13008f ' F wpFil.i1�%f
ORDINANCE NO. 13,008
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
MUNICIPAL AIRPORT REVENUE REFUNDING BONDS
BY THE CITY OF LITTLE ROCK, ARKANSAS FOR THE
PURPOSE OF RETIRING CERTAIN OUTSTANDING
REVENUE BONDS (DESCRIBED IN THE AUTHORIZING
ORDINANCE); PROVIDING FOR THE PAYMENT OF THE
PRINCIPAL OF AND INTEREST ON THE BONDS; PRE-
SCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY.
WHERIAS,the Little Rock Municipal Airport and its related properties
and facilities are being operated, managed and maintained by the Little Rock
Municipal Airport Commission (the "Airport Commission "), which was created
and organized pursuant to Act No. 53 of the Acts of Arkansas of 1949, and
Initiated Ordinance No. 8511 of the City of Little Rock, Arkansas (the "City "),
adopted November 7, 1950; and
WHEREAS, the City has outstanding an issue of Municipal Airport
Revenue Bonds (Interim), dated December 1, 1971 (the 111971 Interim Bonds "),
in the original principal amount of $797,000, of which all are outstanding,
issued under and secured by the provisions of Ordinance No. 12,577 of the
Ordinances of the City, adopted and approved on December 1, 1971 ( "Ordinance
No. 12,577); and
WHEREAS, the City has outstanding an issue of Municipal Airport
Revenue Bonds, Series 1971 (Second-A), dated December 1, 1971 (the 111971
Second -A Bonds ") , in the original principal amount of $156,000 of which $147,000
in principal amount will be outstanding after payment of the bonds maturing March 1,
1975, issued under and secured by the provisions of Ordinance No. 12,578, adopted
and approved on December 1, 1971 ( "Ordinance No. 12,578"); and
WHEREAS, the 1971 Interim Bonds were issued to mature on March 1,
1975, with the understanding that permanent bonds would be issued prior thereto
and the 1971 Interim Bonds retired out of the proceeds thereof; and
CCr
F- 3
l� y.
`1 it
Page 2
WHEREAS, the 1971 Second -A Bonds bear interest at the rate of 6% per
annum and are subject to redemption prior to maturity during 1975 at a redemption
price of par and accrued interest plus a premium of 2% of the principal amount
redeemed; and
WHEREAS, the Airport Commission has determined that most or all of
the holders of the 1971 Second -A Bonds would agree to present their bonds for
payment as of March 1, 1975, at a price of par and accrued interest and has requested
the Board of Directors of the City (the "Board ") to take the necessary steps to issue
and sell at this time Municipal Airport Revenue Refunding Bonds in the principal
amount of $900, 000 for the purpose of providing the necessary funds for the retirement
of the 1971 Interim Bonds and the necessary funds to be used, together with available
Airport revenues, to retire such of the 1971 Second -A Bonds as shall be presented
for payment at a price of par and accrued interest, with the sale of the bonds to
be on the condition that the net interest cost (determined by computing the interest
from date to maturity of the bonds at the rates bid and deducting therefrom the
amount of any premium bid) be no more than the net interest cost resulting from
a par bid for bonds bearing interest at 6% per annum; and
WHEREAS, the Airport Commission has requested that, in the event
an acceptable bid for the bonds is not received, the City issue $797, 000 in principal
amount of Municipal Airport Revenue Refunding Bonds (the "Interim Refunding
Bonds ") bearing interest at 6% per annum for the purpose of retiring the 1971 Interim
Bonds and deliver the Interim Refunding Bonds in exchange for the 1971 Interim
Bonds; and
WHEREAS, the Board hereby finds and declares that it is in the best
interest of the City and its inhabitants for the retirement of the 1971 Interim Bonds,
and if financially feasible the retirement of some or all of the 1971 Second -A Bonds,
to be accomplished and that bonds or Interim Refunding Bonds be issued as requested
by the Airport Commission; and
Page 3
WHEREAS, the City has outstanding an issue of Municipal Airport
Revenue Bonds, dated May 1, 1961 (the "1961 Bonds "), in the original principal
amount of $168,000 of which $118,000 are outstanding, issued under and secured
by the provisions of Ordinance No.- 11,190 of the Ordinances of the City,
adopted and approved on the 19th day of June, 1961 ( "Ordinance No. 11 ,19011);
and
WHEREAS, the City has outstanding an issue of Municipal Airport
Revenue Bonds, Series 1966, dated May 1, 1966 (the "1966 Bonds "), in the
original principal amount of $1,337,000 of which $1,195,000 are outstanding,
issued under and secured `by the provisions of Ordinance No. 11 , 745 of the
Ordinances of the City, adopted and approved on the 16th day of May, 1966,
and Ordinance I`To. 11,755, adopted and approved on the 20th day of Juno,
1966 (collectively "Ordinance No. 11 , 745 "); and
WHEREAS, the City has outstanding an issue of Municipal Airport
Revenue Bonds, Series 1971, dated March 1, 1971 (the "1971 Bonds "), in
the original principal amount of $2,700,000 of which $2,543,000 in principal
amount are outstanding, issued under and secured by the provisions of Ordinance
No. 12,456 of the Ordinances of the City, adopted and approved on the 15th
day of March, 1971 ( "Ordinance No. 12,456 "); and
WHEREAS, the Board has determined that the conditions set forth in
Section 14 of Ordinance No. 11, 190, Section 8 of Ordinance No. 11,745 and
Section 8 of Ordinance No. 12,456 for the issuance of bonds ranking on a parity
with the outstanding bonds can be complied with and that, therefore, the bonds
authorized by this Ordinance will be issued on a parity of security with the
1961 Bonds, the 1966 Bonds and the 1971 Bonds;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of
the City of Little Rock, Arkansas:
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Section 1. (a) That under the authority of the Constitution and
laws of the St<,.te of Arkansas, including particularly Act No. 53 of the Acts of
Arkansas of 1949, as amended, and Act No. 175 of the Acts of Arkansas of 1959,
as amended, City of Little Rock, Arkansas Municipal Airport Revenue Refunding
Bonds, are, subject to the conditions hereinafter expressed, hereby authorized
and ordered issued in the total principal amount of $900,000 (which bonds will
be herein referred to as the "bonds ") to retire the outstanding 1971 Interim Bonds
and all 1971 Second -A Bonds tendered by the holders at a price of par and
accrued interest. The bonds shall be sold at public sale on sealed bids. The
bonds shall be dated March l., 1975, interest thereon shall be payable semiannually
on Marcia l and September 1 of each year, commencing September 1, 1975, shall
mature on March 1 of each year as follows, but shall be subject to redemption
prior to maturity as hereinafter set forth:
PPTnT( TPAT
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
AMOUNT
$38,000
41,000
43,000
45,000
48,000
52,000
55,000
59,000
62,000
66,000
69,000
73,000
78,000
83,000
88,000
-5-
The bonds shall be negotiable coupon bonds payable to bearer
but -- abject to recistration as to principal or as to principal and interest. llay-
ment of principal and interest coupons shall be made at the principal office of
the Paying Agent. Payment of interest when registered as to interest may be
by check or draft mailed to the registered owner at the address shown on the
registration book of the City maintained by the Trustee as bond registrar.
The bonds shall be sold at public sale after advertisement in
such publications as the Airport Commission and the Chief Financial Officer
of the City shall determine will insure adequate notice and opportunity for
bidding. The bonds shall not be sold for a net interest cost in excess of the
nct interest cost that would result from the sale at par of bonds bearing
interest at the rate of 6% per annum. The Notice of Sale shall contain such
terms and provisions as the Airport Commission and the Chief Financial Officer
of the City shall determine ought to be included in order to obtain the most
favorable bids.
The terms of the sale of the bonds and the designation of the
Trustee and Paying
Agent
must
be
approved
by the Board by
resolution. In
such resolution the
Board
shall
set
forth (in
addition to other
pertinent matters)
the details of the bonds as they are being issued, including numbers, denomi-
nation, rates of interest and a schedule reflecting the annual principal maturities,
the semiannual interest requirements and the total requirements.
(b) In the event the $900,000 in principal amount of bonds
authorized by subsection (a) are not sold, then under the authority of the
Constitution and laws of the State of Arkansas, including particularly Act No. 53
and Act No. 175, City of Little Rock, Arkansas Municipal Airport Revenue
Refunding Bonds are hereby authorized and ordered issued in the total principal
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Famount of 1797,000 (the "Interim l:c'funding Bonds ") to rE'dre the outstanding
1971 Interim Bonds. The Interim Refunding Bonds shall be dated March 1,
1975, shall bear interest at the rate of 6% per annum payable semiannually on
March 1 and September 1 of each year, commencing September 1, 1975, and shall
mature on March 1 in each of the years 1976 to 1990, inclusive, and shall
be subject to redemption prior to maturity as Hereinafter set forth. The
Airport Commission and the Chief Financial Officer of the City shall schedule
the principal maturities so that the annual principal and interest payments in
each year are approximately equal.
The Interim Refunding Bonds shall be delivered in exchange for
the 1971 Interim Bonds and prior to delivery all details of the bonds, including
numbers, denomination, a schedule reflecting the annual principal maturities,
tha .3PmianrmA1 intarPCt r,r.iiiram -ntG and th,- total rp.niOremPnts . and the rlp.ia-
nation of the Trustee and Paying Agent must be approved by the Board by
resolution.
Section 2. That the retirement of the 1971 Interim Bonds and,
if the bonds are sold in the principal amount of $900,000, such principal amount
of the 1971 Second -A Bonds as may be tendered by the holders at a price of par
and accrued interest upon delivery of the bonds or Interim Refunding Bonds
or as soon thereafter as feasible. If any 1971 Second -A Bonds are to be
retired notice thereof shall be given to all holders of such bonds. The authority
conferred by this Ordinance shall be carried out under the control and super-
vision of, and all details in connection therewith shall be handled by, the
Airport Commission. In this regard, in addition to the powers and duties of
s.
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tl;e :'airport Commission: existing un(',er and by virtue of the l of tie t,.te
of Arkansas and Initiat,-d Ordinance No. 8511, there is hereby conferred upon
the Airport Commission full and cor ,,:;l.ete power to carry out and accomplish the
authority specified in this Ordinance pertaining to accomplishing the refunding,
the operation of the airport and the collection, handling and disbursement of
revenues, including the execution end deliver-.- of all contracts and instruments
necessary or incidental thereto or to evidence the exercise of the authority
herein conferred.
Section 3. That the bonds issued under this Ordinance shall be
executed on b0half of the City by the Iv?ayor. and City Clerk and shall have
impressed thereon the seal of the C 'l . The facsimile signature of the I\ra� =or
may be used upon compliance with the provisions of Act No. 69 of the Acts
of Arkansas for the year 1959. Interest coupons attached to the bonds shall be
executed by the facsimile signature of the Mayor. The Mayor's facsimile signa-
ture shall have the same force and effect as if he had personally signed the
bonds and coupons. The bonds shall be executed by the manual signature of
the City Clerk. The principal of and interest on the bonds shall be payable
solely out of the Municipal Airport Bond Fund (which Bond Fund was created
pursuant to the provisions of Section 11 of Ordinance No. 11, 190 and is presently
being maintained) and shall be a valid claim of the bondholders only against the
Bond Fund and the revenues pledged to the Bond Fund, which revenues (being
revenues derived from the operation of the Municipal Airport) are hereby pledged
and mortgaged for the equal and ratable payment of the principal of ,and interest
on the bonds, and the 1961 bonds, 1966 bonds and 1971 bonds which rank on a
parity with the bonds authorized by this Ordinance, and shall be used for no
other purpose except as in Ordinances No. 11,190, No. 11,745, No. 11,755 and
No. 12,456 and in this ordinance specifically provided. The principal of and
interest on the bonds shall not constitute an indebtedness of the City within
any constitutional or statutory limitation.
Sectic)n 4. That the bo -.,ds and co ,, ons shall be in subst_ r;. 11
Y
the following, I.orm and the Mlayor and, City C %ler: ai-e here =by authorized and
directed to Trake all recital. s contained therein (the form is for the bonds in
the principal amount of $900,000 and if only the Interim Refunding Bonds in
the principal amount of $797,000 are issued appropriate changes shall be made) :
' � 1
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
% MUNICIPAL AIRPORT REVENUE REFUNDING BOND
NO.
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, County of Pulaski, and State of Arkansas
(the "City "), acknowledges itself to owe and, for value received, hereby
promises to pay to bearer, or if this bond be registered, to the registered owner
hereof, solely from the special fund provided as hereinafter set forth, the
principal sum of
DOLLARS
in lawful money of the United States of America on the first day of March, 19 ,
and to pay solely from the special fund interest hereon at the rate of
percent ( %) per annum from date until paid. Interest is
payable semiannually on March 1 and September 1 of each year, commencing
September 1, 1975. Principal and interest are payable at the principal office of
(the "Trustee and "Paying
Agent "). Payment of principal, when registered as to principal, and payment of
interest when registered as to interest, may be by check or draft mailed to the
registered owner at his address reflected on the registration book of the City
maintained by the Trustee as bond registrar.
This bond is part of an issue of
bonds aggregating Nine Hundred Thousand Dollars ($900,000)_, numbered
consecutively from One (1) to ( ) , inclusive (the
"bonds ") , all of like tenor and effect, except as to number, denomination,
rate of interest, maturity and right of prior redemption, and are issued for
the purpose of retiring certain outstanding Municipal Airport Revenue Bonds
of the City and described in the Authorizing Ordinance.
The bonds are issued pursuant to and in full coinpli::nce with t.h.i
Constitution and laws of the State of Arkansas, including particularly Act No. 53
of the Acts of Arkansas for the year 1949, as amended, and Act No. 175 of the
Acts'of Arkansas for the year 1959, as amended, and pursuant to Ordinance
No. of the City, adopted and approved on the day of , 1975
and an implerrcnting resolution (co1.lc ctivel5 the "Authori ing Ordina,cc ") and a
resolution duly adopted by the Little Rock Municipal Airport Commission on the
day of
, 1975, and the l.onds do not constitute an indeb'Mcciness of the City
within any constitutional or sta tutor y, limitation. The bonds are not gear ^ral obligations
of the City, but are special obligations, paycl -Ac solely fror,i rcvenue:s c -Urlved from
the operation of the Municipal Airport. The bonds are issued on a parity of
pledge and security as to airport revenues with an issue of Municipal Airport
Revenue Bonds dated May i, lybl (nie "IyJU Bonds "), an issue of Municipal
Airport Revenue Bonds dated May 1, 1966 (the "1966 Bonds ") and an issue of
Municipal Airport Revenue Bonds, Series 1971, dated March 1, 1971 (the " 1971
Bonds ") . An amount of such revenues sufficient to pay the principal of and interest
on the 1961 Bonds, the 1966 Bonds, the 1971 Bonds and these bonds and to establish
and maintain a reserve for contingencies, is set aside in a special fund for
that purpose identified as the Municipal Airport Revenue Bond Fund (created by
Ordinance No. 11 ,190 duly adopted and approved on the 19th day of June, 1961
and presently being mairtained). Reference is hereby made to the Authorizing
Ordinance for a detailed statement of the nature and extent of the security,
the rights and obligations of the City, the Trustee, and the holders and registered
owners of the bonds and the terms and conditions upon which the bonds are
issued, including, without limitation, the covenant of the City to impose and
collect such charges for the use of the Municipal Airport and its facilities as
will always produce sufficient revenues to provide for the operation, maintenance
and repair of the Municipal Airport, to provide for the payment of the principal
of and interest on the bonds, the 1961 Bonds, the 1966 Bonds, the 1971
Ponds a d tilese bonds, pay Trustee's and Paying Agents fe i ii, and to 11-ze !;e
the required deposit into the Depreciation Fund.
The bonds will be subject to redemption prior to maturity, in whole
or in part, at the option of the City, in inverse numerical order, on any interest
paying date on and after March 1, 1985, from funds from any source, at a
price of the principal amount of the L-onds being redoemed plus accrued
interest to the date of redemption.
Notice of the call for redemption shall be published one time in a newspaper
published in the City and having a general circulation throughout the State of
Prl�-ansas, giving the numiDer° and rn 3turiiy of each bond beilag called, thr: publica-
tion to be at least thirty (30) days prior to the redemption date and after the date
fixed for redemption each bond so called shall cease to bear interest, provided
funds for its payment are on deposit with the Trustee and Paying Agent at that time.
In addition, such notice shall be given by first class mail to the registered owner
of any bond registered as to principal or as to principal and interest at the address of
such owner reflected on the books of the bond registrar and placed in the mails
not less than thirty (30) days prior to the date fixed for redemption. If all
outstanding bonds shall be registered as to principal and interest, then notice by
first class mail to the registered owners thereof as aforesaid shall be sufficient
and it shall not be necessary to publish notice of the call for redemption.
This bond may be registered as to principal or as to principal and interest
and may be discharged from such registration in the manner, with the effect and
subject to the terms and conditions endorsed hereon. Subject to the provisions
for registration endorsed hereon, nothing contained in this bond or in the
Authorizing Ordinance shall affect orimpair the negotiability of this bond and
this bond shall be deemed a negotiable instrument under the laws of the State of
Arkansas and is issued with the intent that the laws of the State of Arkansas will
govern its construction.
1t; T- 1ER'E,PY C3 ?:'TfFI),D, r ",;i_>>TI: %� D1,CLf IZ]' I) .'iat all Z;cI ,
conditions and things required to exist, happen zind to be. 1-3erformed p- ec:edent
to and in the issuance of the bonds, have existed, have happened and have been
performed in due time, form and manner, as required by law; that the indebtedness
represented by the boncl.s does nat exceed am t;oi�stituti.on<;l or statutor, 7 limita-
tion; and that sufficient revenues have been pledged to and' will be set aside
into the Municipal Airport Revenue Bond Fund, referred to above, for the payment
of the principal of and interest on the bonds.
This bond shall not be va lid Ini-,til the Certificate of AuthentictDi�.on.
hereon Shall have boen ,:signed by fl. 'trustee.
IN WITNESS WHEREOF, the City of Little Rock, Arkansas, by its
Board of Directors, has caused this bond to be signed by the Mayor and City
Clerk thereof (with the facsimile signature of the Mayor and the manual signature
of the City Clerk) and sealed with the seal of the City, and has caused the
interest coupons attached to be signed by the facsimile signature of the Mayor,
all as of the first day of March, 1975.
ATTEST:
City Clerk
(SEAL)
CITY OF LITTLE ROCK, ARKANSAS
By (facsimile signature)
Mayor
(Form of Coupon)
!':o.
March,
On the first day of September, 19 , the Gil,-, of Little; Roc':, Pula .':i
County, Arkansas, unless the bond to which this coupon is attached is pa ',J
prior thereto, hdreby promises to pay to bearer, solely out of the special fund
specl. ': d in the bond to WhiCh this coupon is attacl.,nd ,
in such coin or currency as shall be legal tender for the payment of debts due
the United States of America at the principal office of
, Arkansas,, being :s' .. () mornth-1' JDitcrest iPr ^n
due ova J. s Municio -ii Al.rporc !'Z v nue R<,itir,;on 3c: :' d 19';*',"-,, �,d
_ I , dated Iv::�r c,n 1 , ��
numbered
CITY OF LITTLE ROCK, ARKANSAS
By facsimile signature)
Mayor /
On each bond shall appear the following:
CERTIFICATE OF AUTHENTICATION
This is one of the bonds of the issue of Municipal Airport Revenue
Refunding Bonds, of the City of Little Rock, Arkansas, dated March 1, 1975, and
aggregating $900,000 in principal amount described in the bond to which this
certificate is attached.
By
(Authorized Signature)
PROVISIONS FOR REGISTRATION AND RECONVERSION
`1 ...
11")-Cl ;n�,} ':�i, 10g stc , -c' as to
11c;-pt by t }1_ 'ti`.;iee d s },. .;CL rc !jsln'1 i 11})OD }I",C - t JJ il C it-_ lt
i C., IY`.�l.,.ii'�.,I•,
which shall lr:ul;e men1 or:: of such r: =:: istl.= ji:ic)il in the regist ation blank and
this bond 1!;:.y thereafter he transf_''1 "Z: C7 O1'lly 11} 011 X77? aSSit�11711 :7 ?t d11I }' e�:eCUted by
the registered owner or his attorney or legal representative in such form as shall
satisf�lc:iary to '1ho, bc)n t rcgist:r::,: suc; }1 ir«l;ti rc, to be made on such bo 31:s amd
endorsed hereon by the bond registrar. Such transfer may be to bearer, and there-
after transferability by delivery shall be restored, but this bond shall again be
r'Libject t0 s'_).Ccessivo r&C))i„trati.onS rmcl transfers as The principal of this
i?v7'iCl, if rf.c,'i;;tc'red, ui7lc s: s register ;C< t0 bc,iiiner, sli ll.l. be }� yC blC Onl. }' to O)' up'v.1
Vic, order of 'i }t ; registc'.-od o- ,% >ner of lii.s lecial -rcpi 't; :7itativC3. I11tFJi "E'St c3CC111i.11C3 on
this bond will be paid only on presentation and surrender of the attached interest
coupons as they respectively become due, and noL- wit-hstandinq the recfist.ration of
this bond as to principal, the appurtenant interest coupons shall remain payable
to bearer and shall continue to be transferable by delivery; provided, that if upon
registration of this bond, or at any time thereafter while this bond is registered
In the name of the owner, the unmatured coupons attached evidencing interest to.
be thereafter paid hereon shall be surrendered to said bond registrar, a statement
to that effect will be endorsed hereon by the bond registrar and thereafter interest
evidenced by such surrendered coupons may be paid by check or draft of the bond
registrar at the times provided herein to the registered owner of this bond by mail
to the address shown on the registration books. This bond when so converted
into a bond registered as to both principal and interest may be reconverted into a
coupon bond at the written request of the registered owner and upon presentation
at the office of said bond registrar. Upon such reconversion the coupons repre-
senting the interest to become due thereafter to the date of maturity will again be
i
I
attached to this bond and a statement will be endorsed hereon by the bond
6r in the nogi stra Li.on bC, .ov NV',e l JCL ii is, 'i C77 i'C;il +'s c'
�1�.. .i ci
pr!) >;p :il. or to :_�G'•_i �i... i
Njanner of Signature of
r'
Da�c c�` Regisl ka.en : N�3mca
01' Pond.1 ?r ir��r
-16-
Section 5. That tho City cznd t is Airpo "L. Cal,ilnis ^l.O i hereby C(.)` :._'1) ,Ilj
with 1:.e IIo1C t t ll
FVLt_ t fl
..� C!I�i. r�l� ..; ,. �� (1?n� I_ Lflt" J_i:7 - �., 1 `�.,
itIZC. of 11 ''. n
% - i:_ , -J -(•. �1. hiri:)oi-� t7nC3 it, 11tk: . U"
as will at all times produce sufficicW' to pra-,>i.de for 1:1-,e opera 4cl;,
rnciintc,nance cirld repair of i:hc Tt�it.uli.Ci3: sl Airpor[., ic) provide for the payf7cnt of
the principal of and interest on all of the outstanding bonds, including the 1961
Bonds, the 1966 Bonds, tl e 1971 Bor d
and ttic; bc,.r,•3s of thiti is-stle, as i,', same
bocoi-j_C; due, to p ovi.de for Trustee's and Paying Agent's fees, and to make the
required deposit into the Depreciation Fund, and to maintain all funds provided
for in O.- dinances hTo. 11, 190, 1,10. 1.1 746,, ho. 11,765, No. 12,456 ar ±d in
this Ordinance at the reauirc c:3 lei«.,. , 1,^ a3
Jul_ )Jl %i: C,O`t'C:�1;;11 "i. :?h�11 ilZCli.ldc'; 'iS1 %�
and o i3j i.on l < =� iC`. :);;'.• 1.me to ili "! c3
S Ci JLC.' 7.!
the extent necessary to produce sufficient revenues to meet the above requirements.
Section 6. That it is hereby expressly found and declared that the,
provisions of Section 14 of Ordinance No. 11,190, Section 8 of Ordinance No.
11,745 and Section 8 of Ordinance No. 12,456 pertaining to the issuance of
parity bonds have been fully met and complied with and that, therefore, the bonds
of this issue shall rank on a parity of security with the 1961 Bonds, the 1966 Bonds
and the 1971 Bonds. In this regard, the required certificate of the certified public
accountant referred to in Section 14 of Ordinance No. 11,190 will be filed with
the Trustee, the Airport Commission and in the office of the City Clerk prior to
the delivery of the bonds.
Section 7. That the provisions, covenants, undertakings, stipulations
and obligations of the Airport Commission and the City set forth in Ordinances No.
11,190, No.,11,745, No. 11,755 and No. 12,456, and pursuant to which the 1961
Bonds, the 1966 Bonds and the 1971 Bonds were issued and secured and are pre-
sently outstanding, as such Ordinances may, at any time, be amended, shall
inure and appertain to the bonds of this issue to the same extent and with like
r
.1,
le", 7-
g
aj.ijung oflhr,:r Lllii�,js,
ai-)
-17-
i f 5� 'Lh fill'.. 1 ; I . ,
C _-� �,:C"j-1 C)/ - J7e! 1,
d C, f(- L z� j IS 0 jj
I L
.1,
fl 0 i- J j,
g
aj.ijung oflhr,:r Lllii�,js,
ai-)
1, L
ofordl�nzin,', j,1
h-• been crcatr �1 end is ing
mEAnlairied (1) a
Airpoic Fund" and for the payment into that fund of all the income and revenue
derived frorn the operation of the Municipal Airport, disbursements therefrom
and the (2) a.
Airport Operation and Maintenance Fund" and for the payment into that fund of
the required amounts and permitted disbursements therefrom, (3) a "Municipal
fo., 411C -1 q - ,
Aii-polt RO-\7enue Bond Fundl" and I ( _ U il.:.o thz�t fund of Lhe ic 11`1.1(.�d
zlinowits and d 1. 1if i C ! � : �, -I -, L 1 . , , ' P_ , .,
1 1),i -, rso) j - ID(I i, i.ici!_J Airpo,-;-- :- '-� !J'on
PCI)IC1,11 p�,-jr .
into th 17Lind of th,.: required amounts a. nclk disburse-
ments therefrom, all as specified in the applicable sections of Ordinance No.
11,190 , are herel)v continued, ratified and con-Firmed,
In as much as the bonds of this issue rank on a parity with the 1961
Bonds, the 1966 Bonds and the 1971 Bonds, the required monthly deposits into
the Municipal Airport Revenue Bond Fund shall be increased by the amounts
necessary to provide for the payment of the principal of and interest on the
bonds of this issue, and Trustee's and Paying Agent's fees, as the same become
due and to increase the reserve for contingencies (over a period of not to
exceed ten years) to the maximum amount that will become due in any year for
principal and interest on the 1961 Bonds, the 1966 Bonds, the 1971 Bonds and
on the bonds of this issue. In this regard the monthly deposits into the Muni-
cipal Airport Revenue Bond Fund shall be increased by a sum equal to one-sixth
of the next installment of interest and one-twelfth of the next installment of
principal (as those installments will be set forth on the schedule which appears
in the resolution to be adopted by the Board) . In addition, there shall be paid
into the Municipal Airport Re-venue Bond Fund each year not less than 10% of
-18-
amount },i, .which the reserve for coniingencic:. is regtijrr�d to be
c:)
1_ - -.: .-d '-t, `,.--, -•.q. �._ `� 1(',.'i ., C..'CJ(1' 0!, 1 --
}�1-it 1 d withii,l a ten. year per-Jod. The intandnd cfr"C`t of incorporating the
pro-- ,gsions of Ordinances 11,1o. ll,HJU, No. 11,741;, No. 11,755 and No. 12,456
herein, as above provided, shall be to make those provisions fully applicable
to tb- bonds of this jssu, -. zand the of such Ordinances shall he
construed arid interpreted to accomplish that inte,-ided effect (for instance; ,
references in Ordinance No. 11, 190 to "bonds" or to "bonds of this issue ",
or r of n - ),lil ,r J.1!lp0'G, shall }1;: C.r';Y 2.stl'l1.".d i0 in {;fi.1.dC this 1961. . BC,-,Ids,
t }in l�;GJ }?vll.!.``•, '.he. 1971 F.londs and fl. ?e bonds boinc; issued oil. C`,.
under thic'. :ovjsjai- of t 0 � A ME UjEily
schedule will be set forth in an implementing resolution adopted by the
Board after the sale of the bonds.
Section 8. That the provisions of Section 14 of Ordinance No. 11,190,
Section 8 of Ordinance No. 11,745 and Section 8 of Ordinance No. 12,456,
dealing with the issuance of additional bonds, shall be applicable to the bonds
of this issue, with the result that the bonds of this issue will be included with
the 1961 Bonds, the 1966 Bonds, the 1971 Bonds and any bonds proposed to be
issued at any particular time insofar as the 150% coverage requirement for
parity bonds as set forth in said Section 14 is concerned; provided, however,
after the 1961 Bonds are paid or provision is made therefor, the coverage require-
ment for parity bonds shall be 140% of the maximum amount that will become
due in any year thereafter for principal and interest payments on all bonds then
outstanding and on the bonds then proposed to be issued.
Section 9. That the bonds of this issue shall be subject to redemption
prior to maturity in accordance with the provisions in the bond form appearing in
Section 4 hereof.
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Sec ' 1.{� Thai t'rle rcc ,ill fire.; 0,. ;: =. l'_e arld i} o
_�_.... _.,..__ 1 e f C e
of l:i C:Y? C,I : -. t t. C:�, i.1Y( 71,rJ )'] ..iL. .. �...1
/ t t
Ci3k(3 c�Il'' c %"�L �i1 c .i U c L'..1�._.. .t. sl.al' u.., :� ! Y `'.
3. _.
in writing aIl'k. shall. }lat r' 1_,-.nn illdan;irl" ficC} to it" 3'+
dari :ge, or expe nse on account of the -iakin( 4 of such, Action. The Trustee rl,ay
resign at-any time by ten (10) days' notice in writing to the Secretary of the
AirPc7' COI1Yrl,l „F.ion, and 1.;;:, majority jl -) Value of t' ddej,._ '-,I 'ih1, UUlf�
bonds of this issue at any time may, with or without cause, remove the Trustee.
Upon the resignation or removal of a Trustee, the majority in value of the holders
of the outs Lindi.rl'g bonds Of this iSSLIc ri-,a ' D8PIK.1 i3 ric,w Trustee, 'hut if siich iloidcrs
do not name, ca nc'' /:' TyusU.,c; N�vithi.n tilhty (30 day,E l;r,'.I” Z?. vacEin 1' occ111
Shall. i i. �.; 7 Y3 _ rr
..� , ta_ G1;. \�lth Y "t•';1;<<t c 't'v I1 � _ . .., , h3 cli:, .. �- I1tal�! rSt .'� ..I nGVV
Trustee shall be evidenced by a writing duly acknowledged and recorded in the
office of the Circuit Clerk and Ex Officio Recorder for Pulaski County, Arkansas.
Any successor Trustee shall have all the powers herein granted to the original
Trustee. In the event of a change in the office of Trustee the old Trustee which t
has resigned or been removed shall cease to be Paying Agent and the successor
Trustee shall become the Paying Agent.
Section 11. That after the bonds have been executed by the Mayor
and City Clerk and the seal of the City impressed as herein provided, they
shall be delivered to the 1'rustee which shall authenticate thern and deliver them
to the purchaser upon receipt from the purchaser of the purchase price plus accrued
interest ( "total sale proceeds ") . The Trustee shall disburse the total sale
proceeds as follows:
-20-
!Zevonu(-- B:)1"(.3
Fund CA i, J! I. No. 1,
Z"donte," -1 r 0
:end s Z1 S C)
rch 1
2. Apply sur,:'A portion of '1� pl-occ�c(7,- l)ece '-11 \1 to
payment of such of 11 l 1971 Secic-,-. J."i - -P. Bond as are
tendered for payment ait-. a price of par and accrued
interest.
3. Deposit any balance of the total sale proceeds into
the 197 J �2ccond) Revenuo 13"o-A
Fund created by Ordj.:-icance, No. 12,5%0, adopl:od
and approved December 1, 1971.
All 1971 Interim Bonds and 1971 Second-A Bonds and all coupons appurtenant
thereto that are pa d- -111-J-1 1--? car),-ellled and! not be rei,-Sucd, A-!,Yv
A i-I
n I onoys re, I ila.1.1' ill i it P Fu I-, i th-� 19, VI 1 '0 - ID
of' thc-)-!c, '),Unds, d
in the Municipal Airport Revenue Bond Fund (created by Ordinance No. 11,190) .
Section i2. That this Ordinance shall not create. any right cff any
kind, and no right of any kind shall arise hereunder pursuant to it until the bonds
authorized by this Ordinance shall be issued and delivered.
Section 13. That the provisions of this Ordinance are hereby declared
to be separable and if any provision shall for any reason be held illegal or
invalid, such holding shall not affect the validity of the remainder of the
Ordinance.
Section 14. That all ordinances, resolutions and parts thereof in
conflict herewith are hereby repealed to the extent of such conflict.
Section 15. That it is hereby ascertained and declared that an
immediate need exists for the retirement of the indebtedness ' evidenced
by the maturing 1971 Interim Bonds. It is, therefore, declared that
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n emorg c
y
i, th lis o I
1c' trit
P -Ice
(IC a I id
hike e fl[c
c.14 1) c-
i
� ze front �inJ.
after Passage
January 21
ATTY ST:
Py Clerk
(ISTIA-11)
h T)T)T?r)17pn.
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