000,00
1942
8,000.00
1943
80000,00
1944
99000,00
1945
90000.00
1946
109000,00
1947
10,000.00
1948
100000,00
1949
110000.00
1950
111000600
1951
12,000,00
1952
129000.00
1953
139000.00
1954
13,000.00
1955
14,000.00
1956
149000.00
2957
15,000.00
1958
15,000600
1959
160000.00
1960
170000.00
1961
179000.00
1962
18,000.00
1963
199000.00
1964
19,000.00
1965
$20,000.00
1966
21,000.00
1967
22,000.00
1968
23,000.00
1969
24,00000
1970
250000.00
1971
180000.00
said bonds to be issued for the purpose of paying part of the
costs of the purchase of site for, and construction and equip-
ment of Municipal Auditorium, and to be payable on the first
day of August in each of said years, and to be dated as of
February 1st, 1937.
Section 2. Said election shall be conducted and the
votes thereat canvassed and the result thereof declared under
the law and in the manner now provided for municipal elections,
and notice of said election shall be given 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 $468,00000 for the purpose of
paying part of the costs of purchasing
site for, and construction and equipment
of Municipal Auditorium."
"Against Bond Issue in the aggregate prin-
cipal amount of $468,000,00 for the purpose
of paying part of the costs of purchasing
site for, and construction and equipment
of Municipal Auditorium."
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 Mayor by publication in the
Arkansas Gazette and .Arkansas Democrat, newspapers published
in said CITY' of Little Rock, and having a general circulation
therein, and his proclamation shall advise the citizens and
property owners of said City that the result as proclaimed
will be conclusive unless attacked in the Courts within thirty
(30) days after the date of such proclamation.
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Section 3. It is ascertained and declared that the
lack of an adequate place for public meetings in the City of
Little Rock endangers the health and safety 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 ordi-
nance 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: Nove:aber 30, 1936
APPROVED:.6
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