11473ORDINANCE NO. 11,473
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 FINANCING THE COST OF SECURING
AND DEVELOPING INDUSTRY (THE PARTICULAR INDUS-
TRIAL PROJECT IS DESCRIBED IN THE ORDINANCE);
PRESCRIBING OTHER MATTERS PERTAINING THERETO;
AND DECLARING AN EMERGENCY.
WHEREAS arrangements have been made with STRICKLAND
TRANSPORTATION COMPANY, INC., a Texas corporation, (called
"Strickland ") for the location of a substantial industry within
the CITY OF LITTLE ROCK, ARKANSAS (called "City "); and
WHEREAS the location of said industry within the City
will result in increased employment, will result in increased
payrolls, will alleviate unemployment, and will result in other
public benefits incidental to the operation of a substantial in-
dustry, 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 acquisition of
necessary lands and the constructing and equipping of a building,
improvements and facilities thereon (called the "project "), essen-
tial to the location and operation of said industry, the Board of
Directors of the City has determined to issue, subject to the
approval of the electors of the City, City of Little Rock, Arkansas
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 (called "Act No. 9 ") in an amount not to exceed $1,200,000
G -/3
Page 2
for the purpose of financing the project costs and necessary costs
and expenses incidental thereto, the cost of the issuance of bonds,
and the amount necessary to provide for interest on the bonds until
project revenues are available in sufficient amounts; and
WHEREAS the project will be leased to Strickland for net
lease rentals sufficient to provide for the payment of the principal
of and interest on the bonds, as the same become due, and the bonds
will be secured by a lien on the project as authorized by Act No. 9;
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 of Little Rock, Arkansas on
the 28th day of April , 1964, at which election there shall be
submitted to the electors of the City the question of issuing indus-
trial development revenue bonds under the provisions of Act No. 9 in
an amount not to exceed $1,200,000 for the purpose of securing and
developing industry within the City (the particular project is
described ahove). The bonds will be dated May 1, 1964, and interest
thereon will be payable semiannually on May 1 and November 1 of each
year commencing November 1, 1964, at a rate or rates to be hereafter
determined but not to exceed 5% per annum. The bonds will mature
annually on November 1 of each year over a period commencing not
later than two years from the date of the bonds and ending not later
than twenty -two years from the date of the bonds, as shall be subse-
quently determined by the Board of Directors and specified in the
ordinance authorizing the issuance of the bonds, but the bonds shall
Page 3
be callable for payment prior to maturity in the manner and upon
the terms specified in said ordinance authorizing their issuance.
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 an amount not to exceed $1,200,000 ......•�/
Against the issuance of Industrial
Development Revenue Bonds by
the City of Little Rock, Arkansas
in an amount not to exceed $1,200,000 ...... L/
It is proposed to issue City of Little Rock,
Arkansas (called "City ") Industrial Development
Revenue Bonds under 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 "), in an amount not to exceed
$1,200,000 for the purpose of financing the
cost of securing and developing industry
within the City. The bonds will be dated
May 1, 1964, and interest thereon will be pay-
able semiannually on May 1 and November 1 of
each year commencing November 1, 1964 at a
rate or rates to be hereafter determined, but
not to exceed 5% per annum. The bonds will
mature annually on November 1 in each year
over a period commencing not later than two
years from the date of the bonds and ending
not later than twenty -two years from the date
of the bonds, as shall be subsequently deter-
mined by the Board of Directors and specified
in the ordinance authorizing the issuance of
the bonds, but shall be callable for payment
prior to maturity as shall be specified in
said ordinance authorizing the issuance of the
bonds. The particular industrial project will
consist of lands and the construction of a
building, improvements and facilities thereon
Page 4
(called "project "), which will be leased to
Strickland Transportation Company, Inc., a
Texas corporation, (called "Strickland ")
which will be operated by Strickland for its
trucking and transportation operations and
activities pertaining thereto. The rentals
derived from the leasing of the project to
Strickland will be pledged to and used for
the payment of the principal of and interest
on the bonds, and the said lease agreement with
Strickland will provide for net rentals
sufficient in amount for that purpose. The
bonds will not be general obligations of the
City but will be special obligations payable
solely from revenues (including particularly
the said lease rentals under the lease agree-
ment with Strickland) derived from the project
and will be secured by a lien on the project
as authorized by Act No. 9.
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 of
Little Rock, Arkansas, with the last publication to be not less
than ten days prior to the date of the election, and only qualified
electors of said 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 said City
of Little Rock, Arkansas, which proclamation shall advise that the
results as proclaimed shall be conclusive unless attacked in the
courts within thirty days after the date of such proclamation.
Section 5. That a copy of this Ordinance shall be
Page 5
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
within the City in order to provide employment, provided increased
payrolls, alleviate unemployment and provide other benefits inciden-
tal to the securing and developing of a substantial industry, and
the issuance of the above described bonds is essential to the financing
and obtaining of a substantial industry. 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: March 16 ,1964.
ATTEST:
City Clerk
(SEAL)
APPROVED:
Mayor