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HomeMy WebLinkAbout3625W,A Z.' 3 Ordinance No. 3 � :� F An Ordinance Authorizing the Funding and Reissuance ofa �t Outstanding City Park Warrants. Whereas, There are outstanding warrants of the City of y"000, Little Rock of the amount of 4' , duly issued for the pur- chase price of a portion of the land for the new City Park, equip- ping said park, and paying expenses in connection therewith, and there are not funds in hand for their payment; and, Whereas, Said warrants have been presented to the City and their reissuance requested by the holders thereof; and, Whereas, The City Council of the City of Little Rock has examined all the facts relative to the indebtedness for which such warrants were issued and to the issuance of said warrants and has found and does hereby find, adjudge and declare that said warrants were duly and properly issued for a municipal purpose, and that the City has received for such warrants at least the face value .44 thereof, and that said warrants, for -}r8�, and the indebted- ness represented thereby, are valid, and that no part of said war- rants or indebtedness has been paid; NOVA, THEREFORE: BE IT ORDAINED BY THE-CITY COUNCIL OF THE CITY OF LITTLE ROCK, ARKAIvTSAS, AS FOLLOWS: Section 1. The said warrants,for shall be funded and reissued and the indebtedness represented thereby ex- tended by the issuance of negotiable warrants of the City of Littl (Rock of an equivalent face amount. Said new warrants shall be known as Series CIL I , to be numbered from to �5 , in elusive. Each such warrant may bear the inscription "Municipal Note (A Negotiable Warrant)," and r��ikti•,„ ^e of said warrants shall be of the denomination of $1 *000lP each an/;::,"Of said i warrants shall be of the denomination of and said warrants shall be dated August 25, 1924, and shall be payable 25, 1925. Section 2. Said warrants shall be issued in substan- tially the following form: No. Series 1$ UNITED STATES OF A&IERICA STATE OF ARKANSAS CITY OF LITTLE ROCK TVMNICIPAL NOTE (A NEGOTIABLE WARRANT) The City of Little Rock, a municipal corporation in the County of Pulaski and State of Arkansas, hereby acknowledges itself indebted, and promises to pay and the city treasurer is hereby ordered to pay to the bearer the sum of DOLLARS in lawful money of the United States of America, at the CHASE %,t F-1rr..;. s NATIONAL BANK, New York City, on the 25th day of �-, 1920 This warrant is issued pursuant to the constitution and statutes of the State of Arkansas, including Act No. 383 of the Acts of Arkansas of 1917, and an ordinance adopted by the City Council of the City of Little Rock on S -,19 L- for the purpose of extending the payment of certain indebtedness of said city, by exchanging outstanding warrants which were duly and properly issued for municipal purposes and for which the city has received full value equivalent to the face amount thereof. It is hereby certified and recited that all conditi acts and things required by the constitution and statutes of the State of Arkansas to exist, be performed and happen precedent to or in the issuance of this warrant or the incurring of the in- debtedness evidenced thereby have been properly done and per- formed in regular and due form as required by law, and that said >, M warrant and indebtedness, together with all other indebtedness of the City of Little Rock, is within every debt and other limit prescribed by the constitution or statutes of said state and that no part of said warrant or the indebtedness evidenced there- by has been paid. The full faith, credit and resources of said city are hereby pledged to the punctual payment of this warrant in accordance with its terms. In Witness Whereof, the said City of Little Rock has caused the warrant to be signed by its mayor and its corporate seal to be hereunto affixed and attested by the city clerk, and this warrant to be dated August 25, 1924. Mayor. Attest: City Clerk. (Endorsement on Warrant) It is hereby certified that this warrant is regis- tered and recorded at line on page in Warrant Book No. Rock. kept in the office of the city clerk of the City of Little City Clerk. It is hereby certified that this warrant has been registered with and recorded by the city treasurer of the City of Little Rock on line on page in Warrant Book No. in the office of the city treasurer of the City of Little Rock. City Treasurer. (Certificate) u This is to certify that the signatures and seal appearing on the within Municipil Note of the City uf Little Ruck, Arxan- sas, are genuine. Dated - - -, 1924. By Section 3. The Mayor, City Clerk and City Treasurer are hereby authorized and directed to execute, register and record said warrants and to issue and deliver said warrants to the holders of said outstanding warrants. Said outstanding warrants when exchanged, shall be canceled, by perforation, by the City Clerk and stamped: "Canceled upon Issuranee of New Vlarrants in Rxchange." Section 4. This ordinance has the statutory effect of a judgment determining the validity of the indebtedness and of the warrants above recited, including the warrants to be issued; and the holder of any of said warrants may enter judgment thereon in any court having jurisdiction of the parties upon presenting to such court both such warrant or warrants and a duly certified i copy of this ordinance, provided that such warrant shall. have been presented for payment at or after maturity, which fact may be evidenced by statement thereon signed by the City Treasurer. Section 5. This ordinance is hereby determined to be an ordinance for the support and maintenance of the various branch- es of the municipal government of the City of Little Rock. Passed August 25,E 1924. Approved: '� Mayor Attest:' ty Clerk.