15986ORDINANCE NO. 15,986
AN ORDINANCE AMENDING ORDINANCE NO. 15,930, ADOPTED
SEPTEMBER 4, 1990, AND ORDINANCE NO. 15,970, ADOPTED
NOVEMBER 28, 1990, TO INCREASE THE PRINCIPAL AMOUNT OF
BONDS AUTHORIZED THEREBY TO $14,105,000; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the "City "), pursuant
to Ordinance No. 15,930, adopted September 4, 1990, and Ordinance
No. 15,970, adopted November 28, 1990, authorized the issuance of
its Industrial Development Revenue Bonds (Arkansas Modification
Center, Inc. Project) in the principal amount of $13,950,000 (the
"Bonds "), being issued in two series, 1991 Series A in the
principal amount of $2,540,000, and 1991 Taxable Series B in the
principal amount of $11,410,000; and
WHEREAS, Arkansas Modification Center, Inc., has requested
that the City amend Ordinance No. 15,930 and Ordinance No. 15,970
in order to increase the principal amount of bonds authorized
thereby to $14,105,000, and the City has agreed to do so; and
WHEREAS, an open public hearing on the question of the
issuance of the Bonds in the increased principal amount of
$14,105,000, was held before the Board of Directors of the City
on December 18, 1990, following publication of notice in the
Arkansas Democrat on December 4, 1990;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That Ordinance No. 15,930, adopted September 4,
1990, and Ordinance No. 15,970, adopted November 28, 1990, are
hereby amended as follows: (a) the 1991 Series Bonds are
authorized in the original aggregate principal amount of
$14,105,000; (b) the 1991 Taxable Series B Bonds shall be in the
original aggregate principal amount of $11,565,000; (c) the 1991
Taxable Series B Bonds shall be sold to the Underwriter for a
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price of $11,333,700 plus accrued interest to date of delivery;
(d) the 1991 Series A Bonds shall mature on January 1 of the
years and in the principal amounts, and shall bear interest at
the rates, as follows:
Year Princil3al Amount Rate
1992 $ 100,000 6.758
1993 100,000 7.00
1994 100,000 7.25
1995 100,000 7.40
1996 100,000 7.50
2006 2,040,000 8.25
and (e) the 1991 Taxable Series B Bonds shall bear interest at
the rate of 9.78 percent per annum.
Section 2. That the provisions of this ordinance are
hereby declared to be severable, and if any section, phrase, or
provision shall for any reason be declared to be invalid, such
declaration shall not affect the validity of the remainder of the
sections, phrases, or provisions.
Section 3. That all ordinances, resolutions, and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section 4. That there is hereby found and declared to be an
immediate need for the securing and developing of substantial
industrial operations in order to provide additional employment,
alleviate unemployment, and otherwise benefit the public health,
safety, and welfare of the City and the inhabitants thereof, and
the issuance of the Bonds authorized hereby and the taking of the
other action authorized herein are immediately necessary in
connection with the securing and developing of substantial
industrial operations and deriving the public benefits referred
to above. It is, therefore, declared that an emergency exists
and this Ordinance, being necessary for the immediate
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preservation of the public health, safety, and welfare, shall be
in force and take effect immediately upon and after its passage.
PASSED: December 18, 1990.
.( )14 R
Mayor F yd G. Villines, III
ATTEST:
C ty Clerk Ane Czech
(S E A L)
APPROV7 AS TO FORM:
Mark Stodola, City Attorney
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