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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
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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.
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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
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