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ORDINANCE NO.
15,112
AN ORDINANCE CALLING A SPECIAL ELECTION
ON THE QUESTION OF ISSUING BONDS FOR THE
PURPOSE OF REFUNDING, AT LOWER RATES OF
INTEREST, THE CITY'S OUTSTANDING HOTEL
AND RESTAURANT GROSS RECEIPTS TAX BONDS
(LITTLE ROCK CONVENTION CENTER PROJECT),
SERIES 1980; AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO.
WHEREAS, the City of Little Rock, Arkansas has outstanding
its Hotel and Restaurant Gross Receipts Tax Bonds (Little Rock
Convention Center Project), Series 1980 (the "Outstanding
Bonds "), which bear interest at various rates of interest, from
7.258 per annum to 9.75% per annum, inclusive; and
WHEREAS, it is plainly in the interest of the City that
the Outstanding Bonds be refunded by the sale and issuance of
bonds, secured by a pledge of the revenues which are pledged to
secure the Outstanding Bonds, having a lower interest costs; and
WHEREAS, the purpose of this Ordinance is to submit to the
electors of the City the question of the issuance of the City's
Hotel and Restaurant Gross Receipts Tax Refunding Bonds (Little
Rock Convention Center Project), Series 1986 (the "Refunding
Bonds ") ;
WHEREAS, in connection with the issuance of the Series
1980 Bonds, Friday, Eldredge & Clark served as bond counsel for
the City; T.J. Raney & Sons, Inc, and E.F. Hutton & Company,
Inc. acted as underwriters; and Powell and Satterfield acted as
financial advisors; and
WHEREAS, it is further necessary to develop and
investigate the specific plans for refunding the Series 1980
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Bonds due to current low interest rates for bonds having a 212
character similar to the Series 1980 Bonds and such being of an
extraordinary nature it also is found and determined to be
necessary to waive competitive bidding.
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 July 15, 1986, at which election
there shall be submitted to.the electors of the City, the
question of issuing the Refunding Bonds in the aggregate
principal amount of not to exceed $ 31,000,000 for the purpose
of refunding, at lower rates of interest, the Outstanding Bonds.
Section 2. That the question of issuing the Refunding
Bonds shall be placed on the ballot for the election in
substantially the following form:
Vote on measure by placing an "X" in the square
opposite the measure either for or against:
FOR an issue of refunding bonds in the principal
amount of not to exceed $ 31,000,000 for the
purpose of refunding, at lower rates of interest,
the City's outstanding Hotel and Restaurant Gross
Receipts Tax Bonds (Little Rock Convention Center
Project), Series 1980, in order that interest
savings to the City may be achieved. The refunding
bonds will not be general obligations of the City
but will be special obligations payable solely from
the revenues presently pledged to payment of the
bonds to be refunded, specifically, (1) revenues
derived from the City's existing tax on 2% upon
the gross receipts or gross proceeds from hotel,
motel, restaurant and other on- premises food
consumption establishments within the boundaries
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1 of the City, which tax shall continue to be
2 collected so long as the refunding bonds are
3 outstanding, (2) revenues derived from the
4 convention center facilities of the City,
5 (3) revenues derived from the parking facilities
6 of the City located adjacent to Robinson
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Auditorium, and (4) "state turnback revenues,"
8 if any, received by the City under Act No. 763
9 of 1977, as amended. _
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12 AGAINST an issue of refunding bonds in the principal
13 amount of not to exceed $31 000,000 for the
14 purpose of refunding, at lower rates of interest,
15 the City's outstanding Hotel and Restaurant Gross
16 Receipts Tax Bonds (Little Rock Convention Center
17 Project), Series 1980, in order that interest
18 savings to the City may be achieved. The refunding
19 bonds will not be general obligations of the City .
20 but will be special obligations payable solely from
21 the revenues presently pledged to payment of the
22 bonds to be refunded, specifically, (1) revenues
23 derived from the City's existing tax on 2% upon
24 the gross receipts or gross proceeds from hotel,
25 motel, restaurant and other on- premises food
26 consumption establishments within the boundaries
27 of the City, which tax shall continue to be
28 collected so long as the refunding bonds are
29 outstanding, (2) revenues derived from the
30 convention center facilities of the City,
31 (3) revenues derived from the parking facilities
32 of the City located adjacent to Robinson
33 Auditorium, and (4) "state turnback revenues,"
34 if any, received by the City under Act No. 763
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of 1977, as amended.
Section 3. That the City Clerk is authorized and directed
to publish notice of the election called by this Ordinance at
least ten (10) days prior to the date fixed for the election.
Section 4. That the election shall be held and conducted
and the vote canvassed and the results declared pursuant to law.
Only qualified voters of the City shall have the right to vote at
the election.
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 suit is
filed in the Circuit Court of Pulaski County within thirty days
after the date of publication.
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. Friday, Eldredge & Clark are hereby appointed
as bond counsel, T.J. Raney & Sons, Inc. and E.F. Hutton &
Company, Inc. are hereby appointed as underwriters, and Powell
and Satterfield as financial advisors. The City Manager is
hereby authorized to enter into all necessary and appropriate
contracts. Bond counsel, underwriters, and financial advisors
are hereby authorized to proceed to develop proposals for
refunding the Series 1980 Bonds.
Section 8 That the Mayor and City Clerk, for and on
behalf of the City, be, and they are hereby, authorized and
directed to do any and all things necessary to call and hold the
special election as herein provided and to perform all acts of
whatever nature necessary to carry out the authority conferred by
this Ordinance.
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Section 9. That all ordinances and parts thereof in
conflict herewith are hereby repealed to the extent of such
conflict.
PASSED: June 3, 1986
ATTEST: APPROVED:
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CIVf CLERK JA RE CZECH MAYOR THOMAS A. PRINCE
APPR S FORM:
75d
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