18557ORDINANCE NO. 18,557
0
AN ORDINANCE AUTHORIZING THE CONSTRUCTION OF
BETTERMENTS AND IMPROVEMENTS TO THE SEWER
SYSTEM OF THE CITY OF LITTLE ROCK, ARKANSAS;
AUTHORIZING THE ISSUANCE AND SALE OF SEWER
REFUNDING AND CONSTRUCTION REVENUE BONDS;
PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON THE BONDS; PRESCRIBING OTHER
MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, the City of Little Rock, Arkansas (the "City ")
owns a sewer system (the "System ") , which is operated by the Sewer
Committee of the City (the "Committee "); and
WHEREAS, the Committee has determined that betterments
and improvements to the System (the "improvements ") are necessary
in order to make the services of the System adequate for the needs
of the City; and
WHEREAS, the Committee has caused to be prepared by the
engineering staff of the Little Rock Wastewater Utility a
preliminary report, general plans and estimates of cost for the
improvements that have been examined and approved by the Committee
and Board of Directors and a copy of which general plans are on
file in the office of the City Clerk and the Manager of the System
where they may be inspected by any interested person; and
WHEREAS, in order to take advantage of low interest rates
and to reduce debt service requirements on an annual basis, the
Committee and the Board of Directors have determined that the City
should refund its Sewer Refunding and Construction Revenue Bonds,
Series 1993 (the 111993 Bonds ") authorized by Ordinance No. 16,462
of the City, adopted July 28, 1993 (the 111993 Ordinance "); and
WHEREAS, the City can refund the 1993 Bonds and pay the
costs of one or more of the improvements (or a portion thereof) by
the issuance of Sewer Refunding and Construction Revenue Bonds,
Series 2001, in the principal amount of $22,680,000 (the "bonds ");
and
WHEREAS, the City and the Committee have made
arrangements for the sale of the bonds to Morgan Keegan & Company,
Inc. (the "Purchaser ") , at a price of $22,511,232 (principal amount
plus net original issue premium of $12,672 less underwriter's
discount of $181,440) plus accrued interest on the bonds from the
date of the bonds until the date of issuance (the "Purchase
Price ") , on a negotiated basis pursuant to a Bond Purchase
Agreement (the "Agreement ") which has been presented to and is
before this meeting; and