113970
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RESOLUTION NO. 11,397
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2 A RESOLUTION TO SET NOVEMBER 19, 2002, AS THE DATE FOR A PUBLIC
3 HEARING ON WHETHER TO ISSUE UP TO TWENT -FIVE MILLION
4 DOLLARS ($25,000,000.00) IN TAXABLE INDUSTRIAL DEVELOPMENT
5 REVENUE BONDS FOR THE RAYTHEON AIRCRAFT COMPANY PROJECT;
6 AND FOR OTHER PURPOSES.
7 WHEREAS, Act 9 of 1960 (Ex. Sess.), as amended, is the Municipalities and Counties
8 Industrial Development Revenue Bond Law, and permits local governments to issue revenue
9 bonds for the purpose of securing and developing industry, and
10 WHEREAS, Raytheon Aircraft Company has proposed the issuance of up to twenty five
11 million ($25,000,000.00) dollars in taxable industrial development revenue bonds to finance the
12 costs of acquiring, constructing, and equipping an industrial facility consisting of expansion to
13 existing buildings, a new hangar, and associated workspace for manufacturing and installing
14 the completion of business jet aircraft within the City of Little Rock, Arkansas, and
15 WHEREAS, Ark. Code Ann. § 14- 164 -208 (c)(Michie Supp. 2001), requires a municipality
16 to conduct a public hearing at least ten (10) days prior to the adoption of an ordinance for the
17 issuance of such bonds, and further requires that notice of such hearing shall be published at
18 least one time in a newspaper of general circulation within the municipality,
19 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
20 CITY OF LITTLE ROCK, ARKANSAS:
21 Section 1. A public hearing on the question of whether to issue up to twenty five
22 million dollars ($25,000,000.00) of taxable industrial development revenue bonds to be used to
23 finance the costs of acquiring, constructing, and equipping an industrial facility consisting of
24 expansion to existing buildings, a new hangar, and associated workspace for manufacturing
25 and installing the completion of business jet aircraft within the City of Little Rock, Arkansas,
26 shall be held at 6:00 P.M., or as soon as the item can be dealt with on the regular agenda of the
27 Board of Directors, on Tuesday, November 19, 2002, during the regular meeting of the Little
[PAGE 1 OF 2]
Resolution
Setting a public hearing on whether to issue up to $25,000,000
of Raytheon taxable industrial development bonds
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1 Rock Board of Directors in the Board Meeting Room on the second floor of City Hall, 500 West
2 Markham, Little Rock, Arkansas, and all persons who wish to be heard on this issue shall be
3 given the opportunity to comment.
4 Section 2. At the conclusion of the public hearing, the Board of Directors may act to
5 adopt, modify, or amend an ordinance to authorize the issuance of the bonds referred to in
6 Section 1.
7 Section 3. Severability. In the event any title, section, paragraph, item, sentence,
8 clause, phrase, or word of this resolution is declared or adjudged to be invalid or
9 unconstitutional, such declaration or adjudication shall not affect the remaining portions of the
10 resolution which shall remain in full force and effect as if the portion so declared or adjudged
11 invalid or unconstitutional was not originally a part of the resolution.
12 Section 4. Repealer. All laws and parts of laws are hereby repealed to the extent of
13 such inconsistency.
14 ADOPTED: November 6, 2002
15 ATTEST: APPROVED:
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18 Nan y Wd, d, City Clerk Ji Qailey, Mayor
19 APPROVED AS TO LEGAL FORM:
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22 Thomas M. Carpenter, City Attorney
23 H
24 H
25 H
26 H
27 H
28 H
[PAGE 2 OF 21
Resolution
Setting a public hearing on whether to issue up to $25,000,000
of Raytheon taxable industrial development bonds