Loading...
HomeMy WebLinkAbout1946 RESOLUTION NO. 1946 A RESOLUTION SETTING THE TIME AND PLACE FOR THE SALE OF $590,000.00 FIRE APPARATUS AND FIRE STATION BONDS; PROVIDING FOR PUBLICATION OF NOTICE THEREOF; AND FOR OTHER PURPOSES. WHEREAS, the electors of the City of Little Rock at the general election held on November 14, 1952, approved Ordinance No. 9029 of said City, authorizing the issuance of $590,000 in improvement bonds for the purpose of purchasing and housing fire- fighting apparatus and fire alarm systems, and the result of the election was proclaimed by the Mayor and his proclamation was duly published on November 15, 1952, in Arkansas Democrat a newspaper published in Little Rock, Arkansas, and more than thirty days have elapsed since said proclamation was issued and published and no suit has been brought in the courts to attack the result as so proclaimed, and therefore, under the terms of Amendment No. 13 to the Constitution of the State of Arkansas, such result is now conclusive; and WHEREAS, said Amendment No. 13 requires the sale of the proposed bonds at a public sale after twenty days' advertisement in some newspaper having a bona fide circulation in the issuing municipality; and WHEREAS, the City now desires to complete the sale of the proposed bond issue; now, therefore , BE IT RESOLVED by the City Council of the City of Little Rock, Arkansas: SECTION 1 . That the sale of the bonds be set for 8:00 o' clock P. M. on January 26 , 1953, to be held in the Council Chamber in the City Hall, and that the City Clerk and Finance Officer publish notice of said sale once a week for three successive weeks, the first publication to be more than twenty days prior to the sale date, in a newspaper published and having a bona fide circulation in the City of Little Rock, and also publish said notice in one or more financial ,iournals, as he may deem advisable, and said notice shall be in substantially the following form: 1 a NOTICE OF SALE $590,000 CITY OF LITTLE ROCK, ARKANSAS FIRE APPARATUS AND FIRE STATION BONDS OF 1953 Sealed bids will be received by the undersigned, City Clerk of the City of Little Rock, Arkansas, for $590,000 City of Little Rock Fire Apparatus and Fire Station Bonds of 1953, in the Council Chambers of the City Hall, City of Little Rock, up to 3: 00 o' clock P.M. Central Standard Time on the 26 day of January., 1953, at which time and place bids will be publicly opened for the sale of all, but no part, of these bonds. Said bonds will be negotiable coupon bonds in denomination of $1,000 each, dated February 1, 1953, and maturing serially on February 1 of each of the years 1956 to 1968, inclusive, as follows: $38,000 - 1956 $47,000 - 1963 39,000 - 1957 48,00o - 1964 1+1,000 - 1950 49,000 - 1965 42,000 - 1959 50,000 - 1966 43,00o - 1960 51,00o - 1967 41+,000 - 1961 52,00o - 1968 46,00o - 1962 interest payable semi-annually beginning August 1, 1953. The principal of and interest on said bonds are payable in lawful money of the United States of America . The bonds will be general obligations of the City of Little Rock, Arkansas, will be issued under authority of Amendment No . 13 to the Constitution of the State of Arkansas and were approved by voters of Little Rock in the general election November 4, 1952, and will be secured by a continuing tax levy sufficient to pay the principal and interest as they mature and to provide a safe margin of security. Each bidder is requested to name 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 bid will be entertained . • The bonds will not be subject to conversion, and the bonds will be awarded to the responsible bidder whose bid results in the lowest net interest cost to the City of Little Rock, such cost to be determined by the City by deducting the amount of any premium bid from the aggregate amount of interest upon all of the bonds from their date f until their respective maturities . The bonds will be subject to redemption prior to their respective maturity dates at the option of the City at par and accrued interest in inverse numerical order, as follows: On any interest paying date on and after August 1, 1956, with funds derived from surplus collections of the tax levied for the payment of these bonds; and on any interest paying date on and after August 1, 1958, with funds derived from any source . Notice of 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 . The City will furnish free of cost to the purchaser the printed bonds and the approving opinion of Messrs . Townsend : Townsend, bond counsel of Little Rock. The City will pay the cost of printing the bonds and the charges of the paying agent, and will furnish the usual closing papers, including a certificate stating that there is no litigation pending affecting the validity of the bonds . The purchaser may name the place of payment. A good faith deposit in the amount of $11,800 in the form of a certified check payable to the City of Little Rock shall accompany each bid . The checks o 1unsuccessful bidders will be returned promptly, but the check of the successful bidder will be held as liquidated damages in the event that after having been awarded the sale of the bonds, the bidder fails to complete the purchase . No interest will be paid upon good faith checks . Each bid should be enclosed in a sealed envelope marked on the outside "Proposal for Fire Apparatus and Fire Station Bonds" and addressed to the City Clerk and Finance Officer, City of Little Rock, City Hall, Little Rock, Arkansas . The City of Little Rock reserves the right to reject any and all bids . For additional information, address the undersigned. Dated this 31 day of December , 1952 • CITY C' LITTLE ROCK, ARKANSAS H. C. GRAHAM, CITY CLERK & FINANCE OFFICER .r ,,• or ! • SECTION 2. It is hereby ascertained and declared that there is an actual need for the fire-fighting apparatus and fire alarm systems for which the bonds are bein ; issued, and this resolution, being necessary for the preservation of the public peace, health and safety, shall be in full force and effect immediately upon its adoption. ADOPTED: December 29, _—, ' 195 2 Approved: ri24.2;t Mayor Attest: C ty C erk CERTIFICATE I, t'h undersigned, City Clerk of the C' y of Little Rock, Arkansas, hereby ertify the foregoing to •- a true copy of a resolution duly adop ►-d by the City Co. cil at a duly called and constituted meeting at w ' ' ch more `ian two-thirds of the members- elect of the Council were pr= ' : t and voted for said resolution. CERTIFIED under my and d the seal of said City, this day of , 5 City Clerk (Seal )