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14497 1 RESOLUTION NO. 14,497 2 3 A RESOLUTION TO AUTHORIZE THE OFFERING OF CAPITAL 4 IMPROVEMENT BONDS TO REFUND THE CITY'S OUTSTANDING 5 CAPITAL IMPROVEMENT CONSTRUCTION REVENUE BONDS (ZOO, 6 PARKS AND RECREATION PROJECTS), SERIES 2009A, CAPITAL 7 IMPROVEMENT REFUNDING REVENUE BONDS(LITTLE ROCK ZOO, 8 PARKS AND RECREATION PROJECTS), SERIES 2009B, AND CAPITAL 9 IMPROVEMENT JUNIOR LIEN REVENUE BONDS, SERIES 2002; AND 10 FOR OTHER PURPOSES. 11 12 WHEREAS, the City of Little Rock, Arkansas(the "City") has outstanding its Capital Improvement 13 Junior Lien Revenue Bonds, Series 2002 (the "Series 2002 Bonds"), Capital Improvement Construction 14 Revenue Bonds (Little Rock Zoo, Parks and Recreation Projects), Series 2009A (the "Series 2009A 15 Bonds")and Capital Improvement Refunding Revenue Bonds(Zoo, Parks and Recreation Projects), Series 16 2009B(the"Series 2009B Bonds"); and 17 WHEREAS, the Series 2002 Bonds are secured by a pledge of the City's franchise fee revenues and 18 the Series 2009A Bonds and the Series 2009B Bonds are secured by a pledge of the City's park revenues; 19 and 20 WHEREAS, in order to achieve debt service savings, it is in the best interest of the City to refund the 21 Series 2002 Bonds, the Series 2009A Bonds and the Series 2009B Bonds(the"Refunding"); and 22 WHEREAS,after a competitive selection process that utilized a Request for Qualifications the City of 23 Little Rock chose the firm,of Friday, Eldredge&Clark, LLP,to serve as Bond Counsel in this matter;and, 24 WHEREAS, the refunding can be accomplished by the issuance of the City's Capital Improvement 25 Refunding Revenue Bonds, Series 2017 (the"Series 2017 Bonds"); and 26 WHEREAS,the Series 2017 Bonds will be secured by a pledge of the City's franchise fees; 27 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 28 OF LITTLE ROCK,ARKANSAS: 29 Section 1. The City Manager is hereby authorized and directed, in accordance with City ordinances, 30 to select or cause to be selected an investment banking firm or firms to act as underwriter or underwriters 31 for the Series 2017 Bonds(collectively, the"Underwriter"). 32 Section 2. After the receipt of qualifications from law firms, the selection of Friday, Eldredge & 33 Clark, LLP ("Bond Counsel"), as Bond Counsel for the Series 2017 Bonds is hereby approved and 34 confirmed. [Page 1 of31 1 Section 3. The offering of the Bonds by the Underwriters as set forth herein is hereby authorized in 2 order to achieve an acceptable level of debt service savings for the City. 3 Section 4. The officials of the City are authorized to cooperate with the Underwriter and Bond 4 Counsel, in the preparation of a preliminary official statement and bond ordinance and are further 5 authorized to execute such writings and take such actions as may be appropriate to the offering of the Series 6 2017 Bonds. 7 Section 5. Since under Arkansas Law the issuance of the Series 2017 Bonds is subject to the approval 8 by ordinance of the Board of Directors sale of the Series 2017 Bonds will be subject to the approval of the 9 Board of Directors. 10 Section 6. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 11 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 12 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 13 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 14 resolution. 15 Section 7. Repealer. All laws,ordinances, resolutions, or parts of the same,that are inconsistent with 16 the provisions of this resolution,are hereby repealed to the extent of such inconsistency. 17 ADOP ED• ebruary 7,2017 , 18 •lik; APPROVED: 19 V Al° fla_ ill,: '/ 20 111Potr„-trag 21 san ,City Clerk Mark Stodola,Mayor 22 A' 'RO !JilS TO LEGAL FORM: 23 / 24 111.44'., a ...., 25 Thomas M. Carpenter,City Attorn 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // 36 // I Page 2 of 31 0 1 CERTIFICATE 2 3 The undersigned,City Clerk of the City of Little Rock,Arkansas(the"City"),hereby certifies 4 that the foregoing is a true and compared copy of a resolution passed at a regular session of the Board 5 of Directors of the City,held at the regular meeting place of the Board at 6:00 o'clock p.m. on the 7th 6 day of February 2017. 7 8 9 10 City Clerk 11 (SEAL) 12 // 13 // 14 // 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // [Page 3 of 31