21907 1 ORDINANCE NO. 21,907
2
3 AN ORDINANCE TO AMEND LITTLE ROCK, ARKANSAS,
4 ORDINANCE NO. 20,074 (APRIL 20,2009); TO AUTHORIZE A REVISED
5 REPAYMENT SCHEDULE AND INTEREST RATE FOR THE
6 OUTSTANDING CITY OF LITTLE ROCK, ARKANSAS SEWER
7 REVENUE BOND, SERIES 2009A; TO PRESCRIBE OTHER MATTERS
8 THAT RELATE THERETO; AND FOR OTHER PURPOSES.
9
10 WHEREAS,the City of Little Rock,Arkansas(the"City"),has issued its Sewer Revenue Bond,Series
11 2009A, dated April 20, 2009 (the "Bond"), in order to finance extensions, betterments and improvements
12 to the City's Water Reclamation System,which is operated by the Little Rock Water Reclamation Authority;
13 and,
14 WHEREAS, the City entered into a Bond Purchase Agreement, dated March 10, 2009 (the "Bond
15 Purchase Agreement"), with the Arkansas Natural Resources Commission ("ANRC") and the Arkansas
16 Development Finance Authority (the "Bondholder") providing for the purchase by the Bondholder of the
17 Bond in the principal amount of Eight Million Dollars($8,000,000.00);and,
18 WHEREAS,the Bond bears interest at the rate of 1.0%and principal installments are payable on each
19 April 15th and October 15th with the final payment due April 15, 2032;and,
20 WHEREAS,the City pays a financing fee to the Bondholder on the dates that interest on the Bond is
21 due at the rate of 1%on the outstanding principal of the Bond; and,
22 WHEREAS,ANRC and the Bondholder have agreed to modify the terms of the Bond by deferring the
23 principal of the Bond due in 2021, 2022,and 2023,by three(3)years after the current maturity date; and,
24 WHEREAS, ANRC and the Bondholder have agreed that the Bond will not bear interest after the
25 current maturity date and that there will not be any additional interest or financing fee amounts as a result
26 of the restructuring; and,
27 WHEREAS,the Bond was issued under and pursuant to Ordinance No.20,074 passed March 10,2009.
28 NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
29 OF LITTLE ROCK,ARKANSAS:
30 Section 1. The fifth WHEREAS clause of Ordinance No. 20,074 is hereby amended to read as
31 follows:
32 "WHEREAS,the City is making arrangements for the sale of a Eight Million Dollars($8,000,000.00)
33 principal amount bond to the Arkansas Development Finance Authority,as purchaser(the "Bondholder"),
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1 at a price of par pursuant to a Bond Purchase Agreement(the"Agreement")among the City,the Bondholder
2 and the Arkansas Natural Resources Commission (the "Commission"), which Agreement has been
3 presented to and is before this meeting; and"
4 Section 2. The ninth WHEREAS clause of Ordinance No. 20,074 is hereby amended to read as
5 follows:
6 "WHEREAS,the City will required to pay to the Arkansas Development Finance Authority,as servicer
7 (the "Authority"),a financing fee based upon variable rates applied to the outstanding principal amount of
8 the bond(the "Financing Fee");and,"
9 Section 3. Section 2 of Ordinance No. 20,074 is hereby amended to read as follows:
10 "The sale to the Bondholder of a Bond in the maximum principal amount of Eight Million Dollars
11 ($8,000,000.00)at a price of par, subject to the terms and provisions hereafter in this ordinance set forth in
12 detail be, and is hereby approved and the bond is hereby sold to the Bondholder. The Mayor is hereby
13 authorized and directed to execute and deliver the Agreement on behalf of the City and to take all action
14 required on the part of the City to fulfill its obligations under the Agreement. The Agreement is hereby
15 approved in substantially the form submitted to this meeting with such changes as may be approved by the
16 Mayor,his execution to constitute complete evidence of such approval."
17 Section 4. The second paragraph of Section 4 of Ordinance No. 20,074 is hereby amended to read as
18 follows:
19 "The bond shall bear interest at the rates and shall be subject to Financing Fees calculated at the rates
20 based upon a 360-day year of twelve (12)consecutive thirty(30)-day months compounded semiannually.
21 The bond shall be dated the date of its delivery to the Bondholder. Accrued interest and the Financing Fee
22 only shall be payable on each April 15t and October 15t,commencing October 15,2009,to and including
23 April 15,2012. There shall be no interest and Financing Fees due after April 15,2032. Principal, interest
24 and the Financing Fees shall be payable on October 15, 2012, and on each April 15th and October 15th
25 thereafter as follows:
26 Schedule appears below and on page 3
Total Financing
Payment Date Payment Interest Rate Interest Financing Fee Fee Principal
April 15,2012
October 15,2012 $243,645.00 1.00% $40,000.00 1.00% $40,000.00 $163,645.00
April 15,2013 243,645.00 1.00% 39,182.00 1.00% 39,182.00 165,281.00
October 15,2013 243,645.00 1.00% 38,355.00 1.00% 38,355.00 166,935.00
April 15,2014 243,645.00 1.00% 37,521.00 1.00% 37,521.00 168,603.00
October 15,2014 243,645.00 1.00% 36,678.00 1.00% 36,678.00 170,289.00
April 15,2015 243,645.00 1.00% 35,826.00 1.00% 35,826.00 171,993.00
October 15,2015 243,645.00 1.00% 34,966.00 1.00% 34,966.00 173,713.00
April 15,2016 243,645.00 1.00% 34,098.00 1.00% 34,098.00 175,449.00
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October 15,2016 243,645.00_ 1.00% 33,220.00 1.00% 33,220.00 177,205.00
April 15,2017 243,645.00 1.00% 32,334.00 1.00% 32,334.00 178,977.00
October 15,2017 243,645.00 1.00% 31,440.00 1.00% 31,440.00 180,765.00
April 15,2018 243,645.00 1.00% 30,536.00 1.00% 30,536.00 182,573.00
October 15,2018 243,645.00 1.00% 29,623.00 1.00% 29,623.00 184,399.00
April 15,2019 243,645.00 1.00% 28,701.00 1.00% 28,701.00 186,243.00
October 15,2019 243,645.00 1.00% 27,770.00 1.00% 27,770.00 188,105.00
April 15,2020 243,645.00 1.00% 26,829.00 1.00% 26,829.00 189,987.00
October 15,2020 243,645.00 1.00% 25,879.00 1.00% 25,879.00 191,887.00
April 15,2021 49,840.00 1.00% 24,920.00 1.00% 24,920.00 -
October 15,2021 47,902.00 0.96% 23,951.00 0.96% 23,951.00 -
April 15,2022 45,944.00 0.92% 22,972.00 0.92% 22,972.00 -
October 15,2022 43,968.00 0.88% 21,984.00 0.88% 21,984.00 -
April 15,2023 41,970.00 0.84% 20,985.00 0.84% 20,985.00 -
October 15,2023 39,954.00 0.80% 19,977.00 0.80% 19,977.00 -
April 15,2024 243,645.00 0.76% 18,958.00 0.76% 18,958.00 205,729.00
October 15,2024 243,645.00 0.75% 17,930.00 0.75% 17,930.00 207,785.00
April 15,2025 243,645.00 0.74% 16,891.00 0.74% 16,891.00 209,863.00
October 15,2025 243,645.00 0.73% 15,841.00 0.73% 15,841.00 211,963.00
April 15,2026 243,645.00 0.71% 14,782.00 0.71% 14,782.00 214,081.00
October 15,2026 243,645.00 0.70% 13,711.00 0.70% 13,711.00 216,223.00
April 15,2027 243,645.00 0.68% 12,630.00 0.68% 12,630.00 218,385.00
October 15,2027 243,645.00 0.66% 11,538.00 0.66% 11,538.00 220,569.00
April 15,2028 243,645.00 0.64% 10,435.00 0.64% 10,435.00 222,775.00
October 15,2028 243,645.00 0.61% 9,321.00 0.61% 9,321.00 225,003.00
April 15,2029 243,645.00 0.58% 8,196.00 0.58% 8,196.00 227,253.00
October 15,2029 243,645.00 0.54% 7,060.00 0.54% 7,060.00 229,525.00
April 15,2030 243,645.00 0.50% 5,913.00 0.50% 5,913.00 231,819.00
October 15,2030 243,645.00 0.44% 4,753.00 0.44% 4,753.00 234,139.00
April 15,2031 243,645.00 0.38% 3,583.00 0.38% 3,583.00 236,479.00
October 15,2031 243,645.00 029% 2,400.00 029% 2,400.00 238,845.00
April 15,2032 243,635.00 0.17% 1,206.00 0.17% 1,206.00 241,223.00
October 15,2032 193,805.00 0.00% - 0.00% - 193,805.00
April 15,2033 195,743.00 0.00% - 0.00% - 195,743.00
October 15,2033 197,701.00 0.00% - 0.00% - 197,701.00
April 15,2034 199,677.00 0.00% - 0.00% - 199,677.00
October 15,2034 201,675.00 0.00% - 0.00% - 201,675.00
April 15,2035 203,691.00 0.00% - 0.00% - 203,691.00
1
2 Section 5. The Mayor, for and on behalf of the City, is hereby authorized and directed to enter into a
3 supplement to the Bond Purchase Agreement having terms consistent with the provisions of this ordinance.
4 Section 6. The Mayor and City Clerk, for and on behalf of the City, are authorized to execute and
5 deliver a new Bond Certificate providing (a) that this ordinance has been adopted, (b) for the new debt
6 service payment schedule, (c) for variable interest rates and Financing Fees and (d) such other terms as
7 consistent with this ordinance. The new bond certificate shall be a bond issued under the provisions of
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1 Ordinance No. 20,074 and shall be entitled to the benefits, security and terms of Ordinance No. 20,074,
2 except as to the interest rate, Financing Fee and repayment terms set forth herein.
3 Section 7. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
4 word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or
5 adjudication shall not affect the remaining portions of the ordinance which shall remain in full force and
6 effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the
7 ordinance.
8 Section 8. Repealer. All ordinances, resolutions, bylaws, and other matters inconsistent with this
9 ordinance, particularly including but not limited to Little Rock, Arkansas, Ordinance No. 20,711 (May 18,
10 2013),are hereby repealed to the extent of such inconsistency.
11 PASSED: October 20,2020
123 A APPROVED:
�(
14 'Arnim Vat
15 :11;77. gl•yak ity Clerk Frank Scott,Jr., or
16 APPRO % 0 LEGAL FORM:
17
18
19 Thomas M. Carpenter,City Attorn
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