185060
0
1 Ordinance No. 18,506
2
3 AN ORDINANCE TO AMEND LITTLE ROCK, ARK., ORDINANCE
4 NO. 18,482 (MAY 15,2001) FOR THE PURPOSE OF CORRECTING THE
5 INTEREST RATE ON THE BONDS; PRESCRIBING OTHER
6 MATTERS RELATED THERETO; AND TO DECLARE AN
7 EMERGENCY
8
9 WHEREAS, a clerical error produced a mistake in Little Rock, Ark., Ordinance
10 No. 18,482 (May 15, 2001)( "LRO 18,482 ") in the rate of interest stated for the City of
11 Little Rock, Arkansas Limited Tax General Obligation Refunding Bonds, Series 2001 (the
12 'Bonds "), maturing on April 1, 2003;
13 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
14 THE CITY OF LITTLE ROCK, ARKANSAS, that:
15 Section 1. Section 6 of LRO 18,482 is hereby amended by substituting "3.60% as the
16 rate of interest for the Bonds maturing April 1, 2003.
17 Section 2. The table appearing in Section 19 of Ordinance No. 18,482 is hereby
18 amended by substituting the following table:
19 "Date Principal Interest Total
20
10 -1 -01
$223,810.90
$ 223,810.90
21
4 -1 -02
$5,195,000.00 380,056.25
5,575,056.25
22
10 -1 -02
296,936.25
296,936.25
23
4 -1 -03
5,370,000.00 296,936.25
5,666,936.25
24
10 -1 -03
200,276.25
200,276.25
25
4 -1 -04
5,575,000.00 200,276.25
5,775,276.25
26
10 -1 -04
88,776.25
88,776.25
27
4 -1 -05
4,495,000.00 88,776.25
4,583,776.25"
28
Section 3. Severability.
In the event any title, section,
paragraph, item, sentence,
29
clause, phrase, or word of
this Ordinance is declared or
adjudged to be invalid or
30
unconstitutional, such declaration
or adjudication shall
not affect the remaining
31
portions of this Ordinance, which shall remain in full force and
effect as if the portion so
32
declared or adjudged invalid
or unconstitutional was not originally a part of this
33
Ordinance.
[Page 1 of 2)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
i
Section
4.
Repealer. LRO 18,482, as hereby
amended,
is hereby
ratified
and
confirmed.
All
other ordinances or resolutions of
the City
in conflict
herewith
are
hereby repealed to the extent of such conflict.
Section 5. Emergency. The Board of Directors hereby determines that the City of
Little Rock can achieve significant interest savings by refunding the Series 1995 Bonds;
that such savings will reduce the number of years that the 3.3 -mills tax must be levied
and collected; that an appropriate way to achieve such savings is by the issuance of
refunding bonds payable from tax revenues as authorized by Amendment 62 and the
implementing legislation therefor; and that this ordinance shall be given immediate
effect so that such savings may be secured as soon as possible. Therefore, an emergency
is hereby declared to exist and this ordinance, being necessary for the immediate
preservation of the public health, safety, and welfare, shall be in full force and effect
from and after its passage and approval.
PASSED: June 5, 2001
15 ATTEST:
16
17
18 �Nano Woo , City Clerk
19 APPROVED AS TO LEGAL FORM:
20
22 Thomas M. Carpenter, City ttorney
23
24 //
25 //
26
27 //
28 //
29 //
30 //
31 //
32
[Page 2 of 21
APPROVED:
X�
Dailey, 51 Mayor �i
7� - , ,