HomeMy WebLinkAbout15473ORDINANCE # 15,473
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1 — There is hereby appropriated from 1988 Capital
Bond sale proceeds plus future interest earnings the following
amounts for the purpose shown:
$19,675,000 for the purpose of constructing, reconstructing,
repairing, straightening, and widening of streets in the
City, including curbing, guttering and drainage
improvements;
$900,000 for the purpose of providing additional drainage
improvements in the City;
$1,000,000 for the purpose of acquiring, constructing and
equipping a new police substation in the City;
$8,690,000 for the purpose of acquiring, renovating,
constructing and equipping public park improvements in the
City, including improvements to the Little Rock Zoo;
$1,000,000 for the purpose of acquiring, constructing or
equipping two fire stations in the City;
$2,000,000 for the purpose of acquiring, constructing and
equipping a new library branch in the City;
$950,000 for the purpose of making improvements to the
Arkansas Arts Center;
$1,500,000 for the purpose of acquiring, constructing and
equipping a detention center in the City;
$1,500,000 to finance improvements to Robinson Auditorium
and the contiguous plaza;
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AN ORDINANCE APPROPRIATING 1988 CAPITAL IMPROVEMENT BOND
SALE PROCEEDS, ESTABLISHING PROCEDURES FOR EXPENDING FONDS,
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AND OTHER PURPOSES.
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WHEREAS, funds have now been received from the sale of
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$33,595,000 Capital Improvement Bonds; and
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vWHEREAS,
these funds have been invested in U. S. Government
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Securities in a manner and to the extent that interest earnings
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over the next several years will provide total funds of more than
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$39,115,000; and
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WHEREAS, the U. S. Government Securities investments are
scheduled to mature in accordance with future cash needs
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established by a cash draw schedule; and
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WHEREAS, The U. S. Government Securities investments have
been acquired and scheduled to mature in a manner so as not to
create arbitrage that could jeopardize the tax exempt status of
the bonds, or burden the City with excess earnings rebate
requirements set forth by the U. S. Treasury Department; and
WHEREAS, in order to ensure that moneys are available and
payments can be made to fulfill all commitments voted by the
electorate, it is necessary to establish certain procedures for
expending bond sale proceeds.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1 — There is hereby appropriated from 1988 Capital
Bond sale proceeds plus future interest earnings the following
amounts for the purpose shown:
$19,675,000 for the purpose of constructing, reconstructing,
repairing, straightening, and widening of streets in the
City, including curbing, guttering and drainage
improvements;
$900,000 for the purpose of providing additional drainage
improvements in the City;
$1,000,000 for the purpose of acquiring, constructing and
equipping a new police substation in the City;
$8,690,000 for the purpose of acquiring, renovating,
constructing and equipping public park improvements in the
City, including improvements to the Little Rock Zoo;
$1,000,000 for the purpose of acquiring, constructing or
equipping two fire stations in the City;
$2,000,000 for the purpose of acquiring, constructing and
equipping a new library branch in the City;
$950,000 for the purpose of making improvements to the
Arkansas Arts Center;
$1,500,000 for the purpose of acquiring, constructing and
equipping a detention center in the City;
$1,500,000 to finance improvements to Robinson Auditorium
and the contiguous plaza;
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D -3d
'= = = = = = M
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$800,000 for the purpose of matching on a dollar for dollar
basis funds provided by the South Main Improvement District
to be used in constructing, repairing and installing
sidewalks, lighting and right -of -way improvements in the
South Main Improvement District and for matching on a dollar
for dollar basis funds provided by individual property
owners and used for restoring historic building facades in
the central business district;
$200,000 for the purpose of making improvements to the
Arkansas Museum of Science and History in MacArthur Park;
$900,000 for the purpose of making improvements to streets
and sidewalks in the Hillcrest, Quapaw Quarter and Capitol
Avenue areas, including street lights and right -of -way
improvements.
SECTION 2 - Specific appropriations will be required within
these broad categories when funds are needed.
SECTION 3 - The City Manager and Director of Finance are
authorized to expend funds to the extent of amounts appropriated
for the approved purpose. Funds appropriated for outside
agencies will not be advanced in lump sum amounts. Rather,
payment by the City Manager and Director of Finance will be made
to the outside agency incrementally upon the presentation to the
City copies of due and approved vendor and contractor invoices.
The City Manager is hereby directed to establish procedures for
ensuring timely expenditure by outside agencies to preserve the
City's compliance with U. S. Treasury requirements relative to
tax exemption and arbitrage; and to ensure bond proceeds are used
as herein appropriated.
SECTION 4 - This Ordinance shall be in full force and effect
from and after the date of its passage.
ADOPTED: May 3, 1988
ATTEST:
C TY LER ANE CZECH
APPROVED AS TO
APPROVED:
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