14961 1 RESOLUTION NO. 14,961
2
3 A RESOLUTION TO CERTIFY LOCAL GOVERNMENT
4 ENDORSEMENT OF SIMMONS BANK, LOCATED AT 601 EAST 3RD
5 STREET, LITTLE ROCK, ARKANSAS, TO PARTICIPATE IN THE
6 ARKANSAS TAX BACK PROGRAM, AS AUTHORIZED BY ARK. CODE
7 ANN. § 15-4-2706(D) OF THE CONSOLIDATED INCENTIVE ACT OF
8 2003; AND FOR OTHER PURPOSES.
9
10 WHEREAS,the regulations of the Arkansas Tax Back Program require local government endorsement
11 of businesses or enterprises that wish to participate in and take advantage of the program; and,
12 WHEREAS, Simmons Bank, has been declared by the management of the Arkansas Tax Back
13 Program to be an appropriate applicant to benefit from the features of the program in its creation of 150
14 new employees and a total investment of Forty-Five Million,Five Thousand Dollars($45,500,000.00);and,
15 WHEREAS, Simmons Bank agreed to furnish to the management of the Arkansas Tax Back Program
16 all information necessary to assure compliance with the terms and conditions of the program;
17 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
18 OF LITTLE ROCK,ARKANSAS:
19 Section 1. The City endorses Simmons Bank and the Mayor is authorized to execute any required
20 Certificate of Local Government Endorsement of to participate in the Arkansas Tax Back Program and to
21 be eligible to benefit from any refunds and tax credits,including City gross receipts and Compensating Use
22 Tax Credits, in accordance with the regulations of the Arkansas Tax Back Program.
23 Section 2. To the extent the City has authority to grant such authority,the Department of Finance and
24 Administration is authorized to refund any City Sales and Compensating Use Taxes collected from United
25 Parcel Service,Inc., during the period of time that it participates in the Arkansas Tax Back Program.
26 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
27 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
28 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
29 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
30 resolution.
31 Section 4. Repealer. All laws,ordinances,resolutions, or parts of the same,that are inconsistent with
32 the provisions of this resolution,are hereby repealed to the extent of such inconsistency.
33 ADOPTED: March 19,2019
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1 ATTEST: APPROVED:
2 .
3 AWM, 4 /.
4 Allison Segars,Deputy ft I erk Frank Scott,Jr., 4, o
5 APPROVED AS TO LEGAL FORM:
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8 Thomas M. Carpenter, CI Attorn
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