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RESOLUTION NO. 9a587
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A RESOLUTION OF INTENT TO USE REVENUES THAT
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EXCEED PROJECTIONS OF THE ONE -HALF CENT
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FUTURE -LITTLE ROCK SALES TAX, AND THAT ARE
OTHERWISE NOT APPROPRIATED FOR FUTURE- LITTLE
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ROCK PURPOSES, TO FUND A STREETS AND DRAINAGE
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FUND; AND FOR OTHER PURPOSES.
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WHEREAS, the Board of Directors of the City of Little Rock,
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Arkansas, has determined that maintaining, improving, and
rebuilding the City's infrastructure should be a top budget
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priority; and
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WHEREAS it has been estimated that at least 100 million
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dollars would be needed to fulfill all infrastructure needs for
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the City;. and
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WHEREAS,. it is important to fund infrastructure
improvements by all means available including, but not limited
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to, sales and compensating use tax revenues.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
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THE CITY OF LITTLE ROCK, ARKANSAS:
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Section 1. The Board states its intent to fund a Streets &
Drainage Fund in the manner set forth in this resolution and to
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consider the use of these funds annually as a part of the budget
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review or budget adoption process, provided that in special
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circumstances the Board may choose to act more frequently on
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extremely urgent matters in accordance with Section 6 of this
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resolution.
Section 2. The Finance Director and Treasurer is directed
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to make a projection each year, using generally accepted
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principles for governmental financial accounting, to project the
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next year's revenues from the one -half cent FUTURE- Little Rock
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sales and compensating use tax. This figure for 1996 is set at
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$16.1 million dollars. This projection shall be deemed the
Annual Baseline Projection for purposes of this resolution.
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Section 3. On a quarterly basis, the Finance Director and
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Treasurer shall report on collections of the one -half cent sales
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and compensating use tax and how these collections exceed the
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Annual Baseline Projection. Seventy -five percent (75 %) of any
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collections in excess of the Annual Baseline Projection shall
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quarterly be transferred to the Streets & Drainage Fund for the
City. Should the projections be lower than the Annual Baseline
Projection, any amounts previously transferred to the Streets &
Drainage Fund shall be returned to the General Fund,.up to the
amount of the shortfall.
Section 4. In addition, as soon as possible after the first
of each year, the Finance Director and Treasurer shall report on
any unexpended or unpledged balances of the previous year's
FUTURE- Little Rock one -half cent sales tax collections. These
funds shall be denominated Unexpended FUTURE- Little Rock funds.
Seventy -five percent (75 %) of any Unexpended FUTURE- Little Rock
funds shall be transferred annually.to the Streets & Drainage
Fund for the City, and the balance shall be placed in the
FUTURE - Little Rock reserve.
Section 5. As a part of the annual budget review, or budget
adoption process, the Board of Directors shall decide whether to
expend any monies collected in the Streets & Drainage Fund for
streets, drainage and related expenditures and, if so, upon what
projects these monies shall be expended as a part of any budget
process, the City Manager is directed to make an annual
recommendation to the Board concerning the use of these funds.
Section 6. Except for expenditures authorized in accordance
with Section 5 of this resolution, no funds shall be expended or
transferred from the Streets & Drainage Fund unless the Board of
Directors, by a two- thirds vote, agrees to do so.
ADOPTRD: December 26, 1995
ATTEST:
• HANCOCK
APPROVED AS TO FORM:
THOMAS M. CARPENTIWJ
CITY ATTORNEY
APPROVED:
u�"JIW D ILEY
MAYOR