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ORDINANCE NO. 14,939
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AN ORDINANCE CALLING A SPECIAL ELECTION IN
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THE CITY OF LITTLE ROCK, ARKANSAS, ON THE
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QUESTION OF ISSUING BONDS, UNDER AMENDMENT
NO. 62 TO THE CONSTITUTION OF THE STATE OF
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ARKANSAS FOR THE PURPOSE OF EXPANDING THE
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LITTLE ROCK PORT WATERFRONT INDUSTRIAL
FACILITIES; PRESCRIBING OTHER MATTERS
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RELATING THERETO; AND DECLARING AN EMERGENCY.
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WHEREAS, the City of Little Rock, Arkansas (the "City ")
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is a city of the first class; and
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WHEREAS, the Board of Directors of the City (the "Board
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of Directors ") has determined that it would be in the best
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interests of the City to expand the Little Rock Port Waterfront
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Industrial Facilities through the preparation of waterfront
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industrial sites by filling of floodplain lands, through dredging
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and construction of a slackwater harbor with the necessary
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extensions of roads and rail and utility service to provide for
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additional industry (the "Improvements "); and
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WHEREAS, it has been determined that the cost of the
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Improvements, including incidential expenses and expenditures in
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connection with accomplishing the Improvements and expenses in
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connection with authorizing and issuing the General Obligation
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Industrial Development Bonds (hereinafter identified), can be
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financed as follows:
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(1) $2,000,000 grant from the United States Corps of
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Engineers ( "Corps of Engineers ");
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(2) $1,500,000 credit against matching funds from the
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Corps of Engineers for in -kind floodplain lands from the Little
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Rock Port Authority ( "Port Authority "); and
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(3) $2,500,000 from the City through the issuance by
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the City of its General Obligation Industrial Development Bonds;
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All of the above will be used by:
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(A) the Corps of Engineers to fill floodplain
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lands with spoils from the dredging and construction
of a slackwater harbor with necessary retaining
dikes, bulkheads, embankments, terminal facilities,
berthing areas and interior access channels;
(B) the Port Authority through extensions of
roads and rail and utility services to the
Waterfront Industrial Facilities created.
WHEREAS, the City can issue General Obligation
[ ndustrial Development Bonds in the principal amount of
$2,500,000 for part of its participation in the construction of
the Improvements and pay the principal of and interest on such
bonds from the proceeds of a special tax not to exceed one -half
(1) of a mill on real and personal property in the City to be
Levied under Amendment No. 62 to the Constitution of the State of
Arkansas ( "Amendment 62 "); and
WHEREAS, the purpose of this Ordinance is to submit to
the electors of the City the question of issuing General
Obligation Industrial Development Bonds under Amendment No. 62 at
a special election called for that purpose.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. That there be, and there is hereby called, a
special election to be held on November 5, 1985, at which
lection there shall be submitted to the electors of the City,
he question of issuing General Obligation Industrial Development
onds under Amendment No. 62 in the principal amount of
2,500,000 (the "Bonds ").
SECTION 2. That the question shall be placed on the
allot for the election in substantially the following form:
Vote on measure by placing an "X" in the square
opposite the measure either for or against:
FOR an issue of bonds in the amount of
$2,500,000 for the purpose of expanding the
Little Rock Port Waterfront Industrial Facilities
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1 through the preparation of waterfront industrial
2 sites by filling of floodplain lands, through
dredging and construction of a slackwater harbor
3 with necessary retaining dikes, bulkheads,
4 embankments, terminal facilities, berthing
areas and interior access channels and with the
5 necessary extensions of roads and rail and
6 utility service to provide for additional _
industry (the " Improvements ") .................... / /
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8 AGAINST an issue of bonds in the amount of
$2,500,000 for the purpose of expanding the
9 Little Rock Port Waterfront Industrial Facilities
10 through the preparation of waterfront industrial
sites by filling of floodplain lands, through
11 dredging and construction of a slackwater harbor
12 with necessary retaining dikes, bulkheads,
embankments, terminal facilities, berthing
13 areas and interior access channels and with the
14 necessary extensions of roads and rail and
utility service to provide for additional
15 industry (the " Improvements ") ....................
16 The Bonds, if approved, will be issued as General
17 Obligation Industrial Development Bonds (the "bonds ") under the
18 provisions of Amendment No. 62 to the Constitution of the State
19 of Arkansas for the purpose of providing a portion of the
20 necessary funds (together with $2,000,000 grant funds from the
21 United States Corps of Engineers and $1,500,000 credit against
22 matching funds from the Corps of Engineers for in -kind floodplain
23 lands from the Little Rock Port Authority) for financing the cost
24 of the Improvements. If the bonds are approved the Board of
25 Directors will levy and there will be collected a continuing
26 annual tax in the amount of one -half (1) of a mill to insure the
27 payment of the principal of and interest on the bonds.
28 SECTION 3. That the election shall be held and
29 conducted and the vote canvassed and the results declared under
30 the law and in the manner now provided for municipal elections,
31 so far as the same is applicable, and only qualified voters of
32 the City shall have the right to vote at the election.
33 SECTION 4. That the City Clerk is hereby authorized and
34 directed to publish notice of the special election by one
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1 p ublication in a newspaper having g eneral circulation within the
2 City not less than 10 days prior to the election date.
3 SECTION 5. That the results of the election shall be
4 proclaimed by the Mayor, and his Proclamation shall be published
5 one time in a newspaper published in the City and having a bona
6 fide circulation therein, which Proclamation shall advise that
7 the results as proclaimed shall be conclusive unless attached in
8 the Circuit Court of Pulaski County, Arkansas within thirty days
9 after the date of publication of such Proclamation.
10 SECTION 6. That a copy of this Ordinance shall be given
11 to the Pulaski County Board of Election Commissioners so that the
12 necessary election officials and supplies may be provided.
13 SECTION 7. That all ordinances and parts thereof in
14 conflict herewith are hereby repealed to the extent of such
15 conflict.
16 SECTION 8. It is hereby ascertained and declared that
17 there is an immediate need of the improvements in order to
18 promote and protect the health, safety and welfare of the City
19 and its inhabitants, and that the improvements can be
20 accomplished only by the issuance of the bonds. It is,
21 therefore, declared that an emergency exists and this Ordinance
22 being necessary for the immediate preservation of public peace,
23 health and safety shall be in force and take effect immediately
24 from and after its passage.
25 SECTION 9. There is hereby appropriated $30,000 for the
26 cost of conducting said special election.
27 PASSED: September 3, 1985
28 ATTEST- APPROVED:
29 &fe�CL ) I � � . 70,t_�
30 CITY AERK JANE ECH MAYOR THOMAS A. PRINCE
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34 MARK STODOLA, CITY ATTORNEY
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t
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1 p ublication in a newspaper having g eneral circulation within the
2 City not less than 10 days prior to the election date.
3 SECTION 5. That the results of the election shall be
4 proclaimed by the Mayor, and his Proclamation shall be published
5 one time in a newspaper published in the City and having a bona
6 fide circulation therein, which Proclamation shall advise that
7 the results as proclaimed shall be conclusive unless attached in
8 the Circuit Court of Pulaski County, Arkansas within thirty days
9 after the date of publication of such Proclamation.
10 SECTION 6. That a copy of this Ordinance shall be given
11 to the Pulaski County Board of Election Commissioners so that the
12 necessary election officials and supplies may be provided.
13 SECTION 7. That all ordinances and parts thereof in
14 conflict herewith are hereby repealed to the extent of such
15 conflict.
16 SECTION 8. It is hereby ascertained and declared that
17 there is an immediate need of the improvements in order to
18 promote and protect the health, safety and welfare of the City
19 and its inhabitants, and that the improvements can be
20 accomplished only by the issuance of the bonds. It is,
21 therefore, declared that an emergency exists and this Ordinance
22 being necessary for the immediate preservation of public peace,
23 health and safety shall be in force and take effect immediately
24 from and after its passage.
25 SECTION 9. There is hereby appropriated $30,000 for the
26 cost of conducting said special election.
27 PASSED: September 3, 1985
28 ATTEST- APPROVED:
29 &fe�CL ) I � � . 70,t_�
30 CITY AERK JANE ECH MAYOR THOMAS A. PRINCE
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32 APPR TO RIM 33
34 MARK STODOLA, CITY ATTORNEY
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