14849ORDINANCE NO. 14,849
AN ORDINANCE CALLING A SPECIAL ELECTION IN
THE CITY OF LITTLE ROCK, ARKANSAS, ON THE
QUESTION OF ISSUING BONDS UNDER AMENDMENT
NO. 62 TO THE CONSTITUTION OF THE STATE OF
ARKANSAS FOR THE PURPOSE OF FINANCING A
PORTION OF THE COST OF EXPANDING THE LITTLE
ROCK PORT WATERFRONT INDUSTRIAL FACILITIES;
PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the
"City") is a city of the first class; and
WHEREAS, the Board of Directors of the City (the
"Board of Directors ") has determined, that it would be in the
best interests of the City to expand the Little Rock Port
Waterfront Industrial Facilities through the preparation of
waterfront industrial sites by filling of floodplain lands,
through dredging and construction of a slackwater harbor with
the necessary extensions of roads and rail and utility service
to provide for additional industry (the "Improvements "); and
WHEREAS, it has been determined that the cost of the
Improvements, including incidental expenses and expenditures in
connection with accomplishing the Improvements and expenses in
connection with authorizing and issuing the General Obligation
Industrial Development Bonds (hereinafter identified), can be
financed as follows:
(1) $2,000,000 grant from the United States Corps of
Engineers ( "Corps of Engineers ");
(2) $1,500,000 credit against matching funds from the
Corps of Engineers for in -kind floodplain lands from the Little
Rock Port Authority ( "Port Authority "); and
(3) $2,500,000 from the City through the issuance by
the City of its General Obligation Industrial Development Bonds;
All of the above will be used by:
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(A) the Corps of Engineers to fill floodplain
lands with spoils from the dredging and construction
of a slackwater harbor with necessary retaining dikes,
bulkheads, embankments, terminal facilities, berthing
areas and interior access channels;
(B) the Port Authority through extensions of
roads and rail and utility services to the Waterfront
Industrial Facilities created.
WHEREAS, the City can issue General Obligation
Industrial Development Bonds in the principal amount of
$2,500,000 for part of its participation in the construction of
the Improvements and pay the principal of and interest on such
bonds from the proceeds of a special tax not to exceed one -half
( 2) of a mill on real and personal property in the City to be
levied under Amendment No. 62 'to the Constitution of the State
of Arkansas ( "Amendment 62 "); and
WHEREAS, the purpose of this Ordinance is to submit to
the electors of the City the question of issuing General
Obligation Industrial Development Bonds under Amendment No. 62
at a special election called for that purpose.
NOW THEREFORE, BE IT ORDAINED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. That there be, and there is hereby called,
a special election to be held on June 4 , 1985, at which
election there shall be submitted to the electors of the City,
the question of issuing General Obligation Industrial
Development Bonds under Amendment No. 62 in the principal amount
of $2,500,000 (the "Bonds ").
Section 2. That the question shall be placed on the
ballot for the election in substantially the following form:
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Vote on measure by placing an "X" in the square
opposite the measure either for or against:
FOR an issue of bonds in the amount of
$2,500,000 for the purpose of expanding the
Little Rock Port Waterfront Industrial Facilities
through the preparation of waterfront industrial
sites by filling of floodplain lands, through
dredging and construction of a slackwater harbor
with necessary retaining dikes, bulkheads,
embankments, terminal facilities, berthing
areas and interior access channels and with the
necessary extensions of roads and rail and
utility service to provide for additional
industry (the "Improvements ") ................
AGAINST an issue of Bonds in the amount of
$2,500,000 for the purpose of expanding the
Little Rock Port Waterfront Industrial Facilities
through the preparation of waterfront industrial
sites by filling of floodplain lands, through
dredging and construction of a slackwater harbor
with necessary retaining dikes, bulkheads,
embankments, terminal facilities, berthing
areas and interior access channels and with the
necessary extensions of roads and rail and
utility service to provide for additional _
industry (the "Improvements ") ................
The Bonds, if approved, will be issued as General
Obligation Industrial Development Bonds (the "bonds ") under the
provisions of Amendment No. 62 to the Constitution of the State
of Arkansas for the purpose of providing a portion of the
necessary funds (together with $2,000,000 grant funds from the
United States Corps of Engineers and $1,500,000 credit against
matching funds from the Corps of Engineers for in -kind
floodplain lands from the Little Rock Port Authority) for
financing the cost of the Improvements. If the bonds are
approved the Board of Directors will levy and there will be
collected a. continuing annual tax in the amount of one -half (;)
of a mill to insure the payment of the principal of and interest
on the bonds.
Section 3. That the election shall be held and
conducted and the vote canvassed and the results declared under
the law and in the manner now provided for municipal elections,
so far as the same is applicable, and only qualified voters of
the City shall have the right to vote at the election.
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Section 4. That the City Clerk is hereby authorized
and directed to publish notice of the special election by one
publication in a newspaper having general circulation within the
City not less than 10 days prior to the election date.
Section 5. That the results of the election shall be
proclaimed by the Mayor, and his Proclamation shall be published
one time in a newspaper published in the City and having a bona
fide circulation therein, which Proclamation shall advise that
the results as proclaimed shall be conclusive unless attached in
the Circuit Court of Pulaski County, Arkansas within thirty days
after the date of publication of such Proclamation.
Section 6. That a copy of this Ordinance shall be
given to the Pulaski County Board of Election Commissioners so
that the necessary election officials and supplies may be
provided.
Section 7. That all ordinances and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
Section 8. It is hereby ascertained and declared that
there is an immediate need of the improvements in order to
promote and protect the health, safety and welfare of the City
and its inhabitants, and that the improvements can be
accomplished only by the issuance of the bonds. It is,
therefore, declared that an emergency exists and this Ordinance
being necessary for the immediate preservation of public peace,
health and safety shall be in force and take effect immediately
from and after its passage.
PASSED: April 2 1985.
APPROVE
ATTEST: I
Mayor
City Clerif
(SEAL)
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