RES NO 10-04-2000 CITY OF VAN BUREN, ARKANSAS
0 RESOLUTION NO. 16 4
&RESOLUTION SUPPORTING THE CITY AND COUNTY
GOVERNMENT REDEVELOPMENT BOND AND SHORT -TERM
FINANCING AMENDMENT KNOWN AS AMENDMENT 1 FOR THE 2000 BALLOT
WHEREAS, the Arkansas General Assembly has referred a Constitutional Amendment,
House Joint Resolution 1012 OUR 1012), to the voters of Arkansas for the November 6, 2000,
General Election, and;
WHEREAS, HJR 1012 has been given the ballot title Amendment 1 for the November 6,
2000 General Election, and;
WHEREAS, Amendment 1 will authorize municipal and county governments to engage in
tax increment financing as a method of funding redevelopment projects, and;
WHEREAS, Amendment 1 will authorize municipalities and counties to incur short-term
financing obligations, and;
WHEREAS, the maximum indebtedness authorized by this Amendment will be 5% of the
assessed value of the taxable property located within the municipality or 2' of the assessed value
of the taxable property located within a county, and;
WHEREAS, the interest payable on this indebtedness will not exceed 5% above the equivalent
bond yield of one year U.S. Treasury bills offered by the U.S. Treasury at the last auction during the
immediately preceding calendar quarter, and;
WHEREAS, the Arkansas County Judges Association and the Association of Arkansas
Counties will be supporting this proposed Constitutional Amendment, and;
WHEREAS, the Arkansas General Assembly chose this Amendment as one of the three to
be submitted to the voters in 2000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY/TOWN COUNCIL OF THE
CITYCCONVNOF Van Buren
That it officially endorses the amendment to the Arkansas Constitution as proposed in House
Joint Resolution 1012 of the 1999 session of the Arkansas General Assembly, designated as
Amendment 1 for the 2000 ballot.
PASSED THIS 16TH DAY OF OCTOBER 2000.
City Clerk/Recorder Mayor k%