206031 ORDINANCE NO. 20,603
2
3 AN ORDINANCE TO CALL A SPECIAL ELECTION IN THE CITY OF
4 LITTLE ROCK, ARKANSAS, FOR THE PURPOSE OF SUBMITTING TO
5 THE ELECTORS OF THE CITY THE QUESTIONS OF ISSUING BONDS
6 FOR VARIOUS CAPITAL IMPROVEMENTS; AND FOR OTHER
7 PURPOSES.
8
9 WHEREAS, the Board of Directors of the City of Little Rock, Arkansas (the "City"), has determined
10 the need to issue bonds in the aggregate principal amount of not to exceed $105,000,000 for various
11 capital improvements as hereinafter specifically described in Section 2 (the "Bonds "); and
12 WHEREAS, the Bonds that are approved may be combined into a single issue or may be issued in
13 series from time to time; and
14 WHEREAS, the issuance of the Bonds for each separate purpose is subject to the approval of the
15 electors of the City; and
16 WHEREAS, the Board of Directors has determined that in order to retire the Bonds it will be
17 necessary to levy an ad valorem tax on taxable property within the City at the rate of 3.0 mills on the
18 dollar of the assessed value of the property; and
19 WHEREAS, the new tax will replace the ad valorem tax levied by the City at the rate of 3.3 mills
20 and pledged to the City's Limited Tax General Obligation Bonds, Series 2004, which bonds will be fully
21 redeemed with collections of the 3.3 mill tax being replaced, on April 1, 2013;
22 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
23 OF LITTLE ROCK, ARKANSAS:
24 Section 1. A special election shall be held on September 11, 2012. There shall be submitted to the
25 electors of the City at the special election the questions of issuing the Bonds for each of the purposes in
26 the respective principal amounts hereinafter specified in Section 2. The principal amounts include all or a
27 portion of the costs of the capital improvements, expenses of authorizing and issuing the Bonds and
28 capitalized interest. The rate of the tax to retire the Bonds shall be stated on the ballot.
29 Section 2. The ballot shall be in substantially the following form:
i
31 FORM OF BALLOT
32 TT 7
r 1Ll_t•- 107/0511`2 C7
33 For Special Election in y �; +, _ _ ,: ; �_ ; z
34 THE CITY OF LITTLE ROCK, ARKANSAS arry �'t�ane F .iSw=P.! Lr =iii �•!F 4
35 SEPTEMBER 11, 2012
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The bonds that are approved (the "Bonds ") may be combined into a single issue or may be issued in series
from time to time. In order to retire the Bonds there will be levied a continuing annual ad valorem tax on
taxable property located within the City of Little Rock at the rate of 3.0 mills on the dollar of the assessed
value of the property. The new 3.0 mill tax will replace and reduce the ad valorem tax on taxable property
located within the City of Little Rock at the rate of 3.3 mills that is currently levied and pledged to
bonded debt of the City of Little Rock.
QUESTION ONE: STREET IMPROVEMENT BONDS
Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum principal
amount of $73,500,000 to finance Street Improvements.
FOR the issuance of Street Improvement Bonds .. ............................... ❑
AGAINST the issuance of Street Improvement Bonds ............................ ❑
The Street Improvements include the construction, reconstruction or acquisition of, or improvements to,
new or current streets, roads, trails, bridges and viaducts, and any necessary intersection improvements,
traffic signalizations, speed calming measures, lighting, equipment, land and easement acquisition and
drainage improvements therefor.
QUESTION TWO: DRAINAGE IMPROVEMENT BONDS
Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum principal
amount of $31,500,000 to finance Drainage Improvements.
FOR the issuance of Drainage Improvement Bonds ............................ ❑
AGAINST the issuance of Drainage Improvement Bonds ........................ ❑
The Drainage Improvements include the construction or acquisition of facilities for drainage and flood
control and any necessary land and easement acquisition therefor.
Section 3. The City Clerk is authorized and directed to give notice of the election by one (1)
publication in a newspaper having general circulation within the City. The publication shall be made not
less than ten (10) days prior to the election.
Section 4. The election shall be held and conducted and the vote canvassed and the results declared
under the law and in the manner now provided for municipal elections.
Section 5. The Mayor shall proclaim the results of the election by issuing a proclamation and
publishing the same one time in a newspaper having general circulation in the City. The results as
proclaimed shall be conclusive unless suit challenging the results is filed in the courts within thirty (30)
days after the publication of the proclamation.
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Section 6. A certified copy of this Ordinance shall be (a) filed with the Pulaski County Clerk at least
60 days prior to the special election date and (b) given to the Pulaski County Board of Election
Commissioners so that the necessary election officials and supplies may be provided.
Section 7. Subject to the approval of the electors, the issuance of the Bonds for the purposes and in
the amounts specified in Section 2 is hereby authorized. The Bonds shall be issued under the authority of
Amendment No. 62 to the Constitution of the State of Arkansas and Title 14, Chapter 164, Subchapter 3
of the Arkansas Code of 1987 Annotated.
Section 8. This ordinance shall constitute an 'official intent" under United States Treasury
Regulation No. 1.150 -2 for the reimbursement from proceeds of the Bonds for expenditures made by the
City prior to the date the Bonds are issued for capital improvements and expenses of authorizing and
issuing the Bonds.
Section 7. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or
adjudication shall not affect the remaining portions of the ordinance which shall remain in full force and
effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
ordinance.
Section 8. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent
with the provisions of this ordinance are hereby repealed to the extent of such inconsistency.
PASSED: July 3, 2012
Thomas M.
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AS TO LEGAL FORM:
A PP ROVED•
Mark Stodola, Mayor
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