HomeMy WebLinkAbout17028 1 RESOLUTION NO. 17,028
2
3 A RESOLUTION RECOMMENDING THE ISSUANCE OF A CITY OF
4 LITTLE ROCK, ARKANSAS PORT AUTHORITY REVENUE BOND IN
5 THE APPROXIMATE PRINCIPAL AMOUNT OF FIVE MILLION, ONE
6 HUNDRED THOUSAND DOLLARS ($5,100,000.00), FOR THE PURPOSE
7 OF FINANCING THE ACQUISITION OF REAL PROPERTY AT THE
8 INDUSTRIAL PARK AT THE PORT OF LITTLE ROCK; AND FOR
9 OTHER PURPOSES.
10
11 WHEREAS,the Little Rock Port Authority(the"Authority")operates the Port of Little Rock(the
12 "Port")for the City of Little Rock, Arkansas(the"City"); and,
13 WHEREAS,as a part of the Port,the Authority operates the Little Rock Port Industrial Park(the
14 "Industrial Park"); and,
15 WHEREAS,the Authority has determined that there is a need for the acquisition of land, rights-
16 of-way, and easements for the expansion of the Industrial Park for future economic development projects
17 and any necessary costs associated therewith(collectively,the "Project"); and,
18 WHEREAS,the City can finance all or a portion of the costs of the Project by the issuance of a
19 Port Authority Revenue Bond(the "Bond"); and,
20 WHEREAS, the Bond will be secured by a pledge of net revenues derived from the use of Port
21 facilities,excluding certain revenues derived from the Authority's operation of the Industrial Park, all as
22 more particularly set forth in the bond ordinance to be prepared in connection with the issuance of the Bond;
23 and,
24 WHEREAS, the Bond may be further secured by a mortgage lien on the Project.
25 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
26 LITTLE ROCK PORT AUTHORITY:
27 Section 1. The Little Rock Port Authority Board of Directors recommends (a)the issuance of the
28 Bond in the approximate principal amount of$5,100,000.00 for the purposes herein stated and(b)that the
29 Board of Directors of the City approve such issuance.
30 Section 2. Severabiliry. In the event any section,subsection,subdivision,paragraph,subparagraph,
31 item, sentence, clause, phrase, or word of this resolution is declared or adjudged to be invalid or
32 unconstitutional, such declaration or adjudication shall not affect the remaining portions of this resolution,
33 which shall remain in full force and effect as if the portion so declared or adjudged invalid or
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1 unconstitutional were not originally a part of this resolution.
2 Section 3. This Resolution shall be in full force and effect from the date of its adoption.
3 ADOPTED: April 21,2026
4 ATTEST: APPROVED:
5 '
6
7 Allison Segars,City' Frank Scott,Jr.,Mayor
8 APPROVED AS TO LEGAL FORM:
9
4.0
10 f1A)14A / / 1
6Aixi-d
11 Thomas M.Carpenter,City Atto` i- ey
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