12396ORDINANCE NO. 12,396
AN ORDINANCE SUBMITTING TO THE VOTERS OF
THE CITY OF LITTLE ROCK, ARKANSAS, THE
QUESTION WHETHER IT WILL ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS UNDER THE
PROVISIONS OF ACT NO. 9 OF THE SPECIAL
SESSION OF THE GENERAL ASSEMBLY OF THE
STATE OF ARKANSAS OF 19609 TO THE EXTENT
OF $320002000.002 FOR THE PURPOSE OF
SECURING AND DEVELOPING INDUSTRY WITHIN
OR NEAR THE CITY OF LITTLE ROCK, ARKANSAS.
BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS:
Section 1. An election is hereby called to be held
at the usual polling places in the City of Little Rock, Arkansas,
on the 10th day of November, 1970, for the purpose of determin-
ing whether the City of Little Rock, Arkansas, will issue
negotiable industrial development revenue bonds under the
provisions of Act No. 9 of the Special Session of the General
Assembly of the State of Arkansas of 1960, to the extent of
$3,000,000.00 for the purpose of securing and developing
industry within or near the City of Little Rock, by assisting
Eastern Associated Terminals Company in constructing and
operating a port facility on the Arkansas River under agreement
with the Little Rock Port Authority for the transshipment of
ore and other commodities, the said bonds to be secured by
a pledge of the revenues therefrom and by such mortgage of
the port facility as the City may approve. The bonds shall
be dated December 1, 1970, shall mature on January 1, but
subject to redemption prior to maturity in such manner and
upon such terms as the City may provide, and shall bear
interest at such rate or rates as the Board of Directors may
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determine in the sale of the bonds, but may be converted at
the option of the purchaser, subject to the approval of the
City, to bonds bearing a lower rate or rates of interest on
such terms that the City shall receive therefor and pay thereon
substantially the same amount of money as if the said bonds
were not converted; and may be sold and delivered all at one
time, or in parcels from time to time, all as the City may
subsequently determine and specify in the ordinance or
ordinances authorizing the issuance of the said bonds.
Section 2. Said election shall be conducted and the
votes thereat canvassed and the results declared under the
law and in the manner now provided for municipal elections,
and notice of said election shall be given by the Mayor by
advertisement weekly for at least four (4) times in some
newspaper published and having a bona fide circulation in the
City of Little Rock, the last publication to be not less than
ten (10) days prior to the date of said election.
The ballots for said election shall be marked:
"Vote on measure by placing an "X" in the square
above the measure either for or against.
"FOR bond issue of $3,000,000.00 ----- - - - - -/ /
"AGAINST bond issue of $3,000,000.00 - - - -- L--/
"Bond issue under the provisions of Act. No. 9
of the General Assembly of the State of Arkansas
of 1960, to the extent of $3,000,000.00 (subject,
however, to conversion to bonds bearing a lower
rate or rates of interest, on such terms that the
City shall receive therefor and pay thereon
substantially the same amount of money as if the
bonds were not converted), for the purpose of
securing and developing industry within or near
the City of Little Rock, Arkansas, by assisting
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Eastern Associated Terminals Company in
constructing and operating a port facility
on the Arkansas River under-agreement with the
Little Rock Port Authority for the trans-
shipment of ore and other commodities, and
to be secured by a pledge of the revenues
therefrom and by such mortgage of the port
facility as the City may approve."
Section 3. A copy of this ordinance shall be given
to the Pulaski County Board of Election Commissioners so
that it may place the question on the ballot for said election,
provide the proper election officials and supplies, and can-
vass the vote on the question.
Section 4. At said election, only qualified voters
of the City of Little Rock will have the right to vote. The
result of said election shall be proclaimed by the Mayor by
publication in some newspaper published and having a general
circulation in the City of Little Rock for more than twelve (12)
months last past, and his proclamation shall advise the citizens
and property owners of said City of Little Rock that the result
as proclaimed will be conclusive unless attacked in the courts
within thirty (30) days after the date of such proclamation.
Section 5. It is ascertained and declared that the
safety and health of the City of Little Rock are jeopardized
by the lack of sufficient industry and that only by action
made possible by this ordinance can the City undertake to
secure and develop industry and to promote the safety,
health, and welfare of its citizens. IT IS, THEREFORE,
declared that an emergency exists, and this ordinance is
necessary for the immediate preservation of the public peace,
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health and safety, and that this ordinance shall take effect
and be in force from and after its passage.
PASSED: October 5 , 1970.
ATTEST:
('09"A.0'a j
2z�
City Clerk
APPROVED:
ASSISTANT MAYbR
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