HomeMy WebLinkAbout16917RINANCE NO. 16,917 •
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3 AN ORDINANCE AUTHORIZING THE CLOSURE OF THE PORT
4 BOND RETIREMENT FUND; TRANSFERRING REMAINING MONIES
5 IN THE FUND TO THE ECONOMIC DEVELOPMENT FUND; AND
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7 FOR OTHER PURPOSES.
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9 WHEREAS, the Board of Directors of the City of Little Rock, Arkansas created
10 the Port Bond Retirement Fund (the Fund) with Ordinance No. 15,193 to account for
11 the taxes collected to retire bonds issued to finance improvements to the Little Rock
12 Port Industrial Park; and
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14 WHEREAS, the bonds issued were retired March 1, 1995, and the taxes formerly
15 levied and collected to service the bonds were not levied for 1995 and no further
16 collections of the tax will be made, and, therefore, the purpose for which the Fund was
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created no longer exists; and
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19- WHEREAS, there remains in the Fund the approximate amount of $73,228 in
20 surplus tax collections, which amount is too small to permit an efficient refund to the
21 taxpayers. Therefore, an appropriate use of the monies would be for improvements
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similar to the purpose for the original bond issue and for which the taxes were collected.
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24 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
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26 THE CITY OF LITTLE ROCK, ARKANSAS:
27 SECTION 1. The Port Bond Retirement Fund shall be closed, since the purpose
28 for which it was created no longer exists.
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30 SECTION 2. The monies remaining in the Fund, which are approximately
31 $73,228, shall be transferred to the City's Economic Development Fund, and shall be
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33 designated to be used for future improvements to the Little Rock Port Industrial Park.
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2 PASSED: June 20, 1995
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ATTEST:
I
ROME 'k-ACOCK _
Y CLERK
MAO F
T�� M. A P TE
CITY ATTORNEY
APPROVED:
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