11835ORDINANCE NO. 11 t 835
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE UPON
THE QUESTION OF ISSUING GENERAL OBLIGATION INDUSTRIAL
DEVELOPMENT BONDS UNDER THE PROVISIONS OF AMENDMENT
NO. 49 TO THE CONSTITUTION OF THE STATE OF ARKANSAS FOR
THE PURPOSE OF FURNISHING A PORTION OF 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 The Armstrong Rubber
Company (called "Armstrong ") for the location of a substantial industrial project
whichwill furnish employment, payrolls, alleviate unemployment, and otherwise
result in public benefits, all in the best interests of the City of Little Rock,
Arkansas (called "City ") and its citizens and inhabitants, and all of which will
further the objects and purposes of Amendment No. 49 to the Constitution of the
State of Arkansas (called "Amendment No. 49 "); and
WHEREAS the proposed industrial project will consist of lands, buildings,
improvements, machinery, equipment and facilities which will be operated as a
manufacturing plant for the manufacturing of rubber products and such other products
as Armstrong shall determine to manufacture (called the "Industrial Project "); and
WHEREAS in order to make the necessary provision for the permanent
financing of the costs of constructing and equipping the Industrial Project, expenses
and expenditures in connection therewith and in connection with the financing, the
City has determined to issue, subject to the approval of its electors, Industrial
Development Revenue Bonds under Act No. 9 in the principal amount of not to
exceed Three Million Five Hundred Thousand Dollars ($3,500,000) and General
Obligation Industrial Development Bonds under Amendment No. 49 to the Constitu-
tion of the State of Arkansas in the principal amount of not to exceed One Million
Five Hundred Thousand Dollars ($1,500,000); and
cda -.�nf
F -I
Page 2
WHEREAS the purpose of this Ordinance is to submit the question of
the issuance of the General Obligation Industrial Development Bonds under
Amendment No. 49 to the electors of the City at a 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 7th day of March 1967, at which election there
will be submitted to the electors of the City the question of issuing General
Obligation Industrial Development Bonds under Amendment No. 49 in an amount
not to exceed One Million Five Hundred" Thousand Dollars ($1,500,000) for the
purpose of furnishing a portion of the permanent financing of the cost of securing
and developing industry (the particular industrial project is described above) .
The Amendment No. 49 Bonds will be dated March 1, 1967 and interest thereon
will be payable semiannually on March 1 and September 1 of each year commencing
September 1, 1967 at a rate or rates to be hereafter determined, and with the
Amendment No. 49 Bonds to mature on March 1 of each year as follows, but to
be subject to redemption prior to maturity upon such terms and in such manner as
shall be specified in the Ordinance authorizing the issuance of the Amendment No.
49 Bonds and in the face of the Amendment No. 49 Bonds:
Page 3
YEAR AMOUNT
1970
$ 35,000
1971
40,000
1972
40,000
1973
45,000
1974
45,000
1975
50,000
1976
50,000
1977
55,000
1978
55,000
1979
60,000
1980
60,000
1981
65,000
1982
65,000
1983
70,000
1984
70,000
1985
75,000
1986
80,000
1987
80,000
1988
85,000
1989
90,000
1990
90,000
1991
95,000
1992
100,000
The Amendment No. 49 Bonds will be sold at public sale. The
proceeds of the Amendment No. 49 Bonds will be used, along with the proceeds
of Industrial Development Revenue Bonds under Act No. 9 (being authorized in
the aggregate principal amount of $3,500,000 but proposed to be issued in
series) for the permanent financing of the Project costs, expenses and ex-
penditures in connection therewith and expenses of the financing. The principal
of and interest on Amendment No. 49 Bonds will be secured by a special
continuing annual tax of not to exceed seventy -five hundredths of a mill (. 75)
on the dollar of the assessed value of the taxable real and personal property
in the City. In this regard, however, the industrial project is being leased
to Armstrong for rentals sufficient to provide for the payment of the principal
Page 4
of and interest on the Act No. 9 Bonds and the principal of and interest on the
Amendment No. 49 Bonds and provision will be made for the suspension of the
collection of the tax to the extent of available Project revenues, all as will be
provided in detail in the ordinance authorizing the issuance of the Amendment
No. 49 Bonds, in the event they are approved by the electors.
Section 2. That the questions shall be placed on the ballot for the
special election in substantially the following form:
Vote on measure by placing an "X" in the square above
the measure either for or against:
For the issuance of General Obligation Industrial
Development Bonds under the provisions of
Amendment No. 49 in an amount not to exceed
$1,500,000 . . . . . . . . . . . . . . . . . . . . . .
Against the issuance of General Obligation Industrial
Development Bonds under the provisions of
Amendment No. 49 in an amount not to exceed
$1,500,000 . . . . . . . . . . . . . . . . . . . . . .
It is proposed to issue Amendment No. 49 Bonds for financing,
along with an issue of Act No. 9 Revenue Bonds, the construct-
ing and equipping of an industrial project which will be leased
to The Armstrong Rubber Company. The Amendment No. 49 Bonds
will be general obligations of the City and the principal and
interest will be secured by a continuing annual tax of not to
exceed .75 of a mill, with provision to be made for the
suspension of the collection of the tax as long as lease
rentals and Project revenues are available.
Page 5
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
now or hereafter provided for municipal elections, so far as the same may be
applicable, and the Mayor shall give notice of such election by an advertise-
ment 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 (10) days prior to the date of the election, and only qualified
electors of the City shall have the right to vote at said election on said
question. In this regard, inasmuch as the City is calling a special election
on the same day on the question of issuing Industrial Development Revenue
Bonds under Act No. 9, the question of issuing said Amendment No. 49
Bonds and said Act No. 9 Bonds may be combined on one ballot.
Section 4. That the results of said election shall be proclaimed
by the Mayor and his proclamation shall be published one time in a news-
paper 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 (30) days after the date of such proclamation.
Section 5. That the Mayor is authorized to advertise, according
to the terms of Amendment No. 49, the public sale of the proposed bonds.
Section 6. That a copy of this ordinance shall be given to the
Pulaski County Board of Election Commissioners so that the necessary
election officials and supplies may be provided.
Page 6
Section 7. That there is hereby found and declared to be an
immediate need for the securing and developing of industry in order to
provide employment, alleviate unemployment and supply increased payrolls
and other benefits incidental to the establishment and operation of a sub-
stantial industry, which industry can be secured only by the issuance of
the above described bonds. 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: January 16 1967.
ATTEST:
City Clerk
APPROVED:
Assistant Mayo