HomeMy WebLinkAbout127-84 RESOLUTION•
RESOLUTIG1 ND -127-84
1
A RESOLUTION SUPPORTING PROPOSED AMENDMENT NO. 62
TO THE ARKANSAS CONSTITUTION TO AUTHORIZE LOCAL
GOVERNMENTS TO ISSUE GENERAL OBLIGATION BONDS
BEARING INTEREST AT A RATE NOT TO EXCEED TWO (2)
PER CENT PER 'ANUM ABOVE THE FEDERAL RESERVE RATE
TO FINANCE CAPITAL IMPROVEMENTS AND TO SECURE
INDUSTRY.
•
WHEREAS, Amendment No. 13 to the Arkansas Constitution provides
that general obligation bonds issued by a municipality for capital
improvements shall not bear interest at a rate greater than six (6)
per cent per anum; and
WHEREAS, said interest rate limitation prohibits municipalities
in Arkansas from being able to finance badly needed capital improvements;
and
WHEREAS, proposed Amendment No. 62 to the Arkansas Constitution
would authorize municipalities, with the consent of the electorate,
to issue bonds bearing interest at a rate not to exceed two (2) per
cent per anum above the Federal Reserve rate to finance capital improve-
ments and to secure and develop industry; and
WHEREAS, the Board of Directors has determined that the passage
of proposed Amendment No. 62 is in the best interest of the citizens
of Fayetteville and other cities throughout the State of Arkansas.
NOW, TORE, BE IT RESOLVED BY THE BOARD OF DIRECIURS OF THE
CITY OF FAYE' TEVIL E, ARKANSAS:
That the Board of Directors hereby strongly supports the adoption
of proposed Amendment No. 62 to the Arkansas Constitution.
PASSED AND 4PP1OVED this 30th day of October
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ATTEST:
, 1984.