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HomeMy WebLinkAbout22101 1 ORDINANCE NO. 22,101 FILED 03/10/22 10:30:10 Terri Hollingsworth 2 Pulaski County Circuit Clerk 3 AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF 4 LITTLE ROCK, ARKANSAS, FOR THE PURPOSE OF SUBMITTING TO 5 THE ELECTORS OF THE CITY THE QUESTION OF REDUCING THE 6 EXISTING COMBINED ANNUAL LIBRARY AD VALOREM PROPERTY 7 TAX FOR CAPITAL IMPROVEMENTS FROM THE EXISTING 8 COMBINED RATE OF ONE AND EIGHT TENTHS (1.8) MILLS 9 (CURRENTLY CONSISTING OF TWO (2) SEPARATE NINE TENTHS 10 (0.9) MILLS) TO THE NEW RATE OF ONE AND THREE TENTHS (1.3) 11 MILLS ON THE DOLLAR OF ASSESSED VALUATION OF TAXABLE 12 PROPERTY IN THE CITY OF LITTLE ROCK, TO BE EXTENDED AND 13 PLEDGED TO AN ISSUE OR ISSUES OF TAXABLE, TAX-EXEMPT, OR 14 BOTH, BONDS NOT TO EXCEED FORTY-TWO MILLION DOLLARS 15 ($42,000,000.00) IN AGGREGATE PRINCIPAL AMOUNT, TO REFUND 16 ONE (1) OR MORE OUTSTANDING ISSUES OF CAPITAL 17 IMPROVEMENT BONDS AND TO FINANCE THE ACQUIRING, 18 CONSTRUCTING, AND EQUIPPING - OF ADDITIONAL CAPITAL 19 IMPROVEMENTS FOR PUBLIC CITY LIBRARIES OWNED AND 20 OPERATED BY THE CITY OF LITTLE ROCK AND CENTRAL 21 ARKANSAS LIBRARY SYSTEM; AND, TO AUTHORIZE THE 22 ISSUANCE OF THE BONDS ON SUCH TERMS AND CONDITIONS AS 23 SHALL BE APPROVED BY THE CITY OF LITTLE ROCK; 24 PRESCRIBING OTHER MATTERS RELATING THERETO; TO 25 DECLARE AN EMERGENCY; AND FOR OTHER PURPOSES. 26 27 WHEREAS,the City of Little Rock,Arkansas(the"City"), is a City of the First-Class duly organized 28 and existing under the laws of the State of Arkansas(the"State"); and, 29 WHEREAS,the Board of Directors of the City (the"Board"), upon recommendation of the Board of 30 Trustees of Central Arkansas Library System("CALS")has determined that it would be in the best interests 31 of the City, CALS and the patrons of the City's Public Libraries, to reduce the existing combined Library 32 Ad Valorem Tax levied on taxable real and personal property within the City for the purposes of financing Wage 1 of 61 1 the costs of acquiring,constructing,and equipping additional capital improvements for the public libraries 2 owned and operated by the City and CALS and refunding one (1) or more outstanding issues of Capital 3 Improvement Bonds and paying the costs related to the issuance of said bonds from the existing one and 4 eight tenths(1.8)mills(currently consisting of two(2)separate nine tenths(0.9)mills)to a new rate of one 5 and three tenths(1.3)mills(the"Library Tax")on the dollar of the assessed value of all taxable property in 6 the City to be extended and pledged to an issue or issues of taxable, tax-exempt, or both, bonds of not to 7 exceed Forty-Two Million Dollars ($42,000,000.00) in aggregate principal amount to refund one (1) or 8 more outstanding issues of Capital Improvement Bonds (the "Refunding") and to acquire, construct and 9 equip additional capital improvements for public libraries owned and operated by the City and CALS and 10 to authorize the issuance of the bonds on such terms and conditions as shall be approved by the City(the 11 "Improvements"); and, 12 WHEREAS, it has been determined that the cost of the Refunding and financing the cost of the 13 Improvements, including incidental expenses and expenditures in connection with accomplishing the 14 Refunding and the Improvements and paying expenses in connection with authorizing and issuing the 15 Bonds(hereinafter defined)can be financed by the issuance of Library Refunding and Improvement Bonds 16 in one (1) or more series of taxable, tax-exempt, or both, bonds in the aggregate principal amount not to 17 exceed Forty-Two Million Dollars($42,000,000.00)(the"Bonds"); and, 18 WHEREAS, the Library Tax may be levied and the Bonds can be issued under the authority of 19 Amendment No. 30 to the Constitution of the State,as amended by Amendment No. 72 to the Constitution 20 of the State(the"Amendments")and Title 14,Chapter 142, Subchapter 2(the"Act"); and, 21 WHEREAS,the City can pay the principal of and interest on the Bonds from the proceeds of the Ad 22 Valorem Tax of one and three tenths (1.3) mills on the dollar of the assessed valuation of all real and 23 personal property subject to taxation in the City, to be levied under the authority of the Amendments and 24 the Act;and, 25 WHEREAS, the purpose of this ordinance is to submit to the electors of the City the question of 26 reducing the combined annual taxes levied for the purposes of financing the costs of acquiring,constructing 27 and equipping additional capital improvements for the public libraries owned and operated by the City and 28 CALS and refunding one (1) or more outstanding issues of Capital Improvement Bonds and paying the 29 costs related to the issuance of said bonds, from a combined one and eight tenths (1.8) mills (currently 30 consisting of two (2) separate nine tenths (0.9) mills) to one and three tenths (1.3) mills on the dollar of 31 assessed valuation of all real or personal property subject to taxation in the City,to be extended and pledged 32 to an issue or issues of taxable, tax-exempt, or both, bonds of not to exceed Forty-Two Million Dollars 33 ($42,000,000.00) in aggregate principal amount to refund one (1) or more outstanding issues of Capital 34 Improvement Bonds, to finance the acquiring, constructing, and equipping of additional capital 35 improvements for public libraries owned and operated by the City and CALS, to pay the costs related to [Page 2 of 61 1 the issuance of the Bonds,and to authorize the issuance of the Bonds on such terms and conditions as shall 2 be approved by the City. 3 NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 4 OF LITTLE ROCK,ARKANSAS: 5 Section 1. That there be, and there is hereby called, a Special Election to be held on Tuesday, May 6 24,2022,at which Special Election there shall be submitted to the taxpaying electors of the City the question 7 of reducing the existing combined Library Ad Valorem Tax levied on taxable real and personal property 8 within the City from the existing one and eight tenths (1.8)mills (currently consisting of two(2) separate 9 nine tenths(0.9)mills)to a new rate of one and three tenths(1.3)mills on the dollar of the assessed valuation 10 of all real and personal property subject to taxation in the City to be extended and pledged to an issue or 11 issues of taxable,tax-exempt,or both,bonds of not to exceed Forty-Two Million Dollars($42,000,000.00) 12 in aggregate principal amount,to refund one or more outstanding issues of Capital Improvement Bonds,to 13 finance the acquiring, constructing and equipping of additional capital improvements for public libraries 14 owned and operated by the City and CALS, to pay the costs related to the issuance of the Bonds, and to 15 authorize the issuance of the Bonds on such terms and conditions as shall be approved by the City. 16 Section 2. The ballot shall be in substantially the following form: 17 OFFICIAL BALLOT 18 SPECIAL ELECTION 19 City of Little Rock,Arkansas 20 May 24,2022 21 Vote on the measure by placing an "X" in the square opposite the question either "FOR" or 22 "AGAINST": 23 24 FOR the reduction of an existing combined rate one and eight tenths (1.8) mills Ad 25 Valorem Tax (currently consisting of two (2) separate nine tenths (0.9) mills) to the 26 new rate of one and three tenths (1.3) mills Ad Valorem Tax levied on the assessed 27 value of taxable real and personal property in the City of Little Rock to be extended 28 and pledged to an issue or issues of taxable,tax-exempt, or both, bonds not to exceed 29 Forty-Two Million Dollars ($42,000,000.00) in aggregate principal amount to refund 30 one (1) or more outstanding issues of Capital Improvement Bonds, to finance the 31 acquiring, constructing and equipping of additional capital improvements for public 32 libraries owned and operated by the City of Little Rock and Central Arkansas Library 33 System, to pay the costs related to the issuance of said bonds, and to authorize the 34 issuance of the bonds on such terms and conditions as shall be approved by the City of 35 Little Rock. [Page 3 of 6] 1 2 AGAINST the reduction of an existing combined rate one and eight tenths(1.8)mills 3 Ad Valorem Tax (currently consisting of two (2) separate nine tenths (0.9) mills) to 4 the new rate of one and three tenths(1.3)mills Ad Valorem Tax levied on the assessed 5 value of taxable real and personal property in the City of Little Rock, to be extended 6 and pledged to an issue or issues of taxable,tax-exempt, or both, bonds not to exceed 7 Forty-Two Million Dollars ($42,000,000.00) in aggregate principal amount to refund 8 one (1) or more outstanding issues of Capital Improvement Bonds, to finance the 9 acquiring, constructing, and equipping of additional capital improvements for public 10 libraries owned and operated by the City of Little Rock and Central Arkansas Library 11 System, to pay the costs related to the issuance of said bonds, and to authorize the 12 issuance of the bonds on such terms and conditions as shall be approved by the City of 13 Little Rock. 14 If the measure is approved,there will be levied an Annual Ad Valorem Tax on the assessed value of all 15 taxable real and personal property located within the City of Little Rock at the rate of one and three tenths 16 (1.3)mills on the dollar of the assessed value of the taxable real and personal property within the City,the 17 collection of which shall be dedicated to pay the principal and interest on bonds issued to refund one or 18 more outstanding issues of Capital Improvement Bonds to finance the acquiring, constructing and 19 equipping of additional capital improvements for public libraries owned and operated by the City of Little 20 Rock and Central Arkansas Library System,and to pay the costs related to the issuance of said bonds in the 21 aggregate principal amount not to exceed Forty-Two Million Dollars($42,000,000). 22 Section 3. The City Clerk is authorized and directed to give notice of the election by one (1) 23 publication in a newspaper having general circulation within the City. Publication shall be made not less 24 than ten (10) days prior to the date of the election or as otherwise provided by the laws of the State of 25 Arkansas. 26 Section 4. The election shall be held and conducted and the vote canvassed and the results declared 27 under the law and in the manner now provided for City elections and only qualified electors of the City 28 shall have the right to vote in the election. 29 Section 5. The result of the election shall be certified by the Pulaski County Board of Election 30 Commissioners;further,the Mayor shall proclaim the results of the election by issuing a proclamation(the 31 "Proclamation") and the Proclamation shall be published one (1)-time in a newspaper having general 32 circulation in the City, which Proclamation shall advise that the results as proclaimed shall be conclusive 33 unless suit challenging the results is filed in the Circuit Court of Pulaski County within thirty (30) days 34 after publication of the Proclamation. [Page 4 of 61 1 Section 6. A copy of this ordinance; (a) shall be filed with the Pulaski County Clerk at least seventy 2 (70) days prior to the election date; and (b) shall also be given to the Pulaski County Board of Election 3 Commissioners so that the necessary Election Officials and supplies may be provided; further, a certified 4 copy of this ordinance shall also be provided to the Commissioner of Revenues of the State of Arkansas as 5 soon as practical. 6 Section 7. That the Mayor and City Clerk for, and on behalf of, the City, be, and they are hereby, 7 authorized and directed to do any and all things necessary to place this question before the electors at a 8 Special Election to be held on Tuesday, May 24, 2022, and, if the question is approved by the electors,to 9 cause the reduced Library Tax to be levied and collected in accordance with the laws of the State of 10 Arkansas and to perform all acts of whatever nature necessary to carry out the authority conferred by this 11 ordinance. 12 Section 8. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 13 word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or 14 adjudication shall not affect the remaining portions of the ordinance which shall remain in full force and 15 effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the 16 ordinance. 17 Section 9. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with 18 the provisions of this ordinance are hereby repealed to the extent of such inconsistency. 19 Section 10. Emergency Clause. It is hereby ascertained and declared that there is an immediate need 20 to refund one (1) or more outstanding issues of Capital Improvement Bonds, to finance the acquiring, 21 constructing and equipping of additional capital improvements for public libraries owned and operated by 22 the City and CALS described in this ordinance, and to authorize the issuance of the bonds on such terms 23 and conditions as shall be approved by the City, and that such refunding, funding, and authorizing the 24 issuance of Bonds can be accomplished with the reduction of the existing combined Ad Valorem Tax from 25 one and eight tenths(1.8)mills(currently consisting of two(2)separate nine tenths(0.9)mills)to the new 26 rate of one and three tenths (1.3) mills; an emergency is, therefore, declared to exist, and this ordinance 27 being necessary for the immediate preservation of public peace,health,and safety shall be in force and take 28 effect immediately from and after its passage. 29 PASSED: March 8,2022 30 TEST: APPROVED: 31 k 32 33 usai Lang1lift Clerk Frank Scott,Jr.,Mayor 34 35 Page 5 of 61 1 APPROVED AS TO LEGAL FORM: 2 1 3 0l 1e,(. 4 Thomas M. Carpenter,City Attor y 5 // 6 // 7 // 8 // 9 // 10 // 11 // 12 // 13 // 14 // 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // (Page 6 of 6(