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RESOLUTION NO. 2,958
A RESOLUTION ACCEPTING THE REPORT AND RECOMMENDATIONS OF
THE LITTLE ROCK PORT AUTHORITY OF A PLAN FOR THE FINANCING,
ACQUISITION AND CONSTRUCTION OF PORT FACILITIES AND INDUSTRIAL
PARK AREAS IN CONNECTION THEREWITH; COMMENDING THE MEMBERS OF
THE PORT AUTHORITY FOR THEIR EFFORTS ; DIRECTING THE CITY MANAGER
TO STUDY WAYS AND MEANS FOR IMPLEMENTING THE PLAN; AND FOR OTHER
PURPOSES .
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
ARKANSAS :
SECTION 1 . The report and recommendations of the Port Authority
on the matter of a plan for the financing, acquisition and construction
of port facilities and adjacent industrial park areas to be developed
in or near the City of Little Rock, Arkansas , based on the engineering
studies of Tippetts-Abbett-McCarthy-Stratton, is hereby received by the
Board of Directors, and the Board of Directors does hereby extend to
the members of the Port Authority sincere appreciation for a job well
done. A copy of said Report is hereto attached.
SECTION 2. The City Manager is hereby authorized and directed
to make use of the Report referred to in Section 1 hereof in advising
and recommending to the Board of Directors ways and means whereby port
facilities and industrial park areas in connection therewith can be
a reality.
SECTION 3 . This resolution shall be in full force and effect
from and after its adoption.
ADOPTED: February 18, 1963
ATTEST: G
APPROVEDA , /
P�e�ILtJ
City Clerk Mayor.
A PLAN FOR THE LITTLE ROCK PORT AUTHORITY
The Little Rock Port Authority, after more than three years of study and after
careful consideration of the report of the Engineering Firm of Tippetts-Abbett-
McCarthy-Stratton, entitled "Development of Marine Terminal Facilities -
Pulaski County, Arkansas", dated October 31, 1962, agree that a plan should be
proposed for the carrying out of the recommendations of the report of said
Engineering Firm, with the objective in mind that when the Arkansas River is
made navigable from the Mississippi River to Little Rock and barge lines are
operating up and down the Arkansas River the port facilities will have been
constructed and the Industrial Park will have been developed at "Site No. 2", as
described in said report. (This site is the Engineering Firm's first choice. )
We therefore propose that, beginning now and continuing in an orderly process,
we do the following things:
I. BUILD THE PROJECT
A. Acquire the land, including the 1100 acre tract of land for an
industrial park.
B. Develop the industrial park, which includes the building of service
roads, Railroad Spurs, Utilities, Sewerage and Drainage Systems and
Layout for industrial sites.
C. Construct the port facilities, which include Site Preparation, Wharf
Structures, Transit Sheds, Barge Moorings, Highway Access, Rail-
road Access, Paving of Loading and Parking Areas, Loading and Yard
Tracks, Grain Silo, Grain Terminal Marine Structures, and Utilities.
It also includes, for future development, one additional Berth down-
stream for commercial cargo and the setting aside of additional water-
front land for industry handling specialized commodities, such as
liquid bulk cargo or large quantity of cargo.
D. We estimate that when the Project is completed the total investment in
it should be approximately $ 8 , 700, 000.00 . It is not antici-
pated, however, that this amount of indebtedness will be outstanding
at any one time, since the plan calls for development in stages. (See
suggested Time Table. )
II. ,FINANCE THE PROJECT
The report of Tippetts-Abbett- McCarthy-Stratton states that it is not
feasible to finance this development by Revenue Bonds alone. This
Engineering Firm therefore recommends that the Project be financed by
General Obligation Bonds secured by full faith and credit and taxing power
of the City. The benefits are to all and therefore there is justification
for public financing or subsidy of this enterprise.
A. The members of the Port Authority agree that the financing of the
Project should be borne as far as possible by the revenues derived
therefrom, with the minimum cost to be borne by a general levy of
taxes. In other words, power and authority to levy an ad valorem tax
is a "must" but with the general understanding and agreement that
such taxes would be levied only at such times and to such extent as
same were needed, when the revenues derived from the operation of
the port and Industrial Park are inadequate to service bonds that have
been sold and are outstanding.
If the City of Little Rock has funds on hand, we suggest that con-
sideration be given to the use of part of said funds toward the
acquisition of the 1100 acre tract of land.
We are advised that Amendment 18 to the Constitution of the State of
Arkansas is available to the City for the purpose of issuing General
Obligation Bonds, which would be supported by an ad valorem tax for both
the Industrial Park and the Port Facility, provided the General Assembly
of the State of Arkansas passes proper enabling legislation to carry
out these and other purposes. In the event such enabling legislation
is enacted at this session, we recommend that it be tested as to
Legality and Authority for financing the enterprise under Amendment 18.
II. A. continued°
We are also advised that Amendment 49 to the Constitution affords
authority for the issuance of General Obligation Bonds for both the
Industrial Park acquisition and construction and for the Port
Facilities. In this connection, we recommend also that the proposed
Bond Issue be tested in the courts of proper jurisdiction to determine
the legality of such an issue in advance of the need.
In order to accomplish all this, we believe that the Project should
be financed by the issuance of bonds, either under Amendment 18,
with its proper enabling legislation, or under Amendment 49 of the
Constitution of the State of Arkansas (whichever seems to be wiser),
and that the Port Authority should develop the Industrial Park and the
proceeds from the Industrial Park on the sale and/or lease of lands
for industrial use be applied on the total obligation.
B. Determine possible assistance from Federal Government.
III. TIME TABLE
After determining the method and manner of financing the Project, as des-
cribed under Subsection "A" of "II", the following is a suggested Time
Table for an orderly process to carry the Project to completion:
Ao Hold Election and sell the Bonds by 1/1/64.
B. Acquire land by 2/15/64.
C. Plan, develop and put in operation Industrial Park by 1/1/65, or
earlier, if possible.
D. Prepare Plans and Specifications for Port Facilities by 1/1/66.
E. Let contracts for construction of Port Facilities by 3/1/66.
F. Complete construction by March, 1968.
Note: Items D, E, and F are flexible and should co—incide with the development
of the Arkansas River Program.
IF I LE
FEB 14 1953
PAULINE G. BEEW 4
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