2520 FILED
AT O'CLOCl�_M
s
AUG 2 2019
ORDINANCE NO. 2� ��
PAULA BROWN,CLERK
BY
AN ORDINANCE CALLING A SPECIAL ELECTION IN THE
CITY OF WEST MEMPHIS, ARKANSAS ON THE
QUESTION OF ISSUING BONDS UNDER AMENDMENT
NO. 62 TO THE CONSTITUTION OF THE STATE OF
ARKANSAS FOR THE PURPOSE OF FINANCING ALL OR
A PORTION OF THE COST OF CAPITAL RvIPROVEMENTS;
AND PRESCRIBING OTHER MATTERS PERTAINING
THERETO.
WHEREAS, the City Council of the City of West Memphis, Arkansas (the
"City") has determined that it would be in the best interest of the City to:
(a) acquire, construct, furnish and equip improvements to library facilities,
including particularly, without limitation, a new library and any necessary parking, landscaping,
drainage, lighting and utility improvements related thereto (the "Library Improvements"); and
(b) acquire, construct, furnish and equip park and recreational facilities and
improvements (i) in Hightower Park, including particularly, without limitation, improvements to
the Roberta. Jackson Neighborhood Center, trail improvements, a new pavilion and playground
equipment, (ii) in Tilden Rodgers Park, including particularly, without limitation, improvements
to the baseball fields, softball fields and tennis courts, a splash pad and playground equipment,
(iii) in Worthington Park, including particularly, without`limitation, a splash pad and (iv) in
Franklin Park, including particularly, without limitation, a splash pad, and any necessary land
acquisition and parking, landscaping, signage, concession, road and utility improvements related
thereto (the "Park and Recreational Improvements"); and
WHEREAS, the City Council proposes to finance all or a portion of the costs of
the Library Improvements and the Park and Recreatiq#al Improvements (collectively, the
"Capital Improvements") by the issuance of capital improvement bonds (the "Bonds") under the
authority of Amendment No. 62 to the Constitution of the State of Arkansas ("Amendment 62")
and Title 14, Chapter 164, Subchapter 3 of the Arkansas Code of 1987 Annotated (the
"Authorizing Legislation"), allocated as follows: (a) $1,935,000 in maximum principal amount
for the Library Improvements and(b) $9,050,000 in maximum principal amount for the Park and
Recreational Improvements; and
WHEREAS, the City can pay the principal of and interest on the Bonds from a
pledge, as collateral, of the City's share of collections of the net casino gaming receipts tax levied
under Amendment No. 100 to the Arkansas Constitution(the "Tax"); and
WHEREAS, the purpose of this Ordinance is to submit to the electors of the City
the questions of issuing the Bonds under Amendment 62 qnd the Authorizing Legislation at a
special election to be called for that purpose;
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NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of
West Memphis,Arkansas:
Section 1. That there is hereby called a special election to be held on
December 10, 2019, at which election there shall be submitted to the electors of the City the
questions of issuing the Bonds under Amendment 62 and the Authorizing Legislation in the
aggregate principal amounts described above to finance the Capital Improvements, to be secured
by a pledge, as collateral, of the City's share of collections of the Tax.
Section 2. That the questions of issuing the Bonds shall be placed on the
ballot for the election in substantially the following form:
LIBRARY IMPROVEMENT BONDS
Bonds of the City of West Memphis (the "City") in the maximum aggregate
principal amount of$1,935,000 for the purpose of:financing a portion of the costs of
acquiring, constructing, furnishing and equipping improvements to library facilities,
including particularly, without limitation, a new library and any necessary parking,
landscaping,drainage, lighting and utility improvements related thereto.
The bonds will be secured by a pledge, as collateral, of the City's share of collections
of the net casino gaming receipts tax levied under Amendment No. 100 to the
Arkansas Constitution (the "Tax"). The City's share of collections of the Tax not
used for payment of the bonds will be used by the City for other lawful purposes.
FOR................................................................................................................................ ❑
AGAINST...................................................................................................................... ❑
PARK AND RECREATIONAL IMPROVEMENT BONDS
Bonds of the City of West Memphis (the "City") in the maximum aggregate
principal amount of$9,050,000 for the purpose of financing all or a portion of the
costs of acquiring, constructing, furnishing and equipping park and recreational
facilities and improvements (i) in Hightower Park, including particularly, without
limitation, improvements to the Roberta Jackson Neighborhood Center, trail
improvements, a new pavilion and playground equipment, (ii) in Tilden Rodgers
Park, including particularly, without limitation, improvements to the baseball fields,
softball fields and tennis courts, a splash pad aril playground equipment, (iii) in
Worthington Park, including particularly, without limitation, a splash pad and (iv) in
Franklin Park, including particularly, without limitation, a splash pad, and any
necessary land acquisition and parking, landscaping, signage, concession, road and
utility improvements related thereto.
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The bonds will be secured by a pledge, as collateral, of the City's share of collections
of the net casino gaming receipts tax levied under Amendment No. 100 to the
Arkansas Constitution (the "Tax"). The City's share of collections of the Tax not
used for payment of the bonds will be used by the City for other lawful purposes.
FOR................................................................................................................................ ❑
AGAINST...................................................................................................................... ❑
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 provided for municipal
elections unless otherwise provided in the Authorizing Legislation and only qualified voters of
the City shall have the right to vote at the election.
Section 4. That the results of the election shall be proclaimed by the Mayor,
and his Proclamation shall be published one time in a newspaper having a general circulation in
the City, which Proclamation shall advise that the results as proclaimed shall be conclusive
unless attacked in the courts within thirty days after the date of publication.
Section 5. That a copy of this Ordinance shall be (a) filed with the Crittenden
County Clerk at least 60 days prior to the election date and (b) given to the Crittenden County
Board of Election Commissioners so that the necessary election officials and supplies may be
provided.
Section 6. That the Mayor and City Clerk, for and on behalf of the City, are
hereby authorized and directed do any and all things necessary to call and hold the special
election as herein provided.
Section 7. That if the Bonds are approved and issued, the City intends to
negotiate with Stephens Inc. which has assisted the City in preparation of the Bond size and
repayment structure, for the sale of the Bonds.
Section 8. That all ordinances and parts thereof in conflict herewith are
hereby repealed to the extent of such conflict.
PASSED: ��P�p-W, I I , 2019.
APPROVED:
ATT
Mayor
' City rk
(SEAL)
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CERTIFICATE
The undersigned, City Clerk of West Memphis, Arkansas, hereby certifies that the
foregoing pages are a true and perfect copy of Ordinance No.2 S Z 6 , passed at a q, u
session of the City Council of West Memphis, Arkrsas, held at th regular meeting place of the
City Council at 5' 00 o'clock p.m., on the ��—day of � m bP.f , 2019, and that the
Ordinance is of record in Ordinance Record Book No. , Page now in my
possession.
GIVEN under my hand and seal this day o : �Mll
, 2019.
1
City Clerk
(SEAL)
RECEIVED
Ci Clerk's ffl
Bic
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