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RESOLUTION NO. 10, 912
A RESOLUTION SUPPORTING THE CITY AND COUNTY
GOVERNMENT REDEVELOPMENT BOND AND SHORT -
TERM FINANCING AMENDMENT KNOWN AS
AMENDMENT 1 FOR THE 2000 BALLOT
WHEREAS, the City of Little Rock has pursued stated legislative authority to utilize Tax
Increment Bond Financing to address infrastructure needs and redevelopment of declining in
blighted commercial and residential areas of the City since 1995, and
WHEREAS, the City of Little Rock has collaborated with the Arkansas Municipal
League, the Arkansas Association of Counties, the Arkansas Association of County Judges, and
the Arkansas State Chamber of Commerce, and others to pass the enabling legislation, and
WHEREAS, the enabling legislation requires an amendment to the Arkansas
Constitution, and
WHEREAS, the Arkansas General Assembly has referred a Constitutional Amendment,
House Joint Resolution 1012 (HJR 1012), to the voters of Arkansas for the November 7, 2000,
General Election, and;
WHEREAS, HJR 1012 has been given the ballot title Amendment 1 for November 6,
2000 General Election, and;
WHEREAS, Amendment 1 will authorize municipal and county government to engage in
tax increment financing as a method of funding redevelopment projects, and;
WHEREAS, Amendment 1 will authorize municipalities and counties to incur short -term
financing obligations, and;
WHEREAS, the maximum indebtedness authorized by this Amendment will be 5% of
the assessed value of the taxable property located within the municipality of 2 1/2 % of the
assessed value of the taxable property located within a county, and;
WHEREAS, the interest payable on this indebtedness will not exceed 5% above the
equivalent bond yield of one year U.S. treasury bills offered by the U.S. Treasury at the last
auction during the immediately preceding calendar quarter, and;
WHEREAS, the Arkansas Municipal League, the Arkansas County Judges Association
and the Association of Arkansas Counties will be supporting this proposed Constitutional
Amendment, and;
WHEREAS, the Arkansas General Assembly chose this Amendment as one of the three
to be submitted to the voters in 2000.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK:
Section 1: The City officially endorses the amendment to the Arkansas constitution as
proposed in House Joint Resolution 1012 of the 1999 session of the Arkansas General Assembly,
designated as Amendment 1 for the 2000 ballot.
Section 2: The City Board of Directors and the appropriate city staff will actively support the
passage of Amendment 1.
ADOPTED THIS: 17- OF October
Attest:
CCityClerk, N cy Wood
Approved as to form:
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City Attorney, Tom Carpenter
2000