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HomeMy WebLinkAbout19829ORDINANCE NO. 199829 AN ORDINANCE TO RESTATE AND AMEND ORDINANCE NO. 19,828 APPROVED BY THE BOARD OF DIRECTORS ON SEPTEMBER 18, 2007, CALLING A SPECIAL ELECTION IN THE CITY OF LITTLE ROCK, ARKANSAS FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF THE CITY THE QUESTION OF AN INCREASE OF THE LEVY OF THE EXISTING ANNUAL AD VALOREM PROPERTY TAX FROM THE RATE OF ONE (1.0) MILL TO THE NEW RATE OF TWO (2.0) MILLS ON THE DOLLAR OF ASSESSED VALUATION OF TAXABLE PROPERTY IN THE CITY FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF LAND AND CAPITAL IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES OPERATED BY CENTRAL ARKANSAS LIBRARY SYSTEM; SAID AD VALOREM TAX TO BE PLEDGED TO AN ISSUE OR ISSUES OF BONDS OF THE CITY OF LITTLE ROCK, ARKANSAS, ISSUED UNDER AMENDMENTS NO. 30 AND NO. 72 TO THE CONSTITUTION OF THE STATE OF ARKANSAS AND ACT 920 OF 1993, NOT TO EXCEED $32,000,000 IN AGGREGATE PRINCIPAL AMOUNT, TO REFUND ONE OR MORE OUTSTANDING ISSUES OF CAPITAL IMPROVEMENT BONDS AND TO FINANCE THE COST OF ACQUIRING, CONSTRUCTING, AND EQUIPPING LAND AND ADDITIONAL CAPITAL IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES OPERATED BY CENTRAL ARKANSAS LIBRARY SYSTEM; PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock, Arkansas (the "City ") is a city of the first class duly organized and existing under the laws of the State of Arkansas; and WHEREAS, the City Board of Directors (the "Board ") adopted Ordinance No. 19,828 on September 18, 2007 upon recommendation of the Board of Directors of Central Arkansas Library System ( "CALS ") and after receiving petitions signed by at least the requisite number of qualified electors within the City required by the Amendments (identified herein), and, furthermore, has determined that it would be in the best interests of the City, CALS and the patrons of the City's public libraries, to refund one or more outstanding issues of capital improvement bonds and to acquire, construct, and equip land and additional capital improvements for city libraries and related facilities (the "Improvements ") at an estimated cost of not to exceed Thirty Two Million Dollars ($32,000,000), and WHEREAS, it has been determined that the cost of refunding the outstanding issues (the "Refunding ") and financing the cost of the Improvements, including incidental expenses and expenditures in connection with accomplishing the Refunding and the Improvements and paying expenses in connection with authorizing and issuing the bonds (hereinafter defined) can be financed by the issuance of library refunding and improvement bonds in one or more series in the principal amount of not to exceed Thirty Two Million Dollars ($32,000,000): and WHEREAS, the bonds can be issued under the authority of Amendments No. 30 and No. 72 to the Constitution of the State of Arkansas (the "Amendments ") and Act No. 920 of the Acts of Arkansas of 1993, approved April 7, 1993 (Act No. 920); and 7218s6 -v1 WHEREAS, the City can pay the principal of and interest on the bonds from the proceeds of an ad valorem tax of not to exceed two (2.0) mills on the dollar of the assessed value of taxable real and personal property tax in the City, to be levied under the authority of the Amendments and Act No. 920; and WHEREAS, the purpose of this Ordinance is to amend and restate Ordinance No. 19,828 for the purpose of submitting to the electors of the City the question of issuing bonds under the Amendments and Act No. 920 at a special election to be held on December 11, 2007, and to levy and increase the existing library capital improvement ad valorem tax from the presently levied rate of one (1.0) mill on the dollar of the assessed value of the taxable real and personal property within the City to the new rate to be collected at the rate of not to exceed two (2.0) mills on the dollar of the assessed value of the taxable real and personal property within the City (the "Tax "). 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 Tuesday, December 11, 2007, at which special election there shall be submitted to the electors of the City the question of issuing bonds under the Amendments and Act No. 920, for the purposes specified in Section 2 hereof. The maximum rate of the tax to retire the bonds shall be stated on the ballot. Section 2. The ballot shall be in substantially the following form: PROPOSED PUBLIC CITY LIBRARY CAPITAL IMPROVEMENTS Vote on the measure by placing an "x" in the square opposite the question either "FOR" or "AGAINST ": FOR the increase of the existing one (1.0) mill ad valorem tax on the assessed value of all taxable real and personal property within the City of Little Rock, Arkansas to the new ad valorem tax rate of two (2.0) mills on the assessed value of all taxable real and personal property within the City of Little Rock, Arkansas, to be pledged to an issue or issues of bonds not to exceed Thirty Two Million Dollars ($32,000,000) in the aggregate principal amount, to refund one or more outstanding issues of capital improvement bonds and to finance the acquiring, constructing and equipping of land and additional capital improvements for public city libraries owned and operated by the City of Little Rock and Central Arkansas Library System and to authorize the issuance of the bonds on such terms and conditions as shall be approved by the City. AGAINST the increase of the existing one (1.0) mill ad valorem tax on the assessed value of all taxable real and personal property within the City of Little Rock, Arkansas to the new ad valorem tax rate of two (2.0) mills on the assessed value of all taxable real and personal property within the City of Little Rock, Arkansas, to be pledged to an issue or issues of bonds not to exceed Thirty Two Million Dollars ($32,000,000) in the aggregate principal amount, to refund one or more outstanding issues of capital improvement bonds and to finance the acquiring, constructing and equipping of land and additional capital improvements for public city libraries owned and operated by the City of Little Rock and Central Arkansas Library System and to 721886 -vt 2 authorize the issuance of the bonds on such terms and conditions as shall be approved by the City. If the measure is approved, there may be levied an ad valorem property tax on the assessed value of all taxable real and personal property within the City of Little Rock at the rate of two (2.0) mills on the dollar of assessed value of the taxable real and personal property in the City, the collection of which shall be pledged to the repayment of the principal of and interest on one or more issues of library capital improvement bonds in the aggregate principal amount of not to exceed Thirty Two Million Dollars ($32,000,000) for the refunding of one or more existing bond issues and to finance the costs of acquiring, construction and equipping of land and additional capital improvements and paying costs incidental to the issuance of such bonds for the City public libraries owned and operated by the City of Little Rock and Central Arkansas Library System. Section 3. That a copy of this Ordinance shall be given to the Pulaski County Board of Election Commissions so that the necessary election officials and supplies may be provided. Section 4. That the City Clerk is authorized and directed to give notice of the election as required by law. Section 5. That the special election shall be held and conducted and the vote canvassed and the results declared under the law and in the manner now provided for special elections unless otherwise provided in the Amendments and Act No. 920 and only qualified electors of the City shall have the right to vote on the question. Section 6. That the results of the election shall be certified by the Election Commissioners and proclaimed by the Mayor, and his Proclamation shall be published one time in a newspaper having general circulation in the City, which Proclamation shall advise that the results as proclaimed shall be conclusive unless suit challenging the results is filed in the Circuit Court of Pulaski County within thirty (30) days after the date of publication. Section 7. That the Mayor and City Clerk, for and on behalf of the City, be and are hereby authorized and directed to do any and all things necessary to call and hold the special election as herein provided and, if the issuance of the Bonds is approved by the electors, to cause the Tax to be collected in accordance with the Constitutional Amendments and Act 920 of 1993 and to perform all acts of whatever nature necessary to carry out the authority conferred by this ordinance. Section 8. That all ordinances and parts thereof in conflict herewith, including any parts of Ordinance No. 19,828 in conflict herewith, are hereby repealed to the extent of such conflict. Section 9. EMERGENCY. It is hereby ascertained and declared that there is an immediate need for the City to take advantage of a favorable opportunity to refund one or more outstanding issues of capital improvement bonds, that such refunding and the funding of the acquisition, construction and equipping of land and additional capital improvements can be accomplished with an increase of the current ad valorem tax from one (1.0) mill to a new ad valorem tax of two (2.0) mills, and that time is of the essence to place the question before the voters at the special election called for December 11, 2007. 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 full force and take effect immediately from and after its passage. 721886 -v1 3 PASSED: October 2, 2007 Mark Stodola, Mayor GITy . 0 Dian Woad, ity Clerk 'r Z E R4 ! /����i4N�P`5�.�' VED AS TO LEGAL FORM: P Thomas M. Carpenter, City Att ney 721886 -vI CERTIFICATE STATE OF ARKANSAS) COUNTY OF PULASKI) SS CITY OF LITTLE ROCK) I, Nancy Wood, City Clerk within and for the City aforesaid, do hereby certify that the foregoing is a true and correct copy of Ordinance No. 19,829 of the Ordinance to of the City of Little Rock, Arkansas, entitled: "AN ORDINANCE TO RESTATE AND AMEND ORDINANCE NO. 19,828 APPROVED BY THE BOARD OF DIRECTORS ON SEPTEMBER 18, 2007, CALLING A SPECIAL ELECTION IN THE CITY OF LITTLE ROCK, ARKANSAS FOR THE PURPOSE OF SUBMITTING TO THE ELECTORS OF THE CITY THE QUESTION OF AN INCREASE THE EXISTING ANNUAL AD VALOREM PROPERTY TAX AT THE RATE OF ONE (1.0) MILL TO THE NEW RATE OF TWO (2.0) MILLS ON THE DOLLAR OF ASSESSED VALUATION OF TAXABLE PROPERTY IN THE CITY FOR THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF LAND AND CAPITAL IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES OPERATED BY CENTRAL ARKANSAS LIBRARY SYSTEM; SAID AD VALOREM TAX TO BE PLEDGED TO AN ISSUE OR ISSUES OF BONDS OF THE CITY OF in LITTLE ROCK ARKANSAS, ISSUED UNDER AMENDMENTS NO. 30 AND NO. 72 TO THE CONSTITUTION OF THE STATE OF ARKANSAS AND ACT 920 OF 1993, NOT TO EXCEED $32,000,000 IN AGGREGATE PRINCIPAL AMOUNT, TO REFUND ONE OR MORE OUTSTANDING ISSUES OF CAPITAL IMPROVEMENT BONDS AND TO FINANCE THE COST OF ACQUIRING, CONSTRUCTING, AND EQUIPPING LAND AND ADDITIONAL CAPITAL IMPROVEMENTS FOR THE CITY'S PUBLIC LIBRARIES OPERATED BY CENTRAL ARKANSAS LIBRARY SYSTEM; PRESCRIBING OTHER MATTERS PERTAINING THERETO; AND DECLARING AN EMERGENCY;" passed by the Board of Directors of said City on October 2, 2007, said Ordinance now appearing of record in this office. IN WITNESS WHEREOF, I have hereunto set my hand and seal of office on this 2nd day of October, 2007. Na cy Woo , City Clerk y%,111111111f1/itle -OF •. �E 90 . 721886 -v1 5