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ORDINANCE NO. 131,337
AN ORDINANCE CALLING A SPECIAL ELECTION ON THE
QUESTION OF ISSUING BONDS UNDER THE PROVISIONS
OF AMENDMENT NO. 49 TO THE CONSTITUTION OF THE
STATE OF ARKANSAS FOR THE PURPOSE OF SECURING
AND DEVELOPING INDUSTRY WITHIN THE CITY OF
LITTLE ROCK, ARKANSAS (THE PARTICULAR PROJECT
IS DESCRIBED IN THE ORDINANCE) AND REFUNDING
CERTAIN OUTSTANDING BONDS; PRESCRIBING OTHER
MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the "City "),
is authorized to issue, subject to the approval of the electors
of the City, bonds under Amendment No. 49 to the Constitution of
the State of Arkansas ( "Amendment No. 49 ") for the purpose of
securing and developing industry within the City; and
WHEREAS, it has been determined that there should be
undertaken at this time a program of securing and developing
industry, consisting of the acquisition, construction and equipment
of facilities for use as a convention /meeting hall and sports arena
in the City (the "Project "), and that the most feasible method of
financing the Project is by issuance of bonds under Amendment No.
49; and
WHEREAS, the City has previously issued and there are
now outstanding bonds under Amendment No. 49 as follows: bonds
dated July 1, 1964 to which 1.85 mills are pledged; and bonds
dated March 1, 1967 to which 0.75 mills are pledged (collectively
the "Prior Issues "); and
WHEREAS, it has been determined that in order to issue
bonds under Amendment No. 49 to finance the Project it will be
necessary to refund the Prior Issues; and
WHEREAS, the estimated costs of the Project and the
refunding of the Prior Issues, including expenses incidental thereto
and expenses of issuing bonds, are $22,000,000, and bonds should be
issued under Amendment No. 49 in this amount (the "Bonds "); and
WHEREAS, it is expected that a portion of the debt service
requirements on the Bonds can be paid from State assistance payments
received by the City in accordance with the provisions of Act No.
763 of the Acts of Arkansas of 1977;
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NOW, THEREFORE, BY IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That a special election be, and the same is
hereby, called to be held in the City on the 25th day of October,
1977, at which election there will be submitted to the electors
of the City the question of issuing General Obligation Industrial
Development Bonds under the provisions of Amendment No. 49 in the
principal amount of $22,000,000 for the purpose of securing and
developing industry (the particular Project has been heretofore
described) and refunding the Prior Issues. The Bonds shall be dated
February 1, 1978, interest thereon shall be payable semiannually on
February 1 and August 1 of each year, commencing August 1, 1978, at
the rate or rates accepted by the City at the public sale of the
Bonds, and the Bonds shall mature annually on August 1 in each year
as set forth in the following schedule, but shall be subject to
redemption prior to maturity in such manner and upon such terms as
shall be specified in the Ordinance authorizing the issuance of the
Bonds:
YEAR AMOUNT
(August 1)
1981
$ 430,000
1982
455,000
1983
480,000
1984
505,000
1985
530,000
1986
560,000
1987
595,000
1988
625,000
1989
660,000
1990
695,000
1991
735,000
1992
775,000
1993
815,000
1994
860,000
1995
910,000
1996
960,000
1997
1,015,000
1998
1,070,000
1999
1,125,000
2000
1,190,000
2001
1,255,000
2002
1,325,000
2003
1,395,000
2004
1,475,000
2005
1,560,000
Page 3
Section 2. That the question shall be placed on the ballot
for the special election in substantially the following form:
Vote on measure by placing an "X" in the square
above the measure either for or against:
FOR the issuance of Refunding and Improvement
Bonds under Amendment No. 49 to the Constitution
of the State of Arkansas in the principal amount
of not to exceed $22,000,000 ......................
AGAINST the issuance of Refunding and Improvement
Bonds under Amendment No. 49 to the Constitution
of the State of Arkansas in the principal amount
of not to exceed $22,000,000 ......................
It is proposed to issue City of Little Rock, Arkansas
( "City "), General Obligation Industrial Development
Bonds under Amendment No. 49 to the Constitution of '
the State of Arkansas in the principal amount of not
to exceed $22,000,000 for the purpose of securing and
developing industry and for the purpose of refunding
bonds of the City dated July 1, 1964 and March 1, 1967
(the "Bonds "). The Bonds shall be dated February 1,
1978, interest thereon shall be payable February 1
and August 1 of each year, commencing August 1, 1978,
at the rate or rates accepted by the City at the public
sale of the Bonds and the Bonds shall mature annually
on August 1 in each of the years 1981 to 2005, inclusive,
but shall be subject to redemption prior to maturity
in such manner and upon such terms as shall be specified
in the ordinance authorizing their issuance. The program
of securing and developing industry to be financed out
of the proceeds of the Bonds will consist of the acquisition,
construction and equipment of facilities for use as a
convention /meeting hall and sports arena in the City.
If the electors approve the issuance of the Bonds there
will be levied a continuing annual tax of not to exceed
five (5) mills on the dollar of the assessed valuation
of the taxable real and personal property in the City
for the purpose of providing for the payment of the
principal of and interest on the Bonds, but the City
will reserve the right to use other available funds
for debt service on the Bonds and to suspend the collection
of the tax, in whole or in part, in any year, with the
provisions of the suspension to be set forth in detail
in the Ordinance authorizing the Bonds. The Bonds shall
be sold at public sale.
Section 3. That the election shall be held and conducted
and the vote canvassed and the results declared under the law and in
the manner now or hereafter provided for municipal elections, so
far as the same may be applicable, and the Mayor shall give notice
of such election by an advertisement published once a week for
four consecutive weeks in a newspaper having a bona fide circulation
in the City, with the last publication to be not.less than ten (10)
days prior to the date of the election, and only qualified electors
of the City shall have the right to vote at said election on said
question.
Page 4
Section 4. That the results of said election shall be
proclaimed by the Mayor, and his Proclamation shall be published
one time in a newspaper having a bona fide circulation in the City,
which Proclamation shall advise that the results as proclaimed shall
be conclusive unless attacked in the courts within thirty (30) days
after the date of such proclamation.
Section 5. That a copy of this Ordinance shall be given
to the Pulaski County Board of Election Commissioners so that the
necessary election officials and supplies may be provided.
Section 6. That there is hereby found and declared to be
an immediate need for the Project in order that the City and its
inhabitants may receive the public benefits referred to above, and
that the issuance of the Bonds is necessary therefor. It is, there-
fore, declared that an emergency exists and this Ordinance being
necessary for the immediate preservation of the public peace,
health and safety, shall be in force and shall take effect immediately
upon and after its passage.
ATTEST:
PASSED: September 6, 1977
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