18450• •
ORDINANCE NO. 18:450
AN ORDINANCE CONFIRMING THE AUTHORIZATION TO
ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS;
PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY.
WHEREAS, the Board of Directors of the City of Little Rock, Arkansas (the
"City "), on October 17, 2000, adopted Ordinance No. 18,382 ( "Ordinance No. 18,382 "),
authorizing the issuance by the City of its Industrial Development Revenue Bonds (Dillard Store
Services, Inc. Project), Series 2000 (the "Bonds "), the execution and delivery of a Trust Indenture
securing the Bonds (the "Indenture "), the execution and delivery of a Lease Agreement between
Dillard Store Services, Inc. (the "Company ") and the City (the "Lease Agreement "), the sale of
the Bonds, and other matters pertaining thereto; and
WHEREAS, the Bonds are being issued to finance an expansion to the corporate
headquarters of Dillard's Inc. located at 1600 Cantrell Road, Little Rock, Arkansas, generally
consisting of two separate buildings totaling approximately 200,000 square feet, together with
furniture, fixtures and equipment, and related parking lots, which comprise the new Design,
Production and Technology Center (the "Project "), and paying the expenses of issuing the Bonds;
and
WHEREAS, pursuant to and in accordance with applicable provisions of Arkansas
law, a public hearing has been held before the Board of Directors on the question of the issuance
of the such revenue bonds under the Act; and
WHEREAS, the final terms of the Bonds have now been determined, in each case
as recommended by the Company; and
WHEREAS, final forms of the Indenture and the Lease Agreement have been
presented to and are before this meeting;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. The Board of Directors hereby confirms its finding that the issuance of
the Bonds to finance the Project will provide substantial employment and payrolls and will thereby
secure and develop industry in the City.
Section 2. All matters pertaining to the issuance of the Bonds, as set forth in
Ordinance No. 18,382, are hereby confirmed, ratified and authorized in all respects. The Bonds
shall be designated City of Little Rock, Arkansas Industrial Development Revenue Bonds (Dillard
Store Services, Inc. Project), Series 2000, and shall be issued in the aggregate principal amount
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of $30,000,000. The Bonds shall be in the forms and denominations, shall be numbered, shall
be dated, shall be payable, and shall be subject to redemption prior to maturity all upon the terms
and conditions which have been recommended by the Company and set forth in the Indenture.
The Bonds shall mature on December 1, 2030 and shall bear interest at the rate of 8 % per annum,
payable on June 1 and December 1 of each year, commencing June 1, 2001.
Section 3. The execution and delivery by the Mayor and the City Clerk of the
Indenture, the Lease Agreement and such other agreements authorized by Ordinance No. 18,382
are hereby approved, ratified and confirmed. The City Clerk is hereby authorized and directed
to file in the office of the City Clerk, as a part of the minutes of the meeting at which this
Ordinance is adopted, for inspection by any interested person copies of the final Indenture and
Lease Agreement, and such documents shall be on file for inspection by any interested person.
Section 4. Ordinance No. 18,382, as supplemented hereby, shall be and remain
in full force and effect.
Section 5. There is hereby found and declared to be an immediate need for the
securing and developing of industry in order to provide substantial employment and payrolls,
thereby alleviating unemployment and otherwise benefitting 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 hereby are immediately necessary for the accomplishing of
these public benefits and purposes. It is, therefore, declared that an emergency exists and this
Ordinance being necessary for the preservation of the public peace, health and safety shall be in
force and effect immediately upon and after its passage.
PASSED: March 2001.
ATTEST:
Ci Clerk
(SEAL)
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APPROVED:
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0
CERTIFICATE
The undersigned, City Clerk of the City of Little Rock, Arkansas, hereby certifies
that the foregoing pages are a true and perfect copy of Ordinance No. 1 Ry 5n adopted at a
regular session of the Board of Directors of the City of Little Rock, Arkansas, held at the regular
meeting place of the City at 6:00 o'clock p.m., on the AO� dayof MftReh , 2001, and
that the Ordinance is of record in Ordinance Record Book No. _, at page _, now in my
possession.
GIVEN under my hand and seal on this -Al't day of , 2001.
City Cterl
(SEAL)
W
3
P_WOMEMRENDAB\BONDS\dill N< -ord.-yd
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EXCERPTS FROM MINUTES OF MEETING OF THE
CITY OF LITTLE ROCK, ARKANSAS BOARD OF DIRECTORS
HELD 2001
The Board of Directors of the City of Little Rock, Arkansas, met in regular session at its
regular meeting place in Little Rock, Arkansas, at _ o'clock p.m., on the _ day of
, 2001. The following were present: Mayor Jim Dailey; City Clerk Nancy Wood; and
Directors
Absent:
The Mayor announced that this was the time established for a public hearing on the
proposed issuance of revenue bonds on behalf of Dillard Store Services, Inc., and that notice of
the hearing was given by one publication thereof in the Arkansas Democrat- Gazette on ,
2001. The meeting was opened for a hearing of all persons desiring to present comments,
suggestions or objections to the proposed issuance of the bonds. After hearing all those desiring
to be heard, the Mayor declared the public hearing closed.
The Mayor stated that consideration should be given to an ordinance authorizing the
issuance of revenue bonds. This was a matter with which the Board was familiar and after a
discussion, Director introduced an Ordinance entitled:
AN ORDINANCE CONFIRMING THE AUTHORIZATION TO
ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS;
PRESCRIBING OTHER MATTERS RELATING THERETO;
AND DECLARING AN EMERGENCY.
and the Ordinance was read in full.
Director seconded by Director moved that the rule
requiring the reading of an ordinance or resolution in full on three different days be suspended
and that the Ordinance be placed on its second reading. The Mayor put the question of the
adoption of the motion and the roll being called, the following voted aye:
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Director:
Director:
Director:
Director:
Director:
Director:
Director:
Director:
and the following voted nay:
Thereupon the Mayor declared that at least two- thirds of all members of the Board having
voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended.
The Ordinance was then read for the second time.
Director , seconded by Director then moved that the
rule requiring the reading of an ordinance or resolution in full on three different days be further
suspended and that the Ordinance be placed on its third reading. The Mayor put the question on
the adoption of the motion and the roll being called, the following voted aye:
Director:
Director:
Director:
Director:
Director:
Director:
Director:
Director:
and the following voted nay:
Thereupon the Mayor declared that at least two - thirds of all members of the Board having
voted in favor of the motion to suspend the rule, the motion was carried and the rule suspended.
The Ordinance was then read for the third time.
Director , seconded by Director , moved that the
Ordinance be adopted. The question was put by the Mayor on the adoption of the motion and the
roll being called, the following voted aye:
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Director:
Director:
Director:
Director:
Director:
Director:
Director:
Director:
and the following voted nay:
Director , seconded by Director moved that Section
5, the emergency clause, be adopted and on roll call, the following voted aye:
Director:
Director:
Director:
Director:
Director:
Director:
Director:
Director:
and the following voted nay:
The Mayor thereupon declared the Ordinance and the emergency clause adopted and signed
the Ordinance, which was attested by the City Clerk and sealed with the seal of the City. The
Ordinance was given No.
(Matters not relating to the hearing or the Ordinance are omitted.)
There being no further business, the Board adjourned.
ATTEST:
City Clerk
(SEAL)
Qtr
Mayor
0
CERTIFICATE
0
The undersigned, City Clerk of the City of Little Rock, Arkansas, hereby certifies:
(1) That the foregoing pages are a true and correct copy of excerpts of the minutes of
a meeting of the Board of Directors of the City of Little Rock, Arkansas at a regular session held
at the regular meeting place of the Board in said City at o'clock p.m., on the _ day of
, 2001;
(2) That the time and place of the meeting was furnished to each person who made a
request therefor in accordance with the provisions of the Arkansas Freedom of Information Act;
and
(3) That official and timely notice of the meeting was duly given to all members of the
Board.
(SEAL)
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City Clerk