19828ORDINANCE NO. 199828
AN ORDINANCE TO CALL A SPECIAL ELECTION IN THE CITY OF
LITTLE ROCK, ARKANSAS FOR THE PURPOSE OF SUBMITTING TO
THE ELECTORS OF THE CITY THE QUESTION OF AN INCREASE OF
THE LEVY OF THE EXISTING ANNUAL AD VALOREM PROPERTY
TAX FROM THE RATE OF ONE (1.0) MILL TO THE NEW RATE OF
TWO (2.0) MILLS ON THE DOLLAR OF ASSESSED VALUATION OF
TAXABLE PROPERTY IN THE CITY FOR THE ACQUISITION,
CONSTRUCTION AND EQUIPPING OF LAND AND CAPITAL
IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES OPERATED
BY CENTRAL ARKANSAS LIBRARY SYSTEM; 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 19939 NOT TO EXCEED $32,000,000 IN
AGGREGATE PRINCIPAL AMOUNT, TO REFUND ONE OR MORE
OUTSTANDING ISSUES OF CAPITAL IMPROVEMENT BONDS AND
TO FINANCE THE COST OF ACQUIRING, CONSTRUCTING, AND
EQUIPPING LAND AND ADDITIONAL CAPITAL IMPROVEMENTS
FOR THE CITY'S PUBLIC LIBRARIES OPERATED BY 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 duly
organized and existing under the laws of the State of Arkansas; and
WHEREAS, the City Board of Directors (the "Board ") upon recommendation of the
Board of Directors of Central Arkansas Library System ( "CALS ") has determined that it would
be in the best interests of the City, CALS and the patrons of the City's public libraries, to refund
one or more outstanding issues of capital improvement bonds and to acquire, construct, and
equip land and additional capital improvements for city libraries and related facilities (the
"Improvements ") at an estimated cost of not to exceed Thirty Two Million Dollars
($32,000,000), and
WHEREAS, it has been determined that the cost of refunding the outstanding issues (the
"Refunding ") and financing the cost of the Improvements, including incidental expenses and
expenditures in connection with accomplishing the Refunding and the Improvements and paying
expenses in connection with authorizing and issuing the bonds (hereinafter defined) can be
financed by the issuance of library refunding and improvement bonds in one or more series in the
principal amount of not to exceed Thirty Two Million Dollars ($32,000,000): and
WHEREAS, the bonds can be issued under the authority of Amendments No. 30 and No.
72 to the Constitution of the State of Arkansas (the "Amendments ") and Act No. 920 of the Acts
of Arkansas of 1993, approved April 7, 1993 (Act No. 920'); and
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WHEREAS, the City can pay the principal of and interest on the bonds from the proceeds
of an ad valorem tax of not to exceed two (2.0) mills on the dollar of the assessed value of
taxable real and personal property tax in the City, to be levied under the authority of the
Amendments and Act No. 920; and
WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the
question of issuing bonds under the Amendments and Act No. 920 at a special election to be held
on November 13, 2007, and to levy and increase the existing library capital improvement ad
valorem tax from the presently levied rate of one (1.0) mill on the dollar of the assessed value of
the taxable real and personal property within the City to the new rate to be collected at the rate of
not to exceed two (2.0) mills on the dollar of the assessed value of the taxable real and personal
property within the City (the "Tax ").
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
Tuesday, November 13, 2007, at which special election there shall be submitted to the electors of
the City the question of issuing bonds under the Amendments and Act No. 920, for the purposes
specified in Section 2 hereof. The maximum rate of the tax to retire the bonds shall be stated on
the ballot.
Section 2. The ballot shall be in substantially the following form:
PROPOSED PUBLIC CITY LIBRARY CAPITAL IMPROVEMENTS
Vote on the measure by placing an "x" in the square opposite the question either "FOR" or
"AGAINST ":
FOR the increase of the existing one (1.0) mill ad valorem tax on the assessed
value of all taxable real and personal property within the City of Little Rock,
Arkansas to the new ad valorem tax rate of two (2.0) mills on the assessed value
of all taxable real and personal property within the City of Little Rock, Arkansas,
to be pledged to an issue or issues of bonds not to exceed Thirty Two Million
Dollars ($32,000,000) in the aggregate principal amount, to refund one or more
outstanding issues of capital improvement bonds and to finance the acquiring,
constructing and equipping of land and additional capital improvements for public
city libraries owned and operated by the City of Little Rock and Central Arkansas
Library System and to authorize the issuance of the bonds on such terms and
conditions as shall be approved by the City.
AGAINST the increase of the existing one (1.0) mill ad valorem tax on the
assessed value of all taxable real and personal property within the City of Little
Rock, Arkansas to the new ad valorem tax rate of two (2.0) mills on the assessed
value of all taxable real and personal property within the City of Little Rock,
Arkansas, to be pledged to an issue or issues of bonds not to exceed Thirty Two
716598 -v1 2
Million Dollars ($32,000,000) in the aggregate principal amount, to refund one or
more outstanding issues of capital improvement bonds and to finance the
acquiring, constructing and equipping of land and additional capital
improvements for public city libraries owned and operated by the City of Little
Rock and Central Arkansas Library System and to authorize the issuance of the
bonds on such terms and conditions as shall be approved by the City.
If the measure is approved, there may be levied an ad valorem property tax on the
assessed value of all taxable real and personal property within the City of Little Rock at the rate
of two (2.0) mills on the dollar of assessed value of the taxable real and personal property in the
City, the collection of which shall be pledged to the repayment of the principal of and interest on
one or more issues of library capital improvement bonds in the aggregate principal amount of not
to exceed Thirty Two Million Dollars ($32,000,000) for the refunding of one or more existing
bond issues and to finance the costs of acquiring, construction and equipping of land and
additional capital improvements and paying costs incidental to the issuance of such bonds for the
City public libraries owned and operated by the City of Little Rock and Central Arkansas Library
System.
Section 3. That a copy of this Ordinance shall be given to the Pulaski County Board of
Election Commissions so that the necessary election officials and supplies may be provided.
Section 4. That the City Clerk is authorized and directed to give notice of the election as
required by law.
Section 5. That the special election shall be held and conducted and the vote canvassed
and the results declared under the law and in the manner now provided for special elections
unless otherwise provided in the Amendments and Act No. 920 and only qualified electors of the
City shall have the right to vote on the question.
Section 6. That the results of the election shall be certified by the Election
Commissioners and proclaimed by the Mayor, and his Proclamation shall be published one time
in a newspaper having general circulation in the City, which Proclamation shall advise that the
results as proclaimed shall be conclusive unless suit challenging the results is filed in the Circuit
Court of Pulaski County within thirty (30) days after the date of publication.
Section 7. That the Mayor and City Clerk, for and on behalf of the City, be and are
hereby authorized and directed to do any and all things necessary to call and hold the special
election as herein provided and, if the issuance of the Bonds is approved by the electors, to cause
the Tax to be collected in accordance with the Constitutional Amendments and Act 920 of 1993
and to perform all acts of whatever nature necessary to carry out the authority conferred by this
ordinance.
Section 8. That all ordinances and parts thereof in conflict herewith are hereby repealed
to the extent of such conflict.
716598 -v1 3
Section 9. EMERGENCY. It is hereby ascertained and declared that there is an
immediate need for the City to take advantage of a favorable opportunity to refund one or more
outstanding issues of capital improvement bonds, that such refunding and the funding of the
acquisition, construction and equipping of land and additional capital improvements can be
accomplished with an increase of the current ad valorem tax from one (1.0) mill to a new ad
valorem tax of two (2.0) mills, and that time is of the essence to place the question before the
voters at the special election called November 13, 2007. 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 full force and take effect immediately from and after its
passage.
PASSED: September 18, 2007
APPROVED:
19k, i
Mark Stodola, Mayor
ATTEST:
Na ki . Blocker, Assistant City Clerk
For ancy Wood, City Clerk
APPROVED AS TO LEGAL FORM:
61 - ,
Thomas M. Carpenter, City AVorney
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CERTIFICATE
STATE OF ARKANSAS )
COt_JNTY OF PULASKI ) SS
CITY OF L1'1"I'LE ROCK)
1, Nataki S. Blocker, Assistant City Clerk within and for the City aforesaid, do hereby
certify that the foregoing is a true and correct copy of Ordinance No. 19,828 of the Ordinance to
of the City of Little Rock, Arkansas, entitled: "AN ORDINANCE TO CALL A SPECIAL
ELECTION IN THE CITY OF LITTLE ROCK, ARKANSAS FOR THE PURPOSE OF
SUBMITTING TO THE ELECTORS OF THE CITY THE QUESTION OF AN
INCREASE THE EXISTING ANNUAL AD VALOREM PROPERTY TAX AT THE
RATE OF ONE (1.0) MILL TO THE NEW RATE OF TWO (2.0) MILLS ON THE
DOLLAR OF ASSESSED VALUATION OF TAXABLE PROPERTY IN THE CITY FOR
THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF LAND AND CAPITAL
IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES OPERATED BY
CENTRAL ARKANSAS LIBRARY SYSTEM; SAID AD VALOREM TAX TO BE
PLEDGED TO AN ISSUE OR ISSUES OF BONDS OF THE CITY OF in LITTLE ROCK
ARKANSAS, ISSUED UNDER AMENDMENTS NO. 30 AND NO. 72 TO THE
CONSTITUTION OF THE STATE OF ARKANSAS AND ACT 920 OF 19939 NOT TO
EXCEED $32,000,000 IN AGGREGATE PRINCIPAL AMOUNT, TO REFUND ONE OR
MORE OUTSTANDING ISSUES OF CAPITAL IMPROVEMENT BONDS AND TO
FINANCE THE COST OF ACQUIRING, CONSTRUCTING, AND EQUIPPING LAND
AND ADDITIONAL CAPITAL IMPROVEMENTS FOR THE CITY'S PUBLIC
LIBRARIES OPERATED BY CENTRAL ARKANSAS LIBRARY SYSTEM;
PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN
EMERGENCY;" passed by the Board of Directors of said City on September 18, 2007, said
Ordinance now appearing of record in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on this 19`x'
day of September, 2007. &,
Nat ki S. Blocker, Assistant City Clerk
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