13899ORDINANCE NO. 13,899
AN ORDINANCE AMENDING ORDINANCE NO. 13,884 TO
CHANGE CERTAIN TERMS AND CONDITIONS CONCERNING
THE PROPOSED $1,500,000 CITY OF LITTLE ROCK,
ARKANSAS AIRPORT REVENUE BONDS, SERIES 1980;
AND DECLARING AN EMERGENCY.
WHEREAS, Ordinance No. 13,884 of the City of Little
Rock, Arkansas (the "City "), adopted October 7, 1980, authorized
the public sale and issuance of $1,500,000 City of Little Rock,
Arkansas Airport Revenue Bonds, Series 1980 (the "Series 1980
Bonds ") upon the terms and conditions specified in Ordinance No.
13,884; and
WHEREAS, the City and the Little Rock Municipal Airport
Commission have determined that certain changes in the terms and
conditions of the Series 1980 Bonds should be made in order to
market the bonds upon the most favorable conditions;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. The next to last paragraph of Section 1 of
Ordinance No. 13,884 is hereby amended to read as follows:
"The Director of Finance & Adiminstration of the City
shall give notice of the public sale of the Series 1980 Bonds by
such publication and other means as he deems appropriate to market
the Series 1980 Bonds on the most favorable terms. He shall
prepare and distribute to prospective purchasers an Official
Statement descriptive of the Series 1980 Bonds, the City and the
Little Rock Municipal Airport. No bid of less than 98% of the
principal amount of the Series 1980 Bonds plus accrued interest
from the date of the Series 1980 Bonds to the date of delivery
shall be considered. The purchaser shall be permitted to name the
Trustee and the Paying Agent for the Series 1980 Bonds."
Section 2. The fourth paragraph of the Series 1980 Bond
form (relating to redemption of the Series 1980 Bonds), as set out
in Section 4 of Ordinance No. 13,884, is hereby amended to read as
follows:
iI . *1
"The Series 1980 Bonds maturing on and after October 1,
1991, are subject to redemption prior to maturity, on any interest
payment date on and after October 1, 1990, at the option of the
City, in whole or in part, in inverse numerical order, at the
redemption prices (expressed as percentages of principal amount)
set forth below plus accrued interest to the redemption date:
1022% if redeemed October 1, 1990 or April 1, 1991;
102% if redeemed October 1, 1991 or April 1, 1992;
101% if redeemed October 1, 1992 or April 1, 1993;
101% if redeemed October 1, 1993 or April 1, 1994;
100% if redeemed October 1, 1994 or April 1, 1995."
Section 3. Ordinance No. 13,884 is further amended to
the extent necessary to permit the Series 1980 Bonds to be
purchased at a discount from the face amount thereof of not to
exceed 2 %, and to provide that the Bonds will be subject to
redemption only upon the terms (including payment of redemption
premiums) set out in Section 2 hereof.
Section 4. Ordinance No. 13,884, as herein amended,
shall continue in full force and effect.
Section 5. The public sale of the Series 1980 Bonds has
been set for October 29, 1980, and it is hereby found and
determined that the amendments herein made are necessary to
marketing the Bonds upon the most favorable terms. It is,
therefore, declared that an emergency exists, and this Ordinance
being necessary for the immediate preservation of the public
peace, health and safety, shall take effect and be in force from
and after its passage.
PASSED: October 21 , 1980.
APPROVED:
oed
ATTEST: Mayor
City rk
(SEAL)