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ORDINANCE NO. 19,121
AN ORDINANCE TO CALL A SPECIAL ELECTION ON THE
QUESTION OF EXTENDING THE EXISTING ANNUAL AD
VALOREM TAX LEVY AT THE RATE OF ONE (1.0) MILL FOR THE
ACQUISITION, CONSTRUCTION AND EQUIPPING OF LAND AND
CAPITAL IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES;
SAID AD VALOREM TAX TO BE PLEDGED TO AN ISSUE OR
ISSUES OF BONDS OF THE CITY OF LITTLE ROCK, ARKANSAS,
ISSUED UNDER AMENDMENTS NO.30 AND NO.72 TO THE
CONSTITUTION OF THE STATE OF ARKANSAS AND ACT 920 OF
1993, NOT TO EXCEED $25,000,000 IN AGGREGATE PRINCIPAL
AMOUNT, TO REFUND TWO OUTSTANDING ISSUES OF CAPITAL
IMPROVEMENT BONDS AND TO FINANCE THE COST OF
ACQUIRING, CONSTRUCTING, AND EQUIPPING LAND AND
ADDITIONAL CAPITAL IMPROVEMENTS FOR THE PUBLIC CITY
LIBRARIES OPERATED BY THE CITY OF LITTLE ROCK AND THE
CENTRAL ARKANSAS LIBRARY-SYSTEM, PRESCRIBING OTHER
MATTERS PERTAINING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the "City") is a city of the first
class; and
WHEREAS, the City Board of Directors has determined that it would be in the
best interests of the City to refund two outstanding issues of capital improvement
bonds and to acquire, construct, and equip land and additional capital improvements
[PAGE 1 OF 61
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1 for city libraries and related facilities (the "Improvements ") at an estimated cost of not to
2 exceed twenty-five million dollars ($25,000,000); and
3 WHEREAS, it has been determined that the cost of refunding the outstanding
4 issues and the cost of the Improvements, including incidental expenses and
5 expenditures in connection with accomplishing the Improvements and expenses in
6 connection with authorizing and issuing the bonds (hereinafter defined) can be
7 financed by the issuance of bonds in one or more series in the principal amount of not
8 to exceed twenty-five million dollars ($25,000,000): and
9 WHEREAS, the bonds can be issued under the authority of Amendments No. 30
10 and No. 72 to the Constitution of the State of Arkansas (the "Amendments') and Act
11 No. 920 of the Acts of Arkansas of 1993, approved April 7, 1993 (Act No. 920 "); and
12 WHEREAS, the City can pay the principal of and interest on the bonds from the
13 proceeds of an ad valorem tax of not to exceed one (1.0) mill on the dollar of the
14 assessed value of taxable real and personal property tax in the City, to be levied under
15 the authority of the Amendments and Act No. 920; and
16 WHEREAS, the purpose of this Ordinance is to submit to the electors of the City
17 the question of issuing bonds under the Amendments and Act No. 920 at a special
18 election to be held on August 17, 2004, and to levy and extend the existing library
19 capital improvement ad valorem tax to be collected at the rate of not to exceed one (1.0)
20 mill on the dollar of the assessed value of the taxable real and personal property within
21 the City (the "Tax ").
22 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
23 OF THE CITY OF LITTLE ROCK, ARKANSAS
24 Section 1. That there be, and there is hereby called, a special election to be held
25 on August 17, 2004, at which election there shall be submitted to the electors of the City
26 the question of issuing bonds under the Amendments and Act No. 920, for the purposes
[PACE 2 OF 6]
1 specified in Section 2 hereof. The maximum rate of the tax to retire the bonds shall be
2 stated on the ballot.
3 Section 2. The ballot shall be in substantially the following form
4 PROPOSED PUBLIC CITY LIBRARY CAPITAL IMPROVEMENTS
5
6 AUTHORIZATION OF BONDS FOR THE LITTLE ROCK PUBLIC
7 CITY LIBRARY CAPITAL IMPROVEMENTS PROJECT, TO
8 REFUND TWO OUTSTANDING ISSUES OF CAPITAL
9 IMPROVEMENT BONDS, TO FINANCE THE ACQUISITION,
10 CONSTRUCTION AND EQUIPPING OF LAND AND
11 ADDITIONAL CAPITAL IMPROVEMENTS, AND APPROVAL TO
12 PLEDGE RECEIPTS FROM CITY TAX FOR PAYMENT THEREOF.
13
14 The issuance of bonds by the City of Little Rock in the aggregate principal
15 amount of up to $25,000,000 for the purpose of paying the costs to refund two existing
16 bond issues and to finance the cost of acquiring, constructing and equipping land and
17 additional capital improvements for the public city libraries owned and operated by the
18 City of Little Rock and the Central Arkansas Library System and to authorize the City
19 Board of Directors to pledge all of the receipts from an ad valorem tax levied by the City
20 Board of Directors of the City at the existing millage rate of one (1.0) mill on the dollar
21 of the assessed value of all real and personal property subject to taxation in the City, to
22 pay the principal of and interest on the bonds and all fees and expenses in connection
23 therewith.
OZI!
25 Vote on measure by placing an "X" in the square opposite the measure either for
26 or against:
27
28 FOR the extension of the library tax at the present rate of one (1.0) mill on
29 real and personal property within the City of Little Rock, Arkansas, to be
30 pledged to an issue or issues of bonds not to exceed twenty-five million
31 dollars ($25,000,000) in the aggregate principal amount, to refund two
32 outstanding issues of capital improvement bonds and to finance the
33 acquiring, constructing and equipping of land and additional capital
34 improvements for public city libraries owned and operated by the City of
35 Little Rock and Central Arkansas Library System and to authorize the
36 issuance of the bonds on such terms and conditions as shall be approved
37 by the City ..................................................................... ...............................
M
[PAGE 3 OF 61
I AGAINST the extension of the library tax from at the present rate of one
2 million dollars (1.0) mill on real and personal property within the City of
3 Little Rock, Arkansas, to be pledged to an issue or issues of bonds not to
4 exceed twenty-five million dollars ($25,000,000) in the aggregate principal
5 amount, to refund two outstanding issues of capital improvement bonds
6 and to finance the acquiring, constructing and equipping of land and
7 additional capital improvements for public city libraries owned and
8 operated by the City of Little Rock and Central Arkansas Library System
9 and to authorize the issuance of the bonds on such terms and conditions
10 as shall be approved by the City .............................. ...............................
11
12 Section 3. That a copy of this Ordinance shall be given to the Pulaski County
13 Board of Election Commissions so that the necessary election officials and supplies may
14 be provided.
15 Section 4. That the City Clerk is authorized and directed to give notice of the
16 election as required by law.
17 Section 5. That the special election shall be held and conducted and the vote
18 canvassed and the results declared under the law and in the manner now provided for
19 special elections unless otherwise provided in the Amendments and Act No. 920 and
20 only qualified electors of the City shall have the right to vote on the question.
21 Section 6. That the results of the election shall be certified by the Election
22 Commissioners and proclaimed by the Mayor, and his Proclamation shall be published
23 one time in a newspaper having general circulation in the City, which Proclamation
24 shall advise that the results as proclaimed shall be conclusive unless suit challenging
25 the results is filed in the Circuit Court of Pulaski County within thirty (30) days after the
26 date of publication.
27 Section 7. That the Mayor and City Clerk, for and on behalf of the City, be and
28 they are hereby authorized and directed to do any and all things necessary to call and
29 hold the special election as herein provided and, if the issuance of the Bonds is
30 approved by the electors, to cause the Tax to be collected in accordance with the
[PAGE 4 OF 61
1 Constitutional Amendments and Act 920 of 1993 and to perform all acts of whatever
2 nature necessary to carry out the authority conferred by this ordinance.
3 Section 8. That all ordinances and parts thereof in conflict herewith are hereby
4 repealed to the extent of such conflict.
5 Section 9. EMERGENCY. It is hereby ascertained and declared that there is an
6 immediate need for the City to take advantage of a favorable opportunity to refund two
7 outstanding issues of capital improvement bonds, that such refunding and the funding
8 of the acquisition, construction and equipping of land and additional capital
9 improvements can be accomplished with an extension of the current milage, and that
10 time is of the essence to place the question before the voters at the special election called
11 for August 17, 2004. It is, therefore declared that an emergency exists and this
12 ordinance being necessary for the immediate preservation of public peace, health and
13 safety shall be in full force and take effect immediately from and after its passage.
14
15 PASSED: June 1, 2004
16
17 ATTEST:
18
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20 N y Woo ,City Clerk
21
22 APPROVED AS TO LEGAL FORM:
23
24
25 Thomas M. Carpenter, CitoAttorney
26 H
27 H
APPROVED:
1
J' ailey, Mayor
[PAGE 5 OF 61
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CERTIFICATE
STATE OF ARKANSAS )
COUNTY OF PULASKI ) SS
CITY OF LITTLE ROCK )
4f
I, Nancy Wood, City Clerk within and for the City aforesaid, do hereby certify
that the foregoing is a true and correct copy of Ordinance No. 19 1 9, t of the Ordinance
of the City of Little Rock, Arkansas, entitled: "AN ORDINANCE TO CALL A
SPECIAL ELECTION ON THE QUESTION OF EXTENDING THE EXISTING
ANNUAL AD VALOREM TAX LEVY AT THE RATE OF ONE (1.0) MILLS FOR THE
ACQUISITION, CONSTRUCTION AND EQUIPPING OF LAND AND CAPITAL
IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES; SAID AD VALOREM
TAX TO BE PLEDGED TO AN ISSUE OR ISSUES OF BONDS OF THE CITY OF
LITTLE ROCK, ARKANSAS, ISSUED UNDER AMENDMENTS NO. 30 AND
NO. 72 TO THE CONSTITUTION OF THE STATE OF ARKANSAS AND ACT 920
OF 1993, NOT TO EXCEED $25,000,000 IN AGGREGATE PRINCIPAL AMOUNT,
TO REFUND TWO OUTSTANDING ISSUES OF CAPITAL IMPROVEMENT
BONDS AND TO FINANCE THE COST OF ACQUIRING, CONSTRUCTING, AND
EQUIPPING LAND AND ADDITIONAL CAPITAL IMPROVEMENTS FOR THE
PUBLIC CITY LIBRARIES OPERATED BY THE CITY OF LITTLE ROCK AND THE
CENTRAL ARKANSAS LIBRARY SYSTEM; PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN EMERGENCY;" passed by the
Board of Directors of said City on June 1 J 2004, said Ordinance now appearing
of record in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on this
2ndday of June 2004.
H
H
H
H
H
H
Nan c Wooc
City f Little
[PAGE 6 OF 61
Clerk
Arkansas