13848ORDINANCE NO. 13,848
AN ORDINANCE AMENDING ORDINANCE NO. 13,707,
ADOPTED AUGUST 21, 1979; AUTHORIZING AND
PRESCRIBING OTHER MATTERS PERTAINING THERETO;
AND DECLARING AN EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the "City ")
is authorized, pursuant to Act No. 380 of the Acts of Arkansas
of 1971, as amended ( "Act No. 380 "), to acquire, construct,
equip and operate facilities including convention facilities
for the securing and developing of tourism activities and
tourist industry within the City; and
WHEREAS, the City Advertising and Promotion Commission
of the City (the "Commission "), in cooperation with the Board
of Directors of the City (the "Board "), has formulated plans
for the acquisition, construction and equipment of additional
convention facilities to be located in the downtown area of the
City (the "Project "); and
WHEREAS, the Project will consist of the acquisition
of land and air rights within the City along the Arkansas River,
(bounded by Main Street, Ashley Street and Markham Street),
the destruction of existing buildings thereon, the construct-
ing and equipping thereon of convention facilities, the
payment of a fee to the Developer and of certain preopening
expenses as provided in the Development Agreement, and the �Dro-
viding of $500,000 to pay a portion of the cost of proposed
parking facilities to be located near the convention facilities.
WHEREAS, pursuant to the recommendation of the Commis-
sion, the Board has determined that it would be in the best
interests of the City and its inhabitants to accomplish the
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Project and, thereby, promote and enhance the development and
growth of tourism activities and the tourism industry within the
City; and
WHEREAS, the City can finance a portion of the cost
of accomplishing the Project from the proceeds of its City of
Little Rock, Arkansas Hotel and Restaurant Gross Receipts Tax
Bonds (_Little Rock Convention Center Project), Series 1980
(the "Bonds ") ; and
WHEREAS, a portion of the security for the Bonds is
a pledge of revenues derived from collections of the City's
tax upon the gross receipts or gross proceeds from hotel, motel,
restaurant and other on- premises food consumption establishments
within the boundaries of the City levied by Ordinance No. 12,353 as
amended by Ordinance No. 13,527 of the ordinances of the City, pursuant
to the authority of Act No. 185 of the Acts of Arkansas of 1965,
as amended (the "Gross Receipts Tax "), a portion of such collec-
tions of the Gross Receipts Tax having been pledged to secure
certain of the City's Tourism Revenue Refunding Bonds (the "Tourism
Revenue Refunding Bonds ") issued pursuant to Ordinance No. 13,707
of the ordinance of the City, approved and adopted August 21, 1979
( "Ordinance No. 13,707 "); and
WHEREAS, pursuant to the reccmmendation of the Commis-
sion, the Board has determined that it would be in the best
interest of the City and its inhabitants, in order to accomplish
the Project, to subordinate the pledge of the collections of the
Gross Receipts Tax to secure payment of the City's Tourism Revenue
Refunding Bonds made by Ordinance No. 13,707; and
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WHEREAS, the Board has determined that it would be
in the best interests of the City and its inhabitants to accom-
plish the Project, thereby promoting and developing the tourist
industry and tourism activities within the City and stimulating
and enhancing the economic growth and well -being of the City and
its inhabitants;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. The pledge of revenues derived from collec-
tions of Gross Receipts Tax made by Ordinance No. 13,707 to
secure certain of the City's Tourism Revenue Refunding Bonds
issued pursuant to Ordinance No. 13,707 is hereby subordinated to
and made subject to the pledge of the revenues derived from collec-
tions of the Gross Receipts Tax made by Ordinance No.13,847 of the
ordinances of the City adopted and approved August 5, 1980. All
sections and provisions of Ordinance No. 13,707 in conflict herewith,
including, without limitation, Sections 9 and 10 of Ordinance No.
13,707, are hereby amended to reflect such subordination.
Sedtion 2. The subordination and the amendments effected
by this Ordinance shall be conditioned upon the receipt by the
City Clerk of the consents of all of the holders of the outstanding
Tourism Revenue Refunding Bonds to the amendment of Ordinance No.
13,707 providing for the subordination of the pledge of the Gross
Receipts Tax created thereby to the pledge of the Gross Receipts
Tax created by Ordinance No.13,847 of the ordinances of the City
adopter and approved August 5, 1980.
Section 3. That there is found and declared to be
an immediate need for the promoting and developing of the tourist
industry and tourism activities within the City in order to stimu-
late and enhance the economic growth and well -being of the City and
its inhabitants, and the taking of the actions authorized hereby are
immediately necessary for the issuance of the Bonds for the accomplish-
ing of these public benefits and purposes. It is, therefore declared
than emergency exists and this Ordinance, being necessary for the
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immediate preservation of the public peace, health and safety, shall
be in force and effect immediately upon and after its passage.
PASSED: August 5, 1980
ATTEST:
As s ant City Clerk
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(SEAL)