117554
ORDINANCE NO . 11, 755
AN ORDINANCE AMENDING ORDINANCE NO. 11, 745
IN CERTAIN PARTICULARS; AWARDING THE SALE
OF CITY OF LITTLE ROCK, ARKANSAS MUNICIPAL
AIRPORT REVENUE BONDS, SERIES 1966, DATED
MAY 1, 1966; PRESCRIBING OTHER MATTERS RE-
LATING THERETO AND DECLARING AN EMERGENCY.
WHEREAS by Ordinance No. 11,745 of the Ordinances of the
City of Little Rock, Arkansas (called "City ") , passed and approved on the
16th day of May, 1966, there were authorized and ordered sold Municipal
Airport Revenue Bonds in the principal amount of $1,400,000; and
WHEREAS pursuant to the authority conferred by Ordinance
No. 11, 745 , the Little Rock Municipal Airport Commission caused to be
prepared a notice of the public sale of the bonds, and duly advertised by
publication in The Bond Buyer and otherwise, and generally distributed de-
tailed information concerning, the sale of the bonds; and
WHEREAS at the sale on June 15, 1966, only one bid was
received, being a bid submitted by the following investment houses:
T. J. Raney & Sons
Stephens, Inc.
Hill, Crawford & Lanford, Inc.
Southern Securities Corporation
Dabbs Sullivan Company
E. L. Villareal & Company
Womeldorff & Lindsey
Harrow Smith Company
(herein referred to as "purchasers "), a copy of the bid being on file in the
records of the Secretary of the Airport Commission, but which bid was less
than par and accrued interest on the basis of bonds bearing interest specified
in the bid and, therefore, which was not in accordance with the provisions of
the Notice of Sale in that the Notice of Sale. stated that no bid of less than
par and accrued interest would be entertained;, and
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Page 2
WHEREAS the Airport Commission has adopted a Resolution and
filed a copy thereof with the City Clerk which, generally stated, finds
that it is imperative that the Airport Commission and the City obtain the
moneys to be acquired by the sale of the bonds at the earliest possible
time in order to obtain the matching funds from the governmental agency
and in order to undertake the vitally needed airport improvements, that all
local and national bondhouses had been afforded an opportunity to bid on
the bonds in accordance with the Notice of Sale but that the only bid re-
ceived was that of the purchasers which, while not conforming to all pro-
visions of the Notice of Sale, did conform in all particulars except the bid
at a discount, that the purchasers had agreed that the principal amount of
the bonds could be increased to $1, 45 9, 000 (in order that the City might
receive at least the $1,400, 000 needed by it) and that, in view of the dis-
count purchase, the redemption provisions set forth in the Notice of Sale
could be altered to make them more beneficial to the City by permitting
redemption at par rather than at a premium and, which Resolution of the
Airport Commission awarded the bonds to the purchasers, subject to the
approval of the Board of Directors of the City; and
WHEREAS it appears that the best interest of the City, and the
public would be served if the recommendation of the Airport Commission
were accepted and the bonds awarded in accordance with the provisions
of the Resolution of the Airport Commission.
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. That $1,459,000 in principal amount of City of Little
Rock, Arkansas Municipal Airport Revenue Bonds, Series 1966, dated
Page 3
May 1, 1966, be and the same are hereby sold to the purchasers for the
purchase price of $1,400,640 plus accrued interest for bonds maturing,
bearing interest and subject to redemption prior to maturity as hereafter
set forth.
Section 2. That under the authority of the Constitution and
laws of the State of Arkansas, including particularly Act No. 53 of the Acts
of Arkansas for the year 1949, and Act No. 175, of the Acts of Arkansas for
the year 1959, City of Little Rock, Arkansas Municipal Airport Revenue
Bonds, Series 1966, are hereby authorized and ordered issued in the total
principal amount of $1,459,000 for financing the cost of accomplishing the
improvements (which bonds will be herein referred to as the "bonds" or the
"Airport Revenue Bonds"). The bonds shall be negotiable coupon bonds
payable to bearer but subject to registration as to principal only. Interest on
the bonds shall be evidenced by interest coupons. The principal and interest
shall be payable at the principal office of the Trustee and Paying Agent. The
bonds shall be dated May 1, 1966, interest thereon shall be payable semi-
annually on May 1 and November 1 of each year, commencing November 1,
1966, and the principal of the bonds shall mature annually on May 1 of each
year as set forth in the following schedule (but shall be subject to redemption
prior to maturity as hereafter set forth) which schedule also sets forth the
bond numbers and interest rates applicable to the bonds of the respective
maturities:
Page 4
YEAR BOND NOS. INTEREST RATE PRINCIPAL AMOUNT
1967
1
- 29
4%
$29,000
1968
30
- 59
30,000
1969
60
- 90
31,000
1970
91
- 122
32,000
1971
123
- 155
33,000
1972
156
- 190
35,000
1973
191
- 226
36,000
1974
227
- 264
38,000
1975
265
- 303
39,000
1976
304
- 343
40,000
1977
344
- 384
4 1/8%
41,000
1978
385
- 426
42,000
1979
427
- 470
44,000
1980
471
- 516
46,000
1981
517
- 563
47,000
1982
564
- 633
70,000
1983
634
- 705
72,000
1984
706
- 780
4 1/4%
75,000
1985
781 -
858
78,000
1986
859 -
940
82,000
1987
941 -
1025
85,000
1988
1026
- 1113
88,000
1989
1114
- 1205
92,000
1990
1206
- 1301
96,000
1991
1302
- 1400
99,000
1992
1401
- 1459
59,000
ORDINANCE # 11,755
Continued on next
Microfiche
ORDINANCE #11,755 Continued
The bonds shall be in the denomination of $1, 000 each and shall be numbered
consecutively from 1 to 1459 inclusive.
Section 3. That the second paragraph of the bond form and
the first sentence of the third paragraph of the bond form appearing in Section 4
of Ordinance No. 11,745 be and the same are hereby amended to read as follows:
"This bond is part of an issue of 1459 bonds aggregating $1,459,000, numbered
consecutively from 1 to 1459, inclusive, all of like tenor and effect, except as
to number, rate of interest , maturity and right of prior redemption, and are
issued for the purpose of acquiring lands and constructing improvements to the
Municipal Airport (described in the authorizing Ordinance, hereafter referred to).
"The bonds are issued pursuant to and in full compliance with
the Constitution and laws of the State of Arkansas, including particularly Act
No. 53 of the Acts of Arkansas for the year 1949, Act No. 175 of the Acts of
Arkansas for the year 1959, and pursuant to Ordinance No. 11,745 adopted and
approved on the 16th day of May, 1966 and Ordinance No. 11755, adopted and
approved on the 20th day of June, 1966, duly adopted by the Board of Directors
of the City (collectively referred to herein as the "authorizing ordinance ")
and Resolutions duly adopted by the Little Rock Municipal Airport Commission,
and the bonds do not constitute an indebtedness of the City within any
constitutional or statutory limitation. "
That the fourth paragraph of the bond form appearing in Section 4
of Ordinance No. 11,745 be and the same is hereby amended to read as follows:
"The bonds will be subject to redemption prior to maturity in
whole or in part, at the option of the City, in inverse numberical order, on any'
interest payment date on and after May 1, 1971 from funds from any source,
including, without limitation, surplus revenues derived from the operation of the
Municipal Airport, at a price of the principal amount of the bonds being redeemed
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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 Arkansas,
giving the number and maturity of each bond being called, the publication
to be at least fifteen (15) 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 Paying Agent at that time. In
addition , notice shall be given by first class mail to the registered owner of
any bond registered as to principal at the address of such owner reflected on
the books of the bond registrar and if all outstanding bonds shall be registered
as to principal, 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. "
That the certificate of authentication appearing at the end of
the bond form set forth in Section 4 of Ordinance No. 11, 745 be and the same
is hereby amended to read as follows:
" CERTIFICATE OF AUTHENTICATION
This is one of the bonds of the issue of Municipal Airport
Revenue Bonds, Series 1966, of the City of Little Rock, Arkansas, dated
May 1, 1966, and aggregating $1,459,000 in principal amount described in
the bond to which this certificate is attached.
WORTHEN BANK & TRUST COMPANY
LITTLE ROCK, ARKANSAS, Trustee
BY
(Authorized Signature)
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Section 4. That the principal of and interest on the bonds
mature in accordance with the following maturity schedule, which is here-
after set forth, as specified by the provisions of Ordinance No. 11,745:
YEAR BOND NOS. PRINCIPAL INTEREST TOTAL
(May 1) MAY NOVEMBER
1966
$ 30,348.75
$ 30,348.75
1967
1
- 29
$ 29,000
$30,348.75
29,768.75
89,117.50
1968
30
- 59
30,000
29,768.75
29,168.75
88,937.50
1969
60
- 90
31,000
29,168.75
28,548.75
88,717.50
1970
91
- 122
32,000
28,548.75
27,908.75
88,457.50
1971
123
- 155
33,000
27,908.75
27,248.75
88,157.50
1972
156
- 190
35,000
27,248.75
26,548.75
88,797.50
1973
191
- 226
36,000
26,548.75
25,828.75
88,377.50
1974
227
- 264
38,000
25,828.75
25,068.75
88,897.50
1975
265
- 303
39,000
25,068.75
24,288.75
88,357.50
1976
304
- 343
40,000
24,288.75
23,488.75
87,777.50
1977
344
- 384
41,000
23,488.75
22,643.13
87,131.87
1978
385
- 426
42,000
22,643.12
21,776.88
86,420.00
1979
427
- 470
44,000
21,776.87
20,869,38
86,646.25
1980
471
- 516
46,000
20,869.37
19,920.63
86,790.00
1981
517
- 563
47,000
19,920.62
18,951.25
85,871.88
1982
564
- 633
70,000
18,951.25
17,507.50
106,458.75
1983
634
- 705
72,000
17,507.50
16,022.50
105,530.00
1984
706
- 780
75,000
16,022.50
14,428.75
105,451.25
1985
781
- 858
78,000
14,428.75
12,771.25
105,200.00
1986
859
- 940
82,000
12,771.25
11,028.75
105,800.00
1987
941 -
1025
85,000
11,028.75
9,222.50
105,251.25
1988
1026 -
1113
88,000
9,222.50
7,352.50
104,575.00
1989
1114 -
1205
92,000
7,352.50
5,397.50
104,750.00
1990
1206 -
1301
96,000
5,397.50
3,357.50
104,755.00
1991
1302 -
1400
99,000
3,357.50
1,253.75
103,611.25
1992
1401 -
1459
59,000
1,253.75
60,253.75
Section 5. That pursuant to the designation of the purchaser,
Worthen Bank & Trust Company, Little Rock, Arkansas, is hereby named
Trustee and Paying Agent.
Section 6. That this Ordinance is adopted pursuant to the
provisions of Ordinance No. 11,745 of the Ordinances of the City and Ordi-
nance. No. 11, 745 , together with and as amended and supplemented by
this Ordinance, shall continue in full force and effect.
Section 7. That the provisions of this Ordinance are hereby
declared to be separable and if a section, phrase or provision shall be de-
clared invalid, such declaration shall not affect the validity of the remainder
of the Ordinance.
Section 8. That it is hereby ascertained and declared that the
present Little Rock Municipal Airport facilities are inadequate and by reason
thereof there exists a hazard to the life, property and welfare of the inhabitants
of the City. The authorized improvements are immediately necessary to alleviate
the hazard and can be accomplished only by the issuance of the bonds. 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 enforced from and after its passage.
ATTEST:
(SEAL)
PASSED: June 20 ,1966.
City Clerk
APPROVED:
Mayor