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AN ORDINANCE TO PROVIDE FOR THE BORROUING OF MOTLEY
TO MEET THE PRESSING NECESSITIES OF THE CITY OF LITTLE ROCK.
VMEREAS, the City of Little Rock is indebted to the '
Arkansaw dater Company for water furnished, and for which no
warrant has yet been issued, to the amount of i?'30, 000.00; and,
WHEREAS, in order to secure the government picric
acid plant, it is necessary to grade, drain and curb a road way
beginning at the intersection of East 15th Street and College
Street, and running thence east to the city limitsialong East
15th and East 17th Streets, and also a road way on' Townsend or
k
Walker Street, from 6th Street to the city limits, one -half the
cost of which, amounting to 45, 000.00, must be paid by the City
of Little Rock; and,
4'iHEREAS, in order to meet the current expenses of the
City, it is necessary to replenish the general fund so as to
raise the amounts to pay the police and fire departments for
the ensuing year; and x'75, 000.00 will be required for this
purpose; and,
�?HERE3S, there are no funds in the treasury available
for these purposes, and Speer & Dow, of Little Rock, Arkansas,
are willing to lend the money to the City; and,
WHEREAS, it is absolutely necessary to theepublic wel-
fare that said sums be borrowed, since, otherwise, the water
will be shut off and the property of the City and its inhabitants
left without fire protection, and the picric acid plant, upon
which the future prosperity of the City largely depends, will
be lost, unless said streets are paved, while the services of
the police and of the fire department are absolutely essential
to the public welfare and cannot be maintained unless the funds
r1
2.
are provided for to pay them;
NOW, THEREFORE, BE IT ORDAINED BY TIM CITY COUNCIL OF
THE CITY OF LITTLE ROCK:
Section 1. That the City of Little Rock borrow from
the said Speer & Dow the sum of 0120,000.00, giving its warrants
therefor in such denominations as the said Speer & Dow may de-
mand, and payable one year from date. Of said sum borrowed,
the sum of 30,000.00 is hereby appropriated to pay the sums due
the said Arkansaw Water Company, and is set aside in a special
fund for that purpose; and the Mayor and City Clerk are direct-
ed to draw their warrant upon said fund for the said sum, and to
deliver the same to the said Arkansaw dater Company in payment
of its bill. Of the money so borrowed, the said sum of '15,000.00
" is hereby appropriated for the improvement of the streets herein-
before described, and is set aside in a special Rind to be used
for that purpose only; and the Mayor and City Clerk are directed
,
to draw their warrants from time to time as the work progresses,
payable out of said fund, until the whole thereof is expended.
Of the money so borrowed, the sum of X75,000.00 is hereby appro-
priated to the payment of the salaries of the police force and
of the members of the fire department, and shall be set aside in
a special fund for that purpose and used for nothing else; and
the Mayor and City Clerk are directed from time to time as said
salaries become due, to draw warrants upon said fund for the pay -
ment thereof.
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3.
Section 2. Said warrants shall be in the following form
and in such denominations as the said Speer & Dow may require:
No.
STATE OF ARKANSAS
CITY OF LITTLE ROCK
X1,000.00
On the nth day of July, 1919, the treasurer of the
City of Little Rock, in the State of Arkansas, will pay to bearer, '
at the national City Bank, in the City of New York, the sum of
6r,•., 1 ONE THOUSAND DOLLARS
in lawful money of the United States,- out of any money in his
hands belonging to the general fund. This warrant is issued in
pursuance of an ordinance of said City duly adopted on the 26th
day of .a :, i9p, entitled, "An Ordinance to provide for the
borrowing of money to meet the pressing necessities of the City
of Little Rock ", and it is hereby covenanted and recited that
said ordinance has been duly passed in accordance with law; that
the City of Little Rock has the authority under the laws of the
State of rArkansas, to pass said ordinance and to issue this war-
rant; that all things required to be done precedent to the issu-
ing of this warrant have been done, have happened and been per-
formed, as required by law and the terms of said ordinance; that
the sum of X1,000.00 has been actually paid into the City's treas-
ury in pursuance of said ordinance and in consideration of this
warrant, and that said sum, together with all other moneys bor-
rowed under said ordinance, have been set aside into special
funds as provided by said ordinance; that this warrant is a
valid obligation of said City, payable out of any money in its
general fund, and to the payment of this warrant, the full faith,
credit and resources of the said City are hereby irrevocably
pledged.
s
4.
IN WITNESS WHEREOF, the City of Little Rock has executed
this warrant under the hard of its Mayor and caused the same to
be attested by its corporate seal, and the signature of its Clerk,
this 9th day of July, 1918.
CITY OF LITTLE ROCK,
By
Mayor
-ttest:
City Clerk
Seotion 3. This ordinance shall take effect and be in
force from and after its passage.
or
G.��� SAO. �� �✓
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