HomeMy WebLinkAbout16744• INANCE NO. 16 ,•744
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4 AN ORDINANCE CALLING A SPECIAL ELECTION IN THE CITY OF
5 LITTLE ROCK, ARKANSAS, FOR THE PURPOSE OF SUBMITTING
6 TO THE ELECTORS OF THE CITY THE QUESTIONS OF ISSUING
7 BONDS FOR VARIOUS CAPITAL IMPROVEMENTS; PRESCRIBING
8. OTHER MATTERS RELATING THERETO; AND DECLARING AN
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10 EMERGENCY.
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12 WHEREAS, the Board of Directors of the City of Little Rock, Arkansas (the
13 "City ") has determined the need to issue bonds in the aggregate principal amount of not
14 to exceed $29,914,000 for various capital improvements as hereinafter specifically
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16 described in Section 2 ( "1994 Bonds "); and
17 WHEREAS, the issuance of 1994 Bonds for each separate purpose is subject to
18 the approval of the electors of the City; and
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20 WHEREAS, the City has outstanding its Capital Improvement Bonds, dated
21 March 1, 1988 (the "1988 Bonds ") and the Board of Directors has determined that it
22 would be in, the best interest of the City to refund the 1988 Bonds at lower interest rates
23 by, issuing refunding bonds; and
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25 WHEREAS, the Board of Directors has determined that in order to retire the
26 refunding bonds and the 1994 Bonds it will be necessary to levy an ad valorem tax on
27 taxable property within the City at a rate not to exceed 3.434 mills on the dollar of the
28 assessed value of the property; and
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30 WHEREAS, the new tax will replace the 3.434 mill tax pledged to the 1988
31 Bonds;
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NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
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34 THE CITY OF LITTLE ROCK, ARKANSAS:
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SECTION 1. A special election shall be held on Tuesday, October 11, 1994.
There shall be submitted to the electors of the City at the special election the questions
of issuing 1994 Bonds for each of the purposes in the respective amounts hereinafter
specified in Section 2. The maximum rate of the tax to retire the 1994 Bonds shall be
stated on the ballot.
SECTION 2. The ballot shall be in substantially the following form:
FORM OF BALLOT
For Special Election in
THE CITY OF LITTLE ROCK, ARKANSAS
OCTOBER 11, 1994
The bonds that are approved will be combined into a single issue of bonds
(1994 BONDS), which may be issued at one time or in series from time
to time. The City will also issue bonds (REFUNDING BONDS) for the
purpose of refunding the outstanding City of Little Rock, Arkansas
Capital Improvement Bonds, dated March 1, 1988 (1988 BONDS). In
order to retire the 1994 BONDS and the REFUNDING BONDS there
will be levied a continuing annual ad valorem tax on taxable property
located within the City of Little Rock at the rate of 3.434 mills on the
dollar of assessed value of the property. The tax to retire the 1994
BONDS will be levied at the same rate as and will replace the 3.434 mill
tax now being collected to retire the 1988 BONDS.
OUESTION ONE: STREET IMPROVEMENT BONDS
Vote FOR or AGAINST the issuance of bonds in the
maximum principal amount of $9,940,000 to finance Street
Improvements. The Street Improvements include streets,
street lighting, traffic signals, alleys, sidewalks, roads,
bridges, and viaducts.
FOR the issuance of Street Improvement Bonds
AGAINST the issuance of Street Improvement Bonds
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436
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4 OUESTION TWO: DRAINAGE IMPROVEMENT BONDS
5 Vote FOR or AGAINST the issuance of bonds in the maximum principal
6 amount of $5,208,000 to finance Drainage Improvements. The Drainage
7 Improvements consist of facilities for drainage and flood control.
81 FOR the issuance of Drainage Improvement Bonds
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AGAINST the issuance of Drainage Improvement Bonds
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17 OUESTION THREE: PARK IMPROVEMENT BONDS
18 Vote FOR or AGAINST the issuance of bonds in the maximum principal
19 amount of $8,100,000 to finance Park Improvements. The Park
20 Improvements include public parks, playgrounds, and other public open
21 space, including zoo improvements, and, as part of one or more parks,
22 tennis courts, a swimming pool, and other recreational facilities. The Park
Improvements also include parking facilities for users of the Park
23 Improvements and necessary street and lighting improvements.
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25 FOR the issuance of Park Improvement Bonds
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28 AGAINST the issuance of Park Improvement Bonds
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QUESTION FOUR: POLICE STATION BONDS 438
Vote FOR or AGAINST the issuance of Police Station Bonds in the
maximum principal amount of $2,216,000 to finance a new police
substation, apparatus, and facilities, to include meeting facilities within the
substation and parking for policemen and visitors.
FOR the issuance of Police Station Bonds
AGAINST the issuance of Police Station Bonds
. ............................................................................. ............................... F1
OUESTION FIVE: FIREFIGHTING IMPROVEMENT BONDS
Vote FOR or AGAINST the issuance of Firefighting Improvement Bonds
in the maximum principal amount of $3,450,000 to finance the renovation
of one or more existing fire stations and to finance the first phase of a
new firefighting training facility.
FOR the issuance of Firefighting Improvement Bonds
............................................................................ ...............................
AGAINST the issuance of Firefighting Improvement Bonds
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1 OUESTION SIX: STEPHENS COMMUNITY CENTER BONDS
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3 Vote FOR or AGAINST the issuance of Stephens Community Center
4 Bonds in the maximum principal amount of $1,000,000 to finance a
Community Center adjacent to the proposed new Stephens Elementary
5 School. Little Rock School District (LRSD) proposes to raze the present
6 Stephens Elementary School, located at 3700 West 18th Street and to
7 construct the new school on the same site. The community center will
comprise a gymnasium, meeting facilities, and city offices, and will be
$ operated in cooperation with LRSD pursuant to an agreement providing
9 for the sharing of facilities between LRSD and the City.
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11 FOR the issuance of Stephens Community Center Bonds
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14 AGAINST the issuance of Stephens Community Center Bonds
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SECTION 3. The City Clerk is authorized and directed to give notice of the
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20 election by one publication in a newspaper having general circulation within the City.
21 The publication shall be made not less than ten (10) days prior to the election.
22 SECTION 4. The election shall be held and conducted and the vote canvassed
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and the results declared under the law and in the manner now provided for municipal
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25 elections.
26 SECTION 5. The Mayor shall proclaim the results of the election by issuing a
27 proclamation and publishing the same one time in a newspaper having general
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29 circulation in the City. The results as proclaimed shall be conclusive unless a suit
30 challenging the results is filed in the Circuit Court of Pulaski County within thirty (30)
31 days after the publication of the proclamation.
32 SECTION 6. A copy of this Ordinance shall be given to the Pulaski County
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34 Board of Election Commissioners so that the necessary election officials and supplies
35 may be provided.
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SECTION 7. Subject to the approval of the electors, the issuance of 1994 Bonds
for the purposes and in the amounts specified in Section 2 is hereby authorized. The
1994 Bonds shall be issued under the authority of Amendment 62 to the Constitution
of the State of Arkansas and the Local Government Bond Act of 1985 (codified as Title
14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated).
SECTION 8. All ordinances and parts thereof in conflict herewith are hereby
repealed to the extent of such conflict.
SECTION 9. It is hereby ascertained and declared that there is an immediate
need for the capital improvements described in this Ordinance in order to promote and
protect the health, safety, and welfare of the City and its inhabitants, and that the
improvements can be accomplished only by the issuance of the 1994 Bonds. It is,
therefore, declared that an emergency exists and this Ordinance being necessary for the
immediate preservation of public peace, health and safety shall be in force and take
effect immediately from and after its passage.
PASSED: September 6, 1994
ATTEST:
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,($M 1.11bR : /:\►`t�li1N:tC�1YrYf111a17:�
APPROVED AS TO FORM:
TR•UMAS M. ENTEK
CITY ATTORNEY
APPROVED:
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