1769095
ORDINANCE NO. 17,690
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF CAPITAL
IMPROVEMENT REVENUE BONDS FOR THE PURPOSE OF FUNDING THE
ACQUISITION AND CONSTRUCTION OF PARK AND RECREATIONAL
IMPROVEMENTS IN THE CITY OF LITTLE ROCK, ARKANSAS; PROVIDING
FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE
BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER
TRUST INDENTURE AND A SUPPLEMENTAL TRUST INDENTURE; AND
PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING
AN EMERGENCY.
WHEREAS, the City of Little Rock ( "City "), acting through the Board of Directors of the City, has
previously acknowledged the need for acquiring, constructing, equipping, renovating, expanding and
refiubishing certain park and recreational facilities of the City hereinafter described; and
WHEREAS, attached hereto as Addendum A and incorporated herein by reference, is a description
of the various park and recreational improvements which are deemed necessary and desirable by the City
which are hereinafter referred to collectively as the "Projects'; and
WHEREAS, the City is authorized and empowered under the laws of the State of Arkansas,
including particularly Arkansas Code Annotated Title 14, Chapter 164, Subchapter 4, as amended (the
"Act" ), to issue revenue bonds for the purpose of financing the Projects; and
WHEREAS, in order to finance the acquisition, renovation and improvement of the Projects, the
City intends to issue its Capital Improvement Bonds (Parks and Recreation Projects) (the `Bonds ") in
multiple series, and from time to time, pursuant to the provisions of the Act and the Master Trust Indenture
hereinafter described; and
WHEREAS, in order to finance the initial stages of the acquisition and construction of the Projects,
the City intends to issue its Capital Improvement Revenue Bonds (Parks and Recreation Projects), Series
1998A (the "Series 1998A Bonds ") in an aggregate principal amount of not to exceed $16,500,000; and
WHEREAS, the City will pledge the fees from the park and recreational facilities owned or operated
by the City more specifically defined hereinafter to secure the payment of the principal of and interest on the
Bonds.
NOW THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock,
Arkansas:
Section 1. The acquisition and construction of the Projects are hereby authorized and approved.
Section Z Under the authority of the Constitution and laws of the State of Arkansas, including
particularly Arkansas Code Annotated Title 14, Chapter 164, Subchapter 4, the Series 1998A Bonds are
hereby authorized and ordered sold and issued in the total principal amount of not to exceed $16,500,000 ,
at a net effective interest rate of not to exceed ten (10) percent per annum, and with a final maturity of not to
exceed thirty (30) years from date of issue. The Bonds shall not be general obligations of the City, but shall
kn o be special obligations payable solely from fees derived from the operation of the parks and recreational
T facilities owned or operated by the City (specifically including, but not limited to, amounts deposited by the
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City into the enterprise funds for the zoo, golf, and War Memorial Fitness programs of the City established
pursuant to Resolution No. 10,040 of the City adopted August 5, 1997), and any other fees designated and
pledged by the City to such purpose (collectively, the "Revenues "). Revenues not needed to pay debt
service on the Series 1998A Bonds or other Bonds, may be released from the lien of the Indenture
(hereinafter defined) and used by the City for any lawful purpose, at the times and in the manner provided in
the Indenture. Furthermore, the City has covenanted in the Indenture, identified hereinafter to appropriate
sufficient funds to insure the efficient operations and maintenance of the park and recreational activities of
the City and does hereby affirm such covenant for purposes of this Ordinance.
Section 3. The issuance of the Series 1998A Bonds is hereby authorized for the purposes of (i)
providing funds to finance a portion of the cost of the acquisition and construction of the Projects, including
payment of a portion of the interest on the Series 1998A Bonds during the construction and acquisition
period; (ii) to fund the Series 1998A Debt Service Reserve Fund (as defined in the Indenture), and (iii) to
pay the costs of issuance of the Series 1998A Bonds. The Series 1998A Bonds will mature, bear interest and
be subject to redemption in accordance with the provisions of the Indenture.
Section 4. The Series 1998A Bonds shall be sold to the purchaser or purchasers identified in a Bond
Purchase Agreement in substantially the form submitted to the meeting at which this Ordinance is adopted
(the "Bond Purchase Agreement "), with such changes, omissions, insertions and revisions as the Mayor,
City Clerk, and Director of Finance and Treasurer shall deem advisable, the execution and delivery by the
Mayor of such Bond Purchase Agreement to constitute conclusive evidence of the City's acceptance and
approval thereof. All actions heretofore taken by the Mayor, City Clerk, and Director of Finance and
Treasurer in connection with the offering of the Series 1998A Bonds, including the preparation of the
Preliminary Official Statement, preparation of the Indenture, and preparation of this Ordinance (the
"Authorizing Ordinance") are hereby in all respects ratified and approved. The Mayor is hereby authorized
and directed to take such action, at such time, with respect to the Preliminary Official Statement as is
necessary to cause the Preliminary Official Statement to be deemed final for purposes of the Securities and
Exchange Commission Rule 15(c)2 -12. The Preliminary Official Statement of the City in the form
presented at this meeting with such changes, omissions, insertions and revisions as the Mayor, City Clerk,
and Director of Finance and Treasurer shall deem advisable is hereby authorized and approved and the
Mayor or Treasurer shall sign and deliver the final Official Statement for distribution to the owners of the
Bonds and other interested persons.
Section I Metropolitan National Bank, Little Rock, Arkansas is hereby appointed to serve as
Trustee for the Series 1999A Bonds (the `°frustee').
Section G To prescribe the terms and conditions upon which the Bonds are to be executed,
accepted, held and secured, the Mayor is hereby authorized and directed to execute a Master Trust Indenture
and a Supplemental Trust Indenture, each dated as of April 1, 1998 or such later dated dates determined by
the Mayor upon advice of the underwriter and the Director of Finance and Treasurer (collectively, the
"Indenture "), by and between the City and the Trustee, and the City Clerk is hereby authorized and directed
to acknowledge the Indenture and to affix the seal of the City thereto, and the Mayor and City Clerk are
hereby authorized and directed to cause the Indenture to be accepted, executed and acknowledged by the
Trustee. The Indenture is hereby approved in substantially the form submitted to this meeting, with such
changes, omissions, insertions and revisions (including, without limitation, those with respect to the
principal amount and maturities of and interest rates to be home by the Bonds, but subject to the limitations
contained in Section 1 of this Authorizing Ordinance) as the Mayor, City Clerk, and Director of Finance and
Treasurer shall deem advisable, the execution and delivery by the Mayor and City Clerk of such Indenture
to constitute conclusive evidence of the City's acceptance and approval thereof.
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Section 7 The Mayor, the City Clerk and the Director of Finance and Treasurer, for and on behalf
of the City, are authorized and directed to do any and all things necessary to effect the preparation,
execution and delivery of the Indenture, the performance of all obligations of the City under the Indenture,
the issuance, execution, sale and delivery of the Series 1998A Bonds, the use of a portion of the proceeds
from the Series 1998A Bonds to commence construction and acquisition of the Projects and the
performance of all acts enumerated in this Ordinance and all other acts of whatever nature necessary to
effect and carry out the authority conferred by this Ordinance. The Mayor, City Clerk, and the Director of
Finance and Treasurer are finther authorized and directed, for and on behalf of the City, to execute all
papers, documents, certificates and other instruments that may required for the carrying out of such
authority or to evidence the exercise thereof.
Section B. The appointment of Wright, Lindsey & Jennings LLP as Bond Counsel is hereby
approved and ratified.
Section 9. It is hereby found and declared that an immediate need exists for the park and recreation
improvements in order to achieve the most cost effective financing for the development of the City's
metropolitan infrastructure. It is, therefore, declared that an emergency exists. This Ordinance, being
necessary for the immediate preservation of the public peace, health and safety, shall take effect and be in
force from and after its passage.
PASSED: March 17, 1998
ATTEST: pp
ROBBIE HANCOCK, CITY CLERK
APPROVED AS TO FORM,
vV �+rrr<a 41.1 • CJ
THOMAS M. CARP NI—
CITY ATTORNEY
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ADDENDUM A
Description of Projects
A. ZOO BOND ISSUE IMPROVEMENTS
1. DESIGN AND CONSTRUCTION OF ARKANSAS FARM EXHIBIT AREA:
Approximately $2,545,000
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The Arkansas Farm Exhibit project will be planned and designed through staff at the Parks Department and
the Zoo, Friends of The Zoo and various organizations who can contribute ideas towards its realization. The
concept for the project is to represent natural resources in systems, both natural and mart -made, before
technology through the present. The exhibit is considering the following support facilities:
• Special entry feature
• Hunter /Gatherer exhibit
• Gateway into the farm
• Barn with interpretive exhibits
• Blacksmith shop
o Homestead
c Grist Mill
• Corral and Paddocks
• Various exhibits of Arkansas wildlife
1 ZOO ENHANCEMENT: Approximately $955,000
Zoo enhancements are intended to create improved exhibits and enhance visitors experience. Improvements
under consideration are as follows:
• Additional Arkansas Habitat
• Lion Safari Restaurant
• Various walks, landscaping features and utility upgrades
• Lion exhibit support
• General Zoo exhibit upgrades
• Begin North America exhibit
B. GOLF COURSE BOND ISSUE IMPROVEMENTS
1. REBSAMEN GOLF COURSE: Approximately $2,000,000
Rebsamen golf Course is scheduled to be remodeled from plans designed by a nationally known golf course
architect hired by the Parks and Recreation Department. The remodeling project will consist of the
following:
• Re- routing various holes
• Constructing a full service driving range
• Replacing the existing irrigation system and adding fairway irrigation
• Adding sand bunkers throughout the course as needed
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o Rebuilding existing tee boxes as well as adding new tee boxes
o Constructing new lakes
o Repaving cart paths throughout the entire course
o Regrading various fairways to improve surface drainage as well as installing underground pipes to
improve drainage
o Constructing new tee shelters
• Development of a golf education center
• Making various other improvements to enhance the course.
2. HINDMAN GOLF COURSE: Approximately $875,000
Hindman Golf Course Improvements are proposed as follows:
• Replace the existing irrigation system including fairway irrigation
• Construct starter but on Hole #1
• Construct tee shelters on the course
• Construct permanent restrooms on the course
• Rebuild various tee boxes and greens
• Overlay asphalt cart paths in various locations throughout the course
• Improve surface drainage on various fairways throughout the course
• Improve the Pro Shop and concessions areas
• Construct rock retaining walls in various locations throughout the course
• Make various other improvements to enhance the course.
3. WAR MEMORIAL GOLF COURSE: Approximately $875,000
War Memorial Golf Course Improvements are proposed as follows:
• Replace the existing irrigation system and add fairway irrigation
• Relocate holes $14, # 15 and # 16 so players will no longer have to cross Van Buren Street
• Rebuild various tee boxes and greens
• Overlay existing asphalt cart paths throughout the course
• Add full service concession facilities to the Pro Shop
• Construct new tee shelters on the golf course
• Install new curbs on cart paths at various locations throughout the course
• Install new trees in various locations throughout the course
• Make various other improvements to enhance the course.
C. WILLIAM JEFFERSON CLINTON PRESIDENTIAL PARK
1. LAND ACQUISITION AND CLEARING: Approximately $11,000,000
• Acquire approximately 852,000 square feet of land along the south bank of the Arkansas River in Little
Rock, Arkansas to constitute the site for the William Jefferson Clinton Presidential Park.
• Demolish all improvements and clear all debris from the Park in order to provide a site ready for
construction of the archives and education center.
• Relocation of utilities and other site preparation.
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2. RAILROAD SWITCH RELOCATION: Approximately $3,000,000
e Relocate railroad switch and trackage adjacent to the Park in order to route rail traffic away from the
Park.
3. RENOVATION OF RAILROAD BRIDGE: Approximately $1,000,000
o Renovate the Rock Island railroad bridge across the Arkansas River, to provide a pedestrian bridge
linking the William Jefferson Clinton Presidential Park to the City of North Little Rock, Arkansas.
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