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ORDINANCE NO. 20,528
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 REDUCING AND
EXTENDING THE LEVY OF A PORTION OF THE EXISTING ANNUAL
AD VALOREM PROPERTY TAX PLEDGED TO THE REPAYMENT OF
OUTSTANDING LIBRARY CAPITAL IMPROVEMENT BONDS FROM
THE AGGREGATE RATE OF TWO (2.0) MILS TO THE NEW RATE OF
ONE AND NINE TENTHS OF ONE (1.9) MIL ON THE DOLLAR OF
ASSESSED VALUATION OF TAXABLE PROPERTY IN THE CITY; TO
PLEDGE NINE TENTHS OF ONE (0.9) MIL OF SAID AD VALOREM
TAX TO SECURE THE REPAYMENT OF 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
$32,000,000 IN THE AGGREGATE PRINCIPAL AMOUNT, TO REFUND
AN OUTSTANDING ISSUE OF LIBRARY CONSTRUCTION AND
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; TO DECLARE AN EMERGENCY; AND FOR OTHER
PURPOSES.
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 the outstanding
balance of the City's Library Construction and Improvement Bonds, Series 2004A (the "Bonds to be
Refunded ") in the approximate outstanding principal amount of $9,220,000 presently secured by the
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1 pledge of a one (1.0) mil ad valorem tax on the assessed valuation of all taxable property in the City, and
2 to acquire, construct, and equip land and additional capital improvements for City libraries and related
3 facilities (the "Improvements ") at an estimated aggregate cost of not to exceed Thirty-Two Million
4 Dollars ($32,000,000); and
5 WHEREAS, it has been determined that the cost of refunding the Bonds to be Refunded (the
6 "Refunding ") and financing the cost of the Improvements, including incidental expenses and expenditures
7 in connection with accomplishing the Refunding and the Improvements and paying expenses in
8 connection with authorizing and issuing the bonds (hereinafter defined) can be financed by the issuance
9 of library refunding, construction and improvement bonds in one or more series in the principal amount of
10 not to exceed Thirty-Two Million Dollars ($32,000,000) (the "Bonds "): and
11 WHEREAS, the Bonds can be issued under the authority of Amendments No. 30 and No. 72 to the
12 Constitution of the State of Arkansas (the "Amendments ") and Act No. 920 of the Acts of Arkansas of
13 1993, approved April 7, 1993 (Act No. 920); and
14 WHEREAS, the City can pay the principal of and interest on the Bonds from the proceeds of an ad
15 valorem tax of one (1.0) mil which is pledged to the repayment of the Bonds to be Refunded (the "2004
16 Tax ") by reducing the 2004 Tax to a new rate of not to exceed nine tenths of one (0.9) mil on the dollar of
17 the assessed value of taxable real and personal property tax in the City, to be levied under the authority of
18 the Amendments and Act No. 920 and extending the collection of the new rate as a continuing debt
19 service tax pledged to the repayment of the Bonds; and
20 WHEREAS, the City's Library Construction and Improvement Bonds, Series 2008 and Series 2009
21 are secured by the pledge of a separate one (1.0) mil ad valorem tax which is a continuing debt service tax
22 and will not be reduced or otherwise impaired by the proposed reduction and extension of the 2004 Tax
23 from one (1.0) mil to nine tenths of one (0.9) mil; and
24 WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the question of
25 issuing bonds under the Amendments and Act No. 920 at a special election to be held on March 13, 2012,
26 and to reduce and extend the levy of the 2004 Tax of one (1.0) mil, currently pledged to the Bonds to be
27 Refunded, to a new tax rate of nine tenths of one (0.9) mil on the dollar of the assessed value of the
28 taxable real and personal property within the City (the "Tax ") and to approve the levy of the tax at the
29 new rate as a continuing debt service tax pledged to the repayment of the Bonds to be issued by the City.
30 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
31 OF LITTLE ROCK, ARKANSAS:
32 Section 1. That there be, and there is hereby called, a special election to be held on Tuesday, March
33 13, 2012, at which special election there shall be submitted to the electors of the City the question of
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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 REFUNDING OF OUTSTANDING LIBRARY CONSTRUCTION AND
IMPROVEMENT BONDS, ISSUANCE OF NEW LIBRARY CONSTRUCTION AND
IMPROVEMENT BONDS AND LEVY OF AD VALOREM TAX
Vote on the measure by placing an "x" in the square opposite the question either "FOR" or "AGAINST ":
FOR the reduction of the existing one (1.0) mil ad valorem tax on the assessed value of
all taxable real and personal property within the City of Little Rock, Arkansas, which is
pledged to secure the repayment of the City's outstanding Library Construction and
Improvement Bonds, Series 2004A, to the new ad valorem tax rate of nine tenths of one
(0.9) mil on the assessed value of all taxable real and personal property within the City of
Little Rock, Arkansas, with the new nine tenths of one (0.9) mil tax to be extended and
pledged as a continuing debt service tax to the repayment of an issue or issues of bonds
not to exceed Thirty-Two Million Dollars ($32,000,000) in aggregate principal amount,
to refund the City's outstanding Construction and Improvement Bonds, Series 2004A,
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 reduction of the existing one (1.0) mil ad valorem tax on the assessed
value of all taxable real and personal property within the City of Little Rock, Arkansas,
which is pledged to secure the repayment of the City's outstanding Library Construction
and Improvement Bonds, Series 2004A, to the new ad valorem tax rate of nine tenths of
one (0.9) mil on the assessed value of all taxable real and personal property within the
City of Little Rock, Arkansas, with the new nine tenths of one (0.9) mil tax to be
extended and pledged as a continuing debt service tax to the repayment of an issue or
issues of bonds not to exceed Thirty-Two Million Dollars ($32,000,000) in aggregate
principal amount, to refund the City's outstanding Construction and Improvement Bonds,
Series 2004A, and to finance the acquiring, constructing and equipping of land and
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1 additional capital improvements for public city libraries owned and operated by the City
2 of Little Rock and Central Arkansas Library System, and to authorize the issuance of the
3 bonds on such terms and conditions as shall be approved by the City.
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5 If the measure is approved, there may be levied an ad valorem property tax on the assessed value of
6 all taxable real and personal property within the City of Little Rock at the rate of nine tenths of one (.9)
7 mil on the dollar of assessed value of the taxable real and personal property in the City. The collection of
8 one (1.0) mil of the existing two (2.0) mil tax has been previously pledged to secure the repayment of the
9 City's outstanding Library Construction and Improvement Bonds, Series 2008 and Series 2009 and such
10 tax will continue be levied and collected until the bonds to which the one (1.0) mill tax is pledged have
11 been paid in full. The remaining nine tenths of one (0.9) mil of the tax will be extended and pledged to
12 the repayment of the principal of and interest on one (1) or more issues of library refunding, construction
13 and improvement bonds in the aggregate principal amount of not to exceed Thirty-Two Million Dollars
14 ($32,000,000) for the purposes of refunding the City's outstanding Library Construction and
15 Improvement Bonds, Series 2004A, and to finance the costs of acquiring, constructing and equipping of
16 land and additional capital improvements and paying costs incidental to the issuance of such bonds for the
17 City public libraries owned and operated by the City of Little Rock and Central Arkansas Library System.
18 In addition, the City currently levies a three and three tenths of one (3.30) mil ad valorem tax which is
19 used exclusively for the operation and maintenance of the City's public libraries.
20 Section 3. That a copy of this ordinance shall be given to the Pulaski County Board of Election
21 Commissions so that the necessary election officials and supplies may be provided.
22 Section 4. That the City Clerk is authorized and directed to give notice of the election as required by
23 law.
24 Section 5. That the special election shall be held and conducted and the vote canvassed and the
25 results declared under the law and in the manner now provided for special elections unless otherwise
26 provided in the Amendments and Act No. 920 and only qualified electors of the City shall have the right
27 to vote on the question.
28 Section 6. That the results of the election shall be certified by the Election Commissioners and
29 proclaimed by the Mayor, and his Proclamation shall be published one time in a newspaper having
30 general circulation in the City, which Proclamation shall advise that the results as proclaimed shall be
31 conclusive unless suit challenging the results is filed in the Circuit Court of Pulaski County within thirty
32 (30) days after the date of publication.
33 Section 7. That the Mayor and City Clerk, for and on behalf of the City, be and are hereby authorized
34 and directed to do any and all things necessary to call and hold the special election as herein provided
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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.
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 its outstanding Library Construction and
Improvement Bonds, Series 2004A, that such refunding and the funding of the acquisition, construction
and equipping of land and additional capital improvements can be accomplished with the reduction of the
current aggregate capital improvement ad valorem tax from two (2.0) mils to a new ad valorem tax of one
and nine tenths of one (1.9) mil, and that time is of the essence to place the question before the voters at
the special election called March 13, 2012. 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: January 3, 2012
ATTEST:
y, City Clerk
AS TO LEGAL FORM:
Thomas M. Carpenter, Ci q Attorney
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