11199ORDINANCE NO. 119199
AN ORDINANCE CALLING A SPECIAL ELECTION TO VOTE
UPON THE QUESTION OF ISSUING BONDS UNDER THE
PROVISIONS OF ACT NO. 9 OF'THE FIRST EXTRA-
ORDINARY SESSION OF THE SIXTY - SECOND GENERAL
ASSEMBLY OF THE STATE OF ARKANSAS, APPROVED
JANUARY 213, 1960, AS AMENDED BY ACT NO. 48 OF
THEACTS OF ARKANSAS OF 1961, FOR THE PURPOSE
OF FINANCING THE COST OF SECURING AND DEVELOPING
INDUSTRY NEAR THE CITY OF LITTLE ROCK, ARKANSAS;
PRESCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY.
WHEREAS arrangements have been made with Jacuzzi Bros.,
Inc., a California corporation (hereinafter sometimes referred to
as "Jacuzzi "), for the location of a substantial industrial plant
near the City of Little Rock, Arkansas (hereinafter sometimes re-
ferred to as the "City "); and
WHEREAS the location of said industrial plant near 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-
dustrial 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 and constructing a factory building and manufactur-
ing facilities thereon (hereinafter sometimes called the "Project "),
essential to the location and operation of said industrial plant,
the Board of Directors of the City has determined to issue, sub -,
ject 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
0620-12,)-
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Page 2
January 21, 1960, as amended by Act No. 48 of the Acts of Arkansas
of 1961 (hereinafter sometimes called "Act No. 9 ") in an amount
not to exceed $1,400,000 for the purpose of financing the Project
costs and necessary costs and expenses incidental thereto, the costs
of the issuance of the bonds, and to provide adequately for debt
service on the bonds until Project revenues are available therefor;
and
WHEREAS the Project will be leased to Jacuzzi for a lease
rental sufficient to pay the principal of, interest on and Paying
Agent's fees in connection with the bonds, as the same become due
and payable, and said lease rentals will be pledged to and used for
the payment of the principal of, interest on and Paying Agent's fees
in connection with the bonds, and in addition the bonds will be
secured by a mortgage 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 22nd day of August, 1961, at which election there shall
be submitted to the electors the question of issuing Industrial
Development Revenue Bonds under the provisions of Act No. 9 in
an amount not to exceed $1,400,000 for the purpose of securing and
developing industry near the City (the particular industrial Pro-
ject is described above). The bonds will be dated August 1, 1961
and interest on the bonds will be payable semi - annually on June 1
and December 1 of each year commencing December 1, 1961, at a
rate or rates to be hereafter fixed. The bonds will mature
serially on December 1 in each year as follows, but will be
Page 3
callable for payment prior to maturity upon such terms as shall be
set forth in the face of the bonds and in the ordinance authorizing
their issuance and delivery:
YEAR AMOUNT
1962 $ 41,000
1963
43,000
1964
46,000
1965
48,000
1966
50,000
1967
53,000
1968
56,000
1969
59,000
1970
62,000
1971
65,000
1972
69,000
1973
72,000
1974
762000
1975
80,000
1976
842,000
1977
89,000
1978
94,000
1979
99,000
1980
104,000
1981
110,000
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 Industrial
Development Revenue Bonds by
the City of Little Rock, Arkansas
in an amount not to exceed
$1, 4002000 ..........................,�/
Against the issuance of In-
dustrial Development Revenue
Bonds by the City of Little Rock,
Arkansas in an amount not to
exceed $1, 400,000 ....................(, /
It is proposed to issue City of Little Rock,
Arkansas 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 by Act No. 48 of the Acts of
i
y Page 4
Arkansas of 1961 (herein called "Act No. 9 ")
in an amount not to exceed $1,400,000 for the
purpose of financing the cost of securing and
developing industry near the City. The bonds
will be dated August 1, 1961 and interest thereon
will be payable semi - annually on June 1 and
December 1 of each year commencing December 1,
1961, at a rate or rates to be hereafter deter-
mined. The bonds will mature serially in
annual installments on December 1 in each of
the years 1962 to 1981, inclusive. The particu-
lar industrial project consists of lands and
the construction of a factory building and
manufacturing facilities thereon, which in-
dustrial project will be leased to Jacuzzi
Bros., Inc., a California corporation. The
rentals derived from said leasing of the project
will be pledged to and used for the payment of
the principal of, interest on and Paying Agent's
fees in connection with the bonds, as the same
become due and payable, and said rentals will
be sufficient in amount for that purpose. The
bonds will not be general obligations of the
City but will be special obligations payable
solely from lease rentals and revenues derived
from said industrial project and will be secured
by a mortgage on said industrial 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 quali-
fied 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
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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 fur-
niched 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
near the City of Little Rock, Arkansas in order to provide employ-
ment, provide increased payrolls, alleviate unemployment and pro-
vide other public benefits incidental to the securing and operation
of a substantial industry, and the issuance of the above described
bonds is essential to the financing and obtaining of said industry.
It is, therefore, declared that an emergency exists and this ordi-
nance being necessary for the immediate preservation of the public
• health, safety and welfare shall be in force and take effect immedi-
ately upon and after its passage.
ATTEST:
PASSED: July 17, 1961
City Clerk
APPROVED:
r
C E R T I F I C A T E
I, the undersigned, City Clerk of Little Rock, Arkansas,
hereby certify that the foregoing pages numbered 1 to 5, inclusive,
are a true and compared copy of an ordinance passed at a
session of the Board of Directors of Little
Rock, Arkansas, held at the regular meeting place of the Board of
Directors in said City at
day of
o'clock .m. on the
, 1961, and that said ordinance is
of record in Ordinance Record Book , page , now
in my possession.
Given under my hand and seal this
, 1961.
( SEAL)
City Clerk
day of