For Immediate Release
October 2, 2007 |
Contact: Terry Payne,
Public Information Officer
City of Hot Springs
(501) 321-6806
tpayne@cityhs.net |
In response to recent citizen inquiries regarding the purpose for which the issuance of capital improvement revenue bonds can be spent, the wording from City Ordinance No. 5556, which appears in its entirety on the October 9 special election ballot, includes the following language:
“WHEREAS, the Board of Directors of the City of Hot Springs, Arkansas (the “City”) has determined it is in the best interest of the City to acquire, construct, furnish and equip a new municipal building and acquire land in connection herewith…”
Based on this language, the City Attorney has confirmed that the bonds, if approved, can be used only for the sole purpose of constructing a new City Hall.
The wording on the official election ballot, which by law was determined by bond counsel, begins in large type:
“AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CAPITAL IMPROVEMENT REVENUE BONDS, SERIES 2007; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.”
City voters will vote for or against the ordinance. Early voting began today and will continue from 8 a.m. to 5 p.m. through Monday, October 8 at the Garland County Election Commission building, 649-A Ouachita Avenue.
A copy of the ballot (attached in electronic form) can be found in the online Document Center on the city’s Web site, www.cityhs.net, along with a spreadsheet and fact sheet with additional details on the new City Hall proposal.
-30-
|
