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RESOLUTION NO. 11,840
3 A RESOLUTION IN SUPPORT OF ARKANSAS CONSTITUTIONAL
4 AMENDMENT 2; AND FOR OTHER PURPOSES.
5
6 WHEREAS, the public policy decisions of the Arkansas Legislature impact every
7 citizen of the state, both private and corporate, and ultimately determine to a great
8 extent the level of prosperity and achievement enjoyed by Arkansas citizens, and
9 WHEREAS, the State of Arkansas lacks the necessary economic incentive
10 component to successfully locate an economic development super project in the State,
11 and
12 WHEREAS, the inability to adequately fund the infrastructure related costs
13 associated with a super project in Arkansas creates a competitive disadvantage in
14 economic expansion, and other Southern states have enjoyed the economic benefits of
15 locating a super project resulting in the loss of opportunity for economic development
16 and expansion in Arkansas, and
17 WHEREAS, the location of a super project creating a minimum of 500 jobs with a
18 capital investment of $500,000,000 will increase the quality of life for the citizens of
19 Arkansas, and
20 WHEREAS, super projects require large up -front commitments of funds for
21 infrastructure such as water /wastewater capacity, rail access, and connection of roads to
22 interstate highways and utilities, and
23 WHEREAS, the Arkansas Legislature has wisely offered the Arkansas electorate
24 the opportunity at the November 2004 general election to amend the Arkansas
25 Constitution to allow the Arkansas General Assembly, meeting in regular or special
26 session, the authority to approve general obligation bonds, not to exceed five percent
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(5 %) of state general revenues, to fund an economic development project investing a
minimum of five hundred million dollars ($500,000,000) and creating a minimum of five
hundred (500) jobs.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS
Section 1. The Board of Directors of the City of Little Rock endorses and
supports the proposed Amendment 2 to the Arkansas Constitution.
Section 2. The Board of Directors authorizes the use of its name in the support of
the cause of Amendment 2 during the campaign for its passage.
ADOPTED: October 5, 2004
ATTEST: APPROVED:
Nancy Wood, City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, C y Attorney
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9��A- &A�4 -
Jim Iviley, Mayor