13319RESOLUTION NO. 13,319
2
3 A RESOLUTION TO AUTHORIZE THE OFFERING OF UP TO
4 $18,500,000 OF CITY OF LITTLE ROCK, ARKANSAS SEWER
5 REFUNDING REVENUE BONDS, SERIES 2011; TO AUTHORIZE THE
6 EXECUTION OF A BOND PURCHASE AGREEMENT; AND FOR
7 OTHER PURPOSES.
8
9 WHEREAS, the City of Little Rock, Arkansas (the "City ") owns a sewer system (the "System "),
10 which is operated by the Sewer Committee of the City (the "Committee "); and
11 WHEREAS, in order to achieve an accumulated savings of at least $875,000, the Committee has
12 determined that it would be in the best interest of the City to refund the City's outstanding Sewer
13 Refunding and Construction Revenue Bonds, Series 2001 (the "Series 2001 Bonds "); and
14 WHEREAS, the refunding can be accomplished by the issuance of Sewer Refunding Revenue Bonds
15 in the maximum principal amount of $18,500,000 (the "bonds "); and
16 WHEREAS, Morgan Keegan & Company, Inc., and Crews & Associates, Inc., (collectively, the
17 "Underwriter ") have been selected by the Committee to underwrite the bonds; and
18 WHEREAS, the City intends to negotiate with the Underwriter for the sale of the bonds pursuant to a
19 Bond Purchase Agreement between the Purchaser and the City (the "Purchase Agreement "), which has
20 been presented to and is before this meeting; and
21 WHEREAS, the form of the Preliminary Official Statement offering the bonds for sale (the
22 "Preliminary Official Statement ") has been presented to and is before this meeting; and
23 WHEREAS, Friday, Eldredge & Clark, LLP, has been selected by the Committee to act as Bond
24 Counsel in connection with the authorization, sale and issuance of the bonds; and
25 WHEREAS, upon the advice of the Committee, the Board of Directors is now prepared to authorize
26 the offering of the bonds for sale by the Underwriter, to authorize the execution and delivery of the
27 Purchase Agreement and to approve the Preliminary Official Statement;
28 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
29 OF LITTLE ROCK, ARKANSAS:
30 Section 1. That the Underwriter is hereby authorized to offer the bonds for sale on such terms and
31 conditions as may be recommended by the Underwriter and the Committee.
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Section 2. Following the offering of the bonds, the Mayor is hereby authorized to execute and deliver
the Purchase Agreement for and on behalf of the City so long as there is achieved an accumulated savings
of at least $875,000.
Section 3. That the forms of Preliminary Official Statement and Purchase Agreement, substantially in
the forms exhibited to and before the Board of Directors at the meeting at which this Resolution is
adopted, are hereby approved and the Underwriter is hereby authorized to use the Preliminary Official
Statement in connection with the sale of the bonds.
Section 4. The officials of the City are authorized to cooperate with the Underwriter and Friday,
Eldredge & Clark, LLP, as Bond Counsel, in the offering and sale of the bonds and are further authorized
to execute such writings and take such actions as may be appropriate to the offering of the bonds.
Section 5. The Mayor is hereby authorized to "deem final" for purposes of Rule 15c2 -12 of the
Securities and Exchange Commission, the Preliminary Official Statement.
PASSED: May 17, 2011
ATTEST: APPROVED: /
y, City Clerk
AS TO LEGAL FORM:
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Thomas M. Carpenter, City to ney
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Mark Stodola,