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RESOLUTION NO. 2037
A RESOLUTION ACCEPTING A BID FOR BONDS TO BE ISSUED BY
THE CITY OF LITTLE ROCK, ARKANSAS FOR THE PURPOSE OF
DEVELOPING AND IMPROVING THE LITTLE ROCK MUNICIPAL AIR-
PORT.
WHEREAS, after due advertisement for the time and in the
manner required by law, duly published in a newspaper having a bona
fide circulation in the City of Little Rock, Arkansas , $300,000 of
General Obligation Municipal Airport Bonds of the City of Little
Rock, Arkansas, to bear interest at a rate not to exceed 22% per annum,
and to be issued for the purpose of developing and improving the Little
Rock Municipal Airport, were offered for sale on sealed bids at a
meeting of the City Council in its Council Chambers at the City Hall
at 8:00 o' clock p.m. on the 17th day of January, 1955; and
WHEREAS , all bids have been opened and examined by the
Council, and the Council finds that the bid of Southern Securities
Corporation and A. G. Edwards & Sons of Little Rock, Arkansas , at the
price of 100X on the dollar, plus a premium of $20.00 for bonds to
bear interest as follows :
2 for bonds due 1958 through 1961 both inclusive, and
1T% for bonds due 1962 through 1965 both inclusive
and accrued interest to date of delivery, was the best bid and should
be accepted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. That said bid of Southern Securities Corporation
and A. G. Edwards & Sons be accepted and that the Mayor and. City Clerk
be, and they are hereby, authorized to execute on behalf of the City
a contract with the said purchaser for the sale of the bonds for said
price and upon the terms specified in the notice of sale.
SECTION 2. That it is hereby ascertained and declared that
the present facilities of the Little Rock Municipal Airport are wholly
inadequate and that there is an immediate and urgent need for the
development and improvement of the Municipal Airport in order to pro -
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tect the health, safety and welfare of the inhabitants of the City
and their property, and only by the issuance of the bonds above re-
ferred to can adequate facilities be made available . It is , therefore,
declared that an emergency exists and this resolution being necessary
for the preservation of the public peace, health and safety shall be
in force and take effect immediately upon and after its adoption.
ADOPTED: January 17, 1955
ATTEST: APPROVED:
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City Clerk Mayor