HomeMy WebLinkAbout11621ORDINANCE N0. 11,621
AN ORDINANCE CALLING A SPECIAL ELECTION ON THE
QUESTION OF ISSUING BONDS FOR THE PURPOSES OF
THE PURCHASE, DEVELOPMENT AND IMPROVEMENT OF
PUBLIC PARKS, PURCHASING SITES FOR AND CON-
STRUCTING AND EQUIPPING BUILDINGS FOR THE HOUS-
ING OF FIRE FIGHTING APPARATUS AND PURCHASING
FIRE FIGHTING APPARATUS, PURCHASING RIGHTS OF
WAY FOR AND CONSTRUCTING STREETS AND BOULEVARDS,
AND REFUNDING THE OUTSTANDING BONDS OF THE CITY
OF LITTLE ROCK, ARKANSAS GENERAL OBLIGATIONS
BONDS DE
, DATED CEMBER 1, 1958; 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 December 1, 1958 (issued in
two series in the total aggregate original principal amount of
$4,950,000) (herein called 'outstanding December 1, 1958 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
said needed municipal improvements, and that in order that a sufficient
principal amount of bonds may be issued 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 the outstanding
December 1, 1958 Bonds be refunded.
Page 2
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 14th day of
September , 1965, 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) $570,000 for the purchase, development and
improvement of public parks.
(B) $300,000 for the purchase of sites for and
constructing and equipping buildings for
the housing of fire fighting apparatus, and
the purchase of fire fighting apparatus.
(C) $4,055,000 for the purchase of rights of way
for and constructing streets and boulevards,
including, without limitation, widening,
straightening,.stirfacing and drainage.
(D) $3,075,000 for the purpose of accomplishing the
refunding of the outstanding December 1, 1958
Bonds.
The unqualified reference herein to "bonds" shall mean all bonds
described above, being those referred to in (A), (B), (C), and
(D). 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 spec-
ific sub - section above that is intended.
Section 2. That the bonds shall be dated August 1,
1965, and interest thereon shall be payable semiannually on
February 1 and August 1 of each year commencing February 1, 1966.
That the bonds exclusive of those being issued for purposes of
refunding the outstanding December 1, 1958 Bonds (that is, the bonds
Page 3
described above in Section 1 (A), (B), and (C)) shall mature
annually on February 1 of each year as follows, with all bonds to be
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 and public
sale:
YEAR AMOUNT
1969
$1989000
1970
64,000
1971
68,000
1972
73,000
1973
72,000
1974
76,000
1975
809000
1976
843,000
1977
88,000
1978
91,000
1979
959000
1980
98,000
1981
1029000
1982
2099000
1983
365,000
1984
3809000
1985
395,000
1986
4059000
1987
4209000
1988
435,000
1989
450,000
1990
4659000
1991
212,000
The bonds described in Section 1 (D) above (being the
refunded portion of the bonds) will be issued only in the event the
issuance of bonds is approved for one or more of the other purposes
described in Section 1 (A), (B) and (C) of this ordinance. If the
bonds are approved for all of said purposes, all bonds will be com-
bined into a single issue. In the event bonds are approved for less
than all of said purposes, as many as are approved, together with
the bonds for accomplishing the refunding (being those described
in Section 1 (D)) will be combined into a single issue. And, in
Y `s
Page 4
the event bonds are approved for less than all of said purposes,
there will be a proportionate reduction in principal amount in the
above maturity schedule.
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 bonds in the principal
amount of $570,000 for the purchase,
development and improvement of public
parks . . . . . . . . . . . . . . . . . . . . . . /�
Against an issue of bonds in the principal
amount of $570,000 for the purchase,
development and improvement of public
parks . . . . . . . . . . . . . . . . . . . . . . /--%
For an issue of bonds in the principal
amount of $300,000 for the purchase of
sites for and constructing and equipping
buildings for the housing of fire fighting
apparatus, and the purchase of fire fighting
apparatus . . . . . . . . . . . . . . . . . . . . / —%
Against an issue of bonds in the principal
amount of $300,000 for the purchase of
sites for and constructing and equipping
buildings for the housing of fire fighting
apparatus, and the purchase of fire fighting
apparatus . . . . . . . . . . . . . . . . . . . . / -7
For an issue of bonds in the principal
amount of $4,055,000 for the purchase of
rights of way for and constructing streets
and boulevards, including, without limitation,
widening, straightening, surfacing and drainage.
Against an issue of bonds in the principal
amount of $4,055,000 for the purchase of
rights of way for and constructing streets
and boulevards, including, without limitation,
widening, straightening, surfacing and drainage. . / -�
Page 5
The bonds that are issued will be dated August 1,
1965, 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 1969 to
1991, 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 $3,075,000
in principal amount of refunding bonds to refund all
of the outstanding General Obligation Improvement
Bonds of the City dated December 1, 1958. The Board
of Directors will levy and there will be collected a
continuing annual tax in an amount sufficient to
insure the payment of the principal of and interest
on the bonds that are issued. The bonds that are
issued 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.
Page 6
Section 6. That the Mayor is authorized to advertise,
according to the terms of Amendment No. 13 to the Constitution of
the State of Arkansas, the public sale of the proposed bond issue.
Section 7. 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 8. 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 July 6 , 1965.
APPROVED:
Mayor
ATTEST:
�aL � &0-
City Clerk
(3.)
APPROVED AT SPECIAL ELECTION HELD ON SEPTEMBER 14, 1965