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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 -2- 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 -3- 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 -4- 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 - (SEAL)