4302 .,�
RESOLUTION NO. 4,302
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF
LITTLE ROCK, ARKANSAS , TO CALL A SPECIAL ELECTION
FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS , THE QUESTION OF
LEVYING A CONTINUAL ANNUAL SPECIAL TAX OF FIVE (5)
MILLS ON THE DOLLAR OF ASSESSED VALUATION OF ALL
TAXABLE REAL AND PERSONAL PROPERTY SITUATED WITHIN
THE CITY OF LITTLE ROCK, ARKANSAS; FOR THE PURPOSE
OF ISSUING CITY OF LITTLE ROCK GENERAL OBLIGATION
VARIOUS PURPOSE IMPROVEMENT BONDS FOR THE PURPOSE
OF ACCOMPLISHING VARIOUS IMPROVEMENTS TO THE
CITY; AND FOR OTHER PURPOSES .
WHEREAS , Fifty for the Future , Inc. is a not for profit corporation
organized and existing by virtue of the laws of the State of Arkansas and
operating in the Greater Metropolitan Little Rock area , whose membership
is comprised of leading business and professional men in the community and
among whose purposes is the funding of worthwhile civic improvements; and
WHEREAS , Fifty for the Future , Inc. has committed its financial
support to the preparation and circulation of a petition to be signed by ten
per cent (10%) or more of the owners of real property in the City of Little Rock,
Pulaski County, Arkansas , petitioning that there be levied a continuing annual
special tax of five (5) mills on the dollar of assessed valuation of all taxable
real and personal property situated within the City ("continuing annual special
tax") and that the City issue City of Little Rock General Obligation Various
Purpose Improvement Bonds ("bonds"), all under the authority of Amendment
No. 18 to the Constitution of the State of Arkansas and Act No. 206 of the
Acts of Arkansas of 1963 (the "Amendment No. 18 Implementing Act of 1963"),
for the following purposes (the "improvements"):
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1 . To acquire by purchase or lease the necessary real property and
to construct thereon a convention center with adequate parking and other
facilities required to attract and accommodate the convention, tourists and
entertainment industries .
2 . To improve by reconstructing and paving certain streets and to
construct certain streets , including, where necessary, acquisition of rights
of way, widening, curbing, overpasses , underpasses , bridges and draining
appurtenances .
3 . To construct or reconstruct certain storm drainage facilities ,
including, where necessary, acquisition of rights of way, and appurtenances .
4 . To construct, reconstruct, equip or re-equip certain fire stations .
5 . To provide capital for a nonprofit small business investment
company to aid in the financing of industries when such financing is not
available from private sources .
6. To acquire , construct, establish, develop and improve harbors ,
ports , river-rail and barge terminals and any facilities or improvements
necessary or desirable in connection with the utilization and operation thereof.
7 . To acquire , construct , establish, develop and improve facilities
for the off-street parking of vehicles and any facilities or improvements
necessary or desirable in connection with the utilization and operation thereof.
8. To acquire , construct, establish, develop and improve railroads ,
rail terminals , rail yards and other facilities for rail transportation and
facilities necessary or desirable in connection with the utilization and operation
thereof.
9. To acquire , construct, establish, develop and improve parks
and recreational facilities , indoor and outdoor, and facilities necessary or
desirable in connection with the utilization and operation thereof.
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10. To accomplish any or all of the improvements authorized by
the Amendment No. 18 Implementing Act of 1963 .
and
WHEREAS , the Board of Directors believes the purposes above named
to be accomplished through the•levy of a continuing annual special tax and
the issuance of City of Little Rock General Obligation Various Purpose Improve-
ment Bonds to be much needed improvements and to be in the best interests of
the City and its inhabitants; and
WHEREAS , Fifty for the Future , Inc. has requested the City to go on
record committing itself to call a special election to submit to the electors of
the City of Little Rock the question of levying a continuing annual special tax
and issuing City of Little Rock General Obligation Various Purpose Improvement
Bonds to accomplish the improvements when the petition has been filed and its
sufficiency determined;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
City of Little Rock, Arkansas:
Section 1 . That when a petition, containing th.e signatures of ten
per cent (10%) or more of the owners of real property in the City of Little Rock,
Pulaski County, Arkansas , is filed with the Board of Directors petitioning that
there be levied a continuing annual special tax of five (5) mills on the dollar of
assessed valuation of all taxable real and personal property situated within the
City and that the City issue City of Little Rock General Obligation Various
Purpose Improvement Bonds for the purpose of accomplishing the improvements,
the City will take the necessary action to call a special election to submit to
the electors of the City of Little Rock the question of levying the continuing
annual special tax and of issuing City of Little Rock General Obligation
Various Purpose Improvement Bonds .
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Section 2 . That a certified copy of this Resolution shall be forwarded
to Fifty for the Future , Inc. in order that it might proceed with the circulation
of its petition without delay.
• ADOPTED: January 5 , 19 70
APPROVED:
ATTEST:
1,4a
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Mayor
City lerk 446i
(SEAL)
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