0532 RESOLUTION NO. 532 ( #8 — 2000)
A RESOLUTION SUPPORTING THE CITY AND COUNTY GOVERNMENT REDEVELOPMENT
BOND AND SHORT -TERM FINANCING AMENDMENT (ALSO KNOWN AS AMENDMENT ONE
FOR THE 2000 GENERAL ELECTION BALLOT); AND, FOR OTHER PURPOSES.
WHEREAS, the Arkansas General Assembly has referred a Constitutional Amendment, House
I Joint Resolution 1012 (HJR 1012), to the voters of Arkansas for the November 7, 2000, General
Election;
WHEREAS, HJR 1012 has been given the ballot title Amendment One for the November 1, 2000
General Election;
WHEREAS, Amendment One will authorize municipal and county govemments to engage in tax
increment financing as a method of funding redevelopment projects and will authorize municipalities
and counties to incur short -term financing obligations;
WHEREAS, the maximum indebtedness authorized by this Amendment will be Five percent
(5 %) of the assessed value of the taxable property located within the municipality or Two and one -half
percent (2 1/2 %) of the assessed value of the taxable property located within a county;
WHEREAS, the interest payable on this indebtedness will not exceed Five percent (5 %) above
the equivalent bond yield of One (1) year U. S. Treasury bills offered by the U. S. Treasury at the last
auction during the immediately preceding calendar quarter;
WHEREAS, both the Arkansas County Judges Association and the Association of Arkansas
Counties will be supporting this proposed Constitutional Amendment; and,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE QTY OF JACKSONVILLE,
ARKANSAS, THAT:
SECTION ONE: The City Council of the City of Jacksonville, Arkansas, hereby officially
endorses the amendment to the Arkansas General Assembly designated as Amendment One for the
2000 General Election ballot.
SECTION TWO: All resolutions or parts of resolutions in conflict herewith are hereby
repealed to the extent of said conflict. rr''
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PPROVED AND ADOPTED THIS ' l DAY OF OCTOBER, 2000.
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MAYOR TO MY S AIM
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