11518RESOLUTION NO. 11,518
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK, IN
COOPERATION WITH THE UNDERWRITERS AND BOND COUNSEL,
TO PROCEED WITH MATTERS PRELIMINARY TO THE ISSUANCE
OF NOT TO EXCEED 58,000,000 PRINCIPAL AMOUNT OF AIRPORT
REVENUE REFUNDING BONDS; APPROVING THE PREPARATION
AND DELIVERY OF A PRELIMINARY OFFICIAL STATEMENT; AND
SETTING FORTH OTHER MATTERS PERTAINING TO THE AIRPORT
REVENUE BONDS.
WHEREAS, the Little Rock Municipal Airport Commission (the "Commission ") has
determined that it is in the best interest of the City of Little Rock, Arkansas to issue Airport
Revenue Refunding Bonds, Series 2003 (the "Series 2003 Bonds ") for the purpose of refunding
the City's previously issued $4,935,000 Airport Revenue Refunding Bonds, Series 1994 (the
"Series 1994 Bonds ") and $5,300.000 Airport Revenue Refunding Bonds, Series 1995, (the
"Series 1995 Bonds, collectively the Series 1994 Bonds and the Series 1995 Bonds shall be
referred to as the "Prior Bonds ") secured by revenues of Little Rock National Airport.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS, THAT:
SECTION 1. Such preliminary actions as are determined to be necessary by the Mayor
and Commission are hereby authorized for the marketing of not to exceed $8,000,000 in
aggregate principal amount of Series 2003 Bonds in order to provide sufficient funds to refund
the Prior Bonds; provided, however, that at such time as the Mayor and Commission may
determine to be in the best interests of the City, the final terms of the sale of the Series 2003
Bonds shall be submitted for approval by the Board of Directors, together with the proposed
form of the documents necessary for the issuance of the Series 2003 Bonds, including, without
limitation, the bond purchase agreement and supplemental trust indenture. The sale of the Series
2003 Bonds may be considered at a regular or special meeting of the Board of Directors as the
Mayor shall consider appropriate.
SECTION 2. The preparation of a Preliminary Official Statement and its distribution to
prospective purchasers of the Series 2003 Bonds are hereby approved. The Mayor is hereby
authorized and directed to cause the Preliminary Official Statement to be delivered for and in the
name of the City, with such provisions therein as shall be approved by the Mayor, who is
authorized to execute and deliver to the Underwriters a certificate, when requested by the
Underwriters, to the effect that the Preliminary Official Statement is deemed final for the
purposes of Securities and Exchange Commission Rule 150 -12.
SECTION 3, The City hereby affirms the appointment of Wright, Lindsey & Jennings
LLP and Ivory Law Firm as Bond Counsel for the Series 2003 Bonds.
SECTION 4. The City hereby affirms the appointment of Crews & Associates, Inc and
Herenton Capital Partners, Inc. as Underwriters for the Series 2003 Bonds.
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SECTION 5. The City hereby affirms the appointment of Regions Bank as Trustee and
Paying Agent for the Series 2003 Bonds.
SECTION 6. The City hereby authorizes and directs the Mayor, the City Clerk, and
other officers and employees of the City to carry out or cause to be carried out all appropriate
actions, to execute such other certificates or documents to evidence authority as authorized
herein, and to take such other actions as they, in consultation with Bond Counsel, shall consider
necessary or advisable in connection with this Resolution and the Preliminary Official Statement,
in order to prepare for the issuance, sale, and delivery of the Series 2003 Bonds.
SECTION 7. This Resolution shall be effective from and after the date of its adoption.
Adopted May 20 , 2003
l&.6u( ,
Jin ailey, Mayo
ATTEST:
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N ney ods, 9# erk
APPROVED AS TO FORM:
l
Thomas M. Carpenter,
City Attorney
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