113220 0
RESOLUTION NO. 11,322
A RESOLUTION AUTHORIZING THE OFFERING OF UP TO
$28,245,000 OF CITY OF LITTLE ROCK, ARKANSAS
WASTE DISPOSAL REFUNDING AND IMPROVEMENT
REVENUE BONDS, SERIES 2002; AND PROVIDING FOR
OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, the City of Little Rock, Arkansas (the "City ")
owns and operates a waste collection and disposal system (the
"System "); and
WHEREAS, the Board of Directors has determined that
betterments and improvements to the System (the "improvements ") are
necessary in order to make the services of the System adequate for
the needs of the City; and
WHEREAS, the improvements, which include particularly,
without limitation, the construction of cell four of the City's
class I landfill and related costs, the purchase of equipment, the
acquisition of land, the preparation of a rate study for solid
waste services and the closure of cell two of the landfill; and
WHEREAS, in order to take advantage of low .interest
rates, the Board of Directors has determined that the City should
refund all or a portion of its Waste Disposal Revenue Bonds, Series
1993 and Series 1995 in the outstanding principal amount of
$21,465,000 (the "Outstanding Bonds "); and
WHEREAS, the City can refund the Outstanding Bonds and
finance the improvements by the issuance of Waste Disposal
Refunding and Improvement Revenue Bonds, Series 2002, in the
principal amount of not to exceed $28,245,000 (the "bonds "); and
WHEREAS, the Board of Directors has conducted a public
hearing on the question of issuing the bonds; and
WHEREAS, Stephens Inc. (the "Underwriter ") has been
selected to underwrite the bonds; and
WHEREAS, the form of the Preliminary Official Statement
offering the bonds for sale (the "Preliminary Official Statement ")
has been presented to and is before this meeting; and
WHEREAS, Friday, Eldredge & Clark, LLP ( "Bond Counsel ")
has been selected to act as Bond Counsel in connection with the
authorization, sale and issuance of the bonds; and
C�
•
WHEREAS, the Board of Directors is now prepared to
authorize the offering of the bonds for sale by the Underwriter and
to approve the Preliminary Official Statement;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the Underwriter is hereby authorized to
offer the bonds for sale on such terms and conditions as may be
recommended by the Underwriter and the City Treasurer.
Section 2. That the form of Preliminary Official
Statement, substantially in the form exhibited to and before the
Board of Directors at the meeting at which this Resolution is
adopted, is hereby approved and the Underwriter is hereby
authorized to use the Preliminary Official Statement in connection
with the sale of the bonds.
Section 3. That Bond Counsel is hereby authorized and
directed to prepare the ordinance authorizing the issuance of the
Bonds for presentation to and consideration by the Board of
Directors after the bonds have been offered.
ADOPTED: JULY 2
NaAcy W od, City Clerk
Appr ved as to1^form:
�� d .
Tom Carpenter, City At orney
2002. n
Arad Cazort, Vice Mayor
s
CERTIFICATE
STATE OF ARKANSAS
COUNTY OF PULASKI
I, Nancy Wood, City Clerk of the City of Little Rock, Arkansas, do hereby certify that the
foregoing is a true and correct copy of Resolution _ of the Resolutions of the City, entitled:
A RESOLUTION DECLARING THE INTENT OF THE CITY OF LITTLE ROCK TO MAKE
CERTAIN EXPENDITURES TOWARD CAPITAL IMPROVEMENTS FOR THE CITY AND
TO REIMBURSE ITSELF FOR SUCH EXPENDITURES FROM THE PROCEEDS OF
BONDS OF THE CITY; AND PRESCRIBING OTHER MATTERS RELATING THERETO,
adopted 2002.
Jv '71
IN WITNESS WHEREOF, I have hereunto set my hand this day o�,
2002.
Nancy td
City Clerk
348549