RES NO 10-03-1982 tO'3-t
CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. 3 0 -1982
WO A RESOLUTION SUPPORTING THE ADOPTION OF PROPOSED AMENDMENT NO. 60 TO THE
CONSTITUTION OF THE STATE OF ARKANSAS.
WHEREAS, There will be submitted at the general election on November
2, 1982, the question of the adoption of Amendment No. 60
to the Constitution of the State of Arkansas, which is en-
titled, "The 1982 Interest Rate Control Amendment and
WHEREAS, Under current economic conditions the provisions of the 1874
Constitution of Arkansas limiting rates of interest have made
it impossible for local governments in the State of Arkansas
to issue bonds needed to finance essential capital improve-
ments and governmental services; and
WHEREAS, Local governments must compete for the sale of their bonds
in the national markets which are not restricted by the in-
terest rate limitations of the 1874 Constitition; and
WHEREAS, The inability of local governments to finance needed public
improvements has, and unless Amendment No. 60 is adopted,
will continue to, result in the increased cost of public
improvements, the reduction of local employment and economic
activity, and the inability of local governments to provide
needed public improvements and services, all to the detriment
of the citizens of such communities; and
WHEREAS, The adoption of Amendment No. 60 will remove any unnecessary
and unreasonable barrier to the financing of public S
improvements,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN,
ARKANSAS:
1. The City Council hereby expresses its endorsement and
approval of Amendment No. 60, and respectfully urges the
citizens of the City of Van Buren, Arkansas, to vote FOR
Amendment No. 60 at the general election on November 2, 1982.
2. A copy of this Resolution shall be published in a news-
paper of general circulation within the City of Van Buren,
and provided to other news media serving the community, in
order that this action and the views expressed herein may be
made known to all of the citizens thereof.
3. This Resolution shall be in effect from and after its
passage.
PASSED -AND APPROVED THIS 18th DAY OF October 19 82
%tier MAYOR
ATTESTED,:-.'
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CITY CLERK TREASURER