HomeMy WebLinkAbout1945 NOTICE OF BOND SALE
OF THE CITY OF LITTLE ROCK, ARKANSAS,
$975,000 GENERAL OBLIGATION RIGHTS-OF-WAY STREET
IMPROVEMENT BONDS
1. NOTICE IS HEREBY GIVEN that the City of Little Rock,
Arkansas, will sell for cash on sealed bids to be publicly opened
and read at a meeting of the City Council to be held at 8 :00
o 'clock, P . M. , Central Standard Time, on the 26th day of January,
1953, in the Council Chambers in the City Hall, in Little Rock,
Arkansas, $975, 000 principal amount of negotiable coupon improvement
bonds issued for the purpose of acquiring rights-of-way for streets,
boulevards, and approaches to the Broadway and Main Street Bridges
in the City of Little Rock .
The bonds will be in the denomination of $1, 000 each, will
be dated as of February 1, 1953, and the interest will be payable
on the first day of August, 1953, and semiannually thereafter on
the first day of February and August in each year. They will mature
on February 1 in the years and amounts respectively as follows :
$59,000 in 1956 ;
$60,000 in 1957 ;
$62,000 in 1958 ;
$63, 000 in 1959 ;
$65,000 in 1960 ;
$66,000 in 1961;
$68,000 in 1962;
$70,000 in 1963 ;
$72,000 in 1964;
$74,000 in 1965;
$76,000 in 1966 ;
$78,000 in 1967 ;
$80,000 in 1968;
$82,000 in 1969 .
2. Each bidder shall specify the interest rate or rates
upon which his bid is based, not more than two in number, and not
exceeding 3% per annum, in multiples of one-fourth or one-eighth
of one per cent . Each bidder must specify in his bid the amount
and maturities of the bonds of each rate , and all bonds maturing
on the same date must bear interest at the same rate . No bid of
less than par and accrued interest based upon the rate or rates
submitted by the bidder will be entertained. Award, if made, will
be to the bidder offering the lowest interest cost to the City;
the interest cost to be determined by computing the aggregate
amount of interest at the rate or rates bid and deducting therefrom
the amount of any premium offered.
3 . The bonds will be general obligation bonds of the
City of Little Rock, Arkansas, issued under authority of Amendment
No . 13 to the Constitution of Arkansas and approved by the voters
of Little Rock in the General Election held on November 4, 1952,
and will be secured by a special continuing tax levy sufficient to
pay the principal of and interest on the bonds as they mature and
provide a sufficient margin of security.
4. The bonds will not be subject to conversion.
5. The bonds will be subject to redemption prior to
maturity at par and accrued interest at the option of the City, in
inverse numerical order, on any interest paying date on and after
August 1, 1956, only from surplus tax collections and on any
interest paying date on and after August 1, 1958, from any available
funds. Notice of the call will be published once a week for two
weeks' before the date of such redemption in a newspaper of general
circulation published in the City of Little Rock, Arkansas .
6 . The City will furnish free of cost to the purchaser the
printed bonds and the unqualified approving opinion of Messrs . Rose,
Meek, House, Barron and Nash, bond counsel of Little Rock, Arkansas,
and will pay the charges of the paying agent . The City will
furnish the usual closing papers, including certificates that there
is no litigation pending or threatened affecting the validity of
the bonds .
7 . The purchaser may name the paying agent .
8 . No contingent provisions may be included in the bids .
9. Delivery of and payment for the bonds will be made in
Little Rock, Arkansas, in Little Rock funds . The bonds will be
ready for delivery not earlier than March 4, 1953, or later than
March 16, 1953 .
10. Bids must be accompanied by a certified or cashier's
check in the sum of $19, 500 payable to the City of Little Rock,
Arkansas, to be its liquidated damages in the event the bidder
fails to make good its bid and to be applied to the purchase price
if it gets the bonds ; otherwise to be returned. No interest will
be paid upon good faith checks .
11 . Each bid shall be enclosed in a sealed envelope marked
on the outside : "Proposal for General Obligation Rights-of-Way
Street Improvement Bonds" and addressed to.-the. Cjty Clerk and
Finance Officer, City of Little Rock, City Hall, Little Rock,
Arkansas .
12. The City reserves the right to reject any or all bids
and to waive informalities .
For further information, you may communicate with H . C. Graham,
City Clerk and Finance Officer, City Hall, Little Rock, Arkansas .
DATED this 31 day of December, 1952.
CITY OF LITTLE ROCK, ARKANSAS
By
H. C . Graham, City Clerk and
Finance Officer
SECTION 2. It is ascertained and hereby declared that
the streets in the down town area of the City of Little Rock
and in and around the approaches to Broadway and Main Street
bridges are inadequate to meet the demands of traffic requirements,
that the said areas are congested with traffic, and that on
account thereof the safety of the inhabitants and their property
is jeopardized, their health impaired, and their welfare endangered;
and that the acquisition of rights-of-way for streets, boulevards,
and approaches to the Broadway and Main Street bridges is essential
to the safety and health of said City. It is, therefore, declared
that an emergency exists, and this resolution is necessary for
the immediate preservation of the public health, peace, and
safety, and the resolution shall take effect from and after its
adoption.
ADOPTED: December 29, 1952.
APPROVED:
rc)4t"-4
Mayor
ATTEST:
C' ty Clerk