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Home My WebLink About22132 II IIIIIIIIIIIIIIIIIIIIIIIIIII III//111111 2022036172 PS24 2022 12:09.56 PM RECORDED:05-24-2022 12:13:58 PM In Official Records of Terri Hollingsworth Circuit/County Clerk ORDINANCE NO. 2akinki CO,AR FEE$30.00 2 3 AN ORDINANCE TO CALL A SPECIAL ELECTION FOR THE CITY OF 4 LITTLE ROCK, ARKANSAS, FOR THE PURPOSE OF SUBMITTING 5 TO THE ELECTORS OF THE CITY THE QUESTIONS OF ISSUING 6 BONDS FOR VARIOUS CAPITAL IMPROVEMENTS; AND PRESCRIB- 7 ING OTHER MATTERS RELATING THERETO; AND FOR OTHER 8 PURPOSES. 9 10 WHEREAS,the Board of Directors of the City of Little Rock,Arkansas(the "City")has determined 11 the need to issue Limited Tax General Obligation Bonds in the aggregate principal amount of not to ex- 12 ceed One Hundred Sixty-One Million, Eight Hundred Thousand Dollars ($161,800,000.00) for various 13 capital improvements as hereinafter specifically described in Section 2(the "Bonds");and, 14 WHEREAS, the issuance of the Bonds for each separate purpose is subject to the approval of the 15 electors of the City;and, 16 WHEREAS,the Bonds that are approved may be issued in series from time to time; and, 17 WHEREAS,the Board of Directors has determined that in order to retire the Bonds it will be neces- 18 sary to levy an ad valorem tax on taxable property within the City at the rate of 3.0 mills on the dollar of 19 the assessed value of the property; and, 20 WHEREAS, the new tax will replace the ad valorem tax levied by the City at the rate of 3.0 mills 21 and pledged to the City's Limited Tax General Obligation Capital Improvement Bonds, Series 2013, 22 which bonds have been fully retired, and Series 2018,which bonds will be fully redeemed on October 1, 23 2022,with collections of the 3.0 mill tax being replaced; 24 NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 25 OF LITTLE ROCK,ARKANSAS: 26 Section 1. A special election shall be held on August 9, 2022 at which there shall be submitted to 27 the electors of the City questions of whether to issue Bonds for each of the purposes in the respective 28 principal amounts hereinafter specified in Section 2,and which shall state on the ballot the rate of the tax 29 to retire the Bonds. 30 Section 2. The ballot shall be in substantially the following form: 31 FORM OF BALLOT 32 For Special Election in � J4. ) � 33 THE CITY OF LITTLE ROCK,ARKANSAS • 34 AUGUST 9,2022 ';q #L� [Page 1 of 41 ",.,��QUNT`f ,\‘`•�• 1 2 The bonds that are approved (the "Bonds") may be issued in series from time to time. In 3 order to retire the Bonds there will be levied a continuing annual ad valorem tax on taxable 4 property located within the City of Little Rock at the rate of 3.0 mills on the dollar of the 5 assessed value of the property. The new 3.0 mill tax will replace the ad valorem tax on 6 taxable property located within the City of Little Rock at the rate of 3.0 mills that is cur- 7 rently levied and pledged to bonded debt of the City of Little Rock. 8 QUESTION ONE: STREET IMPROVEMENT BONDS 9 Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum 10 aggregate principal amount of Forty Million, Five Hundred Thousand Dollars 11 ($40,500,000.00)to finance Street Improvements. 12 FOR the issuance of Street Improvement Bonds 0 13 AGAINST the issuance of Street Improvement Bonds .0 14 The Street Improvements include the construction, reconstruction or acquisition of, or 15 improvements to, new or current streets, roads, trails, bridges and viaducts, and any 16 necessary intersection improvements,traffic signalizations,speed calming measures,light- 17 ing,equipment, land and easement acquisition and drainage improvements for the City of 18 Little Rock,Arkansas. 19 QUESTION TWO: DRAINAGE IMPROVEMENT BONDS 20 Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum 21 aggregate principal amount of Forty Million, Five Hundred Thousand Dollars 22 ($40,500,000.00)to finance Drainage Improvements. 23 FOR the issuance of Drainage Improvement Bonds 0 24 AGAINST the issuance of Drainage Improvement Bonds .0 25 The Drainage Improvements include the construction or acquisition of facilities for drain- 26 age and flood control and any necessary land and easement acquisition therefor. 27 QUESTION THREE: FIRE APPARATUS IMPROVEMENT BONDS 28 Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum 29 aggregate principal amount of Nineteen Million, Five Hundred Thousand Dollars 30 ($19,500,000.00)to finance Fire Apparatus. 31 FOR the issuance of Fire Apparatus Improvement Bonds .0 32 AGAINST the issuance of Fire Apparatus Improvement Bonds 0 33 The Fire Apparatus includes particularly, without limitation, Fire Trucks, equipment and 34 other apparatus for the Little Rock Fire Department. Page 2 of 41 1 QUESTION FOUR: PARK AND RECREATIONAL IMPROVEMENT BONDS 2 Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum 3 aggregate principal amount of Thirty-Seven Million Dollars ($37,000,000.00) to finance 4 Park and Recreational Improvements. 5 FOR the issuance of Park and Recreational Improvement Bonds E 6 AGAINST the issuance of Park and Recreational Improvement Bonds 7 The Park and Recreational Improvements include the acquisition,construction,furnishing, 8 equipping,and improving of park and recreational facilities including particularly,without 9 limitation, renovations and improvements to the Little Rock Zoo, and any necessary land 10 and easement acquisition and drainage improvements therefor. 11 QUESTION FIVE: DISTRICT COURT FACILITY IMPROVEMENT BONDS 12 Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum 13 aggregate principal amount of Eight Million, Five Hundred Thousand Dollars 14 ($8,500,000.00)to finance District Court Facility Improvements. 15 FOR the issuance of District Court Facility Improvement Bonds 0 16 AGAINST the issuance of District Court Facility Improvement Bonds .0 17 The District Court Facility Improvements include particularly, without limitation, the 18 construction,equipping and furnishing of a new facility to house the Little Rock State Dis- 19 trict Court and related uses. 20 QUESTION SIX: PORT INDUSTRIAL PARK IMPROVEMENT BONDS 21 Vote FOR or AGAINST the issuance of bonds by the City of Little Rock in the maximum 22 aggregate principal amount of Fifteen Million, Eight Hundred Thousand Dollars 23 ($15,800,000.00)to finance Port Industrial Park Improvements. 24 FOR the issuance of Port Industrial Park Improvement Bonds 25 AGAINST the issuance of Port Industrial Park Improvement Bonds 0 26 The Port Industrial Park Improvements include particularly, without limitation, the 27 acquisition of land, rights-of-way and easements for the expansion of the Little Rock Port 28 Industrial Park for future economic development projects and any necessary costs associ- 29 ated therewith. 30 Section 3. The City Clerk is authorized and directed to give notice of the election by one publication 31 in a newspaper having general circulation within the City. The publication shall be made not less than 32 ten(10)days prior to the election. 33 Section 4. The election shall be held and conducted and the vote canvassed and the results declared 34 under the law and in the manner now provided for municipal elections. [Page 3 of 41 1 Section 5. The Mayor shall proclaim the results of the election by issuing a Proclamation and 2 publishing the same one (1)-time in a newspaper having general circulation in the City. The results as 3 proclaimed shall be conclusive unless suit challenging the results is filed in the courts within thirty(30) 4 days after the publication of the Proclamation. 5 Section 6. A certified copy of this ordinance shall be(a)filed with the Pulaski County Clerk at least 6 seventy(70)days prior to the special election date;and,(b)given to the Pulaski County Board of Election 7 Commissioners so that the necessary Election Officials and supplies may be provided. 8 Section 7. This ordinance shall constitute an "official intent" under United States Treasury 9 Regulation § 1.150-2 for the reimbursement from proceeds of the Bonds for expenditures made by the 10 City prior to the date the Bonds are issued for capital improvements and expenses of authorizing and 11 issuing the Bonds. 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 resolution, including but not limited to Resolution No. 15,518 and Resolution No. 19 15,524,are hereby repealed to the extent of such inconsistency. 20 PASSED: May 17,2022 21 , APPROVED: 22 �� IL 23 �:�.�� ktoW=. 24 Susa i11111I:b ity Clerk rank Scott,Jr., May 25 APPR: 1 , 0 LEGAL FORM: 26 27 28 Alexander :etton,Chief Deputy 29 City Att i ney 30 // 31 // 32 // 33 // 34 // 35 // 36 // 'Page 4 of 41