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• • 751
RESOLUTION NO. 9,872
A RESOLUTION TO AMEND RESOLUTION NUMBER 9,587
(DECEMBER 26, 1995) TO PROVIDE FOR THE
TRANSFER OF SEVENTY -FIVE PERCENT (75 %) OF THE
UNEXPENDED FUTURE- LITTLE ROCK FUNDS TO THE
STREETS AND DRAINAGE FUND AT THE END OF THE
FISCAL YEAR.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. Little Rock, Ark., Resolution No. 9,587
(December 26, 1995) is hereby amended to read as follows:
SECTION 3. On a quarterly basis, the Finance Director and
Treasurer shall report on collections of the one -half cent sales
and compensating use tax and how these collections exceed the
Annual Baseline Projection. Seventy -five percent (75 %) of any
collections in excess of the Annual Baseline Projection shall be
transferred to the Streets & Drainage Fund for the City at the
end of the fiscal year. Should the projections be lower than the
Annual Baseline Projection, any amounts previously transferred
to the Streets & Drainage Fund shall be returned to the General
Fund, up to the amount of the shortfall.
ADOPTED: December 17, 1996
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OAPPRVED