12778I
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RESOLUTION NO. 12,778
3 A RESOLUTION TO APPOINT STEPHENS INC. AS BOND
4 UNDERWRITER FOR THE PROPOSED ISSUANCE OF LITTLE ROCK,
5 ARKANSAS REFUNDING AND CAPITAL IMPROVEMENT REVENUE
6 BONDS, SERIES 2008; (THE PARK & RECREATION BONDS); AND
7 PROVIDING FOR OTHER MATTERS IN CONNECTION WITH THE
s ISSUANCE OF BONDS.
9
10 WHEREAS, pursuant to Little Rock, Ark., Resolution No. 12,753 ( "LRR 12,573 "), the
11 Board of Directors stated an intent to refund ( "2008 Parks Refunding Bonds ") the $16,540,000
12 City of Little Rock, Arkansas, Capital Improvement Revenue Bonds, Parks and Recreation
13 Projects (Series 1998A), which had been authorized by Little Rock, Ark., Ordinance No. 17,690
14 (March 17, 1998), (1998 Parks Revenue Bonds); and
15 WHEREAS, it is necessary to have bond underwriters provide the best financial terms for
16 the issuance and sale of the Refunding and Capital Improvement Revenue Bonds, Series 2008;
17 and
18 WHEREAS, the City requested proposals from qualified firms to handle this work; and
19 WHEREAS, the proposals received were reviewed and evaluated by a professional services
20 selection committee designated in accordance with City ordinance; and
21 WHEREAS, the committee has concluded that the firm of Stephens Inc. is the most
22 qualified and has the knowledge and experience with similar financings in Arkansas and
23 nationally as an underwriter.
24 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
25 THE CITY OF LITTLE ROCK, ARKANSAS:
26 Section 1. The City Manager is hereby authorized to enter into an agreement with the firm of
27 Stephens Inc. to act as underwriter for the 2008 Parks Refunding Bonds.
28 Section 2. The funds required to fulfill the financial obligations of the City pursuant to a
29 contract with Stephens, Inc., shall be paid in accordance with Section 2 of LRO 12,753.
30 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
31 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
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Resolution to select Stephens, Inc., as undewriters
For the 2008 Parks Refunding Bonds
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declaration or adjudication shall not affect the remaining portions of the resolution which shall
remain in full force and effect as if the portion so declared or adjudged invalid or
unconstitutional was not originally a part of the resolution.
Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are
inconsistent with the provisions of this resolution are hereby repealed to the extent of such
inconsistency.
ADOPTED: November 3, 2008
ATTEST: APPROVED:
i
Nancy Wood, City Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City Attorney
Resolution to select Stephens, Inc., as undewriters
For the 2008 Parks Refunding Bonds
[PAGE 2 OF 21
Mark Stodola, Mayor