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•ORDINANCE NO. 17,801 • 22
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3 AN ORDINANCE TO PLACE ON THE NOVEMBER 3, 1998
4 GENERAL ELECTION BALLOT THE QUESTION OF DECREASING
5 THE ANNUAL AD VALOREM TAX LEVY FOR CAPITAL
6 IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES FROM
7 ONE AND NINE TENTHS (1.9) MILLS TO ONE (1) MILL; SAID NEW
8 AD VALOREM TAX TO BE PLEDGED TO AN ISSUE OR ISSUES OF
9 BONDS OF THE CITY OF LITTLE ROCK, ARKANSAS, ISSUED
10 UNDER AMENDMENTS NO. 30 AND NO. 72 TO THE
11 CONSTITUTION OF THE STATE OF ARKANSAS AND ACT 920 OF
12 1993, NOT TO EXCEED $19,500,000, IN AGGREGATE PRINCIPAL
13 AMOUNT, TO REFUND AN OUTSTANDING ISSUE OF CAPITAL
14 IMPROVEMENT BONDS AND TO FINANCE THE COST OF
15 ACQUIRING, CONSTRUCTING, AND EQUIPPING ADDITIONAL
16 CAPITAL IMPROVEMENTS FOR THE PUBLIC CITY LIBRARIES
17 OPERATED BY THE CITY OF LITTLE ROCK AND THE CENTRAL
18 ARKANSAS LIBRARY SYSTEM, PRESCRIBING OTHER MATTERS
19 PERTAINING THERETO; AND DECLARING AN EMERGENCY.
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21 WHEREAS, the City of Little Rock, Arkansas (the "City ") is a city of the first class; and
22 WHEREAS, the City Board of Directors has determined that it would be in the best interests
23 of the City to refund an outstanding issue of capital improvement bonds and to acquire, construct,
24 and equip new capital improvements for city libraries and related facilities (the "Improvements ") at
25 an estimated cost of not to exceed ($19,500,000); and
26 WHEREAS, it has been determined that the cost of refunding the outstanding issue and the
27 cost of additional improvements, including incidental expenses and expenditures in connection with
28 accomplishing the Improvements and expenses in connection with authorizing and issuing the bonds
29 (hereinafter defined) can be financed by the issuance of bonds in the principal amount of not to exceed
30 ($19,500,000); and
31 WHEREAS, the bonds can be issued under the authority of Amendments No. 30 and No.
32 72 to the Constitution of the State of Arkansas (the "Amendments ") and Act No. 920 of the Acts of
33 Arkansas of 1993, approved April 7, 1993) ( "Act No. 920 "); and
34 WHEREAS, the City can pay the principal of and interest on the bonds from the proceeds
35 of an ad valorem tax of not to exceed one (1) mill on the dollar of the assessed value of taxable real
36 and personal property tax in the City, to be levied under the authority of the Amendments and Act
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1 No. 920; and
2 WHEREAS, the purpose of this Ordinance is to submit to the electors of the City the
3 question of issuing bonds under the Amendments and Act No. 920 at the November 3, 1998 General
4 Election and to levy an ad valorem tax to be collected at the rate of not to exceed one (1) mill on the
5 dollar of the assessed value of the taxable real and personal property within the City (the "Tax ").
6 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
7 THE CITY OF LITTLE ROCK, ARKANSAS
8 SECTION 1. That there shall be submitted to the electors of the City the question of issuing
9 bonds under the constitutional amendments and Act. No. 920, for the purposes specified in Section
10 2 hereof. The maximum rate of the tax to retire the bonds shall be stated on the ballot.
11 SECTION 2. The ballot shall be in substantially the following form:
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13 PROPOSED PUBLIC CITY LIBRARY CAPITAL IMPROVEMENTS
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15 AUTHORIZATION OF BONDS FOR THE LITTLE ROCK PUBLIC CITY
16 LIBRARY CAPITAL IMPROVEMENTS PROJECT, TO REFUND AN
17 OUTSTANDING ISSUE OF CAPITAL IMPROVEMENT BONDS, TO
18 FINANCE ADDITIONAL CAPITAL IMPROVEMENTS, AND APPROVAL
19 TO PLEDGE RECEIPTS FROM CITY TAX FOR PAYMENT THEREOF.
20 The issuance of bonds by the City of Little Rock in the aggregate principal amount of up to
21 $19,500,000 for the purpose of paying the costs to refund an existing bond issue and to finance the
22 cost of acquiring, constructing and equipping additional capital improvements for the public city
23 libraries owned and operated by the City of Little Rock and the Central Arkansas Library System and
24 to authorize the City Board of Directors to pledge all of the receipts from an ad valorem tax levied
25 by the City Board of Directors of the City at a reduced millage rate of one (1) mill on the dollar of
26 the assessed value of all real and personal property subject to taxation in the City, to pay the principal
27 of and interest on the bonds and all fees and expenses in connection therewith.
28 Vote on measure by placing an "X" in the square opposite the measure either for or against:
29 FOR a decrease in the library tax from one and nine tenths (1.9) mills to one (1) mill on real
30 and personal property within the City of Little Rock, Arkansas, to be pledged to an issue or issues
31 of bonds not to exceed ($19,500,000) in the aggregate principal amount, to refund an outstanding
32 issue of capital improvement bonds and to finance the acquiring , constructing and equipping of
33 additional capital improvements for public city libraries owned and operated by the City of Little
34 Rock and Central Arkansas Library System and to authorize the issuance of the bonds on such terms
35 and conditions as shall be approved by the City ................. ............................../ /
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I AGAINST a decrease in the library tax from one and nine tenths (1.9) mills to one (1) mill
2 on real and personal property within the City of Little Rock, Arkansas, to be pledged to an issue or
3 issues of bonds not to exceed ($19,500,00) in the aggregate principal amount to refund an
4 outstanding issue of capital improvement bonds and to finance the acquiring, constructing and
5 equipping of additional capital improvements for public city libraries owned and operated by the City
6 of Little Rock and Central Arkansas Library System and to authorize the issuance of the bonds on
7 such terms and conditions as shall be approved by the City ............................/ /
8 SECTION 3. That a copy of this Ordinance shall be given to the Pulaski County Board of
9 Election Commissioners for placement on the November 3, 1998 General Election ballot.
10 SECTION 4. That the City Clerk is authorized and directed to give notice of the election as
I 1 required by law.
12 SECTION 5. That the election shall be held and conducted at the November 3, 1998 General
13 Election and the vote canvassed and the results declared under the law and in the manner now
14 provided for general elections unless otherwise provided in the Amendments and Act. No. 920 and
15 only qualified electors of the City shall have the right to vote on the question.
16 SECTION 6. That the results of the election shall be certified by the Election Commissioners
17 and proclaimed by the Mayor, and his Proclamation shall be published one time in a newspaper having
18 general circulation in the City, which Proclamation shall advise that the results as proclaimed shall
19 be conclusive unless suit challenging the results is filed in the Circuit Court of Pulaski County within
20 thirty (30) days after the date of publication.
21 SECTION 7. That the Mayor and City Clerk, for and on behalf of the City, be, and they are
22 hereby authorized and directed to do any and all things necessary to place this question on the
23 November 3, 1998 General Election ballot and, if the issuance of the Bonds is approved by the
24 electors, to cause the Tax to be collected in accordance with the Constitutional Amendments and Act
25 920 of 1993 and to perform all acts of whatever nature necessary to carry out the authority conferred
26 by this ordinance.
27 SECTION 8. That all ordinances and parts thereof in conflict herewith are hereby repealed
28 to the extent of such conflict.
29 SECTION 9. EMERGENCY. It is hereby ascertained and declared that there is an
30 immediate need for the City to take advantage of a favorable opportunity to refund an outstanding
31 issue of capital improvement bonds, that such refund and the funding of additional capital
32 improvements can be accomplished with a decrease in the current millage, and that time is of the
33 essence to place the question before the voters on the November 3, 19998 General Election ballot.
34 It is, therefore, declared that an emergency exists and this ordinance being necessary for the
35 immediate preservation of public peace, health and safety shall be in full force and take effect
36 immediately from and after its passage.
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2 PASSED: September 1, 1998
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4 ATTEST:
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6(�3 DL0 LU AACk
7 ROBBIE HANCOCK
8 CITY CLERK
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10 APPROVED AS TO FORM:
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12 THOMAS M. CARPE ER
13 CITY ATTORNEY
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APPROVED:
JI1 lEY
MA OR
22 APPROVED BY VOTERS AT GENERAL ELECTION HELD NOV. 3, 1998.
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