11474ORDINANCE NO. 11,474
AN ORDINANCE CALLING A SPECIAL ELECTION ON THE
QUESTION OF ISSUING BONDS UNDER THE PROVISIONS
OF AMENDMENT NO. 49 TO THE CONSTITUTION OF THE
STATE OF ARKANSAS FOR THE PURPOSE OF SECURING
AND DEVELOPING INDUSTRY WITHIN OR NEAR THE
CITY OF LITTLE ROCK, ARKANSAS (THE PARTICULAR
PROJECT IS DESCRIBED IN THE ORDINANCE); PRE-
SCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY.
WHEREAS the City of Little Rock, Arkansas (called
"City ") is a city of the first class under the laws of the State
of Arkansas and has not issued any bonds under Amendment No. 49
to the Constitution of the State of Arkansas (called "Amendment
No. 49 "); and
WHEREAS the City is located in Pulaski County, Arkansas
and Pulaski County has not issued any bonds under Amendment No. 49;
and
WHEREAS for some time the City has been engaged in a
study of the ways and means of securing and developing industry
within or near the City, and financing the same, in order that the
City and its inhabitants may receive the public benefits flowing
therefrom, including without limitation, alleviation of unemploy-
ment, obtaining of additional employment, obtaining of additional
payrolls and other benefits, and in connection therewith has had
prepared and filed, and detailed study has been given to, reports
by engineers and architects and other qualified authorities; and
WHEREAS the extensive development of the Arkansas River
by the Government of the United States of America has progressed
to the point that immediate steps should be taken by the City so
it may be prepared to realize the maximum industrial development
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potential from water transportation that will be available
immediately upon completion of said development work on the Ark-
ansas River; and
WHEREAS it has been determined that there should be
undertaken at this time a program of securing and developing
industry consisting of the acquisition of lands; the development
of said lands by installing necessary utility lines and services,
roads, streets, railways, and other necessary facilities for the
utilization of said lands in the securing and developing of indus-
try; the constructing and equipping of necessary port or marine
terminal facilities; and other improvements, facilities and expend-
itures necessary or incidental to the full utilization development
and use of said lands, improvements, facilities, developments and
port or marine terminal facilities for the securing and developing
of industry (called the "Project "); and
WHEREAS it has been determined that the estimated amount
that will be needed by the City is $4,300,000, and it has been
determined that the most feasible method of financing the same
is for the City to issue, subject to the approval of its electors,
bonds under Amendment No. 49 in that amount;
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 12th day of
May , 1964, at which election there will be
submitted to the electors of the City the question of issuing
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General Obligation Industrial Development Bonds under the pro-
visions of Amendment No. 49 in an amount not to exceed $4,300,000
for the purpose of securing and developing industry (the Project
having been heretofore described). The Bonds will be dated July 1,
1964 with interest thereon payable July 1, 1965 (the first interest
coupon shall be for twelve months) and semiannually thereafter on
January 1 and July 1 of each year at the rate or rates accepted
by the City at the public sale of the Bonds, and the Bonds shall
mature annually on July 1 of each year as follows, but shall be
callable for payment prior to maturity in such manner and upon
such terms as shall be specified in the Ordinance authorizing the
issuance of the Bonds;
YEAR AMOUNT
1967
$100,000
1968
103,000
1969
106,000
1970
109,000
1971
113,000
1972
116,000
1973
120,000
1974
123,000
1975
127,000
1976
131,000
1977
135,000
1978
139,000
1979
143,000
1980
147,000
1981
151,000
1982
156,000
1983
1613,000
1984
165,000
1985
170,000
1986
175,000
1987
181,000
1988
186,000
1989
192,000
1990
1983,000
1991
204,000
1992
210,000
1993
216,000
1994
223,000
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In the event the issuance of the Bonds is authorized and it is
determined by the City that the Bonds shall be sold and delivered
from time to time in installments as funds are needed for the Project,
each installment of Bonds so delivered shall have the same maturity
dates as reflected in the above schedule, but shall be in pro-
portionately less amounts in each maturity year, insofar as
practicable. In the event Bonds are sold and delivered in install-
ments, it is understood that the Bonds of each installment shall
rank on a parity of security with all other Bonds of said total
authorized issue regardless of when sold and delivered and all
Bonds shall be sold at public sale as required by Amendment No. 49.
Section 2. That said 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 bonds under
Amendment No. 49 to the Constitution
of the State of Arkansas in a total
aggregate amount not to exceed
$42300,000 . . . . . . . . . . . . . . . . /__7
Against the issuance of bonds under
Amendment No. 49 to the Constitution
of the State of Arkansas in a total
aggregate amount not to exceed
$4,300,000 . . . . . . . . . . . . . . . .
It is proposed to issue City of Little Rock,
Arkansas (called "City ") General Obligation
Industrial Development Bonds under Amend-
ment No. 49 to the Constitution of the State
of Arkansas in a total aggregate amount not
to exceed $4,300,000 for the purpose of
securing and developing industry (called
"Bonds"). The Bonds will be dated July 1,
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1964, interest thereon will be payable July 1,
1965 (the first interest coupon will be for
twelve months) and semiannually thereafter on
January 1 and July 1 of each year at the rate
or rates accepted by the City at the public
sale of the Bonds, and the Bonds shall mature
annually on July 1 in each of the years 1967
to 1994, inclusive, but shall be callable for
payment prior to maturity in such manner and
upon such terms as shall be specified in the
Ordinance authorizing their issuance. The
program of securing and developing industry
to be financed out of the proceeds of the
Bonds will consist of the acquisition of
lands; the development of said lands by
installing necessary utility lines and services,
roads, streets, railways and other necessary
facilities for the utilization of said lands in
the securing and developing of industry; the
constructing and equipping of necessary port
or marine terminal facilities;and other improve-
ments, facilities and expenditures necessary or
incidental to the full utilization, development
and use of said lands, improvements, facilities,
developments and port or marine terminal facil-
ities for the securing and developing of industry.
If the electors approve the issuance of the Bonds,
there will be levied by the Board of Directors
of the City and there will be collected a con-
tinuing annual tax of a sufficient number of
mills on the dollar of the assessed valuation
of the taxable real and personal property in
the City to insure the prompt payment of the
principal of and interest on the Bonds. As
provided in the Ordinance calling this special
election, the City may sell and deliver the
Bonds, in the event they are authorized by
the electors, in installments as funds are
needed but the Bonds of each installment shall
rank on a parity of security with all other
Bonds of said total authorized issue regard-
less of when sold and delivered, and the Bonds
of each installment shall be sold at public
sale.
Section 3. That the election shall be held and con-
ducted 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
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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 Little Rock, Arkansas, with the last pub-
lication to be not less than ten (10) days prior to the date of the
election, and only qualified electors of Little Rock, Arkansas
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 Little
Rock, Arkansas, 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.
Section 7. That there is hereby found and declared to
be an immediate need for the project proposed to be financed out
of the proceeds of the Bonds referred to in this Ordinance in
order that the City and its inhabitants may receive the public
benefits referred to above, and that the issuance of said Bonds
is necessary therefor. It is therefore declared that an emer-
gency exists and this Ordinance being necessary for the immediate
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preservation of the public health, safety and welfare, shall
be in force and shall take effect immediately upon and after
its passage.
PASSED March 16, 1964 .
ATTEST"
City Clerk
(SEAL)
APPROVED:
A?.
Mayor