12207r
ORDINANCE NO. 12,207
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE
UPON THE QUESTION OF ISSUING BONDS UNDER THE
PROVISIONS OF ACT NO. 9 OF THE FIRST EXTRAORDINARY
SESSION OF THE SIXTY- SECOND GENERAL ASSEMBLY OF
THE STATE OF ARKANSAS, APPROVED JANUARY 21, 1960,
AS AMENDED, FOR THE PURPOSE OF FURNISHING THE
PERMANENT FINANCING OF THE COST OF SECURING AND
DEVELOPING INDUSTRY (THE PARTICULAR INDUSTRIAL
PROJECT IS DESCRIBED IN THE ORDINANCE); PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY
WHEREAS arrangements have been made with Ouachita Marine
and Industrial Corporation, an Arkansas. corporation, for the location of a
substantial industrial plant in the City of Little Rock, Arkansas ( "City "); and
WHEREAS the location of the industrial plant in the City will result
in increased employment, will result in increased payrolls, will alleviate un-
employment, and will result in other public benefits incidental to the operation
of a substantial industrial plant, all of which will be in the best interests of
the City and its citizens and inhabitants; and
WHEREAS in order to obtain funds for the financing of necessary
lands, buildings, improvements, machinery, equipment and facilities ( "Project "),
essential to the location and operation of the industrial plant, the Board of
Directors of the City has determined to issue, subject to the approval of the
electors of the City, Industrial Development Revenue Bonds under the provisions
of Act No. 9 of the First Extraordinary Session of the Sixty - Second General
Assembly of the State of Arkansas, approved January 21, 1960, as amended
( "Act No. 9 ") in an amount not to exceed $1,000,000 for the purpose of financing
the Project costs and necessary costs and expenses incidental thereto, the
costs of the issuance of the bonds, and providing adequately for debt service
on the bonds until Project revenues are available therefor; and
WHEREAS the purpose of this Ordinance is to submit the question
of the issuance of the bonds under Act No. 9 to the electors of the City at a
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special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1.. That a special election be, and the same is hereby,
called to be held in the City on the 13th day of May , 1969,
at which election there will be submitted to the electors of the City the question
of issuing Industrial Development Revenue Bonds ( "bonds ") under Act No. 9
in an amount not to exceed One Million Dollars ($1, 000, 000) for the purpose
of furnishing permanent financing of the costs of securing and developing
industry (the particular industrial project is described above) . The bonds will
be dated, the bonds will bear interest at such rate or rates, the interest will
be payable on such dates, the bonds will mature on such date or dates, the
bonds will be subject to redemption prior to maturity in such manner and,upon
such terms, and the bonds will be issued at one time or in series from time to
time, all as the Board of Directors shall subsequently determine and specify
in the ordinance authorizing the issuance of the bonds.
Section 2. That the question shall be placed on the ballot for the
special election in substantially the following form:
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Vote on measure by placing an "X" in the square
opposite the measure either for or against:
FOR the issuance of Industrial Development
Revenue Bonds by the City of Little Rock,
Arkansas in the aggregate principal amount of
not to exceed $1 , 000, 000 . . . . . . . . . . . . . . . . .
AGAINST the issuance of Industrial Development-
Revenue Bonds by the City of Little Rock,
Arkansas in the aggregate principal amount of
not to exceed $1, 000, 000 . . . . . . . . . . . . . . . . .
It is proposed to issue Act No. 9 Bonds for financing
the constructing and equipping of an industrial project
which will be leased to Ouachita Marine and Industrial
Corporation. The Act No. 9 Bonds will be special
obligations of the City payable solely from revenues
derived from the Project and secured by a lien on and
security interest in the Project.
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Section 3. That the election shall be held and conducted and the
vote canvassed and the results declared under the law and in the manner
provided for municipal elections, so far as the same may be applicable, and
the Mayor shall give notice of such election by an advertisement published once
a week for four consecutive weeks in a newspaper having a bona fide circulation
in the City, with the last publication to be not less than ten-days prior to
the date of the election, and only qualified electors of the City shall have
the right to vote at the election.
Section 4. That the results of said election shall be proclaimed
by the Mayor and his proclamation shall be published one time in a newspaper
having a bona fide circulation in the City, which proclamation shall advise
that the results as proclaimed shall be conclusive unless attacked in the
courts within thirty days after the date of the proclamation.
Section S. That a copy of this Ordinance shall be furnished to the
Pulaski County Board of Election Commissioners so that the neces s ary 'election
officials and supplies may be provided.
Section 6. That there is hereby found and declared to be an
immediate need for the securing and developing of industry in order to provide
additional employment, increased payrolls, alleviate unemployment and provide
other benefits incidental thereto, and the issuance of the bonds referred to in
this Ordinance is essential to accomplishing those public benefits. It is,
therefore, declared that an emergency exists and this Ordinance being necessary
for the immediate preservation of the public health, safety and welfare shall be
in force and take effect immediately upon and after its passage.
PASSED April 7
ATTEST:
041,1117-Al —
City Jerk (Acts )
, 1969.
APPROVED:
By *1*
ayor