12548RESOLUTION NO. 129548
• RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO
• REPAYMENT AGREEMENT WITH THE ADVERTISING AND
PROMOTION COMMISSION OF LITTLE ROCK, ARKANSAS
WHEREAS, the Advertising and Promotion Commission of Little Rock, Arkansas
( "Commission ") desires to undertake a HVAC project in the Statehouse Convention Center to
convert and replace the boiler system to a non -steam continuous loop system with a boiler
management system pursuant to a Trane PACT Agreement entered into by the Commission and
Trane to achieve certain cost savings over the life of the system; and
WHEREAS, the City of Little Rock ( "City ") has an interest in the improvement of the
Statehouse Convention Center; and
WHEREAS, the City has the authority to issue temporary notes for this project, and
WHEREAS, the Commission has the authority and desire to use non -tax revenues to repay
the City for all the annual principal and interest on the temporary notes, and
WHEREAS, the City has taken the appropriate actions to issue $1,372,000 of temporary
notes for the HVAC project based upon the Commission's intent to repay the City for all the annual
principal and interest on the temporary notes.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS, THAT:
SECTION 1. The City Manager is authorized to enter a Repayment Agreement between the
City and the Commission for the full payment of annual principal and interest on the 2007B
temporary notes ($1,372,000 issue).
SECTION 2. This Resolution shall be effective from and after the date of its adoption.
Adopted: July 17, 2007.
ATTEST:
Main' Wood, ity Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter, Cit ttom- ey,
APPROVE
Mark Stodola, Mayor
REGISTERED
No. 2007 -B -R -1
Exhibit A
REGISTERED
**1,372,000**
UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
TAXABLE GENERAL REVENUES NOTE, SERIES 2007 -B
REGISTERED OWNER: Bank of America, N.A.
ADDRESS OF REGISTERED OWNER: 200 West Capitol Avenue, Little Rock,
AR 72201
PRINCIPAL AMOUNT: One Million, Three Hundred Seventy -two Thousand
Dollars
INTEREST RATE: 6.2350
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, Arkansas (the "City ") , hereby
acknowledges itself to owe, and for value received promises to pay
to the order of the Registered Owner hereof, or registered assigns,
in lawful money of the United States of America, the Principal
Amount hereof, and to pay in like coin or currency interest on the
unpaid balance at the Interest Rate per annum from the date hereof,
calculated on the basis of the actual number of days elapsed in a
year of 365 days (366 days in a leap year). The said principal and
interest shall be payable in annual installments in the amount of
$327,792.85 commencing on July 19, 2008 and on the same day of each
year thereafter until principal and interest are fully paid, except
that the final installment on the entire indebtedness evidenced
hereby, if not sooner paid, shall be due and payable five years
from the date of this note.
Payments of the principal and interest installments due hereon
shall be made, except for final payment, without presentation and
surrender of this note, directly to the registered owner at its
address shown on the registration book of the City maintained by the
City Clerk as Registrar, and such payments shall fully discharge the
obligations of the City to the extent of the payments so made.
This note is issued for the purpose of acquiring, constructing,
installing, or renting real property or tangible personal property
having an expected useful life of more than one year under and
pursuant to and in full compliance with the Constitution and laws of
the State of Arkansas, including particularly Section 2 of Amendment
78 to the Constitution of the State of Arkansas, and pursuant to an
ordinance of the Board of Directors of the City duly adopted on
March 20, 2007, and a resolution adopted on June 5, 2007
(collectively, the "Authorizing Ordinance "). Reference is hereby
made to the Authorizing Ordinance for the details of the nature and
extent of the security and of the rights and obligations of the City
and the registered owner of this note.
The punctual payment of this note and all interest hereon, when
and as the same become due and payable, shall be paid from and
charged against the general revenues of the City.
This note may be transferred, in whole but not in part, only upon
the registration books of the City maintained by the City Clerk, and
upon assignment the assignor shall promptly notify the City Clerk by
registered mail, and the assignee shall surrender this note to the
City Clerk for transfer on the registration books. Every assignee
shall take this note subject to all payments and prepayments of
principal and interest (as reflected by the payment record
maintained by the City Clerk), prior to such surrender for transfer.
This note is subject to prepayment, in lawful money of the United
States of America, at the option of the City, on notice as
hereinafter set out, in whole or in part, in inverse order of
installments of maturity, at par plus accrued interest, on any date
out of any available funds. Notice of prepayment shall be given by
first class mail by the City Clerk at least 30 but not more than 60
days prior to the date fixed for redemption to the registered owner
at the address shown on the registration books.
No recourse shall be had for the payment of the principal of or
interest on this note or for any claim based thereon or upon any
obligation, covenant, or agreement contained in this note or the
Authorizing Ordinance against any past, present, or future alderman,
director, official, officer, commissioner, or employee of the City,
or any incorporator, member, commissioner, director, alderman,
trustee, official, officer, or employee of any successor of the
City, as such, either directly or through the City or any successor
of the City, under any rule of law or equity, statute, or
constitution or by the enforcement of any assessment or penalty or
otherwise, and all such liability of any such incorporator, member,
commissioner, director, alderman, trustee, official, officer, or
employee as such is hereby expressly waived and released as a
condition of and consideration for the issuance of this note.
This note is issued with the intent that the laws of the State of
Arkansas will govern its construction.
This note shall not become a valid obligation of the City until
the Certificate hereto has been duly executed by the Finance
Director of the City.
IT IS HEREBY CERTIFIED, RECITED, and DECLARED that all acts,
conditions, and things required by the Constitution and laws of
the State of Arkansas to exist, happen, and be performed
precedent to and in the issuance of this note have existed, have
happened, and have been performed in due time, form, and manner,
as required by law; that the general revenues of the City will
be used for the payment of the principal of and interest on this
note; and that the indebtedness represented by this note does
not exceed any constitutional or statutory limitation.
[The balance of this page left blank intentionally.]
IN WITNESS WHEREOF, the City of Little Rock, Arkansas, by its
Board of Directors, has caused this note to be signed by the Mayor
and City Clerk thereof and sealed with the corporate seal of said
City, all as of July 19, 2007.
ATTEST:
[SEAL]
CITY OF LITTLE ROCK, ARKANSAS
City Clerk
FINANCE DIRECTOR'S CERTIFICATE
Mayor
Certified to be the Note mentioned and described herein.
Finance Director
FORM OF ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns, and
transfers unto
(Please Print or Typewrite Name, Address, and Social Security Number or Taxpayer Identification
Number of Transferee)
the within Bond and all rights thereunder, and hereby irrevocably
constitutes and appoints
Attorney, to transfer the within Bond on the books kept for
registration thereof, with full power of substitution in the
premises.
Dated:
NOTICE: The signature to this
assignment must correspond with the
name as it appears upon the face of
the within Bond in every particular,
without alteration or enlargement or
any change whatever.
Signature Guaranteed By:
Exhibit B
Schedule of Payments to City of Little Rock
Date
July 17, 2008
July 16, 2009
July 16, 2010
July 15, 2011
July 17, 2012
Principal
$242,248.65
$257,352.85
$273,398,80
$290,445.22
$308,554.48
Interest
$ 85,544.20
$ 70,440.00
$ 54,394.05
$ 37,347.63
$ 19,238.37
Total
$327,792.85
$327,792.85
$327,792.85
$327,792.85
$327,792.85