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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)