11636RESOLUTION NO. 11,636
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A RESOLUTION AUTHORIZING THE OFFERING OF UP TO
$75,185,000 OF CITY OF LITTLE ROCK, ARKANSAS
LIMITED TAX GENERAL OBLIGATION CAPITAL
IMPROVEMENT BONDS, SERIES 2004; AND PROVIDING
FOR OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, by Ordinance No. 18,941 duly adopted by the
Board of Directors on September 30, 2003 ( "Ordinance No. 18,941 "),
there was submitted to the qualified electors of the City of Little
Rock, Arkansas (the "City ") , the questions of the issuance of
capital improvement bonds in the following maximum amounts for the
following purposes (the "Bonds "):
$27,000,000 to finance street improvements, as more
particularly described in Ordinance No. 18,941 (the
"Street Improvements ");
$4,515,000 to finance facilities for drainage
improvements, as more particularly described in Ordinance
No. 18,941 (the "Drainage Improvements ");
$14,965,000 to finance park and recreational
improvements, as more specifically described in Ordinance
No. 18,941 (the "Park and Recreational Improvements ");
$985,000 to finance police department improvements, as
more specifically described in Ordinance No. 18,941 (the
"Police Department Improvements ");
$12,135,000 to finance fire department improvements, as
more specifically described in Ordinance No. 18,941 (the
"Fire Department Improvements "); and
$11,865,000 to finance police, fire and emergency
communication improvements, as more specifically
described in Ordinance No. 18,941 (the "Police, Fire and
Emergency Communications Improvements ");
$1,145,000 to finance Robinson and Statehouse Convention
Centers Improvements, as more specifically described in
Ordinance No. 18,941 (the "Robinson and Statehouse
Convention Centers Improvements ");
$1,215,000 to finance school area pedestrian safety
improvements, as more specifically described in Ordinance
No. 18,941 (the "School Area Pedestrian Safety
Improvements "); and
$1,360,000 to finance animal services improvements, , as
more specifically described in Ordinance No. 18,941 (the
"Animal Services Improvements "); and
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WHEREAS, due notice of the election was given as required
by law and the election was duly held on the 4th day of November,
2003, at which election the electors approved the issuance of the
Bonds for each of said purposes; and
WHEREAS, the aggregate maximum amount of the Bonds
approved was $75,185,000; and
WHEREAS, the results of the election were announced by
the Mayor by a Proclamation duly published as required by law in a
newspaper of bona fide circulation in the City; and
WHEREAS, Crews & Associates, Inc., Morgan Keegan &
Company, Inc., and Stephens Inc. (the "Underwriters ") have been
selected to underwrite the Bonds; and
WHEREAS, the form of the Preliminary Official Statement
offering the Bonds, which are designated "City of Little Rock,
Arkansas Limited Tax General Obligation Capital Improvement Bonds,
Series 2004" for sale (the "Preliminary Official Statement ") has
been exhibited to and is before the Board of Directors at the
meeting at which this Resolution is adopted; 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
WHEREAS, the Board of Directors is now prepared to
authorize the offering of the Bonds for sale by the Underwriters
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 Underwriters are hereby authorized
to offer the Bonds for sale on such terms and conditions as may be
recommended by the Underwriters 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 Underwriters are hereby
authorized to use the Preliminary Official Statement in connection
with the sale of the Bonds. The Mayor is hereby authorized and
directed to deem the Preliminary Official Statement final for the
purposes of SEC Rule 15c2 -12.
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.
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ADOPTED: December 2 , 2003.
Rancty Woo , City Ciet
�Appr ved as t/o' /for°m�:�.
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Tom Carpenter, City Attorney
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Jim D ey, Mayor