5831 RESOLUTION NO. 5,831
A RESOLUTION IN SUPPORT OF AMENDMENT NO. 49
BOND ELECTION TO PROVIDE CONVENTION AND TOURIST
FACILITIES ; AND FOR OTHER PURPOSES
WHEREAS , the City of Little Rock has the opportunity to
develop a new industry which will produce approximately $22
million in expenditures from out-of-state visitors and result
in at least 700 new private enterprise jobs for its citizens; and
WHEREAS , the facility for this new industry, known as
"Megaplex" , will be a place of assembly for sporting and entertain-
ment events to be enjoyed by local residents; and
WHEREAS , the City will be eligible to qualify for 80% turn-
back funds from the State of Arkansas, allowing 4 mills of the
required 5 mill industrial bond pledge to be suspended and
reducing to $5 per year the tax on a property value of $25, 000 ;
and
WHEREAS , the City will retire the Port of Little Rock bond
issue in 1978; allowing the elimination of a 1.85 mill levy,
that being a tax reduction of $9. 25 per year on a property
value of $25, 000; and
WHEREAS , industrial bonds cannot be used for financing any
other public improvements and therefore do not divert funds
from other priority community purposes
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS .
SECTION 1. Recommends to its citizens the approval of
the "Megaplex" bond issue on October 25, 1977, effectively
transferring millage now being levied under Amendment 49 to
a new industry.
SECTION 2 . Requests every voter to exercise his or her
franchise on election day and join in moving their city forward.
SECTION 3 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: October 18, 1977
ATTEST: •i/ i APPROVED: R •
, ity Cler� J Mayor