The Courier News from Blytheville, Arkansas on March 8, 1955 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
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Tuesday, March 8, 1955
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TUESDAY, MARCH 8, 1958 BLYTHEVILLE (ARK.) COURIER NEWS PAGE THREE Finally Jap Pointer's Dream To Come True TOKYO M - The long-cnerishcd dretun of an unknown Japanese painter will conic true liiis spring. His works will be displayed In Hie French National Modern Art Museum. Kyodo News Service said 17 pictures from the brush of Masato Uesaka had been selected. They hnd gone unnoticed both here and abroad until spotted by George Salles, head of the French National Museum, who came to Tokyo last fall to supervise an art exhibition here. His praise came a little late for Uesaka. He died a tow months before the Tokyo exhibit opened. N OTIC E Notice l.s hereby given that the Town Council of the Town of Dell, Arkansas, has adopted the ordinance hereinafter set out; that the Town contemplates the issuance of bonds described in said ordinance; and that any person interested may appear before the Council on the 24th day of March, 1055, at 7:30 o'clock p.m. at the usual place of meeting of the Council held in Dell, Arkansas, and present protests. At such hearing all objections and suggestions will be heard and the said Council will take such action as it deems proper in the premises. Dated this 3rd day of March. 1B55. J. C. DOBBS, Mayor of Dell, Arkansas. ATTEST: J. T.. TATE, Town Recorder. Oscar Pendler, Ally. ORDINANCE NO. 22 AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF GAS TRANSMISSION LINES AND A COMPLETE DISTRIBUTION SYSTEM FOR NATURAL GA!> TO SERVE THE TOWN OF DELL. ARKANSAS; PROVIDING FOR THE ISSUANCE OF GAS TRANSMISSION AND DISTRIBUTION SYSTEM REVENUE CONSTRUCTION BONDS OF THE TOWN TO PAY THE COSTS OF CONSTRUCTION; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY WHEREAS by ordinance duly passed on the 16th day of December, 1054, there was. submitted to the qualified electors of the Town of Dell. Arkansas, the question of whether it should issue Gas Trims- mission and Distribution System Revenue Construction Bonds in the amount of 827,000. with the privilege of conversion by the purchaser to bonds bearing a lower rate or rates of interest, for the purpose of constructing gas transmission lines and a distribution system for natural gas to serve the Town of Dell, Arkansas: and WHEREAS due notice of the election was given as required by law and that at said election 78 votes were cast in favor of CIL OF THE TOWN OF DELL, ARKANSAS: . Section 1. That the above described gas transmission lines and gas distribution system be con structed. Section 2. That the sale of the proposed issue of J27.000 pf &,',% bonds to T. J. Raney k Sons, Little Rock. Arkansas, and the conversion of said issue to An issue of $30,600 of 2'/ 4 %, 2!i% and 2^% bonds be. and the same hereby are, approved and confirmed. Section 3. That under the authority of the Constitution and laws of the State of Arkansas, particularly Act No. 71 of 1949, as amended, Cas Transmission and Distribution System Revenue Construction Bonds of the Town of Del! are hereby authorized and ordered issued in the total amount of Thirty Thousand, Six Hundred Dollars ($30,600), the proceeds of the sale of which are necessary to provide sufficient funds to pay the cost of the construction of gas transmission lines and a complete distribution system to serve the Town of Dell, Arkansas, described herein, including the cost of securing necessary rights of way for the trans- niission lines, engineering, legal and other expenses incidental thereto and to the issuance of the bonds, and interest to the estimated date of completion of the construction. Tile bonds shall be numbered consecutively from 1 to 37, inclusive, and shall be in the de- auance of an election duly held at which the majority or the legal voters of the /Town voting at said electldn voted In favor of the Issuance of said bond*. Said bonds are not general obligations of the Town, but are special obligations payable solely from a fixed amount of the gross revenues from the gas transmission lines and distribution system, which amount shall be sufficient to pay the principal of an Interest on the boiids as the same become due -and payable. Said amount lias been duly set aside and pledged as a special fund for that purpose and identified as the "Gas Transmission and Distribution Revenue Bond Fund", created by Ordinance No , duly adoptdd and approved on the : day of March, 1955, under which this bond Is authorized to be issued, and In said ordinance the Town of Dell has covenanted" and agreed to maintain rates for natural gas services which shall be sufficient at all times to provide for the payment of the principal of and interest on the bond as the same become due and payable, and has covenanted and agreed to provide for the creation of separate depreciation funds for necessary replacements to said gas transmission lines and distribution system and to provide for the payment of the reasonable expenses of operation and maintenance of said gas transmission lines and distribution system. Year structlon Bond, dated January 1, 1865, and numbered : . TOWN OP DELL, ARKANSAS 1SI55 By 1086 Mayor | 1957 On each bond smll appear the j lg;ii following j 13JU CERTIFICATE I • «.-. This is one of a series of bonds described • herein aggregating $30,600. . THE FIRST NATIONAL BANK IN LITTLE ROCK, LITTLE ROCK, ARKANSAS By Little Rock, Arkansas , 1955 Section 8. That the Council Duds to tlie following schedule: I960 1081 1962 1963 1964 1965 1966 1967 1908 1969 191(1 that the rentals to.be paid by Ark-11971 ansas-Mlssouri Power Company to j 1972 the Town of Dell, Arkansas, under 1973 the provisions of the lease author- 1974 ized t° he executed by Ordinance 1975 No. 21 of the ordinances of the Town of Dell are sufficient to produce a total revenue sufficient to Bond Nos. I - 1 3 4 5- 8 7- 8 9-10 11-12 13-14 15-16 17-18 19-20 21 -22 23 -24 25 -20 Ti -23 29-30 31 -32 33 -34 35 -37 Principal INTEREST January 1 July I t $ $380.50 380.50 308.13 356:87 345.03 328.75 311.87 295.00 278.13 261.25 244.37 225.63 206.37 188.13 169.37 14-1.38 116.37 39.38 61.87 34.38 Total 1,100 1,000 1,000 1,500 1.500 1.500 1,500 1,500 1.500 1,500 1,500 1.500 1,500 2.000 2.000 2.000 2,000 2.000 2.500 380.50 380.50 368.13 350.87 345.63 328.75 311.87 295.00 278.13 2U1.-J5 244.37 225.63 206.87 188.13 169.37 144.38 116.87 39.38 61.87 34.33 1,848.63 1.725.00 1.702.50 Town R«corder and the seal of the Town Impressed, as herein provided, I they shall be delivered to The First I National Bank In Little Rock, Little Rock, Arkansas, which shall authenticate them and deliver them U> the purchaser, on payment in ,„ ._, , J8 cash of $27.000 and accrued inter„".,,',, i e.st to date of delivery. Contem- „•'"„" i poraneously with Mich delivery and ,„,,,, i payment, the said Bank shall ap- ; ply the proceeds of the Iwnds as follows: I'cnnnn ''' A " K1 " ulmt sufficient to pay n.!,- ! interest, to the estimated date of '• .- rj °j completion ol the construction shall l,89a.<nr be paid to thi' Town Treasurer tor 1.857.50 | th f . account oi the Town to f)C de- 2.313.75 i posited by him in the Gas Trans- 2.261.25! mission and Distribution Revenue 2,206.25 ! Bond Fund. It is hereby determined 2,151.251 that the estimated date or com- 2.096.25 ' pletion of the construction is Jan- 2,534.38 . uary 1. 1956. Section 9. That it .ihall be tilt bur.semcnts of its revenues from '2> Alter making the payment [iuty rjl the- Treasurer Uj withdraw the ga.s lran:-.niis.~ion lines, and dis-! •'-' L out in .sub-section '1*. the re- Iroui the Gas TrniLsinission and tribution system covering such li.s- mainder of the proceeds shall tie vides adequately for the mamte- Bank in Little Ruck. Little Rock i bution system described herein in- ! of Uu: cost of construction of the nance and depreciation of the gas Arkansas, In,- paying agent an : eluding Ihe real property on which . «'"• transmission lines and distri- transmission hues and distribution an , 0 ,, n[ ^ ml w Ul( . a|nou|U of | thej . ar( , siuiatt . d , ;t , provided in' butum system, including the cost system. I hul .^ j X)!lc j OI . c . OUiXJU ( 01 . t j lc . KQ ^ C • Act No. 71 of the Acts of tile Gen- ! °i securing necessary rights of Section 7. That the Treasurer of; purpose of paying the .same, to- '• cral Assembly of the Stale of Ar-: ' A ':'y, engineering, legal and other the Town shall be the custodian of , with the payiny agent's fee ; kansas for the year 1949. as amend- i expenses incidental to the construc- . the rentals and other revenues de- j ol 12':.c for each S100 par value i cd, which shall exist in favor of • tion and to the issuance of the p rived from the gas transmission | of t/jnds und 5c for each coupon, i the holder of the bonds a: id each ; bonds, but only on checks, war- This bond is expressly made lie- | lines and distribution system, and t and no withdrawal of funds from ; 'Jf them, and to and in lavor of the i rants or vouchers signed by the nomination of $1,000 each, except; gotiable under said Act No. 71 of all such rentals and other revenues j ;:aid O;-..^ Transmission and Distri- • ho!:f ;r <it the coupons attached to : -i--Vor and Town Recorder briefly pecilying the disbursement of ex- that Bond No. 2 shall be in the j jg^y_ anc j ^ denomination of $600, and Bonds Nos. 1, 6. 8. 10. 12, 14, 16, 18, 20, 22, 24 and 37 shall be' in the denomination of $500 each. The bonds By vl ,. tm! ot tne au thority of said i may be" designated from t shall be dated January 1, 1955 and Aut No 7 , of the Gencial Assem-j time, subject, however, to the giv-; aim ..hall not operate as a payment terosl on the bonds, if tlic-iv a° anv '•'''•'• bc ™ '"curred on account of the Bonds Nos. 1 to 16, Inclusive, snail ,-< - -•- '•-. «._.. _* .... f —),.._ _* ..... t.. _t. ., .-.— )_. .... .. ..... bear interest at the rate of 2y 4 % per annum, Bonds No. 17 to 26, inclusive, shall bear interest at rate with the-intent shall be kept separate and apart j bution Revenue Bond Fund shall • the bonds, and the that the laws of the State of Ar-! from the other funds of the Town kansas shall govern the construe-! and shall be deposited by him in tion thereof. i such depository or depositories as ime to otherwise authorized in shall remain subject to such stat- i tliicate -sillied by the consulting thl- ordinance. Sucli deposit shall risk of the Town ' in full of til Lated amount of per annum, and Bonds bly of the State of Arkansas for! Ing of security by such depository j ol tlie bonds or coupons until so default in the payment of eith'/r cost " f co "--- u ' LI '-tion, and to whom Nos. 27 to 37, inclusive, shall bear Interest at the rate of 2 3 ,1% per annum. The interest shall be payable semi-annually .on January 1 and July 1 of each year commencing: July 1, 1955. the interest to be evidenced by interest coupons, and the principal and interest shall be payable in lawful money of the i United States of America upon 1 presentation of the bond or proper coupon at The First National Bank ii Little Rock. Little Rock. Arkansas. The bonds shall mature on January 1 in each year as follows, but are callable as hereinafter set forth: YEAR BOND XOS. AMOUNT! 1957 1-2 1958 3 1959 4 1960 5-8 1961 7-8 1962 9-10 1963 11-12 j 1964 13-14 ilSaS 15-16 I.500J 1966 11-18 1.500 1 1967 19-20 1.500 1968 21-22 1,500' 1969 23-24 1,500! 25-26 2,000 27-28 2,000 29-30 2,000 31-32 2,000 33-34 35-37 or depositories as now or as 'here- | applied. the year 1949, as amended there Is granted and created a statutory mortgage lein on the said -gas transmission lines and distribution system to and in favor of the holders of said bonds, and each of them, and to and in favor of the holders of each of the coupons evidencing the interest on said bonds, and said gas transmission lines and ! which the revenues belong. i the principal ol or' imeri^t on any , ;,' llc " uhligation is owed, except after may be required by law, and- .Section 10. That all bonds paid, i of the bonds, and such defauft ' l!Uil "° - uch <-'eri!ilcaic shall be re provided that all such depositories j either at or before maturity, shall shall continue for thirty '30' days ' <! ull ' ctl Ior the Payment of engineers-hall. be members of the Federal j be cancelled when such payment thereafter, the holder " or holder ""'• Icgal !ind olher '""dental ex- Deposit Insurance Corporation. All j is made, together with all unma- ' thereof may enforce the statutory ' )cnses - All > : unexpended balance deposits made by the Treasurer j lured coupons appertaining there- • mortgage lien upon the -i-s trans- ramum "? [alter the final comple- shall be in the name of the Town j to, and held by the Treasurer. All mission line., ana distribution <vs- ' 110!1 . of the ™n.struction and shall be so designated as to i unpaid interest coupons maturing ; tern in accordance wi'h tlie pro- " 5ed !0 ca " bonds ol lhls indicate the particular fund to ! on or prior to the dr.ie of such pay- ! visions of Section 11 of said Act nc: ein pio\iaed. be uc ' as distribution system shall remain | Section 8. Gas Transmission and . to the respective bearers thereof. mer.t shall continue to be payable ; No. 71 of 1949. as amended, and When the bunds are delivered $1,100 That a fund is hereby created and ' thonzcd herebv and issued here- j cials of the Town. If there be de- sa '?l i" 8 M ' l - vor sha11 take from designated "Gas Transmission and j under shall be callable for pay- I fault in the payment of the prin- , 1 , ls 1 ' ect ' I I n and an agree- Distribution Revenue Bond Fund" j ment prior u> maturity in accord- i cipal of or interest on the bonds n ; ent . l ° Oehver the bonds and ap- into which there shall be placed as j ancc with the terms set out in the' and such default -hall toiiMnue for : subect to such statutory mortgage: Distribution Revenue Bond Fund.. Section II. That tne bonds ai lein until the payment in full of all of said bonds, both principal and interest, shall have been made. The bonds of this issue must be called for redemption prior to maturity, in inverse numerical order, at par and accrued interest on any interest paying date from surplus proceeds derived from the .sale of the bonds of this issue not f. ; may by proper suit compal the per- I'?.™," R h \ ^l, N « io , na ' ^ a " k .u-!formance of the dutio.s of the offi- "' Lu . l . ls *° ck ; Lmle Rock - Al " a »- received all rentals and other reve- [ bond iorm in Section 5 hereof, nues derived from Arkansas-Mis-1 < thirty i30' days thereafter. Section \1, That the Town will court bavin;; jurisdiction in keep proper books of accounts and proper action may appoint a re- : records 'separate from all other : ceivcr. to administer the gas trans- lease authorized to be executed by records and accounts i in which mission lines and distribution sys- Ordinance No. 21 of the ordinances I complete and correct entries shall tern on behalf of the Town, with souri Power Company, payable under the provisions of that certain 1,000 i ply the proceeds as authorized this Section 14. Section 15. That' tile Mayor is hereby directed to publish lor one insertion in Biythevilie Courier News which is hereby found and declared to tie a newspaper of bolla fide genera! circulation in the Town 1 000 ; ' cquireci for lhe construction of] of the Town of Dell, Arkansas, be made of all transactions relat-' power to charge and collect rates n 'the gas transmission lines and dis- adopted and approved on the 3 day ing to tlie gas transmission lines i sufficient to provide for the nav- ."'. Arkansas, this ordinance, tribution system, and may be cal- of March, 1955. Such revenues de- i and distribution system. The Town ' ment of the bonds and ,' 60 0lied for redemption prior to maturi- posited in the Gas Transmission i will furnish to any holder or pur-: thereon and for the payment of i\nn ^'- ' n i nverf >e numerical order, on j anr' —'--""- - - ...... nd Distribution Revenue jm '. •', to which shall be attached „ ,„,'Hie signed by him in substantially the following form: 1500 li> '" llivt -' lftL ' "ui"t-'"c<ii uiuci, uu i ano ijistriDuiion iievenue Bond i chaser of any of the bonds at the ; the operating expenses and to ap- l'500 any lnteresl paying date out of I Fund are hereby pledged and shall i time outstanding at the written re-i ply the income and revenues in 1 NOTICE 'surplus revenues derived from the i be applied to the payment of all que.t of .,uch holder or purchaser, j conformity with this ordinance. i No-ice is hereby given that the not more than .sixty (60> days aft-j Seclicm 14. That when the bomiv, Tou;j CoujKil of the TOWJI ol" Del], f each fiscal year, herein authorized to lie issued have I Arkansas has adopted the ordinance operation of the gas transmission ; bonds issued hereundcr and se- ncs and distribution systems in i cured hereby, and the interest 1970 1971 1972 1973 1974 1975 Section 4. the gas transmission and distribu- j thereon, as they mature according i complete audit receipts and' dis-: been executed by me navor and hereinafter set out- that the Town tlon revenue bond fund in excess of the amount required to pay the principal of and interest on the said bonds as they mature. On or after January 1, 1960, the bonds may be for redemption prior to ma- contemplates the Issuance of bonds described In said ordinance; and that any person Interested may appear before the Council on the 24 day of March, 1955, at 7:30 o'clock p.m. at the usual place of meeting of the Council held in Dell, Arkansas and present protests. At such hearing all objections and suggestions will be heard and the said Council will take such action as it deems proper in the premises. Dated this 3 day of March, 195S. J. C. DOBBS. Mayor of Dell, Arkansas. Attest: I Seal) J. T. TATE Town Recorder. Section 16. That this ordinance .shall not create any right of any character, and no right of any character shall arise under or pur- [ suant to it. until the bonds author. t ized by this ordinance shall have i been issued and delivered. ; Section 17. That if any provision t of this ordinance shall for any : reason be held illegal or invalid, i it shall not affect the validity of j the remainder of the ordinance. Section 18. That all ordinances or parts of ordinances In conflict herewith are hereby repealed to the I extent of such conflict. ! Section 19. That it is ascertained and declared that the lack of gas I transmission lines and a distribu- ! tion system for natural gas to serve ] the inhabitants of the Town of Dell. Arkansas subjects the Town ! to greater fire hazards and greatly endangers the life, health and ' property of the inhabitant.-: thereof, and that it is necessary for the said Town to immediately construct gas transmission lines and a distribution system for natural gas to protect and preserve the life, health and property of its inhabitants. It is, therefore, declared that an emergency exists and this ordinance being necessary for the im- i mediate preservation of the public i peace, health and safety shall take effect and be in force from and ' after its passage. j PASSED: March 3. 1955. i Approved: J. C. DOBBS, Mayor. i Attest: i i Seal) J. T. TATE j Recorder. : CERTIFICATE The undersigned. Town Recorder , of Deil, Arkansas, hereby certifies : that the foregoing pages numbered • 1 10 16. inclusive, are a true and perfect copy of Ordinance No. 22 ; passed at a regular adjourned ses- . sion of the Town Council of Dell, 1 Arkansas, held at the regular meeting place of the Council at 7:30 o'clock p.m. on the 3 day of March, 1955. and that said resoln- ; tion is of record m Ordinance Rec. ord Book No. 1, page 38, now in my ' possession. Given under my hand and seal this 3 da; of March, 1955. ' J. T. TATE ' 'Seali Town Recorder. turity on any interest paying date in inverse numerical order at par the bonds shal i i and accrued interest with funds de- on behalf of the Town I rived ' rom all - v sollrce ' '"''"ding the amended ind has caused to be 1 pons. filed with the Recorder by a duly teresl qualified engineer, chosen by the Council, plans and specifications and Distribution Revenue Bond ......... i , . T?aiLsmSion ty on the first interest paying" dale thereafter which conies on or :ifter Town of Dell. Arkansas and a com- j "I 11 * 1 and , ratable payment of the pletc gas distribution system consisting in general of gas distribution lines, including meters; and WHEREAS, according to the I , , above mentioned estimate, the cost j ^"l not constitute an indebtedness bonds and shall be used for no other purpose than to pay the principal of and interest on the bonds, bonds anci interest thereon of the Town within any constitutional or statutory limitation. Section 5. That the bonds and line's"' ciri'inccrin'c! "iog'al j coupons shall be in substantially j tlie following form: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF MISSISSIPPI TOWN OF DELI. —', GAS TRANSMISSION AND DISTRIBUTION SYSTEM REVENUE CONSTRUCTION RON!) KNOW ALL M'iN BY THESE PRE SENTS: ol the construction will be S27.000, including the cost of securing necessary rights of way for the transmission and other expenses incidental to the construction and to the issuance of the bonds hereinafter authorized, and interest to the estimated date of the completion of the construction: and WHEREAS, in order to raise the money to pay the cost of the construction, the Council has determined to issue the Gas Transmission and Distribution System Revenue Construction Boi authorized, lo be maturity of each bond being called, the first publication to be at least fifteen 115 > days prior to the redemption date, and after the date fixed for redemption, each bond so citlJed shall cease to bear interest, provided funds tor Us payment are on deposit with the paying agent at that. time. This bond shall not be valid until li shall have been authenticated by the rcrtificate hcrron duly signed by The First. National Bank in Little Rock. Little Rock. Arkansas. IT fS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things requir- . ! eti to exist, happen and be perform- ''" j on precedent to and in the issuance i of this bond have existed, have hap- inds hcreinaf-j Hint tlw I own of Dell, in the j d d , fa performed in - payable from I County of Mississippi and State of | rf u f > l-c revenues of the gas transniis-1 Arkansas acknowledges Iwc f to ired „'. , , hat lndeblcd _ sion lines and distribution system: ; n«e and for u, tie recencd, here- | nQg& reprcscmcd , th , s bond and of delivery, to be dated January 1, 19f)5, and to mature so.rially on January 1 in each of the years 1957 to 1975. Inclusive, with the privilege of converting said bonds to an issue bearing a lower rate or rates of interest upon such terms that the Town receive no less and pay no more than it would receive and pay if the bonds were not converted; and ^, WHEREAS the said purchaser has elected lo convert said $27,000 of 3?;% bonds to an issue of $30.600 of 2!/,%, 2'i'j and 2-',% bonds, dated January 1, 1955, and maturing ns hereinafter set out, and has exhibited to the members of the Town Council a computation show- Ing that the cost of maturing the 2''i%, 2!2"(> Hl) d 2 a .t% bonds is $99.24 less than Ihe cost of maturing the 33., r ;> bonds, and the Town Council finds that the conversion Is within the terms of the contract; and WHEREAS the Council has leased to Arkansas-Missouri Power Company for a term of twenty (20) years, with »n option lo purchase, the natural gns distribution system and Its related facilities [nr rentals and a purchase price sufficient lo pay the bonds In full, principal and Interest, as they ma- NOW. THEREFORE. HE IT ORDAINED BY THE TOWN COUN- hereon at the rate of per per annum from date, somi-anmially on January 1 and July 1 in cadi year, commencing July 1. 1055. upon presentation and surrender of the annexed coupons as they severally become due. Roth principal hereof and interest hereon are made payable at The First National Bank in Little Rock, Little Rock, Arkansas. This bond is one of a series of thirty-seven (371 bonds, aggregating Thirty Thousand, Six Hundred Dollars ($30,600), numbered from 1 to 37, Inclusive, all of the like tenor and effect expected ns U> number, denomination, rntc of interest and maturity, and are Issued for the purpose of providing for the payment of the cost of the construction of gas transmission lines and a complete distribution system for natural Kns to serve the Town of Dell, Arkansas. This bond and the series of which it forms a part are issued pursuant lo and in full compliance with tlie Constitution -mitl laws of the State of Arkansas, particularly Act No. 71 of the General Assembly of Hie State of Arkansas for the year 1049, as amended by Act No. 71 of the General Assembly of the State of Arkansas for the year 1951, and pursuant to ordinances of the Town Council of (he Town of Dell, Arkansas duly adopted, and in pur- system has been pledged to and wiU be set aside into said special fund for the payment of the principal of and interest on said bonds. IN WITNESS WHEREOF, the Town of Dell, Arkansas, by its Town Council, has caused this bond to be signed by the Mayor and Town Recorder thereof and sealed with the corporate seal of said Town and has caused the coupons attached to be executed by the facsimile signature of, said Mayor, all as of the first day of January, 1955. TOWN OP DELL, ARKANSAS By Mayor Town Recorder (Form of Coupon) No. t January On the first day of July, ID-—, the Town of Dell, Mississippi County, Arkansas, unless the bond to which lhls coupon is aliened is pnid prior thereto, hereby promises to pay to bc-nrcr solely out of the fund specified In this bond lo which this coupon Is attached. -DOLLARS In lawful money of the United Slates of America at the ofllcc of The First Natlonnl Bank In Little Mode, Little Rock, Arkansas, being «lx (6) months' Interest then due on Us Gas Transmission nnd Distribution System Revenue Con- As we move into 1955 another strong link is added to the chain of Southern progress. Hardly a county, town or village in this fast-growing area is without its own success story—new industry', improved farming, higher income, astounding economic growth. Life Insurance Company of Georgia is building, too — keeping pace with this dynamic spirit of growth throughout the South. Through its own program of expansion, Life of Georgia is constantly enlarging its facilities, providing broader life insurance plans and increasing its services to meet the growing needs of the South. REPORT IN BRIEF From Annual Sialcmeni as of December 31,1954 LIFE INSURANCE IN FORCE 51,140,434,544 Gain of $79,744,977 in one year ASSETS $ 109,771,605 Increase of SI5,566,393 over 1953 PAID POLICYHOLDERS & BsNEnciARira 11,050,384 LIABIUTIES J 96,328,849 Liabilities include policy rexrves SURPLUS FUNDS AND CAPITM, ... t

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