02-06-9524
Board of Directors Room
City Hall - 500 W. Markham
Little Rock, Arkansas
February 6, 1995 - 8:25 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, Mason, Adcock, Hinton, Keck,
Joyce and Wyrick - total 7; Absent - Directors Wilson and Hodges
- total 2; 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 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 Mayor Dailey, followed by the
Pledge of Allegiance.
Consideration was then given to Ordinance No. 16,839,
entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF CAPITAL IMPROVEMENT
BONDS; PLEDGING TAX REVENUES SUFFICIENT TO PAY THE PRINCIPAL OF
AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING
THERETO; AND DECLARING AN EMERGENCY;
($29,910,000 City of Little Rock, Arkansas Capital Improvement
Bonds, Series 1995B.)
and the Ordinance was read the first time. Mr. John Pryor,
Director of Finance, explained that arrangements have been made
for sale of the Improvement Bonds in the amount of $29,910,000 to
Goldman, Sachs & Co., Hill, Crawford & Lanford, Inc., and United
Daniels Securities, Inc. (underwriters) at a price of
$29,548,837.80 plus accrued interest. At the Agenda Meeting on
Wednesday, February 1, 1995, Mrs. Susan Fleming of Stephens,
Inc., the City's financial advisor, presented copies of the
Preliminary Official Statement dated January 27, 1995, to the
Board of Directors. Mrs. Fleming explained to the Board what
happened in the bond market and why the sale of the bonds had
been delayed. Mr. Tom Pate of Hill, Crawford & Lanford, Inc.
spoke on behalf of the underwriters. Mr. John Echols of the
Friday, Eldredge & Clark Law Firm, co -bond council with Mays and
Crutcher Law Firm, explained that the bonds will bear interest
from 4.95% to 5.8% Following the presentations, there was a
motion by Director Adcock, seconded by Director Keck, to suspend
the rules and place the Ordinance on second reading. The motion
was unanimously adopted by the Board Members present, being eight
in number and two - thirds or more of the members of the Board of
Directors - elect, and the second reading of the Ordinance ensued.
Minutes
February 6, 1995
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, Mason, Adcock, Hinton,
Keck, Joyce, Wyrick and Mayor Dailey - total 8; Noes - None;
Absent - Directors Wilson 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 8:45 o'clock
A.M.
ATTEST:
City Clerk Robbie Hancock
APPROVED:
or Jim Daile
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