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HomeMy WebLinkAbout30275. f F EM ,'AAV ORDINANCE NC. 3027. AN ORD IZTAINCE RUTH O RTrI'jWx TIM FUIM MG AND ZISSU INC ; OF $150,000 OUTSTANDING 11ARRAIjTS CP TM- CITY OF LITTLE ROCK '1iE S, there are outstanding warrants of the City of Tittle Rods of the aggregate amo(,nt o:P `50,000, pa %Table September 25, 1922, and there are not, and ':rill not be r1hen said warrants becaa:e payable, funds available for their paymen t ; and wl i6, said l *rarrants are neg- otiable warrants (otherwise de scribed as unicipal Totes ) dated .April 1, 1922, being Series A, Taos. 226 to 275 inclusive, said warrants being in the denomination of <'41, 000 each; and `.�'' SAS, said outst-ndinc tnarrants were issued in exchange for Funding ' arrants maturing on April,,El, 1922, all as described in Ordinance 11o. 2947, adopted on .Aloril 3, 19%2,; and the City Council of the City of Tittle Rock, prior to the issuance of such funding warrants maturing- April 1, 192.: , and each of them, and also prior to the issuance of such negotiable warrants, ( otherwise described as municipal n:Dtes ) dated April 10 1922, and each of them, did carefully examine and determine the legality of the prior eatstanding warrants in exchange for ,.-t ich such rarrants respectively were issued, and the le`ality of the ori�,ir_q,1 inde'K-,dness represented by each of such warrants; and did in each instance carefully ascertain and declare the validity and amount of such prior indebtedness and outstanding warrants before authorizing, the re- isuance thereof; and SAL ?1AS, the "it.y Council of the City of Tittle � 1 . Roca has fnand that each of said warrants dated A—or il 1, 1922, was duly and properly issued for municipal purposes and that the s! id City has received in the case of each of such warrants at least the face amount thereof end that the said warrants aggregating „ 50,000 and the indebtedness represented thereby are valid and t '- t no wart of said warrants or indebtedness has been paid: Novi, TIiLT? '0' B:-C] IT ORDA INN) by the City Council of the C it y of Little Rock, Arkansas, as follaus; Section 1. The said ; >509000 warrants shall be funded and reissued and the indebtedness represented thereby extender: by the issuance of ne�v negotiable :warrants of the City of Little Rock of an equivalent face &mo ant. Said new warrants shall be knovin as :series A , to be nira)b Bred from o / to inclusive. Each sic h :,arrant may 'sear the inscription " municipal note ( a negotiable warrant )" and small be of the denomination of J1,000 each, shall be dated September 25, 1922, a& shall be Ovable on September 25, 1923, Section 2. Said viarrantssnall be issued in substantially the following form; 4 • ,► i :series _ _ � UNITED STATES OF Alf.TERIC A � STATE OF AR'' NSAS No. _ _ „ . C TT Y OF LIT'-;'L!,' ROCITK i:M'TIC IPAL NOTE ( A Negotiable ":':Farr ant ) The City of Little Rock, a municipal corporation in the 'ounty of - Pulas'ci and ;State of Arkansas, hereby ac- knowlecTges itself indebted and promises to pay, and the City Treasarer is hereby ordered to pay to the bearer, the sum. of DOLL' RS in lawful money of the United States of America, at the Chase National Bank, New York City, on the 25th day of September , 1923. 'phis warrant is issued pursuant to the constitution and statutes of the State of Arkansas, including Act. No. 35 &. of the nets of Arkansas of 1917 , and an ordinance adopted b_- the r; it y Council of the Ci y of little Rock on 1,ugust 28 , 1922, for the purpose of xtending the payment of � certain indebtedness of said city by exchanging outstanding warrants which were duly and properly issued for municipal purposes and .for lhich the city has received full value, equivalent to the face amount the ro of . It id hereby certified and �^ecited that all con- ditions, acts and things requited by the constitution and statutes of the ;State of Az _ansas to exist, be ner- f ormed and ha -ppen precedent to or in t z-B issuance of this warrant, or the incurring of the indebtedness evidenced tl�reby, have been properly done and performed in regular and due form as Te quire d by law, and that said warrants and indebtedness, together with all otter indebtedness of the Cit..-,7 of little Rock, is within every debt and other limit prescribed by the const tution or st °: totes of said State, and that no apart of said warraY_rt or the indebtedness evidenced thereby has been paid. The full faitl, credit aria resources of said 'City are hereby pled`ed to the. punctual payment of this lrarrant in accordance with its terms. In witness vrhereof, , the said City of Lit tie Rock has caused this warr -ant to be signed by its mayor and its corporate seal to be hereunto affixed and attested by the city clerk, and this wa,r ant to be dated 6eptember 25, 1922.1 ?fittest: i ity l :rk. ayor. ( Endorsement on 'Ir.rrant . } It is hereby certified that this '.Tarrant is rel-istered and recorded at line , on page , in ;arrant Book iio. kept in the office of the City clerk of the n ity of Little Rock. It is hereby certified thL,.It this warrant has been registered with and recorded by the City Treasurer of the City Of Little Rock at line on page ,--> , in ':farr ant Book No. , --___, , in tho office of the c it- treasurer of t City of Little Ro&, -. City ^Treasurer. Cert ificate. '_'his is to centitT th=)t t1re sign .tunes and seal appearing on the rithinMunicipa.l Hote of the City of Little Rock, Arkansas, are enuine . Dated i 3y-! N r Sect ion 3. The 1. yor, c it y c and city treasurer are heret�7 authorized and directed to execute, re -inter arid. record said warTants, adld to issue and deliv =er said warrants to the holders of said outst� riding ,50,000 of warrants upon receiving -from said holders the said out- standing warrants. each of said outstn.nding . °:arTants When exchano*ed shall be cancelled by perforation by the City Clerk and starIlped cancelled upon issuance of new warrant in exchange ". Section 4. This ordinance is hereby determined to be an ordinance or the support and maintenance of the various branches of the munidIpal government of the City of Little Rock. Passed: August 28, 192 =. Attest: City Clerk. f1 F G Approved: !ayor.