11836ti
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ORDINANCE NO. 119836
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE
UPON THE QUESTION OF ISSUING BUNDS 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 A
PORTION OF THE PERMANENT FINANCING OF THE COST
OF SECURING AND DEVELOPING INDUSTRY (THE PARTIC-
ULAR 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
which will 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 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 (called "Act No. 9 "); 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 Constitution
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of the State of Arkansas in the principal amount of not to exceed One Million
Five Hundred Thousand Dollars ($1,500,000); and
WHEREAS the purpose of this Ordinance is to submit the question of
the issuance of the Industrial Development Revenue Bonds under Act No. 9 to the
electors of the City at a special election called for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That a special election be, and the same is hereby,
called to be held in the City on the 7th day of March, 1967, at which election there
will be submitted to the electors of the City the question of issuing Industrial
Development Revenue Bonds under Act No. 9 in the principal amount not to exceed
Three Million Five Hundred Thousand Dollars ($ 3,500, 000) for the purpose of furnish-
ing a portion of the permanent financing of the cost of securing and developing
industry (the particular industrial project is described above) . The bonds will be
dated, will bear interest atthe rate or rates, with the interest 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. The proceeds of the bonds will be used, together with the proceeds of
the General Obligation Industrial Development Bond issue under Amendment No. 49
to the Constitution of the State of Arkansas, for the permanent financing of the cost
of constructing and equipping, the industrial Project and the expenses and expendi-
tures in connection therewith. The industrial Project will be leased to Armstrong
for lease rentals sufficient to provide for the payment of the principal of and
interest on the bonds and the bonds will be secured by a lien on and security
interest in the Project. The lease with Armstrong will provide for rentals sufficient
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to pay the principal of and interest on the Amendment No. 49 Bonds and the
collection of the special tax levied and pledged to the payment of the
principal of and interest on the Amendment No. 49 Bonds will be suspended
as long as a sufficient amount of the lease rentals are made available for
that purpose.
Section 2. That the question 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 Industrial Development Revenue
Bonds by the City of Little Rock, Arkansas, in the
aggregate principal amount of not to exceed
$3,500,000 . . . . . . . . . . . . . . . . . . . . .
Against the issuance of Industrial Development
Revenue Bonds by the City of Little Rock, Arkansas,
in the aggregate principal amount of not to exceed
$3,500,000 . . . . . . . . . . . . . . . . . . . . .
It is proposed to issue Act No. 9 Bonds for financing,
along with an issue of Amendment No. 49 Bonds, the
constructing and equipping of an industrial project
which will be leased to The Armstrong Rubber Company.
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 said election on said question.
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 (30)
days after the date of such proclamation.
Section 5. That a copy of this Ordinance shall be furnished the Pulaski
County Board of Election Commissioners so that the necessary 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 the said public benefits. It is therefore, declared that
an emergency exists and this Ordinance being necessary for the immediate preserva-
tion 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: V�4
Assistant Mayor