HomeMy WebLinkAbout146-04 RESOLUTION•
•
RESOLUTION NO. 14 6- 0 4
A RESOLUTION TO EXPRESS THE SUPPORT OF THE CITY OF
FAYETTEVILLE FOR REFERRED CONSTITUTIONAL AMENDMENT
2 TO ALLOW THE LEGISLATURE TO ISSUE GENERAL OBLIGATION
BONDS FOR UP TO 5% OF STATE GENERAL REVENUES TO FUM) A
LARGE DEVELOPMENT PROJECT
WHEREAS, the public policy decisions of the Arkansas Legislature impact
every citizen of the state, both private and corporate, and ultimately determine to a great
extent the level of prosperity and achievement enjoyed by Arkansas citizens; and
WHEREAS, the State of Arkansas lacks the necessary economic incentive
component to successfully locate an economic development super project in the state; and
WHEREAS, the inability to adequately fund the infrastructure related costs
associated with a super project in Arkansas creates a competitive disadvantage in
economic expansion, and other southern states have enjoyed the economic benefits of
locating a super project resulting in the loss of opportunity for economic development
and expansion in Arkansas; and
WHEREAS, the location of a super project creating a minimum of 500 jobs with
a capital investment of $500,000,000.00 will increase the quality of life for the citizens of
Arkansas; and
WHEREAS, super projects require large up -front commitment of funds for
infrastructure such as water/wastewater capacity, rail access, and connection of roads to
interstate highways and utilities; and
WHEREAS, the Arkansas Legislature has wisely offered the Arkansas electorate
the opportunity at the November 2004 general election to amend the Arkansas
Constitution to allow the Arkansas General Assembly, meeting in regular or special
session, the authority to approve general obligation bonds, not to exceed five percent
(5%) of state general revenues, to fund an economic development project investing a
minimum of five hundred million dollars ($500,000,000.00) and creating a minimum of
five hundred (500) jobs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby
endorses and supports the proposed Amendment 2 to the Arkansas Constitution.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby
resolves to educate its citizens about the necessity of Amendment 2 to the economic
• •
development benefits of a super project locating in Arkansas and supporting the cause
Amendment whenever and however possible in the coming year, including through
educations seminars, communication through newsletters and other means, providing
information on its website, encouraging members to financially support the Amendment
2 campaign, and encouraging members to vote.
Section 3: That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the Arkansas Economic Developers to use our name while supporting the
cause of Amendment 2 during the campaign.
PASSED and APPROVED this 21s` day of September, 2004.
By:
ATTEST:
By: ztst-dam
SO RA SMITH, City Clerk
APPROVED:
DAN COODY, Mayor
NAME OF FILE:
CROSS REFERENCE:
Resolution No. 146-04
Document
•
NOTES:
1
08/30/04
memo to mayor & City Council
2
draft resolution
3
sample resolution
4
Staff Review Form
5
Amendment No. 2
6
draft resolution
7
Amendment No. 2 flyer
8
memo to Ray Boudreaux
9
10
11
12
13
14
15
16
NOTES:
/.C!=s4./ r(
411 City Council Meethit September 21, 2004%/L/ /o14
J / `i0'
4144illlt/n1 a /
I&flJ- t0/Si f 0Z
tbruptorr
Agenda Item Number:
CITY COUNCIL AGENDA MEMO
TO: Mayor and City Council
THRU: Staff Review Committee
FROM: Ray M. Boudreaux, Director, AviatiMr-
on : . Economic Development
DATE: August 30, 2004
SUBJECT: Approval of resolution supporting Amendment 2 to the Arkansas Constitution
which allows the Arkansas General Assembly to approve general obligation
bonds to fund super economic development projects investing $500,000,000.00
and creating 500 jobs.
RECOMMENDATION: Approve the resolution which allows the Arkansas Economic
Developers, an organization economic development professionals, to recognize the City of
Fayetteville as m support of the resolution the General assembly to support very large
projects which invests a minimum of $500,000,000.00 and creates a minimum of 500 jobs
and which resolves that the City Council, through its actions, will educate its citizens of the
necessity for such a resolution by the General Assembly.
BACKGROUND* Jim Pickens, former director of the Arkansas Department of Economic
Development made presentation to the Arkansas Economic Developers Conference and has
been tasked by Governor Huckabee to educate the citizens of Arkansas on the need for this
amendment. The need was brought to the forefront when Toyota was looking for an
assembly plant site in the South. Arkansas was unable to compete with neighboring states
due to the lack of GO Bond Authority for mega projects needing help to locate in the State.
Support of the City Council demonstrates the need for the citizens to vote in favor of the
amendment as an economic development tool needed in Arkansas.
DISCUSSION: Toyota located in Kentucky. Kentucky invested $147 Million in 1985. Toyota hired 7500
people and invested $600M. Ten years later 37,500jobs have been attributed to the plant through suppliers
and supportjobs. The Kentucky economy has grown by $1.5B. They believe that each year, the State receives
a 37% return on their investment. The economic impact of these large projects is felt all over the State and is
very significant. Manufacturers are looking to the South for new plant sites. The reasons for this are many but
near the top of the list are quality workforce, unions, suitable land and transportation networks.
BUDGET IMPACT: None.
Attachments: Staff Review Form
Draft Resolution
Aviation and Economic Development Department
Fayetteville Municipal Airport, Drake Field
4500 South School Avenue, Suite F
Fayetteville, Arkansas 72701
Ray M. Boudreaux, Director
• •
RESOLUTION NO.
A RESOLUTION TO EXPRESS THE SUPPORT OF THE CITY OF
FAYETTEVILLE FOR REFERRED CONSTITUTIONAL AMENDMENT
2 TO ALLOW THE LEGISLATION TO ISSUE GENERAL OBLIGATION
BONDS FOR UP TO 5% OF STATE GENERAL REVENUES TO FUND A
LARGE DEVELOPMENT PROJECT
WHEREAS, the public policy decisions of the Arkansas Legislature impact
every citizen of the state, both private and corporate, and ultimately determine to a great
extent the level of prosperity and achievement enjoyed by Arkansas citizens; and
WHEREAS, the State of Arkansas lacks the necessary economic incentive
component to successfully locate an economic development super project in the state; and
WHEREAS, the inability to adequately fund the infrastructure related costs
associated with a super project in Arkansas creates a competitive disadvantage in
economic expansion, and other southern states have enjoyed the economic benefits of
locating a super project resulting in the loss of opportunity for economic development
and expansion in Arkansas; and
WHEREAS, the location of a super project creating a minimum of 500 jobs with
a capital investment of $500,000,000.00 will increase the quality of life for the citizens of
Arkansas; and
WHEREAS, super projects require large up -front commitment of funds for
infrastructure such as water/wastewater capacity, rail access, and connection of roads to
interstate highways and utilities; and
WHEREAS, the Arkansas Legislature has wisely offered the Arkansas electorate
the opportunity at the November 2004 general election to amend the Arkansas
Constitution to allow the Arkansas General Assembly, meeting in regular or special
session, the authority to approve general obligation bonds, not to exceed five percent
(5%) of state general revenues, to fund an economic development project investing a
minimum of five hundred million dollars ($500,000,000.00) and creating a minimum of
five hundred (500) jobs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS•
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby
endorses and supports the proposed Amendment 2 to the Arkansas Constitution.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby
resolves to educate its citizens about the necessity of Amendment 2 to the economic
•
r •
development benefits of a super project locating in Arkansas and supporting the cause
Amendment whenever and however possible in the coming year, including through
educations seminars, communication through newsletters and other means, providing
information on its website, encouraging members to financially support the Amendment
2 campaign, and encouraging members to vote.
Section 3: That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the Arkansas Economic Developers to use our name while supporting the
cause of Amendment 2 during the campaign.
PASSED and APPROVED this 215` day of September, 2004.
ATTEST:
By:
SONDRA SMITH, City Clerk
APPROVED:
By:
DAN COODY, Mayor
• •
RESOLUTION OF THE CITY OF FAYETTEVILLE
CITY COUNCIL
SUPPORTING ARKANSAS CONSITUTIONAL AMENDMENT 2
September 21, 2004
WHEREAS, the public policy decisions of the Arkansas Legislature impact every citizen of the
state, both private and corporate, and ultimately determine to a great extent the level of prosperity and
achievement enjoyed by Arkansas citizens; and
WHEREAS, the State of Arkansas lacks the necessary economic incentive component to
successfully locate an economic development super project in the state; and
WHEREAS, the inability to adequately fund the infrastructure related costs associated with a
super project in Arkansas creates a competitive disadvantage in economic expansion, and other southern
states have enjoyed the economic benefits of locating a super project resulting in the loss of opportunity for
economic development and expansion in Arkansas; and
WHEREAS, the location of an super project creating a minimum of 500 jobs with a capital
investment of $500,000,000 will increase the quality of life for the citizens of Arkansas; and
WHEREAS, super projects require large up -front commitment of funds for infrastructure such as
water/wastewater capacity, rail access, and connection of roads to interstate highways and utilities; and
WHEREAS, the Arkansas Legislature has wisely offered the Arkansas electorate the opportunity
at the November 2004 general election to amend the Arkansas Constitution to allow the Arkansas General
Assembly, meeting in regular or special session, the authority to approve general obligation bonds, not to
exceed five percent (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 CITY COUNCIL OF FAYETTEVILLE:
That the Fayetteville City Council and its membership endorse and support the proposed
Amendment 2 to the Arkansas Constitution; and
That the Fayetteville City Council resolves to educate its citizens about the necessity of
Amendment 2 to the economic development benefits of a super project locating in Arkansas and supporting
the cause Amendment whenever and however possible in the coming year, including through educational
seminars, communication through newsletters and other means, providing information on its website,
encouraging members to financially support the Amendment 2 campaign, and encouraging members to
vote; and
That Fayetteville City Council authorizes the Arkansas Economic Developers to use our name
while supporting the cause of Amendment 2 during the campaign.
Dan Coody
Mayor
City of Fayetteville, Arkansas
(DATE)
• •
STAFF REVIEW FORM - NON-FINANCIAL OBLIGATION
X AGENDA REQUEST
For the Fayetteville City Council Meeting of: September 21, 2004
FROM:
Ray M. Boudreaux Economic Development
Name Division
Aviation and Economic Development
Department
ACTION REQUIRED: Approve resolution supporting Amendment 2 to the Constitution of the State of Arkansas.
SUMMARY EXPLANATION: The Arkansas Economic Developers association along with Jim Pickens, former director of
the Arkansas Economic Development Department (ADED), are working very hard to educate the electorate on the need
for the general assemble to have the authority, on projects that qualify, to bond support for the infrastructure necessary
to attract new industry to the State. Support of this resolution would be a significant step in convincing the local citizens
the need to vote in favor of the amendment.
STAFF RECOMMENDATION:
Date
%/ /log
Date
artment Director
Trance & Internal Services Dir.
9 --
Date
Da e
Received in Mayor's Office
91/2/6 4f
Date ?0L.
Cross Reference:
Previous Ord/Res#:
Orig. Contract Date:
Orig. Contract Number:
New Item: Yes X No
•
Amendment
Frequently Asked Questions
•
Q: What is Amendment 2?
A: Amendment 2 would give the State of Arkansas the authority to issue general
obligation bonds to fund the infrastructure necessary for a super project. The amendment
will be on the ballot in the general election on November 2.
Q: What is a super project?
A: A super project is one in which a company commits to a minimum of 500 new jobs
and $500 million in new investment.
Examples include steel mills, computer chip facilities, corporate headquarters, aerospace
companies, automotive assembly plants and pharmaceutical companies.
Emerging technologies, such as nanotechnology or biotechnology, may also have needs
that could be met by Amendment 2.
There are currently several examples in Arkansas that would fit the super project
definition:
• Nucor and Nucor-Yamato steel mills in Blytheville — 1,200+ employees; $1.4
billion+ investment
• International Paper in Pine Bluff, Georgia Pacific in Crossett, Domtar in Ashdown —
each 1,200+ employees; $1 billion+ investment
Nestle in Jonesboro would not be a super project; it committed to 1,000 jobs but only
$165 million investment.
Super projects elsewhere in the U.S. over the last five years:
• DEC Pharmaceuticals in California — 2,400 jobs; $1.25 billion investment
• Benentech (biotech pharmaceuticals) in California — 570 jobs; $600 million
investment
• Capital One (financial services) in Virginia — 8,000 jobs; $700 million investment
• Toshiba -SanDisk (flash -memory chips) in Virginia — 600 jobs; $750 million
investment
Amendment 1
November 2, 2004
•
•
• •
• Auto Alliance International (auto parts) in Michigan —1,389 jobs; $644 million
investment
• Pfizer (pharmaceuticals) in Michigan — 600 jobs; $600 million investment
• Toyota in San Antonio, Texas — 2,000 jobs; $800 million investment
Q: Why do we need Amendment 2?
A: Super projects require state investment in a city or county to provide or to improve
public infrastructure, such as water/wastewater capacity, rail access, road construction/
improvements, land purchase and utilities.
We must assure prospective companies that the state can fund proposals made as part of
our negotiations. We must also assure companies that we can respond in a timely manner.
Amendment 2 would provide the mechanism to offer those assurances.
It's not practical to set aside a large pool of money for this purpose. Bond financing is
the only practical route to meet the up -front cash needs of a super project.
In surrounding states, the legislature or another entity can issue general obligation bonds.
The lack of flexibility in Arkansas puts us at a competitive disadvantage.
Q: What is a general obligation bond?
A: A general obligation bond is a bond that cames the full faith and credit of the State
of Arkansas.
Q: How does it work?
A: The Arkansas Department of Economic Development (ADED) and the Arkansas
Development Finance Authority (ADFA) would analyze the cost -benefit of the project
and submit worthy projects to the governor.
If the governor approvesthe project, he would then submit the proposal to the legislature
in a regular or specially called legislative session.
The legislature, in regular or special session, would evaluate the project and determine
whether to issue the bonds ADFA would then issue the bonds.
The legislature, at each session, would appropriate funds from existing revenue sources to
meet the debt service requirement of the bonds.
Amendment Eir
2 November 2, 2004
•
• •
The maximum amount of bonds that can be issued would be equal to 5 percent of state
general revenues during the most recent year— currently approximately $200 million in
bonds.
Q: How much would the annual debt service cost?
A: If $200 million in general obligation bonds were issued at 5 percent interest, the
annual debt service on a 20 -year issue would be approximately $16 million from existing
state revenues. It would require no additional taxes to be raised
This is an investment that will return more dollars to the state than it will cost.
Q: Will it raise taxes?
A: No. Existing revenue sources would be used to retire the bonds.
Q: Are there safeguards?
A: Yes ADED and ADFA must perform a comprehensive economic impact analysis on
the proposed super project and provide this information to the governor and legislature
before a decision to issue bonds is made. The legislature would ultimately decide if the
bonds should be issued.
Q: Is it likely that the General Assembly would look favorably on the
issuance of general obligation bonds for a super project?
A: Yes. The General Assembly referred this to a vote of the people. They recognized
the need for more and better jobs by putting this issue on the ballot.
Q: If this amendment to the Constitution is so necessary, why hasn't it
already been addressed?
A: The consideration by Toyota in 2001 to locate a plant in Arkansas clearly revealed the
need for a mechanism to readily supply a large company with the infrastructure needs that
are likely to be provided by another, competing state.
Also, the Fluor GLS study commissioned by the Arkansas General Assembly and issued in
May 2002 recommended that the state take action to prepare itself for a super project.
Amendment El 3 November 2, 2004
• •
Q: How do other states address the infrastructure needs of large projects?
A: A key to being able to compete for a super project is the ability to build roads,
provide water, sewer or rail extensions to a community hosting the project. Currently,
the Arkansas Constitution prohibits us from being able to respond in a timely fashion.
Many of our competitor states have the ability to address the needs in a timely manner.
Passage of Amendment 2 will level the playing field for Arkansas' workforce.
Q: Will the state entire state benefit from the passage of Amendment 2?
A: All parts of the state could be a host to a super project In addition, a super project
that locates within the state will benefit the entire state through increased tax revenues,
supplier locations and other spin-off businesses that locate in Arkansas in order to be
close to the new super project. The additional jobs that are created include people who
work at supplier companies and businesses that supply services, such as retail, food, real
estate, day care and many others.
Q: Where do super projects usually locate?
A: Large projects such as automobile assembly plants generally have located in rural
areas within 50 miles of an urban area. They are near the convergence of two interstate
highways, preferably with access to two railroads.
Steel mills are more likely to locate on a navigable waterway in order to take advantage
of the lower cost of shipping scrap steel by barge.
Paper mills are likely to locate in rural areas where large quantities of water and abundant
forest resources are more easily accessible.
Corporate headquarters and pharmaceutical companies can locate anywhere, but usually
locate in or near metropolitan areas.
But for all types of projects, a trainable labor force and suitable infrastructure must be
available. Arkansas certainly has several locations that would qualify.
Q: What will happen if Amendment 2 does not pass?
A: Arkansas will not be in a position to compete for super projects without the ability to
fund, in a timely manner, the infrastructure needs of a super project. Arkansas will be
uncompetitive for projects of this type.
Amendment 4`�'
4 November 2, 2004
•
• •
Q: Why is Amendment 2 important?
A: A super project will bnng jobs — not just any jobs, but high -paying fobs.
A super project will also bring increased tax revenue for the State of Arkansas — money
that could be used to improve the state's education system, health care and more.
Q: Who will decide Arkansas' future?
A: Only you can. Without the authonty to issue general obligation bonds, your state will
be hard-pressed to compete for super projects and the numerous economic benefits our
dedicated workforce deserves.
Q: What can you do?
A: Educate yourself about the benefits of Amendment 2 and encourage your family,
friends, neighbors, co-workers and business associates to leam about it as well.
Amendment 2 does not raise taxes. It raises opportunities for our citizens.
This is an investment that will return more dollars to the state than it will cost.
Amendment e 5
November 2, 2004
•
• •
*A case study
In 1988, Toyota located in Georgetown, Kentucky. The state provided $147 million in
incentives for a commitment by the company to invest $800 million in a plant and
employ 3,000 workers.
Over a 10 -year period, Kentucky has collected $571 million in new state taxes, a $3.89
return for each $1 invested by the state.
The $800 million the company originally invested has now grown to $5.3 billion.
The 3,000 initial jobs have grown to 7,500 jobs. With the multiplier effect, there are 4.6
new jobs for each job created by the company.
Today's average wage/benefit is $60,000.
Employees at the plant come from 116 of Kentucky's 120 counties.
"Arkansas Democrat -Gazette article, 10-2-2002
Amendment er
6 November 2, 2004
•
•
Automotive industry in the South
Super projects from many types of industries would qualify under Amendment 2. The
automotive industry is just one.
Over the next decade, it's anticipated that 10 to 20 new automotive assembly plants will
be built in the South.
Currently, states with automotive plants include the following:
Alabama: Honda (3,300 employees with an additional 1,000 to be added by early 2005);
Hyundai (1,000 employees at start-up, 2,000+ by 2007; $1 billion investment);
Mercedes-Benz. In 2003, 32 new automotive suppliers announced they would build in
the state.
• Georgia: Ford
• Kentucky: Ford, Toyota
• Louisiana: GM
• Mississippi: Nissan (Nissan committed to a $1.43 billion investment; Mississippi
issued $295 million in general revenue bonds to pay for the infrastructure costs for
the Nissan plant.)
• Missouri: Chrysler, Ford, GM
• Oklahoma: GM
• South Carolina: BMW
• Tennessee: Nissan, Saturn
• Texas: GM, Toyota
• Virginia: Ford
• West Virginia: Toyota
Amendment
7 November 2, 2004
RESOLUTION NO.
�.1 u ;
NConsf;fc,lra,„,('
A RESOLUTION TO EXPRESS THE SUPPORT OF THE CITY OF
FAYETTEVILLE FOR REFERRED CONSTITUTIONAL AMENDMENT
2 TO ALLOW THE LEGISLATURE TO ISSUE GENERAL OBLIGATION
BONDS FOR UP TO 5% OF STATE GENERAL REVENUES TO FUND A
LARGE DEVELOPMENT PROJECT
WHEREAS, the public policy decisions of the Arkansas Legislature impact
every citizen of the state, both private and corporate, and ultimately detertmne to a great
extent the level of prosperity and achievement enjoyed by Arkansas citizens; and
WHEREAS, the State of Arkansas lacks the necessary economic incentive
component to successfully locate an economic development super project in the state; and
4
WHEREAS, the inability to adequately fund the infrastructure related costs
associated with a super project in Arkansas creates a competitive disadvantage in
economic expansion, and other southern states have enjoyed the economic benefits of
locating a super project resulting in the loss of opportunity for economic development
and expansion in Arkansas; and
WHEREAS, the location of a super project creating a minimum of 500 jobs with
a capital investment of $500,000,000.00 will increase the quality of life for the citizens of
Arkansas; and
WHEREAS, super projects require large up -front commitment of funds for
infrastructure such as water/wastewater capacity, rail access, and connection of roads to
interstate highways and utilities; and
WHEREAS, the Arkansas Legislature has wisely offered the Arkansas electorate
the opportunity at the November 2004 general election to amend the Arkansas
Constitution to allow the Arkansas General Assembly, meeting in regular or special
session, the authority to approve general obligation bonds, not to exceed five percent
(5%) of state general revenues, to fund an economic development project investing a
minimum of five hundred million dollars ($500,000,000.00) and creating a minimum of
five hundred (500) jobs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby
endorses and supports the proposed Amendment 2 to the Arkansas Constitution.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby
resolves to educate its citizens about the necessity of Amendment 2 to the economic
development benefits of a super project locating in Arkansas and supporting the cause
Amendment whenever and however possible in the coming year, including through
educations seminars, communication through newsletters and other means, providing
information on its website, encouraging members to financially support the Amendment
2 campaign, and encouraging members to vote.
Section 3. That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the Arkansas Economic Developers to use our name while supporting the
cause of Amendment 2 during the campaign.
PASSED and APPROVED this 215' day of September, 2004.
ATTEST:
By:
SONDRA SMITH, City Clerk
APPROVED:
By: O
DAN COODY, Mayor
CD
E
.o
cc co
PLE
AMENDMENT 2 DOES NOT RAISE TAXES. IT RAISES OPPORTUNITIES FOR YOU.
N 3.a0
2 8 d J
o a
w_ D $ 3
am 5.D (O
rCO0
a $ a o y 8 5
J ¥ m J
N » a O. a
o}a2 <
o w m m
° m m s N 2
Ptit
E
E. m O
o w a 0
w Q
y ( a
m�
�D
mo 33m
0il o
0
-1D
NZ
0 0 c
G
Z
0
0x
•J
0 0 3 0< o a 0
5 m - D
a o
O p m J 3 Cr y y I-
'=0 .J.. m°° • d 1
0 o °' -g m c m
m 3 3 o » {
p- m C7 m 3 J 0 in
°° -Cr o 3 o mJ m o p
�; c
i co m » w
0 » O m a
6) C D CFI » j •-•00 a
° 88R-9,4-°14
�S� .a
J ti C in
aa� ai���
3 �1i 8.jn� a
p�0 m `" 3: c 07:18
7C O. 5 j (D N p n or
m° a w 3 0
CD m y p a o o a
O Pe
co
0
c to
g
0
3, m
O '
O c0
6
co°
w En
P
8
a
a
The average annual wage in the facility is $60000.
°
CD
O ElV
D• 8
m Q Q
c a m
m a N
-o ° g
a.
i o
02
f0 O.
O
0
0 a
O0 Ot
a
w
O
m m 'o a Cn c
on von 3R
3 ` o— 2 as
c crt.pc
m 3 co ;
w o 5 m
Eno
cng
aEn 3. ?
CO O
J a
o 5 0 3
g3 E
ti (11 D
N co
Q°
0
O
3
m
W O
8
O (,
5,
as
N
N O.
< y
m
o w » g
m a w
J 0
pm 3 0 3
J 0 J 3 Cr N
O. m 0 0 §.
a 0 m » t
3 3 3 m
o m o m m
3 3 0 J c
? O •N m
ms?) Col 7 c)
00 < O Ff
m c a- ..
D -°o a °Q co
r 5 m cc A »
-0 0et I-
. OU
m
m g m m o N.
co _D w 3 -a 93 o
m O a of F Ny
0 N f0 8
F
,; stoafoad Jedns„
WOULD AMENDMENT 2 WORK?
the specific purpose of attracting
3 m J m
N
C o C enp •
OD 0
aCU w a
a -O �' y
o. 0 w
&5302
ISN a
8 0
3.0 0 .H
3
' 4 3. g
Z' CD
0' m
a 2 7
Other states have this option.
lou scop ses
to issue general obligation bonds for
(D
m o
CD
5
D m 0
CD Q
3 m o
CTm
N) 6
O O N
c C
C Q
ao
O
D
8 0
0
J
° N g 03 cn°
-i 8-
J . w
of °"`O8°
c
So 0, no 0
m
6
I
CD
D
C
CD0(D
0
a
Q
surrounding states for more and
a fighting chance to compete with
Constitution would give Arkansas
Proposed Amendment 2 to our state's
a
CD
a
coV
■ 3
-'mus a'
y m
5 8 w o
m 3 m
a O o O
c
0 0.0
r m m a
w
J 3
w.
0
Jm
O
O
J o- Q
y 7
2 °0
J o
o cr/�
c g 2
j0 co
0. O
0. C -
m
6 -6-
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
City Clerk Division
DEPARTMENTAL CORRESPONDENCE
•
113 West Mountain
Fayetteville, AR 72701
Telephone: (479) 575-8323
To:
From:
Date:
Re:
Ray Boudreaux
Aviation & Economic Development
Clarice Buffalohead-Pearman
City Clerk Division
September 27, 2004
Resolution No. 146-04
The City Council passed a resolution September 21, 2004, expressing the city's support
of referred Constitutional Amendment 2. I have attached a copy of the resolution.
The resolution will be recorded in the city clerk's office and microfilmed. If anything
else is needed please let the clerk's office know.
/cbp
attachments
cc: Nancy Smith, Internal Auditor