15679 1 RESOLUTION NO. 15,679
2
3 A RESOLUTION TO AUTHORIZE THE PREPARATION OF AN
4 ORDINANCE CALLING A SPECIAL ELECTION ON BONDS; TO
5 PRESCRIBE OTHER MATTERS PERTAINING THERETO; AND FOR
6 OTHER PURPOSES.
7
8 WHEREAS, pursuant to Little Rock, Ordinance No. 20,603 (July 3, 2012), a special election was
9 called for on September 11, 2012, at which the electors of the City of Little Rock, Arkansas(the "City"),
10 approved the levy of a 3-mil Ad Valorem Tax on taxable property located within the City(the "Tax") for
11 the purpose of retiring bonded debt, and for the issuance in one or more series of bonds, the proceeds of
12 which,would pay for capital improvements of a public nature,and at this election such a levy was approved;
13 and,
14 WHEREAS,because the bonded debt currently secured by collections of the Tax for the Series 2018
15 bonds will be fully paid in 2022, so the Tax is available to be pledged to a new issue or issues of bonds if
16 approved by the voters(the "Proposed Bonds"); and,
17 WHEREAS, the Board of Directors previously adopted Little Rock, Ark., Resolution No. 15,642
18 (March 15,2022)to select Friday,Eldredge&Clark,LLP,as Bond Counsel,and adopted Little Rock,Ark.,
19 Resolution No. 15,658 (April 5, 2022), to select Stephens Inc., and Crews & Associates, Inc., as
20 underwriters(collectively,the "Underwriters")for the Proposed Bonds; and,
21 WHEREAS,Amendment No. 62 to the Arkansas Constitution requires that bonds that are secured by
22 taxes be approved by the voters and that bonds in a specified principal amount for each purpose be
23 separately approved; and,
24 WHEREAS,the Board of Directors is prepared to call a special election on the Proposed Bonds;
25 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
26 OF LITTLE ROCK,ARKANSAS;
27 Section 1. An ordinance is hereby authorized and directed to be prepared for consideration by the
28 Board of Directors at its meeting scheduled for May 17, 2022, which will call for a special election for
29 August 9,2022,on the questions of issuing the Proposed Bonds(the "Election Ordinance").
30 Section 2. The Election Ordinance shall contain a proposed ballot with Proposed Bonds for the
31 following purposes to be presented to the voters:
32 (a) Streets; and,
33 (b) Drainage; and,
[Page 1 of 21
1 (c) Fire Apparatus; and,
2 (d) Parks and Recreation(including the Zoo); and,
3 (d) Little Rock Port Industrial Park Expansion;and,
4 (e) A facility for the Little Rock State District Courts.
5 Section 3. Bond Counsel and the City Manager shall consult with the Underwriters in arriving at the
6 principal amount of Proposed Bonds for each purpose. The total principal amount to be included on the
7 ballot shall be based on the assumptions that there will be two (2) issuances for the Proposed Bonds and
8 that the Proposed Bonds will have a stated maturity of twenty (20) years, it being understood that the
9 Proposed Bonds,when approved and issued,may be issued in one(1)or more Series and may mature over
10 a period more or less than that maturity.
11 Section 4. In calculating the maximum principal amount of Proposed Bonds for each purpose on the
12 ballot,the allocation of the project funds shall be as follows:
13 (a) Streets—25%;
14 (b) Drainage—25%;
15 (c) Fire Apparatus— 12%;
16 (d) Parks and Recreation(including the Zoo)—23%;
17 (e) Little Rock Port Industrial Park Expansion— 10%;
18 (f) A facility for the Little Rock State District Courts—5%.
19 Section 5. Severability. In the event any section,paragraph, item, sentence,clause,phrase or word of this
20 resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication shall not
21 affect the remaining portions of the resolution which shall remain in full force and effect as if the portion so
22 declared or adjudged invalid or unconstitutional were not originally part of this resolution.
23 Section 6.Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with the
24 provisions of this resolution are hereby repealed to the extent of such inconsistency.
25 ADOPTED: May 3,2022
26 ATTEST: APPROVED:
27 i�28
29 Allison Segars,De ity Clerk Frank Scott,Jr.,Mayor
30 APPROVED AS TO LEGAL FORM:
31
32 1441,44-?l .
33 Thomas M.Carpenter,City A,g rney
34 /I
35 II
[Page 2 of 21