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HomeMy WebLinkAbout5190ORDINANCE NO. AN ORDINANCE AUTHORIZING THE ISSUANCE OF WARRANTS TO SECURE FUNDS TO MEET PAYROLLS OF THE CITY OF LITTLE ROCK FOR THE 110NTHS OF OCTOBER AND NOVE%BFA, AND PROVIDING FOR A BROKERAGE OR FISCAL AGENT'S FEE FOR THE NEGOTIATION AND SALE OF SAID WARRANTS, AND PROVIDING FOR THE REPAYkENT OF SAID KARRANTS, AND FOR OTHER PURPOSES. WHEREAS, the City of Little Rock, during the year 1934, paid warrants which were outstanding as of January 1, 1934, in a sum in excess of 449,000.00, being a floating debt of said City of Little Rock from year to year; and WHEREAS, it is ascertained and declared by the City Council of the City of Little Rock that the revenues of said City for the year 1934 are ample and sufficient to pay and discharge in full the expenditures of said City of Little Rock that have already been made, or that are necessary to be made during the year 1934, and that the expenditures of the City of Little Rock for the year 1934 are well within its revenues for said year; and WHEREAS, on account of the payment of warrants outstanding as of January 1, 1934, out of revenues of the City collected during the year 1934, the City is now without funds with which to meet its payrolls for the months of October and. November, 1934; and WHEREAS, it is necessary that arrangements be made immediately to provide funds with which to make payrolls to City officers and employees for the months of October and November, in order to preserve the City government: Therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK: Section 1. That the Mayor and tree City Clerk be, and they are hereby, authorized and directed to issue warrants payable to the City Treasurer, or order, in the following sums to meet payrolls of the City of Little Rock, as follows: Payroll due October 31, 1934 8,579.25 November 15, 1934 8,389.b7 Noveuiber 30, 1934 7,031.08 said warrants to be due and payable on or before February 10, 1935. t -2- Ordinance No. 9190 Section 2. Said City Treasurer is hereby authorized and directed to negotiate and sell said warrants at par in order to obtain funds with which to meet the payrolls aforesaid, and in effecting said negotiation and sale of said warrants, said City Treasurer is authorized and empowered to pay a brokerage commission or fiscal agent's fee in any amount not to exceed one —half of one per cent per month of the par value of said warrants, payable monthly during the period said warrants, or any of them, may be outstanding. Section 3. To secure the payment of said warrants, and to provide funds out of which said warrants may be promptly paid, all revenues collected and received by the City of Little Roc_i from, privilege tax collections for the year 1935 are hereby pledged, set aside and separately held for the repayment of said warrants and brokerage commissions and fiscal agent's fees for negotiating the sale thereof. Section 4. The City Collector shall pay over to the City Treasurer all privilege taxes collected by him during the year 1935, and said City Treasurer shall keep said privilege taxes in a separate fund, and same shall not be used for any other purpose than the payment of said warrants and the brokerage commissions and fiscal agent's fees for negotiating the sale of same until said warrants and brokerage corrmlissiors and fiscal agent's fees have been redeemed and paid in full. If, for any reason, sufficient privilege tax has not been collected to pay said warrants, at their maturity date, then same shall be due and payable out of any other general revenues of the City of Little Rock collected during the year 1935. Section 5. Should any officer of the City of Little Rock fail or refuse to comply with the provisions of this ordinance, or violate any of the provisions of same, said officer shall be deemed guilty of a misdemeanor, and, upon conviction, fined in any sum not to exceed $500.00, and may be removed from office. r Page 7- Ordinance No. 51go . Section 6. The holder or molders of said warrants, or any one of same, may enforce the provisions of this ordinance by mandamus, or any other legal remedy provided 'by law. Section 7. The City of Little Rock hereby covenants and agrees that the privilege tax ordinance shall remain in full force and effect, and shall not be repealed until said warrants have been retired and paid in full. Section 8. It is hereby ascertained and declared that the failure of the City of Little Rock to meet its payrolls to its officers and employees in its various departments has created a state of uncertainty and confusion among the officers and employees of the different departments of said City to the extent that the performance of their duties is seriously jeopardized and impaired, and the peace, health and safety of the citizens of Little Rock is thereby endangered by failure of said departments of the City government to function to their fullest efficiency, therefore an emergency is hereby declared to exist, and this ordinance shall take effect and be in force from and after its passage. Passed: Dece.nber 12, 1934 Attest: City Clerk. Approved: Mayor. lAckenst Jack 2 Leiser, f Tu©heys J.H. muswiak, Geo. t'.ulley, Tom 5 Olivet 6 F'r- :neis, G.J. _. D- attlix yr, . P.1daMI19, COO* Mrs. .�►. L I�MWL, A- E3