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HomeMy WebLinkAbout3026WHEREAS, there are outstanding warrants of the City of I:ittle Rock of the agregate amount of X1,075,000, payable September 25, 1922, and there are not, and will not be when said warrants become payable, funds available for their payment; and. WHEREAS, said warrants are negotiable warrants (otherwise described as Lunicipal Notes) dated larch 25, 1922, being Series A, Nos. 1 to 225, inclusive, Nos. 1 to 100, t .inclusive, of sai% warrants being in the denomination of 45,000 It each, Nos. 101 to 150, inclusive, in the denomination of X10,000 each and Nos. 151 to 225, inclusive, in the denomina- tion of X1,000 each; and 19HBF";AS, said outstanding warrants were issued in exchange for Funding lbarrLints maturine on Z,arch 25, 1922, all as described in Ordinance No. 2946, adopted on April 3, 1922; AW and Q-EREAS, the City Council of the City of l.ittl --�P Frock, prior to the issuance of such funaing warrants maturing March 25, 1922, and each of them, and also prior- to the ssuance of such. ne €otia.ble warrants (otherwise described as lmunicipal notes) dated March 25, 1922, and each of them, did carefully examine and determine the legality of the prior outstanding warrants in exchange for iirhich such warrants respectively were issued, and the legality of the original indebtedness represented by cacl! 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- issuance thereof; and iiiCH,.ERBAS, the City Council of the City of Little RRR -' CRDINANCry NO. 3026. i AN ORDINAL .A ORIZING THE FUNDING AND .fREISSUANCE OF 41,075,000 OUTSTANDING WARRANTS OF TIM CITY OF LITTLE ROCK. WHEREAS, there are outstanding warrants of the City of I:ittle Rock of the agregate amount of X1,075,000, payable September 25, 1922, and there are not, and will not be when said warrants become payable, funds available for their payment; and. WHEREAS, said warrants are negotiable warrants (otherwise described as Lunicipal Notes) dated larch 25, 1922, being Series A, Nos. 1 to 225, inclusive, Nos. 1 to 100, t .inclusive, of sai% warrants being in the denomination of 45,000 It each, Nos. 101 to 150, inclusive, in the denomination of X10,000 each and Nos. 151 to 225, inclusive, in the denomina- tion of X1,000 each; and 19HBF";AS, said outstanding warrants were issued in exchange for Funding lbarrLints maturine on Z,arch 25, 1922, all as described in Ordinance No. 2946, adopted on April 3, 1922; AW and Q-EREAS, the City Council of the City of l.ittl --�P Frock, prior to the issuance of such funaing warrants maturing March 25, 1922, and each of them, and also prior- to the ssuance of such. ne €otia.ble warrants (otherwise described as lmunicipal notes) dated March 25, 1922, and each of them, did carefully examine and determine the legality of the prior outstanding warrants in exchange for iirhich such warrants respectively were issued, and the legality of the original indebtedness represented by cacl! 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- issuance thereof; and iiiCH,.ERBAS, the City Council of the City of Little R to Rock has found that each of said warrants dated y'arch 25, 1922, was duly and properly issued for municipal purposes and that the said City has received in the case of each of sucli warrants at least the face amount thereof and that the said warrants aggregating §1,075,000 and the indebtedness represented thereby are valid and that no part of said warrants or indebtedness has been paid: NOW, THEREFCRE, BE IT ORDAINED by the City Council of the City of Kittle Rock, Arkansas, as follows: Section 1. The said 41,075,000 warrants shall be funded and reissued and the indebtedness represented thereby extended by the issuance of new negotiable warrants of the City of I.ittle Rock of an equivalent face amount. Said new warrants shall be known as Series A , to be numbered from 2 7 6 to � °O , inclusive. Each such warrant •q may bear the inscription "municipal note (a negotiable 100 of said warrants warrant)" an shall be of the denomination of X5,000 each, 50 of said wa�`rants shall be of the denomination of10,000 each, and 75 of said warrants shall--he of .the denomination of $1,000 each; said warrants shall all be'dated September 25, 1922, and, shall be payable on September 25, 1923. Section 2. Said warrants shall be issued in substantially the following form: 1 .Series UNITED STATES GF Ap H ICA STATE OF APUNSAS CITY OF LITTLE; RUCK w� 11TUN I C IPAL WGI'E (A Negotiable Warrant ) The City of Little Rock, a. municipal corporation in the County of Pulaski and. State of Arkansas, hereby ac- knowledges itself indebted and promises to pay, and the City Treasurer is hereby ordered to pay to the bearer, the sum of DOLLARS (4 _ ^ _. ) in lawful money of the United States of America., at the CHASE NATIONAL RAM, New York City, on the 25th day of September, 1923. This warrant is issued pursuant to the constitution and statutes of the State of Arkansas, including. Act Ida. 383 of the Acts of Arkansas :,f 1917, . and an ordinance adopted by the City Council of the City of Little Rock on August 28 1922, for the purpose of extending the payment of cevt`-'.in indebtedness of said cit; Uy exchanging outsta.:' -'in's warrants which were duly and properly issued for munici I purposes and for which the city has received full value, equivalent to the face amount thereof. It is hereby certified and recited that al.1 con- ditions, acts and thinbs required by the constitution a.ni statutes of the State of Arkansas to exist, be per - formed and happen precedent to or in the issuance of this :►ra.rrant , or the incurrint; of the inae'Utednes: evidenced thereby, have been properly done and performed. in regular and d;ae foi :m as required by law, and that saic_ warrants and indebtedness, together with all other indebtedness of the City of Little Rock., is within every debt and other limit prescribed by the con itut ion or statutes of said State, and that no part of sai::: trra.rrsnt or the indebtedness evidenced thereby has been paid. The full. faith, cred- it a.nd resources of said City a.re her @by pledged to the i punctual payment of this warrant in accordance with its terns. In witness whereof, the said city of Little Rock has caused this warrant to be signed by its mayor and its corporate seal to be hereunto affixed any: attested by the city clerk, and this warrant to be dated September 25, 1922. Attest: City Clerk. (Endorsement on warrant.) hayor It is hereby certified that this warrant is .� registered and recorded at line on page , in Warrant Look No. kept in the office of the city clerk of the city of Little Flock. City Clerk It is hereby certified that this warrant has been registered with ana recorded by the city treasurer of the city of Little Rock at line , on page _—,, in Warrant Book No. ----, , in the office of tree city treasurer of the city of Little Rock. City Treasurer (Certificate.) This is to certify that the signatures and seal appearing on the within Liunicipal Dote of the city of I.ittie Rock, Lrkansas, are L- enuine. Dated ,1922. By 4, , r r 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 F1,075,000 of warrants upon receiving from said holders the said out- standing warrants. Each of said outstanding warrants when exchanged shell be cancelled by perforation by the City Cleric and stamped "cancelled upon issuance of new warrant in exchange ". Section 4. This ordinance is hereby determined to be an ordinance for the support and maintenance of the various branches of the municipal government of the city of Little Rock. Passed: August 28, 1922. Attest: /- T City Clerk. Approved: MayA.