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RESOLUTION NO.aQQ q- J?--I-R
AUGUST 24, 2004
WHEREAS,the public policy decisions of the Arkansas Legislature impact every
citizen of the State of Arkansas, both private and corporate, and ultimately influence
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 of Arkansas;
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 with super projects have enjoyed the economic
benefits 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 will increase the quality of life for the citizens of
Arkansas; and
WHEREAS, super projects require large up-front commitments 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 through proposed Amendment 2
to amend the Arkansas Constitution to;rant the Arkansas General Assembly, meeting
in regular or special session, the authority to approve general obligation bonds, not to
exceed five percent (5%)of the state's general revenues, to fund an economic
development project with a minimum capital investment of$500,000,000 and creating
a minimum of five hundred (500)jobs.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
BATESVILLE, ARKANSAS,that the Batesville City_ Council endorses proposed
Amendment 2 to the :Arkansas Constitution; and
The Batesville City Council resolves to educate its membership about the necessity
of Amendment 2 to secure the economical development benefits of a super project
locating in Arkansas and to support Amendment 2.
That Batesville City Council authorizes the 2004 Committee for the Passage of
Amendment 2 to identify it as a supporter of Amendment 2 during the campaign.
ATTEST: _ ///
Denise M. Johnston ?Joe M. Biard
City Clerk ayor
(W IV)
Proposed Constitutional Amendment# 2
(Referred to the People by the General Assembly)
(Popular Name)
AN AMENDMENT TO ALLOW THE GENERAL ASSEMBLY TO APPROVE
THE ISSUANCE OF GENERAL OBLIGATION BONDS FOR ANY ECONOMIC
DEVELOPMENT PROJECT THAT PLANS TO INVEST MORE THAN$500
MILLION IN CAPITAL EXPENDITURES AND TO HIRE MORE THAN 500
NEW EMPLOYEES
"PROPOSING A CONSTITUTIONAL AMENDMENT TO ALLOW THE
ARKANSAS GENERAL ASSEMBLY, MEETING IN REGULAR OR SPECIAL
SESSION, TO APPROVE A GENERAL OBLIGATION BOND OR BONDS,NOT TO
EXCEED FIVE PERCENT (5%) OF STATE GENERAL REVENUES, FOR THE
PURPOSE OF PROVIDING INFRASTRUCTURE AND OTHER NEEDS TO
ATTRACT ECONOMIC DEVELOPMENT PROJECTS INVESTING A MINRvIUM OF
FIVE HUNDRED MILLION DOLLARS ($500,000,000) AND CREATING A
MINIMUM OF FIVE HUNDRED (500)JOBS.
Subtitle
PROPOSING A CONSTITUTIONAL AMENDMENT TO ALLOW THE
ARKANSAS GENERAL ASSEMBLY TO APPROVE GENERAL OBLIGATION
BONDS FOR ECONOMIC DEVELOPMENT PROJECTS
♦r► BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE
EIGHTYFOURTH
GENERAL ASSEMBLY OF THE STATE OF ARKANSAS AND BY THE
SENATE, A MAJORITY OF ALL MEMBERS ELECTED TO EACH HOUSE
AGREEING THERETO:
That the following is proposed as an amendment to the Constitution of the State
of Arkansas, and upon being submitted to the electors of the state for approval or
rejection at the next general election for Representatives and Senators, if a majority of the
electors voting thereon at the election, adopt the amendment, the amendment shall
become a part of the Constitution of the State of Arkansas, to wit:
SECTION 1. (a) In order for the State of Arkansas to effectively compete for
large economic development projects, the Arkansas General Assembly,meeting in
special or regular session, may authorize the Arkansas Development Finance Authority to
issue general obligation bonds to finance infrastructure or other needs to attract large
economic development projects.
(b)Bonds may be issued for an amount up to five percent(5%)of state general
revenues collected during the most recent fiscal year.
(c) Infrastructure needs may include, but are not limited to:
(1) Land acquisition;
(2) Site preparation;
(W (3)Road and highway improvements;
(4) Rail spur construction; water service;
(5) Wastewater treatment;
(6)Employee training which may include equipment for such purpose;
(7)Environmental mitigation; and
(8) Training and research facilities and the necessary equipment therefore.
(d)In order for the General Assembly to authorize the issuance of bonds bearing
the full faith and credit of the State of Arkansas, the prospective employer
must be planning an economic development project that will invest more than
five hundred million dollars($500,000,000) in capital expenditures and plan
on hiring over five hundred(500) new employees.
(e)The bonds shall be paid for in full by general or special revenues appropriated
by the General Assembly until the bonds have been retired and all obligations
associated with the issuance of the bonds have been met.
(f)Bonds may be issued under this amendment pursuant to an act of the General
Assembly without voter approval.
SECTION 2. This amendment becomes effective on January 1, 2005.