Loading...
7476so M M M me= ;,. RESOLUTION NO. 7,476 A RESOLUTION APPROVING THE SALE OF $7,000,000 CITY OF LITTLE ROCK, ARKANSAS MUNICIPAL AIRPORT REVENUE IMPROVEMENT BONDS, SERIES 1985, AUTHORIZED BY ORDINANCE NO. 14,737; AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, by Ordinance No. 14,737 of the Ordinances of the City of Little Rock, Arkansas (the "City "), passed and approved on the 12th day of September, 1984 (the "Authorizing Ordinance "), there were authorized and ordered sold Municipal Airport Revenue Bonds, in the total principal amount of not to exceed $15,000,000; and WHEREAS, the Authorizing Ordinance authorized the Little Rock Municipal Airport Commission (the "Commission ") to offer the Municipal Airport Revenue Bonds for sale from time to time on sealed bids, with such bonds to be offered at one time or in separate series from time to time, as determined by the Commission; and WHEREAS, pursuant to the authority granted in the Authorizing Ordinance, the Commission has offered for sale an issue of Municipal Airport Revenue Improvement Bonds, Series 1985, in the total principal amount of $7,000,000 (the "Bonds "), with the Bonds to be dated September 1, 1985, with interest payable semiannually on May 1 and November 1 of each year, commencing May 1, 1986, and with the Bonds to mature (or be subject to mandatory sinking fund redemption) on November 1 in each of the years 1986 to 2005, inclusive, and otherwise as described in detail in the Notice of Sale; and Q - /,/ 'Ci - / -L an M _ M mom :,. WHEREAS, pursuant to the authority conferred by the Authorizing Ordinance, the Bonds were duly advertised for public sale and at the public sale held at 11:00 a.m. on September 25, 1985 the following bids were received: Net Effective Bidders Interest Rate Merrill Lynch Capital Markets 9.878065% Dean Witter Reynolds Inc. Shearson Lehman Powell & Satterfield, Inc. Stephens Inc. 9.88207% Hill Crawford & Lanford Inc. T.J. Raney & Sons, Inc. Paine Webber Incorporated 9.995488% Dabbs Sullivan Division, George K. Baum & Company NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of Little Rock, Arkansas: . Section 1. That the bid of Merrill Lynch Capital Markets, et al for the Bonds is hereby found and declared to be the best bid and the bid is hereby accepted and the Bonds sold to the same, subject to the terms and conditions of the Notice of Sale of the Bonds. Section 2. That this Resolution is adopted pursuant to the authority conferred by the Authorizing Ordinance, and the Authorizing Ordinance, together with and as supplemented by this Resolution, shall continue in full force and effect. -2- 993vx R L F 0 9 2 5 8 5 i■ mom M 410 Section 3. This Resolution shall be in full force and effect from and after its adoption. ADOPTED: September 25, 1985. APPROVED: Mayor Thomas A. Prince ATTEST: City Cleft Jane Czech [S E A L] -3- 3337X R L F 0 9 2 S 9 S