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HomeMy WebLinkAbout1604 R E S O L U T I O N Afk IVIOXP NO. 1604+ WHEREAS, at the election held on the 2nd day of April, 1940, pursuant to ordinance No. 5858, a large majority of the qualified electors of the city of Little hock, Arkansas, voted in favor of the issuance of $50,000 of bonds for the purchase of fire fighting apparatus, construction of buildings for the housing of fire fighting apparatus and making additions to existing buildings for the housing of fire fighting apparatus; $75,000 of bonds for improvement of the city airport by con- structing additional runways and an administration building and purchasing additional land for said airport; and $30,000 of bonds for completing the construction and equipment of the City auditorium; and WHEREAS, all of said bonds have been issued and sold except $25,000 of the bonds authorized for the purchase of fire fighting apparatus, construction of buildings for the housing of fire fighting apparatus and making additions to existing buildings for the housing of fire fighting apparatus, the Council having deemed it best to postpone their sale until later; amd WHEREAS, the Council finds that it is now necessary issue and t2/sell said 25,000 of bonds; and WHEREAS, the law requires that the bonds be sold at public sale, and that a notice of said sale be published; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK, ARKANSAS: Section 1. That the Clerk of this City be required to publish in some newspaper published in the City of Little Rock and having a bona fide circulation therein, the follow- ing notice, which shall be published once a week until the day fixed for the sale, the first publication to be at least twenty (20) days before said date: NOTICE OF BOND SALE BY THE CITY OF LITTLE ROCK, ARKANSAS Notice is hereby given that the City of Little Rock, Ark ansas, will offer for sale for cash to the highest bidder on sealed bids to be opened at a meeting of the City Council in the Council Chamber in the City Hall, Little Rock, Arkansas, at B o' clock P.M. on the 24-th day of November, 1941, 25,000 of improvement bonds issued for the purpose of the purchase of fire fighting apparatus, construction of buildings for the housing of fire fight- ing apparatus and making additions to existing buildings for the housing of fire fighting apparatus, dated as of May 1, 1940, bear- Alternate 2 and/or 3 ing interest from September 1, 1941, at the rate of / per cent per annum, payable semiannually, in the denomination of $1OOO.00 each, and maturing on March 1 in the years and amounts as follows: 5000 in the year 1945 $5000 in the year 1946 $5000 in the year 1947 $5000 in the year 1948 $5000 in the year 1949 The bonds will be convertible, at the option of the pur- chaser, into bonds bearing a lower rate of interest, on such terms that the City shall receive therefor and pay thereon substantially Alternate 2 and/or 3 the same as upon i per cent bonds sold at the price bid. Sealed bids will be received by the City Clerk at the City Hall in the City of Little Rock, Arkansas, up to 8P•M. on the day of the sale. The bonds will be issued under authority of Amendment No. 13 to the Constitution of Arkansas, a large majority of the qualified electors having voted in favor of their issuance. They will be general obligation bonds of the city of Little Rock, Ark- ansas, and will be secured by a special continuing tax levy sufficient to pay the principal and interest and provide for a safe margin of security. The city will furnish the printed bonds and the opinion of Messrs . Rose, Loughborough, Dobyns & House, Attorneys, Little Rock, Arkansas, approving their legality. The city reserves the right to reject any or all bids. Bids shall be accompanied by certified check for ti, 750.00 payable to the city, to be its liquidated damages if the bidder fails to make good his bid, and to be applied to the purchase price if he gets the bonds, otherwise to be returned. This 20. day of October , 1941. CIT`T 19 /�TLE Rs _ By �����►I�` ,.`",.�,�"�'L� MAYOR ' ATTEST: CITY CLERK ,r. • Section 2 . It is ascertained and hereby declared that the prompt purchase of fire fighting apparatus and the construc- tion of additional buildings for housing of fire fighting apara- tus are essential to the public safety. It is, therefore, resolution is necessary declared that an emergency exists, that this/sxxsisaa for the immediate preservation of the public peace, health and resolution safety, and that this/ -. +bas shall take effect and be in force from and after its passage. ADOPTED: October 20 , 1941 APP:I ' p� MAYOR' j ATTEST: / kCITY CLERK