Difference between revisions of "Park revenue bonds"
| Line 3: | Line 3: | ||
On March 17, 1998 the [[Little Rock Board of Directors]] voted to approve $16.5 million in revenue bonds to purchase land for the presidential center. Approximately $11 million of the bond issue was used to purchase ten parcels of land east of I-30 on the south bank of the [[Arkansas River]]. | On March 17, 1998 the [[Little Rock Board of Directors]] voted to approve $16.5 million in revenue bonds to purchase land for the presidential center. Approximately $11 million of the bond issue was used to purchase ten parcels of land east of I-30 on the south bank of the [[Arkansas River]]. | ||
| − | On April 10, 1998 [[Empower Arkansas]] was organized to block the revenue bond issue. In June 1998 Little Rock's [[Stephens Incorporated]] begins issuing revenue bonds for Library site purchase. | + | On April 10, 1998 [[Empower Arkansas]] was organized to block the revenue bond issue. In June 1998 Little Rock's [[Stephens Incorporated]] begins issuing revenue bonds for Library site purchase. Stephens Inc. charged $132,000 for the public issue of the bonds. |
Between January and March 2001 the [[State District Court]] and [[Arkansas Supreme Court]] heard arguments that the City of Little Rock illegally issued revenue bonds for the Clinton Library. The basis of this argument was that the bonds would be secured with increases in greens fees at local public golf courses and higher ticket prices at the [[Little Rock Zoo]]. These entities would not derive proportionate returns in terms of bond revenues. The maneuver allowed the [[City of Little Rock]] to sell bonds without the general referendum required in the issuance of general obligation bonds. Annual debt service on the bonds is approximately $1.3 million. | Between January and March 2001 the [[State District Court]] and [[Arkansas Supreme Court]] heard arguments that the City of Little Rock illegally issued revenue bonds for the Clinton Library. The basis of this argument was that the bonds would be secured with increases in greens fees at local public golf courses and higher ticket prices at the [[Little Rock Zoo]]. These entities would not derive proportionate returns in terms of bond revenues. The maneuver allowed the [[City of Little Rock]] to sell bonds without the general referendum required in the issuance of general obligation bonds. Annual debt service on the bonds is approximately $1.3 million. | ||
Revision as of 21:48, 7 February 2008
Park revenue bonds may be issued by the City of Little Rock to fund improvements to the parks infrastructure of the city.
On March 17, 1998 the Little Rock Board of Directors voted to approve $16.5 million in revenue bonds to purchase land for the presidential center. Approximately $11 million of the bond issue was used to purchase ten parcels of land east of I-30 on the south bank of the Arkansas River.
On April 10, 1998 Empower Arkansas was organized to block the revenue bond issue. In June 1998 Little Rock's Stephens Incorporated begins issuing revenue bonds for Library site purchase. Stephens Inc. charged $132,000 for the public issue of the bonds.
Between January and March 2001 the State District Court and Arkansas Supreme Court heard arguments that the City of Little Rock illegally issued revenue bonds for the Clinton Library. The basis of this argument was that the bonds would be secured with increases in greens fees at local public golf courses and higher ticket prices at the Little Rock Zoo. These entities would not derive proportionate returns in terms of bond revenues. The maneuver allowed the City of Little Rock to sell bonds without the general referendum required in the issuance of general obligation bonds. Annual debt service on the bonds is approximately $1.3 million.
References
- Kevin Sack, "Testing of a President: The Legacy; As Clinton Library is Planned, Tough Questions Abound," New York Times, September 13, 1998.
