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ORDINANCE NO. 12425
AN ORDINANCE AUTHORIZING APPROPRIATE CITY OFFICIALS
TO PROCEED TO OBTAIN FUNDS FOR AND CONSTRUCT
IMPROVEMENTS TO ROBINSON AUDITORIUM; AUTHORIZING
THE ISSUANCE OF REVENUE BONDS BY THE CITY TO PAY THE
CITY'S PORTION OF THE COST OF SUCH IMPROVEMENTS;
AND FOR OTHER PURPOSES.
WHEREAS, the Board of Directors of the City of Little Rock, Arkansas
has determined that it would be in the best interests of the City and its inhabi-
tants to make extensive improvements to Robinson Auditorium and to develop
Robinson Auditorium.and the area east of and adjacent thereto into a convention
center complex for the City, with such convention center complex to include
the auditorium, a parking garage, a convention hotel, a plaza and other
facilitites; and
WHEREAS, preliminary plans for the necessary auditorium improvements
have been prepared and filed with the Board of Directors showing an estimated
cost for the auditorium improvements of approximately $2,000,000; and
WHEREAS, the City has made application fir grants. from two agencies
of the Government of the United States of America (the Economic Development
Administration and the Ozarks Regional Commission) to be used to pay the major
portion of the cost of the auditorium improvements and, if such grants are
approved, the cost to the City will not exceed $500, 000; and
WHEREAS, the City is making arrangements to lease air space within
the convention center complex to Camelot Inn - Little Rock, Inc. , an Arkansas
corporation, for the construction of a convention hotel; and
WHEREAS, the City can obtain the needed funds to pay its portion
of the cost of the auditorium improvements through the issuance of revenue
bonds payable from the lease rentals to be paid by Camelot Inn - Little Rock, Inc. ,
and other revenues available to the City, including a portion of the proceeds
of the City's 1% gross receipts tax on hotels, motels and restaurants;
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NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the
City of Little Rock, Arkansas:
Section 1. That the plans for the auditorium improvements, as filed
with the Board of Directors, be, and the same hereby are, approved.
Section 2. That the City Manager and other appropriate officials of
the City be, and they hereby are, authorized and directed to pursue diligently
the pending applications for grants from the Economic Development Administration
and the Ozarks Regional Commission, to the end that these grant funds may be
obtained at the earliest possible date.
Section 3. That under the authority of the Constitution and laws of the
State of Arkansas, including particularly Act No. 486 of the Acts of Arkansas of
1965, as amended, revenue bonds of the City in the total principal amount of
not to exceed $500,000 are authorized and ordered issued for the purpose of
obtaining funds with which to pay the City's portion of the cost of the auditorium
improvements; provided, however, such revenue bonds shall not be issued or
sold until the grants from the Economic Development Administration and the
Ozarks Regional Commission, or binding commitments for such grants, have
been received, and the Board of Directors has enacted a definitive Bond
Ordinance setting out all of the terms and conditions relating to the bonds.
The bonds shall be sold at public sale after sufficient advertising to afford the
maximum opportunity for bidding.
Section 4. That upon receipt of the proceeds from the grants and bonds
the City Manager and other appropriate City officials be, and they hereby are,
authorized and directed to proceed promptly with the construction of the audi-
t
orlurn improvements .
ADOPTED:
December 21
, 19 70
APPROVED:
ATTEST:
L 0 j C By %9!
Mayor
City Jerk