01-20-9522
Board of Directors Room
City Hall - 500 W. Markham
Little Rock, Arkansas
January 20, 1995 - 9:05 A.M.
The Board of Directors of the City of Little Rock, Arkansas,
met in special session with Mayor Jim Dailey presiding. The roll
was called by City Clerk Robbie Hancock, with the following
Directors present: Directors Sharp, Adcock, Wilson, Keck, Joyce
and Wyrick - total 6; Absent - Directors Mason, Hinton, and
Hodges - total 3; Vacancy - Position 6 - total 1.
With a quorum being present, Mayor Dailey declared the Board
of Directors in session and announced the purpose of the special
meeting was to consider an Ordinance authorizing the issuance of
Capital Improvement Refunding Bonds as approved by the electors
at the special election held October 11, 1994. (The certificate
of receipt of notice of the special meeting was filed with the
City Clerk.) The proceedings of the meeting are recorded as
follows.
The Invocation was given by Vice Mayor Adcock, followed by
the Pledge of Allegiance.
Consideration was then given to Ordinance No. 16,838,
entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF CAPITAL IMPROVEMENT
REFUNDING BONDS; PLEDGING TAX REVENUES SUFFICIENT TO PAY THE
PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY;
($15,400,000 City of Little Rock, Arkansas Capital Improvement
Refunding Bonds, Series 1995A.)
and the Ordinance was read the first time. Mr. John Pryor,
Director of Finance, explained the Board's decision several
months ago to restructure the City's bond indebtedness and
realize some new proceeds to meet some pressing City needs that
have been identified. The refunding bonds will repay and refund
the outstanding 1988 Capital Improvement Bonds. In two or three
weeks he will have the results of the sale of the new money bonds
to get the proceeds to be used for the new construction projects
approved by the voters at the special election held October 11,
1994. He then introduced Mrs. Susan Fleming of Stephens, Inc.,
the City's financial advisor; Mr. John Echols of the Friday Law
Firm and Mrs. Arkie Byrd of Mays & Crutcher Law Firm, co -bond
council; and Mr. Tom Pate of Hill, Crawford, and Lanford, Inc.,
the local bond underwriter.
(Director Hinton enrolled at 9:10 o'clock A.M.)
Mrs. Fleming presented a chart showing what has happened to
interest rates throughout this process. The rates were at an
almost all time low of 6.10% in August when the process began but
Minutes
January 20, 1995
Ordinance ensued. There was a subsequent motion by Director
Sharp, seconded by Director Keck, to again suspend the rules and
place the Ordinance on third and final reading, and the motion
was adopted unanimously by the Board Members present, being eight
in number and two - thirds or more of the members of the Board of
Directors - elect. There was a third and last reading of the
Ordinance, and the Aye and No Vote taken on the question, Shall
the Ordinance Pass, is recorded as follows: Ayes - Directors
Sharp, Adcock, Wilson, Hinton, Keck, Joyce, Wyrick, and Mayor
Dailey - total 8; Noes - None; Absent - Directors Mason and
Hodges - total 2; Vacancy - Position 6 - total 1.
The Emergency Clause contained in Section 22 of the
foregoing Ordinance was then read and adopted by the following
roll call vote: Ayes - Directors Sharp, Adcock, Wilson, Hinton,
Keck, Joyce, Wyrick and Mayor Dailey - total 8; Noes - None;
Absent - Directors Mason and Hodges - total 2; Vacancy - Position
6 - total 1. Therefore, the Ordinance, together with the
Emergency Section, was declared PASSED.
There being no further business to be presented, the special
meeting of the Board of Directors was adjourned at 9:23 o'clock
A.M.
ATTEST:
City Clerk Robbie Hancock
APPROVED:
a or Jim Daile
23 y