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ORDINANCE NO. 13,185
AN ORDINANCE CALLING A SPECIAL ELECTION ON THE
QUESTION OF ISSUING BONDS FOR THE PURPOSES OF
PROVIDING A PORTION OF THE COST OF PURCHASING
RIGHTS OF WAY FOR AND CONSTRUCTING STREETS AND
RELATED IMPROVEMENTS, PROVIDING FOR A PORTION
OF THE COST OF PURCHASING, DEVELOPING AND
IMPROVING OF PUBLIC PARKS, AND CONSTRUCTING
AN ADMINISTRATION FACILITY TO SUPPLEMENT THE
CITY HALL OF THE CITY OF LITTLE ROCK, RENOVATING
AND EQUIPPING A BUILDING FOR THE HOUSING OF FIRE
FIGHTING APPARATUS AND PURCHASING A SITE FOR AND
CONSTRUCTING AND EQUIPPING A LIBRARY AND PROVIDING
FOR THE RETIREMENT OF THE OUTSTANDING BONDS OF
THE CITY OF LITTLE ROCK, ARKANSAS GENERAL
OBLIGATION IMPROVEMENT BONDS, DATED AUGUST 1,
1965; PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY.
WHEREAS the City of Little Rock, Arkansas (called
"City ") is a City of the first class under the laws of the
State of Arkansas; and
WHEREAS the City has outstanding an issue of General
Obligation Improvement Bonds dated August 1, 1965 (issued in
the total aggregate original principal amount of $8,000,000)
(herein called "outstanding August 1, 1965 Bonds "); and
WHEREAS the City has determined that certain municipal
improvements, hereafter described, are immediately needed
and that there should be submitted to the qualified electors
the questions of issuing bonds under the provisions of
Amendment No. 13 to the Constitution of the State of Arkansas
for the purpose of financing the cost to the City of said
needed municipal improvement (with a portion of the cost of
the improvements to be paid from grants to be received from
the United States of America and from other available funds
including funds of the State of Arkansas and Pulaski County,
Arkansas),and that in order that a sufficient principal
amount of bonds may be issued to pay the City's portion of
the cost and in order to proceed in the most feasible manner
from the standpoint of the best financial interest of the
City, it has been determined that provisions should be made
for retiring the outstanding August 1, 1965 Bonds from the
proceeds of the new bonds to be issued by including in the
principal amount of the new bonds the additional sum of
$150,000 (being the amount necessary to provide for retire-
ment of the outstanding August 1, 1965 Bonds);
NOW, THEREFORE, BE 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 21st day of
September, 1976, at which election there will be submitted
to the electors of the City the questions of issuing bonds
in the following amounts and for the following specified
purposes, to -wit:
(A) $9,404,000 for the purpose of financing
the cost to the City of purchasing rights of way
for and constructing, widening and straightening
streets within the City and the construction of
traffic signal systems, including without limitation
surfacing and drainage (with the balance of such
cost to be paid from grants received from the
United States of America and from other available
funds, including funds of the State of Arkansas
and Pulaski County, Arkansas).
(B) $3,521,000 for the purpose of financing
the cost to the City of purchasing, developing
and improving public parks within or without
the corporate limits of the City (with the
balance of such cost to be paid from grants
received from the United States of America
and from other available funds).
(C) $1,540,000 for the construction and
equipment of an administration facility to
supplement the City Hall of the City of Little
Rock (to include facilities for municipal
offices and the repair and maintenance of
motor vehicles of the City).
(D) $77,000 for renovating and equipping a
building for the housing for fire fighting
apparatus.
(E) $308,000 for purchasing a site for and
constructing and equipping a library.
The unqualified reference herein to "bonds" shall mean
all bonds described above, being those referenced to in (A),
(B) , (C) , (D) and (E) . If it is intended to refer to less than
all of the bonds, the reference shall be by specific description
or by referral to the specific sub - section above that is
intended.
Section 2. That the bonds shall be dated February 1,
1977, and interest thereon shall be payable semi - annually on
February 1 and August 1 of each year commencing August 1,
1977. The bonds shall mature annually on February 1 of each
year as follows, with all bonds being subject to redemption
prior to maturity upon such terms as shall be subsequently
specified in the Ordinance authorizing the issuance and
delivery of the bonds after approval by the electors:
YEAR AMOUNT
1980
$ 750,000
1981
390,000
1982
415,000
1983
440,000
1984
465,000
1985
495,000
1986
525,000
1987
555,000
1988
585,000
1989
620,000
1990
660,000
1991
695,000
1992
740,000
1993
780,000
1994
830,000
1995
880,000
1996
930,000
1997
985,000
1998
1,045,000
1999
1,105,000
2000
1,110,000
If bonds are approved for all of the purposes described
in Section 1, bonds for all such purposes, together with the
additional amount of $150,000 necessary to provide for the
retirement of the outstanding August 1, 1965 Bonds, will be
combined into a single issue in the principal amount of
$15,000,000. In the event bonds are approved for less than
all of said purposes, as many as are approved, together with
the bonds to provide for the retirement of the outstanding
August 1, 1965 Bonds will be combined into a single issue.
And, in the event bonds are approved for less than all of
said purposes, there will be an appropriate reduction in
principal amount and length of maturities as may be authorized
by law. The bonds may be issued in series from time to
time.
S
Section 3. The questions 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 opposite the measure either FOR or
AGAINST:
FOR an issue of General Obligation Improvement
Bonds in the principal amount of $9,404,000
for the purpose of financing the costs to the
City of purchasing rights of way for and for
constructing, widening and straightening of
streets within the City and the construction
of traffic signals systems, including without
limitation surfacing and drainage (with the
balance of such costs to be paid from grants
received from the United States of America
and from other available funds, including
funds of the State of Arkansas and Pulaski
County, Arkansas)
AGAINST an issue of General Obligation Improvement
Bonds in the principal amount of $9,404,000 for
the purpose of financing the costs to the City
of purchasing rights of way for and for con-
structing, widening and straightening of streets
within the City and the construction of traffic
signals systems, including without limitation
surfacing and drainage (with the balance of
such costs to be paid from grants received from
the United States of America and from other
available funds, including funds of the State
of Arkansas and Pulaski County, Arkansas
FOR an issue of General Obligation Improvement
Bonds in the principal amount of $3,521,000
for the purpose of financing the costs to the
City of purchasing, developing and improving
public parks within or without the corporate
limits of the City (with the balance of such
costs to be paid from grants received from
the United States of America and from other
available funds) / -7
AGAINST an issue of General Obligation
Improvements Bonds in the principal amount
of $3,521,000 for the purpose of financing
the costs to the City of purchasing, developing
and improving public parks within or without the
corporate limits to the City (with the balance
of such costs to be paid from grants received
from the United States of America and from
other available funds) �_/
FOR an issue of General Obligation Improvement
Bonds in the principal amount of $1,540,000
for the construction and equipment of an
administration facility to supplement the City
Hall of the City of Little Rock (to include
facilities for municipal offices and the repair
and maintenance of motor vehicles of the City)
AGAINST an issue of General Obligation
Improvement Bonds in the principal amount of
$1,540,000 for the construction and
equipment of an administration facility to
supplement the City Hall of the City of Little
Rock (to include facilities for municipal
offices and the repair and maintenance of
motor vehicles of the City)
FOR an issue of General Obligation Improvement
Bonds in the principal amount of $77,000 for
renovating and equipping a building for housing
fire fighting apparatus.
AGAINST an issue of General Obligation Improvement
Bonds in the principal amount of $77,000 for
renovating and equipping a building for housing
fire fighting apparatus.
FOR an issue of General Obligation Improvement
Bonds in the principal amount of $308,000 for
purchasing a site for and constructing and
equipping a library. —�
AGAINST an issue of General Obligation
Improvement Bonds in the principal amount of
$308,000 for purchasing a site for and con-
structing and equipping a library.
The bonds that are issued will be dated February 1,
1977, with interest thereon payable semiannually.
The maturities of the principal of the bonds that
are issued for the above purposes being voted upon
will be on February 1 in each of the years 1980
to 2000, inclusive. All or as many of the bonds for
said purposes as are approved by the electors
will be combined into a single issue with $150,000
in principal amount of additional bonds to provide for
the retirement of all the outstanding General
Obligation Improvement Bonds of the City dated
August 1, 1965. The Board of Directors will levy and
there shall be collected a continuing annual tax
in an amount sufficient to insure the payment of
the principal of and interest on the bonds.
The bonds will bear interest at the rate or rates
accepted at their public sale. The City may sell
and deliver the single issue of bonds at one time
or in installments as funds are needed all as
the Board of Directors shall determine.
Section 4. That the election shall be held and conducted
and the vote canvassed and the results declared under the
law and in the manner now provided for municipal elections,
so far as the same be applicable, and the Mayor of the City
is hereby authorized and directed to give notice of such
election by an advertisement published weekly once a week
for four times in a newspaper published in the City and
having a bona fide circulation therein, the last publication
to be not less than ten days prior to the date of the election,
and only qualified voters of the City shall have the right
to vote at said election on said questions.
Section 5. That the results of said election shall be
proclaimed by the Mayor and his proclamation shall be published
one time in a newspaper published in the City and having a
bona fide circulation therein, which proclamation shall
advise that the results as proclaimed shall be conclusive
unless attacked in the courts within thirty days after the
date of such proclamation.
Section 6. 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 7.
That there is hereby found and declared to
be an immediate need for the accomplishing of the public
improvements described in this ordinance, in order to promote
and protect the health, safety and welfare of the City and
its inhabitants, which improvements can be accomplished only
by the issuance of bonds. It is, therefore, declared that
an emergency exists and this ordinance being necessary for
the immediate preservation of the public health, safety and
welfare, shall be in force and take effect immediately upon
and after its passage.
PASSED August 17 , 1976.
APPROVED:
�l t
Mayor
ATTEST: -14w a
(Leal
ity Cle