13267ORDINANCE NO. 13F267
AN ORDINANCE CONFIRMING RESOLUTION NO. 5,694
AWARDING THE SALE OF $10,000,000 WATER REVENUE
BONDS, SERIES D; AUTHORIZING THE DELIVERY OF THE
WATER REVENUE BONDS, SERIES D, APPROVED BY
ORDINANCE NO. 13,248; APPROVING A SCHEDULE OF
MATURITIES IN CONNECTION THEREWITH; AND PRE-
SCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY.
WHEREAS, by Ordinance No. 13,248 of the Ordinances of the
City of Litle Rock, Arkansas (the "City "), passed and approved
on the 16th day of March, 1977 (the "Authorizing Ordinance "),
there were authorized Water Revenue Bonds, Series D, in the total
principal amount of $10,000,000 (the "bonds "), with the bonds to
be dated May 1, 1977, and interest payable semiannually on
February 1 and August 1 of each year, commencing February 1, 1978,
and with the bonds to mature on February 1 in each of the years
1979 to 1996, inclusive, and otherwise as described in detail in
the Authorizing Ordinance;
WHEREAS, by Resolution No. 5,694 passed and approved on
the 13th day of April, 1977 the sale of the bonds were awarded to
the bid of Bache Halsey Stuart, Inc. and Associates as set forth
therein; and
WHEREAS, the Authorizing Ordinance requires that the City
confirm by ordinance the sale of the bonds approved by Resolution
No. 5,694, and that in connection therewith that the City approve
a schedule of maturities consistent with the award of the bid
of the purchaser;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. That the sale of the bonds approved by Resolution
No. 5,694 accepting the bid of Bache Halsey Stuart, Inc. and
Associates of par and accrued interest for bonds maturing as set
forth in Section 2 herein, resulting in a net interest cost of
$5,686,260.50 and an average annual interest rate of 4.867334% be,
and the same is hereby confirmed in all respects.
Section 2. There are hereby authorized and ordered issued
and delivered to Bache Halsey Stuart, Inc. and Associates, the
purchaser, bonds in the aggregate principal amount of $10,000,000
designated "City of Little Rock, Arkansas Water Revenue Bonds,
Series D ", dated May 1, 1977, in the denomination of $5,000 each,
which bonds shall bear interest as follows: Bonds Nos. 1 to 290,
inclusive, maturing in the years 1979 to 1982, inclusive, bear
interest at the rate of 6.00% per annum; Bonds Nos. 291 to 375,
inclusive, and Bonds Nos. 991 to 1375, inclusive, maturing in the
years 1983 and in 1990 to 1992, inclusive, bear interest at the
rate of 4.75% per annum; Bonds Nos. 376 to 875, inclusive, maturing
in the years 1984 to 1988, inclusive, bear interest at the rate of
4.50% per annum; Bonds Nos. 876 to 990, inclusive, maturing in the
year 1989, bear interest at the rate of 4.70% per annum; and Bonds
Nos. 1376 to 2000, inclusive, maturing in the years 1993 to 1996,
inclusive, bear interest at the rate of 5.00% per annum. The
Trustee, Morgan Guaranty Trust Company of New York, New York, is
hereby requested to authenticate the bonds and upon payment to
deliver them to Bach Halsey Stuart, Inc. and Associates, the purchaser,
and to transmit the proceeds from the sale of the bonds, all as
contained within a Letter of Instruction of the City to that
effect, to be executed by the Mayor and the City Clerk, and delivered
to the Trustee at the closing.
Section 3. The principal of and interest on the bonds shall
be payable at the principal office of the Paying Agent, Morgan
Guaranty Trust Company of New York, New York, or at the principal
office of the Alternate Paying Agent, Union National Bank, Little
Rock, Arkansas. Interest on the bonds shall be payable semiannually
on February 1 and August 1 of each year, commencing February 1,
1978, and the bonds shall mature on February 1 in each of the years
1979 to 1996, inclusive, as described in the following schedule
of maturities, but shall be callable for payment prior to maturity
as set forth in the Authorizing Ordinance.
Interest
Year
Principal
Rate
February 1
August 1
Total
1978
$370,800.00
$247,200.00
$618,000.00
1979
$325,000
6.00%
247,200.00
237,450.00
804,650.00
1980
350,000
6.00%
237,450.00
226,950.00
814,400.00
1981
375,000
6.00%
226,950.00
215,700.00
817,650.00
1982
400,000
6.00%
215,700.00
203,700.00
819,400.00
1983
425,000
4.75%
203,700.00
193,606.25
822,306.25
1984
450,000
4.50%
193,606.25
183,481.25
827,087.50
1985
475,000
4.50%
183,481.25
172,793.75
831,275.00
1986
500,000
4.50%
172,793.75
161,543.75
834,337.50
1987
525,000
4.50%
161,543.75
149,731.25
836,275.00
1988
550,000
4.50%
149,731.25
137,356.25
837,087.50
1989
575,000
4.70%
137,356.25
123,843.75
836,200.00
1990
600,000
4.75%
123,843.75
109,593.75
833,437.50
1991
650,000
4.75%
109,593.75
94,156.25
853,750.00
1992
675,000
4.75%
94,156.25
78,125.00
847,281.25
1993
725,000
5.00%
78,125.00
60,000.00
863,125.00
1994
750,000
5.00%
60,000.00
41,250.00
851,250.00
1995
800,000
5.00%
41,250.00
21,250.00
862,500.00
1996
850,000
5.00%
21,250.00
-0-
871,250.00
Section 4.
In connection
with the issuance
and delivery of
the bonds to the
purchaser,
an Official Statement
(in substantially
the form and content
as the
Preliminary Official
Statement with
necessary changes
and additions
to reflect
the details of
the bond
sale)
relating to
the Series
D Bonds is hereby
adopted, and the City
Manager be, and he is hereby
authorized and
directed to execute
the
same
on behalf of
the City;
and the Mayor,
City Clerk and
City
Manager be, and they
are hereby
authorized
and directed for
and on
behalf of the City
to do all
things, take
all action and
execute
documents necessary to carry
out the authority
set forth
in the
Authorizing Ordinance and this
Ordinance and
to evidence
the
exercise thereof,
and as may
be necessary
to effect delivery of
the bonds.
Section 5. That this Ordinance is adopted pursuant to the
authority confirmed by the Authorizing Ordinance, and Authorizing
Ordinance, together with and as supplemented by this Ordinance,
shall continue in full force and effect.
Section 6. That the provisions of this Ordinance are hereby
declared to be separable and if a section, phrase or provision
shall for any reason be declared to be invalid, such declaration
shall not affect the validity of the remainder of the sections,
phrases or provisions.
Section 7. That all ordinances, resolutions and part thereof
in conflict herewith are hereby repealed to the extent of such
conflict.
Section 8. That there is hereby found and declared that the
construction of the improvements is necessary in order that the
services and facilities of the Water Works System of the City be
adequate for the immediate needs of the City and its inhabitants
and that said improvements can be constructed only by the issuance
and delivery of the Series D Bonds. It is, therefore, declared
that an emergency exists and this ordinance being necessary for
the immediate preservation of the public health, safety and welfare
shall be enforced and take effect immediately upon and after its
passage.
PASSED April 19 1977.
ATTEST:
C y Clerk
(SEAL)