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ORDINANCE NO. )~~~,
AN ORDINANCE CALLING A SPECIAL ELECTION ON THE QUESTION
OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING
CERTAIN TOURISM~~tELATED FACILITIES; ANp PRESCRIBING
VARIOUS MATTERS RELATEb THERETO.
WHEREAS, it has been found and determined by the Gity Council
of the city of west Memphis, Arkansas (the "city'+) that it is the
' interest of the City and its inhab~,tants that the City construct
certain improvements for promotion of tourism in the city,
specifically a municipal golf course and related facilities the
"Golf,Course") and arena and fairgrounds facilities, with related
facilities (the "Fairgrounds") and that such facilities will
encourage, develop and increase tourism in the City; and
WHEREAS, the Golf Course and the Fairgrounds are described in
further detail in the forms of ballot, hereinbelow; and
WHEREAS, the Golf Course and the Fairgrounds can be financed
by bonds secured by and payable from the pledge of collections of
a hotel and restaurant gross receipts tax levied at the rate o~ 2~
under the provisions of Arkansas code of 1987 Annotated, Title 26,
Ghaptex 75, Subchapter 6 (the "Enabling Legisiatian");
NOW, THEREFORE, He it Ordained by the City Council of the City
of Weft Memphis, Arkansas.
section 1. There is hereby called a special election in the
City, on the 27th day of July, 1993, at which special election
there shall be subm~.tted to the electors of the city the questions
of the issuance of bonds, secured by a pledge of and payable from
collections of the Tax, for the purposes of financing the Golf
Course, in the principal amount of not to exceed $3,000,000, and
the Fairgrounds, ~.n the principal amount of not to exceed
$1,800,000.
Section 2. The questions shall be placed on the ballot for
the special election in substantially the fa7.lowing forms:
vote on each measure by placing an "X" in the square opposite
the measure either FOR or AGAINST:
FOR the issuance of Bonds in the principal amount of nat
to exceed $3,000,000 for the purpose of financing the
construction and equipping of a municipal golf course and
related facilities, including, without limitation, pro
shops, club house, golf carts, equipment sheds and other
outbuildings and parking facilities. (Issuance of such
Bonds is subject, however, to the determination of the
City council, based upon a study or studies, that the
construction and equipping of such facilities is
financially appropriate.) ^
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AGAINST the issuance of Bonds in the principal amount of
not to exceed $3,000,000 for the purpose financing the
construction and equipping of a municipal golf course and
related facilities, including, without limitation, pro
shops, club house, golf carts, equipment sheds and other
outbuildings and parking facilities. (Issuance of such
Bonds is subject, however, to the determination of the
City Council, based upon a study or studies, that the
construction and equipping of such fac~,lities is
financially appropriate.)
FOR the issuance of Bands in the principal amount of not
to exceed $}., 800, 00o far the purpose of financing the
construction and equipping of a multipurpose sports and
recreational arena, with both enclosed and outdoor
facilities to serve as fairgrounds for the show~.ng and
demonstration of livestock, crafts, products and other
items of interest and for the provision of entertainment
and recreation, with related and ancillary facilities,
including, without limitation, stables, animal enclosures
and parking facilities.
AGAINST the issuance of Bonds in the principal amount of
not to exceed $1, 800, 000 for the purpose of financing the
construction and equipping of a multipurpose sports and
recreational arena, with bath enclosed and outdoor
facilit~,es to serve as fairgrounds for the showing and
demonstration of livestock, crafts, products and other
items of interest and for the provision of entertainment
and recreation, with related and ancillary facilities,
including, without limitation, stables, animal enclosures
and parking facilities.
If Bonds for either oz both of the above purposes or for
the golf course and related facilities are approved and
issued, the Sonds will be secured by a pledge of and
payable from collections of a city tax at the rate of 2~
on the gross receipts of restaurants, cafes, cafeterias
and other establishments selling prepared food within the
Gity and on the gross receipts from renting, leasing, or
otherwise furnishing hotel or motel accommodations for
profit within the City. The tax pledged to the Bonds
will be collected in addition to the ~$ hotel and
restaurant tax now being collected in the City. Any tax
pledged to secure Bonds will be collected until all the
Bonds are paid or payment of such Bonds is otherwise
provided for. Bonds which are approved may be issued at
one time or in series from time to time.
Section 3. The election shall be held and conducted
vote canvassed and the results declared under the law and
manner now provided for municipal elections, so far as the
and the
in the
same is
applicable, and only qualified electors of the city shall have the
right to vote at the election.
Section 4. The City Clerk shall publish notice of the special
election by one publication in a newspaper having general
Circulation within the City not less than (10) days prior to the
election date.
section 5. 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 Circua.t Court of Crittenden
,,. County, Arkansas, within thirty (30) days after the date of
publication of such proclamation.
Section 6. A copy of this Ordinance shall be given to the
Crittenden County Soard of Election Commissioners so that the
necessary election officials and supplies may be provided.
Section 7. Subject to mutual agreements regarding
compensation, the firm of Stephens Inc, shall be engaged to serve
as underwriter for the proposed bonds and the law firm of Friday,
Eldredge & Clark shall be engaged to zepresent the City as bond
counsel .
Section 8. All ordinances and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
Section 9. The provisions of this Ordinance are severable.
If any provision hereof shall be declared to be invalid oz
unenforceable, such holding shall not affect the remainder hereof.
PASSED:
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pTrEST
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