HomeMy WebLinkAbout13451I
2
RESOLUTION NO. 13,451
3 A RESOLUTION TO ESTABLISH A FORMULA TO DISBURSE
4 CAPITAL MONIES FROM THE 3/8 -CENT CITY SALES AND
5 COMPENSATING USE TAX RECEIPTS TO PROVIDE AN EQUITABLE
6 DISTRIBUTION BASED UPON THE NEEDS OF VARIOUS PARTS OF
7 THE CITY; AND FOR OTHER PURPOSES.
8
9 WHEREAS, pursuant to an election held September 13, 2011, the citizens imposed a 3/8 -cent Sales
10 and Compensating Use Tax ( "the Tax ") for a period of ten (10) years with the proceeds from this tax to be
11 used for capital improvements within the City; and,
12 WHEREAS, it is important for the residents of the wards to help establish the priorities in terms of
13 projects to be undertaken and completed, but in doing so to have a legitimate idea of how much money
14 will be available from the Tax; and,
15 WHEREAS, there are also substantial capital needs throughout the City that must be addressed,
16 some of which may rise to be an immediate problem to be addressed; and,
17 WHEREAS, because of these needs it is appropriate to take 10% of the anticipated Sixty -Five Mil -
18 lion, Four Hundred and Eighty -One Thousand Dollars ($65,481,000) in Tax proceeds to be dedicated to
19 these city -wide uses and possible unforeseen repairs before there is any further division of the monies;
20 and,
21 WHEREAS, it is then appropriate to divide the approximately Fifty -Eight Million, Nine Hundred
22 Thousand Dollars ($58,900,000) remaining equally between the seven (7) Wards;
23 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
24 OF LITTLE ROCK, ARKANSAS:
25 Section 1. The Board of Directors declares its intent to fund capital projects in each of the seven (7)
26 Wards of the City after consultation with the residents of the various wards on what are the most pressing
27 capital needs to be addressed.
28 Section 2. The Board of Directors declares that ten percent of the total proceeds of the Tax shall be
29 used for overall City capital needs including, but not limited to, issues that post urgent problems for the
30 City.
31 Section 3. The Board of Directors declares that the balance of approximately Fifty -Eight Million,
32 Nine Hundred Thousand Dollars ($58,900,000) from the proceeds of the Tax will be divided equally be-
[Page 1 of 31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
tween the seven (7) wards of the City for use on capital projects in three year cycles as set forth on Exhib-
it A to this resolution.
Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
resolution.
Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent
with the provisions of this ordinance are hereby repealed to the extent of such inconsistency.
ADOPTED: February 21, 2012 %
A_XT_UST: APPROVED: /
y, City Clerk Mark Stodola,
AS TO LEGAL FORM:
WnAq✓
Thomas M. Carpenter, City Attorney
//
//
//
//
//
//
//
//
//
//
//
//
//
//
//
[Page 2 of 31
1
2
3
a
ca
Cri
U-
73
E
4j
LE
m
6
EXHIBIT A
9 A
V*
9
9
9 4 4 4 4 4 4
4
C
c;
ci
C\i 4si Cxi chi r c"I
Ln
E
C-3
QD
ur) C
CQ o
9
Lri
Cr
at a
al m
at M M zxl cl aL at
al
cz
ii r
r-- ;
;7 ;
;s Z
Z; C
zr �
ul
c.Ci
e-1
00 co w w w 00 w
C6
LX:;
E
C
KD
t:j <
<=L C
C. 44 4Q tct 5q cq tQ C
C'l v
KD
2 >
54 R
R C
C'4 0
04 0
04 CN C
CO
�9 Ct C li s ;
,
CD U
4.6 kO tJG Sfl t1G lr\i
un
218 8 8 9 21
CIA
tYl
79
-M CD <D C)
-co
-M, Ln &p tD k d to r.6 -i
r- -
cn Un F-L P. LA
04 C4 C4 " C4 cm cli LTI
f7j
Ln
ur) C
CQ o
oc� a
at a
al m
m cq cq C'I m C*l V
V, r
r-
ii r
r-- ;
;7 ;
;s Z
Z; C
C2 R-O t0- :2 T � '
'= 4
4- �
�f
Q. C
C14 C
C
t:j <
<=L C
C. 44 4Q tct 5q cq tQ C
C'l v
vz 2
2 >
54 R
R C
C'4 0
04 0
04 CN C
CO
WA r- 1C.I1�A . us n Lr� Ln
— — - - -
Ln
CL
Li
%n
0
CO
4
qs . u
0
4s E
_0 ?a 5 v � L:rj LO
Ln
Q C4
C:p
C4
-0 F Ln Lip r-a chi
4_1
E CL
.a
Ln _rift .2 W
73
Ln
J e? 4n
0
0
C.
IJ
0
rp C"
CL J3 Ili co ,r un CD r— C-5
v C1
L a; -0-0
04
M 1= 7i
E
E0
to
L4A E Go.
"n t0 r- co 0) c3 T Ctil cn Rr Ln 40 v- as
[Page 3 of 31
Ln
ur) C
CQ o
oc� a
at a
al m
m cq cq C'I m C*l V
V, r
r-
ii r
r-- ;
;7 ;
;s Z
Z; C
C2 R-O t0- :2 T � '
'= 4
4- �
�f
Q. C
C14 C
C
t:j <
<=L C
C. 44 4Q tct 5q cq tQ C
C'l v
vz 2
2 >
54 R
R C
C'4 0
04 0
04 CN C
CO
Ln
CL
Li
%n
0
CO
4
qs . u
0
4s E
_0 ?a 5 v � L:rj LO
Ln
Q C4
C:p
C4
-0 F Ln Lip r-a chi
4_1
E CL
.a
Ln _rift .2 W
73
Ln
J e? 4n
0
0
C.
IJ
0
rp C"
CL J3 Ili co ,r un CD r— C-5
v C1
L a; -0-0
04
M 1= 7i
E
E0
to
L4A E Go.
"n t0 r- co 0) c3 T Ctil cn Rr Ln 40 v- as
[Page 3 of 31
[Page 3 of 31