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ORDINANCE Vii, 11,190
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AN ORDINANCE AUTHORIZING THE ISSUANCE OF MUNICIPAL
AIRPORT REVENUE BONDS BY THE CITY OF LITTLE ROCK,
ARKANSAS, FOR THE PURPOSE OF FINANCING IMPROVE-
MENTS TO THE MUNICIPAL AIRPORT FACILITIES AND THE
ACQUISITION OF LAND; MAKING PLEDGES AND COVENANTS
TO INSURE THE PAYMENT OF THE BONDS; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS the Little Rock Municipal Airport and its related
property and facilities are being operated, managed and maintained
by the Little Rock Municipal Airport Commission (hereinafter some-
times called the "Airport Commission "), which was created and
organized pursuant to Act 53 of the Acts of Arkansas of 1949, and
Initiated Ordinance No. 8511 of the City of Little Rock, Arkansas,
adopted November 7, 1950; and
WHEREAS the Airport Commission has determined that there
should be constructed additional improvements to the Municipal
Airport facilities and that there should be acquired additional
land; a brief general description of said proposal being: taxi-
way construction, taxiway lighting, ramp paving, land acquisition,
storm sewer construction, and other related and incidental improve-
ments to the airport facility, including, but not limited to,, the
construction of buildings for various purposes, such as aircraft
and cargo storage, garages and shops, all at an estimated cost to
the City cE $250,000 (which will be combined with federal funds); and
WHEREAS the Airport Commission does not have sufficient
funds to make said improvements and acquire said land; and
WHEREAS the Airport Commission has unanimously passed a
resolution declaring that it would be to the best interests of
the City of Little Rock and the inhabitants thereof if the airport
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facilities be improved and additional land be acquired, and has
authorized its Chairman to make these facts known to the Board
of Directors with the request that the Board of Directors take
the necessary steps to issue and sell Municipal Airport Revenue
Bonds to finance the said improvements and acquisition; and
WHEREAS the Board of Directors hereby finds and declares
that it would be to the best interest of the City and its inhabi-
tants for the airport facilities to be improved and for additional
lands to be acquired and that revenue bonds be issued to finance
the same;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the Little Rock Municipal Airport
facilities be improved in accordance with the plans of the Airport
Commission, and that additional land be acquired in accordance
with theplans of the Airport Commission.
Section 2. That under the authority of the Constitution
and laws of the State of Arkansas, including particularly Act 53 of
the Acts of Arkansas of 1949, Little Rock Municipal Airport Revenue
Bonds are hereby authorized and ordered issued in the total principal
amount of Two Hundred Fifty Thousand Dollars ($250,000) for the
purpose of financing the cost of improving the Little Rock Municipal
Airport facilities and acquiring additional lands. The bonds
shall be sold at public sale with the bonds to bear interest at
such rate as is fixed in the bid accepted by the Airport Commission.
The Interest shall be payable semi- annually on May 1 and November 1
of each year commencing November 1, 1961 and all bonds shall
mature on May 1 of each year as follows, but shall be callable as
hereinafter set forth:
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YEAR
AMOUNT
1962
$ 72000
1963
7,000
1964
8,000
1965
9,000
1966
9,000
1967
10,000
1968
10,000
1969
11,000
1970
112000
1971
12,000
1972
122000
1973
13,000
1974
13,000
1975
14,000
1976
15,000
1977
16,000
1978
17,000
1979
18,000
1980
18,000
1981
20,000
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The interest shall be evidenced by interest coupons and the
principal and interest shall be payable in lawful money of
the United States of America upon presentation of the bond
or proper coupon at the office of the paying agent designated
by the purchaser.
Section 3. That the bonds shall be executed on behalf
of the City by the Mayor and City Clerk and shall have impressed
thereon the seal of the City. Interest coupons attached to each
of said bonds may have the facsimile signature of the Mayor of
the City lithographed or printed thereon, which signature shall
have the same force and effect as if he had personally signed
each of said coupons. The bonds and coupons shall be payable in
such funds as at the time of the respective payments are legal
tender for the payment of debts due the United States of America
at the office of the paying agent designated by the purchaser.
The bonds, together with interest thereon, shall be payable solely
out of the Municipal Airport Revenue Bond Fund, as hereinafter
defined, and shall be a valid claim of the holders thereof only
against such fund, and the amount of the revenues pledged to such
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fund, which amount of said revenues is hereby pledged and
mortgaged for the equal-and ratable payment of the bonds,
and shall be used for no other purpose than to pay the prin-
cipal of and interest on the bonds, except as may be herein-
after specifically provided. The bonds and interest thereon
shall not constitute an indebtedness of the City within any
constitutional or statutory limitation.
Section 4. That the bonds herein authorized and
ordered issued shall be sold at public sale on sealed bids.
Notice shall be given by the Secretary of the Airport Commis-
sion by publication in a daily newspaper published and having
a general circulation in the City of Little Rock, Arkansas.
The notice shall be published in the Little &rck paper at
least once a week for two consecutive weeks and may be pub-
lished in such additional publications as the Airport Commission
may determine. In addition to the usual provisions, the
notice shall provide that the purchaser may name the Trustee
and paying Agent; that all expenses of the issue, including
but not limited to, the printing of the bonds, the Trustee's
fee and the fee of bond counsel, will be paid by the purchaser;
that the purchaser will not have the privilege of converting
the bonds and that the City reserves the right to reject any
and all bids.
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Section 5. After thebonds are sold, the Board of Directors
of the City of Little Rock shall by resolution approve the
sale and the Trustee and Paying Agent named by the purchaser.
Thereafter the bonds of the issue as sold shall be numbered con-
secutively beginning with No. 1 and after being printed shall
be presented to the Mayor and City Clerk for execution.
Section 6. That the bonds and coupons shall be in sub-
stantially the following form and the Mayor and City Clerk are
hereby expressly authorized and directed to make all recitals
contained therein:
I
NO.
s
UNITED SATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
% MUNICIPAL AIRPORT REVENUE BOND
KNOW ALL MEN BY THESE PRESENTS:
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That the City of Little Rock, in the County of Pulaski
and State of Arkansas, acknowledges itself to owe and, for value
received, promises to pay to bearer, 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
May, 19 , and to pay, solely from said special fund, interest
hereon at the rate of per centum
%) per annum from date, semi- annually on the first days
of May and November in each year, commencing November 1, 1961, upon
presentation and surrender of the annexed coupons as they severally
become due. Both principal and interest of this revenue bond are
made payable at
This bond is one of a series of
+ i ) revenue bonds, aggregating
Dollars 0 ) )
dated May 1, 1961, numbered from one (1) to
C ), inclusive, all of
like tenor and effect except as to number, maturity, denomination, rate
of interest, and right of prior redemption, and are issued for the
purpose of financing the acquisition of land and the improvement
of Little Rock Municipal Airport facilities.
This bond and the series of which it forms a part are
issued pursuant to and in full compliance with the Constitution
and laws of the State of Arkansas, including particularly Act
53 of the Acts of Arkansas for the year 1949, and pursuant to
an ordinance and a resolution duly adopted by the Board of
Directors of the City of Little Rock, Arkansas, and a resolution
duly adopted by the Little Rock Municipal Airport Commission, and
do not constitute an indebtedness of the City of Little Rock with-
in any constitutional oe statutory limitation. Said bonds are not
general obligations of the City, but are special obligations pay-
able solely from a fixed amount of the net revenues from the
�rMunicipal Airport, (net revenues being gross revenues less the
reasonable expenses of operation, repair and maintenance of the
Municipal Airport) which amount shall be sufficient to pay the
principal of and interest on the bonds as they mature. Said amount
has been duly set aside and pledged as a special fund for that pur-
pose and identified as the Municipal Airport Revenue Bond Fund,
created by Ordinance No. duly passed by the Board of Directors
of the City of Little Rock on the day of ,
1961, under which this bond is authorized to be issued, and in
said ordinance the said City of Little Rock has covenanted and
agreed to impose and collect such charges for the use of the
Little Rock 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 as the same become due
and payable, together with paying agent's fees, andtD make the
required deposit in the Municipal Airport Depreciation Fund.
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The bonds of this issue shall be callable at par and
accrued interest in inverse numerical order on any interest paying
date with funds from any source. Notice of the call for redemption
shall be published once a week for two weeks in a newspaper
published in the City of Little Rock, Arkansas, and having a
general circulation throughout the State of Arkansas, giving the
number and maturity of each bond being called, the first publi-
cation 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 pay-
ment are on deposit with the paying agent at that time.
The City of Little Rock and the Little Rock Municipal
Airport Commission hereby covenant that full payment has been
received for this revenue bond and that there is no defense,
offset, or counterclaim against this bond or the pledge of revenues
hereinabove made to secure its payment.
This bond shall not be valid until it shall have been
authenticated by the certificate hereon, duly signed by
It is hereby certified, recited and declared that all
acts, conditions, and things required to exist, happen, and be
performed precedent to and in the issuance of this bond have existed,
have happened and have been performed in due time, form and manner,
as required by law; that the indebtedness represented by this
bond and the issue of which it forms a part does not exceed any
constitutional or statutory limitation; and that sufficient of the
income and revenue which is deemed to be derived from the opera-
tion of the Little Rock Municipal Airport has been pledged to and
will be set aside into said special fund for the payment of the
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principal of and interest on said bonds.
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 and sealed with the corporate
seal of said City, and has caused the coupons hereto attached
to be executed by the facsimile signature of said Mayor, all as
of the first day of May, 1961.
City Clerk
(SEAL)
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
No.
(Form of Coupon)
May
On the first day of November, 19 , the City of Little
Rock, Pulaski County, Arkansas, unless the bond to which this
coupon is attached is paid prior thereto, hereby promises to pay
to bearer, solely out of the fund specified in the bond to which
this coupon is attached, Dollars
($ ) in lawful money of the United States of America at
the office of ,
being six months' interest then due on its Municipal Airport Revenue
Bond, which is dated May 1, 1961, and numbered
'41'.,
CITY OF LITTLE ROCK, ARKANSAS
UZ
Mayor
On each bond shall appear the following:
CERTIFICATE
hereby certifies that this is one of a series of bonds, described
herein, aggregating $ , numbered from 1 to ,
inclusive, all of like tenor and effect except as to number,
maturity, denomination, rate of interest and right of prior redemption.
Little Rock, Arkansas
1961
an
4
No.
(Form of Coupon)
May
On the first day of November, 19 , the City of Little
Rock, Pulaski County, Arkansas, unless the bond to which this
coupon is attached is paid prior thereto, hereby promises to pay
to bearer, solely out of the fund specified in the bond to which
this coupon is attached, Dollars
($ ) in lawful money of the United States of America at
the office of ,
being six months' interest then due on its Municipal Airport Revenue
Bond, which is dated May 1, 1961, and numbered
'41'.,
CITY OF LITTLE ROCK, ARKANSAS
UZ
Mayor
On each bond shall appear the following:
CERTIFICATE
hereby certifies that this is one of a series of bonds, described
herein, aggregating $ , numbered from 1 to ,
inclusive, all of like tenor and effect except as to number,
maturity, denomination, rate of interest and right of prior redemption.
Little Rock, Arkansas
1961
an
Section 7. That the City of Little Rock, Arkansas, and
the Little Rock Municipal Airport Commission hereby covenant and
agree with the holders cE the bonds that there will be imposed
and collected such charges for the use of the Little Rock Municipal
Airport and its facilities as will at all times 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 as the same become due and payable,
together with paying agent's fees, and to make the required deposit
in the Municipal Airport Depreciation Fund, hereinafter created.
Section 8. That the Treasurer of the Little Rock
Municipal Airport Commission shall be custodian of the revenues
derived from the operation of the Little Rock Municipal Airport
and shall give bond for the faithful discharge of all duties as
such custodian. The amount of the bond shall be fixed by the
Airport Commission and approved by the Trustee. All Municipal
Airport revenues shall be kept separate and apart from the other
funds of the City and shall be deposited in such depository or
depositories as may be designated from time to time by the Airport
Commission, subject, however, to the giving of security by such
depository or depositories as now or as hereafter may be required
by law. All deposits made by the Treasurer shall be in the name of
the Airport Commission and shall be so designated as to indicate
the particular fund to which the revenues belong.
Section 9. Municipal Airport Fund. From and after the
delivery of any bonds issued under the provisions of this ordi-
nance, the Little Rock Municipal Airport shall be continuously
operated as a revenue - producing undertaking, and the income and
revenue from such operation shall be set aside as and when
collected into a separate fund which is hereby created and desig-
nated Municipal Airport Fund. Such revenues so deposited in.the
Municipal Airport Fund are hereby pledged and shall be applied
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Section 7. That the City of Little Rock, Arkansas, and
the Little Rock Municipal Airport Commission hereby covenant and
agree with the holders cE the bonds that there will be imposed
and collected such charges for the use of the Little Rock Municipal
Airport and its facilities as will at all times 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 as the same become due and payable,
together with paying agent's fees, and to make the required deposit
in the Municipal Airport Depreciation Fund, hereinafter created.
Section 8. That the Treasurer of the Little Rock
Municipal Airport Commission shall be custodian of the revenues
derived from the operation of the Little Rock Municipal Airport
and shall give bond for the faithful discharge of all duties as
such custodian. The amount of the bond shall be fixed by the
Airport Commission and approved by the Trustee. All Municipal
Airport revenues shall be kept separate and apart from the other
funds of the City and shall be deposited in such depository or
depositories as may be designated from time to time by the Airport
Commission, subject, however, to the giving of security by such
depository or depositories as now or as hereafter may be required
by law. All deposits made by the Treasurer shall be in the name of
the Airport Commission and shall be so designated as to indicate
the particular fund to which the revenues belong.
Section 9. Municipal Airport Fund. From and after the
delivery of any bonds issued under the provisions of this ordi-
nance, the Little Rock Municipal Airport shall be continuously
operated as a revenue - producing undertaking, and the income and
revenue from such operation shall be set aside as and when
collected into a separate fund which is hereby created and desig-
nated Municipal Airport Fund. Such revenues so deposited in.the
Municipal Airport Fund are hereby pledged and shall be applied
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and apportioned in the manner hereinafter provided.
Provided, that nothing in this ordinance shall be con-
strued so as to prohibit the financing of additional improve-
ments on airport property by the issuance of revenue bonds payable
solely from the income derived from the improvements acquired
or constructed with such bonds, and the income from any such
improvements may be segregated and applied to the payment of
such bonds.
That any surplus remaining in the Municipal Airport
Fund after making full provision for the other funds herein-
after provided for may be used, at the option of the Airport
Commission, for the payment of the principal of and interest
on any bonds of the issue herein authorized that may be called
for redemption prior to maturity, for the construction of
extensions, betterments and improvements to the Municipal
Airport, or for any other lawful purpose.
Section 10. Municipal Airport Operation and Maintenance
Fund. That there is hereby created a special fund designated
Municipal Airport Operation and Maintenance Fund, into which
there shall be transferred and paid from the Municipal Airport
Fund on the first business day of each month after the bonds
are delivered and continuing on the first business day of each
month thereafter while any of the bonds issued under this ordi-
nance shall be outstanding, an amount sufficient to pay, with
other available income, if any, all reasonable and proper
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expenses of operation, repair and maintenance of the Munici-
pal Airport for such month and from which disbursements shall
be made only for that purpose. In addition to the customary
expenses of operation, repair and maintenance, reasonable pay-
ments to the City's General Fund in lieu of fees for services
rendered, if any, and /or in lieu of taxes, if any, shall be
deemed to be reasonable and proper expenses of operation,
repair and maintenance. Provided, however, that no payment
shall ever be made into the City's General Fund unless and until
there are sufficient moneys in the Municipal Airport Fund to
insure the payment of all other expenses of operation, repair
and maintenance, as required, and to insure the payment of
principal and interest on outstanding Airport Revenue Bonds,
as the same mature, and the paying agent's fees.
If in any month, for any reason, there shall be a
failure to transfer and pay the required amount into said fund,
then the amount of any deficiency shall be added to the amount
otherwise required to be transferred and paid into said fund
in the next succeeding month. Fixed annual charges, such as
insurance premiums and the cost of major repairs and maintenance
expenses, may be computed and set up on an annual basis and one-
twelfth (1/12) of the amount thereof may be paid into said
Operation and Maintenance Fund each month.
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If any surplus shall be accumulated in the Municipal Air-
port Operation and Maintenance Fund over and above the amount
necessary to meet the requirements thereof during the remainder of
the then current fiscal year and the next ensuing fiscal year, such
surplus may be transferred to the Municipal Airport Revenue Bond Fund
or the Municipal Airport Depreciation Fund, as the Municipal Airport
Commission may designate; provided, however, that any such transfer
into the Airport Revenue Bond Fund shall be in addition to all other
payments required to be made into said fund.
Section 11. Municipal Airport Revenue Bond Fund. (1) That
after making the monthly deposit in the Municipal Airport Operation
and Maintenance Fund, the Treasurer of the Little Rock Municipal
Airport Commission shall transfer and pay from the Municipal Airport
Fund the sum in the amounts and at the times hereinafter stated in
sub - section (2) for the purpose of providing funds for the payment of
the principal of and interest on the bonds herein authorized, and
the paying agent's fees as they mature according to a schedule to
be set up and approved by the Board of Directors after the terms of
the sale of the bonds shall have been approved by the Board of Direc-
tors, and as a reserve for contingencies.
(2) That there shall be paid from the Municipal Airport
Fund into the Municipal Airport Revenue Bond Fund, beginning on the
first business day of the first month after the delivery of the bonds,
and continuing on the first business day of each month thereafter
until the amount in said Municipal Airport Revenue Bond Fund is suf-
ficient to pay all outstanding bonds, interest thereon, and the pay-
ing agent's fees, a sum equal to one -fifth (1/5) of the next instal-
lment of interest and one -tenth (1 /10) of the next installment of prin-
cipal, and an amount sufficient to provide for the paying agent's fees,
on all outstanding bonds of the issue herein authorized; provided, however
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after there shall have been accumulated in said Municipal
Airport Revenue Bond Fund the sum as a reserve for contingencies
equal to the maximum amount that will become due in any year there -
auter for,principal and interest of the bonds herein authorized,
the monthly payments may be reduced to one -sixth (1/6) of the
next installment of interest and one - twelfth (1/12) of the next
installment of principal, and a sum sufficient to provide for
thepaying agent's fees.
(3) That if the revenues of the Municipal Airport are
insufficient to make the required payment on the first business
day of the following month into the Municipal Airport Revenue
Bond Fund, then the amount of any such deficiency shall be added
to the amount otherwise required to be paid into the Municipal
Airport Revenue Bond Fund on the first business day of the next
month.
(4) That if for any reason the funds in the Municipal
Airport Revenue Bond Fund shall at any time be insufficient to
meet any interest and /or principal payments on the bonds of the
issue herein authorized, the sums then held as a reserve for
contingencies shall be used to the extent necessary to make
said interest and /or principal payments, but such reserve shall
be reimbursed from the Municipal Airport Fund before any of
the moneys in the Municipal Airport Fund shall be used for any
other purpose, except for making the required payments into the
Municipal Airport Operation and Maintenance Fund and into the Munici-
pal Airport Revenue Bond Fund. Said reserve for contingencies shall be
continguously maintained in the amount above specified and shall be
used solely as herein provided.
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after there shall have been accumulated in said Municipal
Airport Revenue Bond Fund the sum as a reserve for contingencies
equal to the maximum amount that will become due in any year there -
auter for,principal and interest of the bonds herein authorized,
the monthly payments may be reduced to one -sixth (1/6) of the
next installment of interest and one - twelfth (1/12) of the next
installment of principal, and a sum sufficient to provide for
thepaying agent's fees.
(3) That if the revenues of the Municipal Airport are
insufficient to make the required payment on the first business
day of the following month into the Municipal Airport Revenue
Bond Fund, then the amount of any such deficiency shall be added
to the amount otherwise required to be paid into the Municipal
Airport Revenue Bond Fund on the first business day of the next
month.
(4) That if for any reason the funds in the Municipal
Airport Revenue Bond Fund shall at any time be insufficient to
meet any interest and /or principal payments on the bonds of the
issue herein authorized, the sums then held as a reserve for
contingencies shall be used to the extent necessary to make
said interest and /or principal payments, but such reserve shall
be reimbursed from the Municipal Airport Fund before any of
the moneys in the Municipal Airport Fund shall be used for any
other purpose, except for making the required payments into the
Municipal Airport Operation and Maintenance Fund and into the Munici-
pal Airport Revenue Bond Fund. Said reserve for contingencies shall be
continguously maintained in the amount above specified and shall be
used solely as herein provided.
(5) That when the moneys in the Municipal Airport
Revenue Bond Fund, including the reserve for contingencies, shall
be and remain sufficient to pay the principal of and interest on
all outstanding bonds, and the paying agent's fees, thereshall
be no obligation to make any further payments into the Municipal
Airport Revenue Bond Fund.
(6) That all moneys in the Municipal Airport Revenue
Bond Fund shall be used solely for the payment of the principal
of and interest on _the bonds herein authorized and the paying
agent's fees, except as herein specifically provided. If a
surplus shall exist in the Municipal Airport Revenue Bond Fund
over and above the amount necessary to insure the prompt payment
of the principal of and interest on the bonds as the same become
due and the paying agent's fees and over and above the reserve
for contingencies, such surplus may be used, at the option of the
Municipal Airport Commission, for the payment of the principal
of and interest on any bonds of the issue herein authorized that
may be called for redemption prior to maturity.
(7) That it shall be the duty of the Treasurer of
the Municipal Airport Commission to withdraw from the Municipal
Airport Revenue Bond Fund at least five (5) days beforethe
maturity date of any bond or interest coupons issued hereunder
and to deposit with the paying agent an amount equal to the amount
of such bond or coupon for the sole purpose of paying the same,
together with the paying agent's fees. Such deposit shall be
at the sole risk of the City and shall not operate as a payment
of the bonds or coupons until so applied.
Section 12. Municipal Airport Depreciation Fund.
That after the required payments into the Municipal Airport
Operation and Maintenance Fund and the Municipal Airport Revenue
Bond Fund have been made, there shall be paid from the Municipal.
Airport Fund into a special fund designated 'Municipal Airport
Depreciation Fund" on the first business day of the first month
after the delivery of the bonds, and on the first business day
of each month thereafter while any of Municipal Airport Revenue
Bonds shall be outstanding, the sum of $2500. The moneys in
the Municipal Airport Depreciation Fund shall be used solely for
the purpose of paying the cost of replacements made necessary
by the depreciation of the Municipal Airport; provided, however,
that in the event no other funds are available therefoe the moneys
in the Depreciation Fund may be used to the extent necessary to
prevent a default in the payment of the principal of and interest
on the bonds as they mature. If in any fiscal year a surplus
shall be accumulated in the Municipal Airport Depreciation Fund
over and above the amount necessary to defray the cost of proper
replacements during the then current fiscal year and the next en-
suing fiscal year, such surplus may be transferred and paid into
the Municipal Airport Revenue Bond Fund; provided, however, that
such payments into the Municipal Airport Revenue Bond Fund shall
be in addition to all other payments hereinbefore required to be
made into the said Municipal Airport Revenue Bond Fund.
Section 13. That the bonds authorized hereby and
issued hereunder shall be callable for payment prior to maturity
in accordance with the terms set out in the bond form.
Section 14. That so long as any of the bonds authorized
hereby and issued hereunder shall be and remain outstanding and
unpaid, the City of Little Rock, Arkansas and the Airport Commission
covenant and agree that they will not issue additional bonds having
or claiming to have a lien on the revenues of the Little Rock
Municipal Airport superior to the lien of the bonds of this issue.
However, nothing in this ordinance shall be construed to prevent
the Little Rock Airport Commission from issuing additional bonds
for the further improvement, extension and /or equipping of the
Little Rock Municipal Airport facilities, but no such bonds shall
be issued on a parity with the bonds of this issue, unless and
until there shall have been filed with the Trustee a certificate
of a certified public accountant not in the regular employ of the
City, stating that gross revenues derived from the operation of
the Little Rock Municipal Airport Commission for the preceding
fiscal year were sufficient in amount to provide for the annual
cost of operation, repair, maintenance and depreciation of the
Municipal Airport and to leave a balance equal to 150% of the
maximum amount that will become due in any year for principal
and interest on the outstanding bonds of this issue and on the
bonds of the issue then proposed.
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Section 13. That the bonds authorized hereby and
issued hereunder shall be callable for payment prior to maturity
in accordance with the terms set out in the bond form.
Section 14. That so long as any of the bonds authorized
hereby and issued hereunder shall be and remain outstanding and
unpaid, the City of Little Rock, Arkansas and the Airport Commission
covenant and agree that they will not issue additional bonds having
or claiming to have a lien on the revenues of the Little Rock
Municipal Airport superior to the lien of the bonds of this issue.
However, nothing in this ordinance shall be construed to prevent
the Little Rock Airport Commission from issuing additional bonds
for the further improvement, extension and /or equipping of the
Little Rock Municipal Airport facilities, but no such bonds shall
be issued on a parity with the bonds of this issue, unless and
until there shall have been filed with the Trustee a certificate
of a certified public accountant not in the regular employ of the
City, stating that gross revenues derived from the operation of
the Little Rock Municipal Airport Commission for the preceding
fiscal year were sufficient in amount to provide for the annual
cost of operation, repair, maintenance and depreciation of the
Municipal Airport and to leave a balance equal to 150% of the
maximum amount that will become due in any year for principal
and interest on the outstanding bonds of this issue and on the
bonds of the issue then proposed.
Section 15. That all bonds paid, either at or before
maturity, shall be cancelled when such payment is made, together
with all unmatured coupons appertaining thereto. All unpaid in-
terest coupons maturing on or prior to the date of such payment
shall continue to be payable to the respective bearers thereof.
Section 16. That it is covenanted and agreed by the
City and the Airport Commission with the holder or holders of
the bonds, or any of them, that they will faithfully and punctually
perform all duties with reference to the Municipal Airport required
by the Constitution and statutes of the State of Arkansas, includ-
ing making and collecting of reasonable and sufficient rates and
charges for the use of the Municipal Airport and its facilities,
segregating the revenue of the Municipal Airport and applying it
to the respective funds herein created.
Section 17. That the Airport Commission will keep
proper books of accounts and records in which complete and correct
entries shall be made of all transactions relating to the opera-
tion of the Municipal Airport, and such books shall be available
for inspection by the holder of any of the bonds at reasonable
times and under reasonable circumstances. The Airport Commission
agrees to have these records audited by an independent certified
public accountant at least once each year. A copy of the audit
shall be delivered upon request to the Trustee and to the original
purchasers of the bonds. In the event the Airport Commission and
the City fail or refuse to make the audit, the Trustee, or any
holder of the bonds, may have the audit made, and the cost thereof
shall be charged against the Municipal Airport Operation and
Maintenance Fund.
Section 18. That the City and the Airport Commission
covenant and agree that the Municipal Airport will be maintained
in good condition and will be operated in an efficient manner
and at a reasonable cost. While any of the bonds are outstanding,
fire, lightning and extended coverage insurance will be maintained
on all revenue producing buildings utilized by the Airport Com-
mission, including the Administration Building, in an amount
which normally would be carried by a private company engaged in
a similar type of business. The insurance policy or policies are
to be taken with companies approved by the Trustee, are to carry
a clause making them payable to the Trustee as its interest may
appear, and are to be kept continually in force. In the event
of a loss, the proceeds of such insurance shall be applied solely
toward the reconstruction, replacement, or repair of the property.
In such event, the Airport Commission will, with reasonable prompt-
nesq, cause to be commenced and completed the reconstruction,
replacement and repair. Nothing herein shall be construed as
requiring the City to expend any funds for operation and mainten-
ance of the Municipal Airport or for premiums on the insurance
which are derived from sources other than the operation of the
Municipal Airport, but nothing herein shall be construed as pre-
venting the City from doing so.
Section 19 (a) That moneys held for the credit of the
Construction Fund, hereinafter referred to, may, as nearly as may
be practicable, be continuously invested and reinvested by the
Treasurer in direct obligations of, or obligations, the principal
of and interest on which, are unconditionally guaranteed by, the
United States Government, which shall mature, or which shall be
subject to redemption by the holder thereof at the option of such
holder not later than six (6) months after the date of such investment.
(
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Section 18. That the City and the Airport Commission
covenant and agree that the Municipal Airport will be maintained
in good condition and will be operated in an efficient manner
and at a reasonable cost. While any of the bonds are outstanding,
fire, lightning and extended coverage insurance will be maintained
on all revenue producing buildings utilized by the Airport Com-
mission, including the Administration Building, in an amount
which normally would be carried by a private company engaged in
a similar type of business. The insurance policy or policies are
to be taken with companies approved by the Trustee, are to carry
a clause making them payable to the Trustee as its interest may
appear, and are to be kept continually in force. In the event
of a loss, the proceeds of such insurance shall be applied solely
toward the reconstruction, replacement, or repair of the property.
In such event, the Airport Commission will, with reasonable prompt-
nesq, cause to be commenced and completed the reconstruction,
replacement and repair. Nothing herein shall be construed as
requiring the City to expend any funds for operation and mainten-
ance of the Municipal Airport or for premiums on the insurance
which are derived from sources other than the operation of the
Municipal Airport, but nothing herein shall be construed as pre-
venting the City from doing so.
Section 19 (a) That moneys held for the credit of the
Construction Fund, hereinafter referred to, may, as nearly as may
be practicable, be continuously invested and reinvested by the
Treasurer in direct obligations of, or obligations, the principal
of and interest on which, are unconditionally guaranteed by, the
United States Government, which shall mature, or which shall be
subject to redemption by the holder thereof at the option of such
holder not later than six (6) months after the date of such investment.
(b) Moneys held for the credit of the reserve for con-
tingencies in the Municipal Airport Revenue Bond Fund may be
continuously invested and reinvested bythe Treasurer in direct
obligations of, or obligations, the principal of and interest on
which, are unconditionally guaranteed by, the United States
Government, which shall mature, or which shall be subject to
redemption by the holder thereof, at the option of such holder,
not later than ten (10) years after the date of such investment.
(c) Moneys held for the credit of any other Municipal
Airport Fund may be invested and reinvested by the Treasurer in
direct obligations of, or obligations, the principal of and
interest on which, are unconditionally guaranteed by, the United
States Government, which shall mature, or which shall be subject
to redemption by the holder thereof, at the option of such holder,
not later than the date or dates when the moneys held for the
credit of the particular fund will be required for the purposes
intended.
Section 20. That the Municipal Airport shall be
operated on a calendar year basis beginning January 1 and ending
December 31.
Section 21. That the City and the Airport Commission
covenant and agree that if default is made in the payment of any
bond or coupon, or if there is a failure to meet any Municipal
Airport Revenue Bond Fund requirement, the holder of such bond
may declare that bond immediately due and payable, and in default;
provided, that the failure to exercise this option upon any
default shall not be a waiver of the right to execut it upon
a subsequent default.
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writing to the Secretary of the Airport Commission, and the ma-
jority in value of the holders of the outstanding bonds at any
time may, with or without cause, remove the Trustee. Upon the
1
resignation or removal of a Trustee, the majority in valued
the holders of the outstanding bonds may name a new Trustee,
but if such holders do not name a new Trustee within thirty (30)
days after a vacancy occurs, the Airport Commission shall forth-
with name a new Trustee. The appointment of a new 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 has resigned or been
removed shall cease to be Paying Agent and the successor Trustee
shall become the Paying Agent.
Section 24. That after the bonds herein authorized to
be issued 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 Trustee designated by the purchaser, which shall
authenticate them and deliver them to the purchaser upon receipt
from the purchaser of the purchase price of the bonds plus accrued
interest.
The Trustee shall remit the proceeds of the sale of the
bonds and the accrued interest to the Treasurer of the Airport
Commission and such Treasurer shall deposit the accrued interest
in the Municipal Airport Revenue Bond Fund and shall deposit the
entire balance of the proceeds in trust in a Construction Fund
in a bank that is a member of the Federal Deposit Insurance Corpora-
..
Section 22.
That whenever there is a default that
continues for thirty (30) days or more in the payment of any
revenue bond or interest coupon of this issue, the holder or
holders of any revenue bond or interest coupon in default, or
the Trustee acting on behalf of such holders, may exercise any
available remedy at law or in equity, including without limita-
tion the right to apply to the Chancery Court of Pulaski County,
Arkansas for the appointment of a receiver for the properties
and revenues of the Little Rock Municipal Airport, with power
to operate said properties and to charge and collect rates suf-
ficient to provide revenues for the payment of said revenue bonds
and interest thereon, and for the operation and maintenance ex-
penses and costs of,the receiver, until all delinquent principal
andinterest are paid in full, whereupon the management and
control of the properties shall revert to the City and to the
Airport Commission; provided, however, that a failure to exercise
the right to apply for a receiver shall mt be a waiver of the
right to make such application upon any subsequent default.
Section 23. That the recitals in this ordinance and
in the face of the bonds are the recitals of the City and not
of the Trustee. The Trustee shall not be required to take any
action as Trustee unless it shall have been notified in writing
and shall have been indemnified to its satisfaction against any
loss, damage, or expense on account of the taking of such action.
The Trustee may resign at any time by ten (10) days' notice in
tion, such deposit to be secured by bonds or other direct or
fully guaranteed obligations of the United States of America.
The moneys in the said Construction Fund shall be disbursed
solely in payment of the cost of land acquisition and improving
the Municipal Airport facilities, including necessary expenses
incidental thereto, but only on warrants, checks or vouchers
signed by the Treasurer of the Airport Commission briefly
specifying the disbursement or expenditure.
Section 25. That the provisions of this ordinance
shall constitute a binding contract between the City and the
holders of the outstanding bonds and coupons issued hereunder,
and the City will at all times strictly adhere to the terms and
provisions hereof and fully discharge all of its obligations here-
under. Subject to the terms and provisions contained in this
section and not otherwise, the holders of not less than seventy-
five per cent (75 %) in aggregate principal amount of the bonds
then outstanding shall have the right, from time to time, anything
contained in this ordinance to the contrary notwithstanding, to
consent to and approve the adoption by the City of such ordinance
supplemental hereto as shall be necessary or desirable for
the purpose of modifying, altering, amending, adding to or rescind-
ing, in any particular, any of the terms or provisions contained
in this ordinance or in any supplemental ordinance; provided,
however, that nothing herein contained shall permit or be construed
as permitting (a) an extension of the maturity of the principal of
or the interest on any bond issued hereunder, or (b) a reduction
in the principal amount of any bond or the rate of interest therein,
or (c) the creation of a lien upon or a pledge of revenues other
than the lien and pledge created by this ordinance, or (d) a
privilege of priority of any bond or bonds over any other bond or
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bonds, or (e) a reduction in the aggregate principal amount of the
bonds required for consent to such supplemental ordinance.
Section 26. That this ordinance shall not create any
right of 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 27. That if any provision of this ordinance
shall for any reason be held illegal or invalid, it shall not
affect the validity of the remainder of the ordinance.
Section 28. That all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 29. 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 of Little
Rock. The herein authorized improvements are immediately necessary
to alleviate the hazard and can be accomplished only by the issu-
ance of the bonds herein authorized. 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: June 19 , 1961.
APPROVED:
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Mayor
ATTEST:
City Clerk
()
C E R T I F I C A T E
The undersigned, City Clerk of the City of Little
Rock, Arkansas, hereby certifies that the foregoing pages,
numbered 1 to 25 , inclusive, are a true and perfect
copy of Ordinance No. 11,190 , passed at a regular
session of the Board of Directors of Little Rock, Arkansas,
held at the regular meeting place of the Board at
7:30 o'clock P. .m., on the 19th day of
June 1961, and that said ordinance is of
record in Ordinance Record Book No. . 20 , page 22 ,
now in my possession.
Given under my hand and seal this day of
, 1961.
(SEAL)
City Clerk
EXCERPTS FROM MINUTES OF MEETING OF
THE LITTLE ROCK MUNICIPAL AIRPORT
COMMISSION HELD APRIL 17, 1961
The Little Rock Municipal Airport Commission met in
session in the Board Room of the Commission,
Little Rock, Arkansas, at 2:30 o'clock p.m., on the 17th day
of April, 1961. The following members of the Commission were
present: J. V. Satterfield, Frederick U. Andres and Jack East, Sr.
The following were absent: Phil A. Dulin, Floyd Sharp.
R E S O L U T I O N
WHEREAS the Little Rock Municipal Airport Commission
has determined that it would be in the best interests of the
City of Little Rock and the inhabitants thereof if the Little
Rock Municipal Airport facilities be improved by the making of
necessary improvements and the acquisition of land, all at an
estimated cost to the City of $250,000 (which will be combined in
part with federal funds); and
WHEREAS the Airport Commission has had prepared for
submission to the Board of Directors of Little Rock, Arkansas,
an ordinance authorizing the said improving and acquisition and
authorizing the issuance of Municipal Airport Revenue Bonds to
obtain the necessary funds for said improvements and acquisition,
which ordinance is as follows:
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ORDINANCE NO.
AN ORDINANCE AUTHORIZING THE ISSUANCE OF MUNICIPAL
AIRPORT REVENUE BONDS BY THE CITY OF LITTLE ROCK,
ARKANSAS, FOR THE PURPOSE OF FINANCING IMPROVE.-,
MENTS TO THE MUNICIPAL AIRPORT FACILITIES AND THE
ACQUISITION OF LAND; MAKING PLEDGES AND COVENANTS
TO INSURE THE PAYMENT OF THE BONDS; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS the Little Rock Municipal Airport and its related
property and facilities are being operated, managed and maintained
by the Little Rock Municipal Airport Commission (hereinafter some-
times called the "Airport Commission "), which was created and
organized pursuant to Act 53 of the Acts of Arkansas of 1949, and
Initiated Ordinance No. 8511 of the City of Little Rock, Arkansas,
adopted November 7, 1950; and
WHEREAS the Airport Commission has determined that there
should be constructed additional improvements to the Municipal
Airport facilities and that there should be acquired additional
land; a brief general description of said proposal being: taxi-
way construction, taxiway lighting, ramp paving, land acquisition,
storm sewer construction, and other related and incidental improve-
meets to the airport facility, including, but not limited to, the
construction of buildings for various purposes, such as aircraft
and cargo storage, garages and shops, all at an estimated cost to
the City of $250,000 (which will be combined with federal funds); and
WHEREAS the Airport Commission does not have sufficient
funds to make said improvements and acquire said land; and
WHEREAS the Airport Commission has unanimously passed a
resolution declaring that it would be to the best interests of
the City of Little Rock and the inhabitants thereof if the airport
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facilities be improved and additional land be acquired, and has
authorized its Chairman to make these facts known to the Board
of Directors with the request that the Board of Directors take
the necessary steps to issue and sell Municipal Airport Revenue
Bonds to finance the said improvements and acquisition; and
WHEREAS the Board of Directors hereby finds and declares
that it would be to the best interest of the City and its inhabi-
tants for the airport facilities to be improved and for additional
lands to be acquired and that revenue bonds be issued to finance
the same;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the Little Rock Municipal Airport
facilities be improved in accordance with the plans of the Airport
Commission, and that additional land be acquired in accordance
with the plans of the Airport Commission.
Section 2. That under the authority of the Constitution
and laws of theState of Arkansas, including particularly Act 53 of
the Acts of Arkansas of 1949, Little Rock Municipal Airport Revenue
Bonds are hereby authorized andordered issued in the total principal
amount of Two Hundred Fifty Thousand Dollars ($250,000) for the
purpose of financing the cost of improving the Little Rock Municipal
Airport facilities and acquiring additional lands. The bonds
shall be sold at public sale with the bonds to bear interest at
such rate as is fixed in the bid accepted by the Airport Commission.
The Interest shall be payable semi - annually on May 1 and November 1
of each year commencing November 1, 1961 and all bonds shall
mature on May 1 of each year as follows, but shall be callable as
hereinafter set forth:
1
YEAR AMOUNT
1962
$ 73,000
1963
7,000
1964
8,000
1965
9,000
1966
9,000
1967
103,000
1968
103,000
1969
113,000
1970
11,000
1971
123,000
1972
123,000
1973
133,000
1974
133,000
1975
143,000
1976
153,000
1977
163,000
1978
172000
1979
18,000
1980
182000
1981
201000
The interest shall be evidenced by interest coupons and the
principal and interest shall be payable in lawful money of
the United States of America upon presentation of the bond
or proper coupon at the office of the paying agent designated
by the purchaser. The bonds shall be sold with the privilege
of conversion to an issue bearing a lower rate or rates of
interest, the conversion to be subject to the approval of the
Airport Commission and counsel approving the bond issue.
Section 3. That the bonds shall be executed
on behalf of the City by the Mayor and City Clerk and shall
have impressed thereon the seal of the City. Interest
coupons attached to each of said bonds may have the facsimile
signature of the Mayor of the City lithographed or printed
thereon, which signature shall have the same force and effect
as if he had personally signed each of said coupons. The
bonds and coupons shall be payable in such funds as at the
time of the respective payments are legal tender for the
payment of debts due the United States of America at the
Section 5. After the bonds are sold, the Board of
Directors of the City of Little Rock shall by resolution approve
the sale, the Trustee and Paying Agent named by the purchaser,
and the conversion, if any, of the bonds. Thereafter the bonds
of the issue as sold or as converted shall be numbered consecu-
tively beginning with No. 1 and after being printed shall be
presented to the Mayor and City Clerk for execution.
Section 6. That the bonds and coupons shall be in
substantially the following form and the Mayor and City Clerk are
hereby expressly authorized and directed to make all recitals
contained therein:
• • r I r r r t 1
office of the paying agent designated by the purchaser. The bonds,
together with interest thereon, shall be payable solely out of the
Municipal Airport Revenue Bond Fund, as hereinafter defined, and
shall be a valid claim of the holders thereof only against such
fund, and the amount of the revenues pledged to such fund, which
amount of said revenues is hereby pledged and mortgaged for the
equal and ratable payment of the bonds, and shall be used for no
other purpose than to pay the principal of and interest on the
bonds, except as may be hereinafter specifically provided. The
bonds and interest thereon shall not constitute an indebtedness
of the City within any constitutional or statutory limitation.
Section 4. That the bonds herein authorized and ordered
issued shall be sold at public sale on sealed bids. Notice shall be
given by the Secretary of the Airport Commission by publication in
a daily newspaper published and having a general circulation in the
City of Little Rock, Arkansas. The notice shall be published in
the Little Rock paper at least once a week for two consecutive weeks
and may be published in such additional publications as the Airport
Commission may determine. In addition to the usual provisions, the
notice shall provide that the purchaser may name the Trustee and
Paying Agent; that all expenses of the issue, including but not
limited to, the printing of the bonds, the Trustee's fee and the
fee of bond counsel, will be paid by the purchaser; that the
purchaser shall have the privilege of converting the bonds to an
issue bearing a lower rate or rates of interest, with the conver-
sion to be in accordance with the Universal Bond Values Tables and
upon such terms that the City receive no less and pay no more than
it would receive and pay if the bonds were not converted; that the
conversion shall be subject to the approval of the City Council;
and that the City reserves the right to reject any and all bids.
f � • 5
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
% MUNICIPAL AIRPORT REVENUE BOND
NO.
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little Rock, in the County of Pulaski
and State of Arkansas, acknowledges itself to owe and, for value
received, promises to pay to bearer, solely from the special fund
provided as hereinafter set forth, the principal sum of
in lawful money of the United States of America on the first day of
May, 19 _, and to pay, solely from said special fund, interest
hereon at the rate of per centum
C %) per annum from date, semi - annually on the first days
of May and November in each year, commencing November 1, 1961, upon
presentation and surrender of the annexed coupons as they severally
become due. Both principal and interest of this revenue bond are
made payable at
This bond is one of a series of
(, ) revenue bonds, aggregat-
ing
dated May 1, 1961, numbered from one (1) to
Dollars ($_ ),
( ), inclusive, all of like
tenor and effect except as to number, maturity, denomination, rate
of interest, and right of prior redemption, and are issued for the
purpose of financing the acquisition of land and the improvement
of Little Rock Municipal Airport facilities.
This bond and the series of which it forms a part are
issued pursuant to and in full compliance with the Constitution
and laws of the State of Arkansas, including particularly Act
53 of the Acts of Arkansas for the year 1949, and pursuant to
an ordinance and a resolution duly adopted by the Board of
Directors of the City of Little Rock, Arkansas, and a resolution
duly adopted by the Little Rock Municipal Airport Commission, and
do not constitute an indebtedness of the City of Little Rock within
any constitutional or statutory limitation. Said bonds are not
general obligations of the City, but are special obligations pay-
able solely from a fixed amount of the net revenues from the
Municipal Airport, (net revenues being gross revenues less the
reasonable expenses of operation, repair and maintenance of the
Municipal Airport) which amount shall be sufficient to pay the
principal of and interest on the bonds as they mature. Said amount
has been duly set aside and pledged as a special fund for that pur-
pose and identified as the Municipal Airport Revenue Bond Fund,
created by Ordinance No. duly passed by the Board of Directors
of the City of Little Rock on the _ _day of ,
1961, under which this bond is authorized to be issued, and in
said ordinance the said City of Little Rock has covenanted and
agreed to impose and collect such charges for the use of the
Little Rock 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 as the same become due
and payable, together with paying agent's fees, and to make the
required deposit in the Municipal Airport Depreciation Fund.
i'
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The bonds of this issue shall be callable at par and
accrued interest in inverse numerical order on any interest paying
date with funds from any source. Notice of the call for redemption
shall be published once a week for two weeks in a newspaper
published in the City of Little Rock, Arkansas, and having a
general circulation throughout the State of Arkansas,giving the
number and maturity of each bond being called, the first publi-
cation 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 pay-
meet are on deposit with the paying agent at that time.
The City of Little Rock and the Little Rock Municipal
Airport Commission hereby covenant that full payment has been
received for this revenue bond and that there is no defense,
offset, or counterclaim against this bond or the pledge of revenues
hereinabove made to secure its payment.
This bond shall not be valid until it shall have been
authenticated by the certificate hereon, duly signed by
It is hereby certified, recited and declared that all
acts, conditions, and things required to exist, happen, and be
performed precedent to and in the issuance of this bond have existed,
have happened and have been performed in due time, form and manner,
as required by law; that the indebtedness represented by this
bond and the issue of which it forms a part does not exceed any
constitutional or statutory limitation; and that sufficient of the
income and revenue which is deemed to be derived from the opera-
tion of the Little Rock Municipal Airport has been pledged to and
will be set aside into said special fund for the payment of the
principal of and interest on said bonds.
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 and sealed with the corporate
seal of said City, and has caused the coupons hereto attached
to be executed by the facsimile signature of said Mayor, all as
of the first day of May, 1961.
CITY OF LITTLE ROCK, ARKANSAS
By
City Clerk
(SEAL)
Mayor
(Form of Coupon)
No.
Y r
May
On the first day of November, 19 the City of Little
Rock, Pulaski County, Arkansas, unless the bond to which this
coupon is attached is paid prior thereto, hereby promises to pay
to bearer, solely out of the fund specified in the bond to which
this coupon is attached, Dollars
($ ) in lawful money of the United States of America at
the office of ,
being six months' interest then due on its Municipal Airport Revenue
Bond, which is dated May 1, 1961, and numbered
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
On each bond shall appear the following:
CERTIFICATE
hereby certifies that this is one of a series of bonds, described
herein, aggregating $ , numbered from 1 to ,
inclusive, all of like tenor and effect except as to number,
maturity, denomination, rate of interest and right of prior redemption.
Little Rock, Arkansas
2 1961
By.
Section 7.
That the City of Little Rock, Arkansas, and
the Little Rock Municipal Airport Commission hereby covenant and
agree with the holders of the bonds that there will be imposed
and collected such charges for the use of the Little Rock Municipal
Airport and its facilities as will at all times 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 as the same become due and payable,
together with paying agent's fees, and to make the required deposit
in the Municipal Airport Depreciation Fund, hereinafter created.
Section 8. That the -Treasurer of the Little Rock
Municipal Airport Commission shall be custodian of the revenues
derived from the operation of the Little Rock Municipal Airport
and shall give bond for the faithful discharge of all duties as
such custodian. The amount of the bond shall be fixed by the
Airport Commission and approved by the Trustee. All Municipal
Airport revenues shall be kept separate and apart from the other
funds of the City and shall be deposited in such depository or
depositories as may be designated from time to time by the Airport
Commission, subject, however, to the giving of security by such
depository or depositories as now or as hereafter may be required
by law. All deposits made bythe Treasurer shall be in the name of
the Airport Commission and shall be so designated as to indicate
the particular fund to which the revenues belong.
Section 9. Municipal Airport Fund. From and after the
delivery of any bonds issued under the provisions of this ordi-
nance, the Little Rock Municipal Airport shall be continuously
operated as a revenue - producing undertaking, and the income and
revenue from such operation shall be set aside as and when
collected into a separate fund which-is hereby created and desig-
nated Municipal Airport Fund. Such revenues so deposited in "'the
Municipal Airport Fund are hereby pledged and shall be applied
• 1 �
and apportioned in the manner hereinafter provided.
Provided, that nothing in this ordinance shall be construed
so as to prohibit the financing of additional improvements on air-
port property by the issuance of revenue bonds payable solely from
the income derived from the improvements acquired or constructed
with such bonds, and the income from any such improvements may be
segregated and applied to the payment of such bonds.
That any surplus remaining in the Municipal Airport Fund
after making full provision for the other funds hereinafter provided
for may be used, at the option of the Airport Commission, for the
payment of the principal of and interest on any bonds of the issue
herein authorized that may be called for redemption prior to maturity,
for the construction of extensions, betterments and improvements to
the Municipal Airport, or for any other lawful purpose.
Section 10. Municipal Airport Operation and Maintenance
Fund. That there is hereby created a special fund designated
Municipal Airport Operation and Maintenance Fund, into which there
shall be transferred and paid from the Municipal Airport Fund on the
first business day of each month after the bonds are delivered and
continuing on the first business day of each month thereafter while
any of the bonds issued under this ordinance shall be outstanding,
an amount sufficient to pay, with other available income, if any,
all reasonable and proper expenses of operation, repair and mainte-
nance of the Municipal Airport for such month and from which disbur-
sements shall be made only for that purpose.
If in any month, for any reason, there shall be a failure
to transfer and pay the required amount into said fund, then the
amount of any deficiency shall be added to the amount otherwise
required to be transferred and paid into said fund in the next suc-
ceeding month. Fixed annual charges, such as insurance premiums and
the cost of major repairs and maintenance expenses, may be computed
and set up on an annual basis and one - twelfth (1/12) of the amount
thereof may be paid into said Operation and Maintenance Fund each
mm n 1-h
' 1
If any surplus shall be accumulated in the Municipal Air-
port Operation and Maintenance Fund over and above the amount
necessary to meet the requirements thereof during the remainder of
the then current fiscal year and the next ensuing fiscal year, such
surplus may be transferred to the Municipal Airport Revenue Bond Fund
or the Municipal Airport Depreciation Fund, as the Municipal Airport
Commission may designate; provided, however, that any such transfer
into the Airport Revenue Bond Fund shall be in addition to all other
payments required to be made into said fund.
Section 11. Municipal Airport Revenue Bond Fund. (1) That
after making the monthly deposit in the Municipal Airport Operation
and Maintenance Fund, the Treasurer of the Little Rock Municipal
Airport Commission shall transfer and pay from the Municipal Airport
Fund the sum in the amounts and at the times hereinafter stated in
sub - section (2) for the purpose of providing funds for the payment of
the principal of and interest on the bonds herein authorized, and
the paying agent's fees as they mature according to a schedule to
be set up and approved by the Airport Commission after the terms of
the sale of the bonds and the conversion thereof, if any, shall have
been approved by the Airport Commission, and as a reserve for con-
tingencies.
(2) That there shall be paid from the Municipal Airport
Fund into the Municipal Airport Revenue Bond Fund, beginning on the
first business day of the first month after the delivery of the
bonds, and continuing on the first business day of each month
thereafter until the amount in said Municipal Airport Revenue
Bond Fund is sufficient to pay all outstanding bonds, interest
thereon, and the paying agent's fees, a sum equal to one -fifth
(1/5) of the next installment of interest and one -tenth (1 /10)
ofihe next installment of principal, and an amount sufficient
to provide for the paying agent's fees, on all outstanding
bonds of the issue herein authorized; provided, how-
a
ever, that after there shall have been accumulated in said
Municipal Airport Revenue Bond Fund the sum as a reserve for
contingencies equal to the maximum amount that will become due
in any year thereafter for principal and interest of the bonds
herein authorized, the monthly payments may be reduced to one-
sixth (1/6) of the next installment of interest and one - twelfth
(1/12) of the next installment of principal, and a sum sufficient
to provide for the paying agent's fees.
(3) That if the revenues of the Municipal Airport are
insufficient to make the required payment on the first business
day of the following month into the Municipal Airport Revenue
Bond Fund, then the amount of any such deficiency shall be added
to the amount otherwise required to be paid into the Municipal
Airport Revenue Bond Fund on the first business day of the next
month.
(4) That if for any reason the funds in the Municipal
Airport Revenue Bond Fund shall at any time be insufficient to
meet any interest and /or principal payments on the bonds of the
issue herein authorized, the sums then held as a reserve for
contingencies shall be used to the extent necessary to make
said interest and /or principal payments, but such reserve shall
be reimbursed from the Municipal Airport Fund before any of
the moneys in the Municipal Airport Fund shall be used for any
other purpose, except for making the required payments into the Municipal
Airport Operation and Maintenance Fund and into the Municipal Air-
port Revenue Bond Fund. Said reserve for contingencies shall be
continuously maintained in the amount above specified and shall
be used solely as herein provided.
(5) That when the moneys in the Municipal Airport
Revenue Bond Fund, including the reserve for contingencies,
shall be and remain sufficient to pay the principal of and interest
on all outstanding bonds, and the paying agent's fees, there shall
be no obligation to make my further payments into the Municipal
Airport Revenue Bond Fund.
(6) That all moneys in the Municipal Airport Revenue
Bond Fund shall be used solely for the payment of the principal
of and interest on the bonds herein authorized and the paying
agent's fees, except as herein specifically provided. If a
surplus shall exist in the Municipal Airport Revenue Bond Fund
over and above the amount necessary
of the principal of and interest on
due and the paying agent's fees and
for contingencies, such surplus may
Municipal Airport Commission, for t]
of and interest on any bonds of the
to insure the prompt payment
the bonds as the same become
over and above the reserve
be used, at the option of the
ie payment of the principal
issue herein authorized that
may be called for redemption prior to maturity.
(7) That it shall be the duty of the Treasurer of
the Municipal Airport Commission to withdraw from the Municipal
Airport Revenue Bond Fund at least five (5) days before the
maturity date of any bond or interest coupons issued hereunder
and to deposit with the paying agent an amount equal to the amount
of such bond or coupon for the sole purpose of paying the same,
together with the paying agent's fees. Such deposit shall be
at the sole risk of the City and shall not operate as a payment
of the bonds or coupons until so applied.
Section 12. Municipal Airport Depreciation Fund.
That after the required payments into the Municipal Airport
Operation and Maintenance Fund and the Municipal Airport Revenue
Bond Fund have been made, there shall be paid from the Municipal
Airport Fund into a special fund designated "Municipal Airport
Depreciation Fund" on the first business day of the first month
after the delivery of the bonds, and on' the first business day
of each month thereafter while any of Municipal Airport Revenue
Bonds shall be outstanding, the sum of $2500. The moneys in
the Municipal Airport Depreciation Fund shall be used solely for
the purpose of paying the cost of replacements made necessary
by the depreciation of the Municipal Airport; provided, however,
that in the event no other funds are available therefor the moneys
in the Depreciation Fund may be used to the extent necessary to
prevent a default in the payment of the principal of and interest
on the bonds as they mature. If in any fiscal year a surplus
shall be accumulated in the Municipal Airport Depreciation Fund
over and above the amount necessary to defray the cost of proper
replacements during the then current fiscal year and the next en-
suing fiscal year, such surplus may be transferred and paid into
the Municipal Airport Revenue Bond Fund; provided, however, that
such payments into the Municipal Airport Revenue Bond Fund shall
be in addition to all other payments hereinbefore required to be
made into the said Municipal Airport Revenue Bond Fund.
Section 13. That the bonds authorized hereby and
issued hereunder shall be callable for payment prior to maturity
in accordance with the terms set out in the bond form.
Section 14. That so long as any of the bonds authorized
hereby and issued hereunder shall be and remain outstanding and
unpaid, the City of Little Rock, Arkansas and the Airport Commission
covenant and agree that they will not issue additional bonds having
or claiming to have a lien on the revenues of the Little Rock
Municipal Airport superior to the lien of the bonds of this issue.
However, nothing in this ordinance shall be construed to prevent
the Little Rock Airport Commission from issuing additional bonds
for the further improvement, extension and /or equipping of the
Little Rock Municipal Airport facilities, but no such bonds shall
be issued on a parity with the bonds of this issue, unless and
until there shall have been filed with the Trustee a certificate
of a certified public accountant not in the regular employ of the
City, stating that gross revenues derived from the operation of
the Little Rock Municipal Airport Commission for the preceding
fiscal year were sufficient in amount to provide for the annual
cost of operation, repair, maintenance and depreciation of the
Municipal Airport and to leave a balance equal to 150% of the
maximum amount that will become due in any year for principal
and interest on the outstanding bonds of this issue and on the
bonds of the issue then proposed.
Section 15. That all bonds paid, either at or before
maturity, shall be cancelled when such payment is made, together
with all unmatured coupons appertaining thereto. All unpaid in-
terest coupons maturing on or prior to the date of such payment
shall continue to be payable to the respective bearers thereof.
Section 16. That it is convenanted and agreed by the
City and the Airport Commission with the holder or holders of
the bonds, or any of them, that they will faithfully and punctually
perform all duties with reference to the Municipal Airport required
by the Constitution and statutes of the State of Arkansas, includ-
ing making and collecting of reasonable and sufficient rates
and charges for the use of the Municipal Airport and its facilities,
segregating the revenue of the Municipal Airport and applying it
tothe respective funds herein created.
Section 17. That the Airport Commission will keep
proper books of accounts and records in which complete and correct
entries shall be made of all transactions relating to the opera-
tion of the Municipal Airport, and such books shall be available
for inspection by the holder of any of the bonds at reasonable
times and under reasonable circumstances. The Airport Commission
agrees to have these records audited by an independent certified
public accountant at least once each year. A copy of the audit
shall be delivered upon request to the Trustee and to the original
purchasers of the bonds. In the event the Airport Commission and
the City fail or refuse to make the audit, the Trustee, or any
holder of the bonds, may have the audit made, and the cost thereof
shall be charged against the Municipal Airport Operation and
Maintenance Fund.
Section 18. That the City and the Airport Commission
covenant and agree that the Municipal Airport will be maintained
in good condition and will be operated in an efficient manner
and at a reasonable cost. While any of the bonds are outstanding,
fire, lightning and extended coverage insurance will be maintained
on all revenue producing buildings utilized by the Airport Com-
mission, including the Administration Building, in an amount
which normally would be carried by a private company engaged in
a similar type of business. The insurance policy or policies are
to be taken with companies approved by the Trustee, are to carry
a clause making them payable to the Trustee as its interest may
appear, and are to be kept continually in force. In the event
of a loss, the proceeds of such insurance shall be applied solely
toward the reconstruction, replacement, or repair of the property.
In such event, the Airport Commission will, with reasonable prompt-
ness, cause to be commenced and completed the reconstruction,
replacement and repair. Nothing herein shall be construed as
requiring the City to expend any funds for operation and mainten-
ance of the Municipal Airport or for premiums on the insurance
which are derived from sources other than the operation of the
Municipal Airport, but nothing herein shall be construed as pre-
venting the City from doing so.
Section 19. (a) That moneys held for the credit of the
Construction Fund, hereinafter referred to, may, as nearly as may
be practicable, be continuously invested and reinvested by the
Treasurer in direct obligations of, or obligations, the principal
of and interest on which, are unconditionally guaranteed by, the
United States Government, which shall mature, or which shall be
subject to redemption by the holder thereof at the option of such
holder not later than six (6) months after the date of such investment.
(b) Moneys held for the credit of the reserve for con-
tingencies in the Municipal Airport Revenue Bond Fund may be
continuously invested and reinvested by the Treasurer in direct
obligations of, or obligations, the principal of and interest on
which, are unconditionally guaranteed by, the United States
Government, which shall mature, or which shall be subject to
redemption by the holder thereof, at the option of such holder,
not later than ten (10) years after the date of such investment.
(c) Moneys held for the credit of any other Municipal
i
Airport Fund may be invested and reinvested by the Treasurer in
direct obligations of, or obligations, the principal of and
interest on which, are unconditionally guaranteed by, the United
States Government, which shall mature, or which shall be subject
to redemption by the holder thereof, at the option of such holder,
not later than the date or dates when the moneys held for the
credit of the particular fund will be required for the purposes
intended.
Section 20. That the Municipal Airport shall be
operated on a calendar year basis beginning January 1 and ending
December 31.
Section 21. That the City and the Airport Commission
covenant and agree that if default is made in the payment of any
bond or coupon, or if there is a failure to meet any Municipal
Airport Revenue Bond Fund requirement, the holder of such bond
may declare that bond immediately due and payable, and in default;
provided, that the failure to exercise this option upon any
default shall not be a waiver of the right to execute it upon
a subsequent default.
. .
L
Section 22. That whenever there is a default that
continues for thirty (30) days or more in the payment of any
revenue bond or interest coupon of this issue, the holder or
holders of any revenue bond or interest coupon in default, or
the Trustee acting on behalf of such holders, may exercise any
available remedy at law or in equity, including without limita-
tion the right to apply to the Chancery Court of Pulaski County,
Arkansas for the appointment of a receiver for the properties
and revenues of the Little Rock Municipal Airport, with power
to operate said properties and to charge and collect rates suf-
ficient to provide revenues for the payment of said revenue bonds
and interest thereon, and for the operation and maintenance ex-
penses and costs of the receiver, until all delinquent principal
and interest are paid in full, whereupon the management and
control of the properties shall revert to the City and to the
Airport Commission; provided, however, that a failure to exercise
the right to apply for a receiver shall not be a waiver of the
right to make such application upon any subsequent default.
Section 23. That the recitals in this ordinance and
in the face of the bonds are the recitals of the City and not
of the Trustee. The Trustee shall not be required to take any
action as Trustee unless it shall have been notified in writing
and shall have been indemnified to its satisfaction against any
loss, damage, or expense on account of the taking of such action.
The Trustee may resign at any time by ten (10) days' notice in
..
writing to the Secretary of the Airport Commission, and the ma-
jority in value of the holders of the outstanding bonds 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 outstanding bonds may name a new Trustee,
but if such holders do not name a new Trustee within thirty (30)
days after a vacancy occurs, the Airport Commission shall forth-
with name a new Trustee. The appointment of a new 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
inthe office of Trustee the old Trustee which has resigned or been
removed shall cease to be Paying Agent and the successor Trustee
shall become the Paying Agent.
Section 24. That after the bonds herein authorized to
be issued 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 Trustee designated by the purchaser, which shall
authenticate them and deliver them to the purchaser upon receipt
from the purchaser of the purchase price of the bonds plus accrued
interest.
The Trustee shall remit the proceeds of the sale of the
bonds and the accrued interest to the Treasurer of the Airport
Commission and such Treasurer shall deposit the accrued interest
in the Municipal Airport Revenue Bond Fund and shall deposit the
entire balance of the proceeds in trust in a Construction Fund
in a bank that is a member of the Federal Deposit Insurance Corpora-
•
tion, such deposit to be secured by bonds or other direct or
fully guaranteed obligations of the United States of America.
The moneys in the said Construction Fund shall be disbursed
solely in payment of the cost of land acquisitim and improving
the Municipal Airport facilities, including necessary expenses
incidental thereto, but only on warrants, checks or vouchers
signed by the Treasurer of the Airport Commission briefly
specifying the disbursement or expenditure.
Section.25. That the provisions of this ordinance
shall constitute a binding contract between the City and the
holders of the outstanding bonds and coupons issued hereunder,
and the City will at all times strictly adhere to the terms and
provisions hereof and fully discharge all of its obligations here-
under. Subject to the terms and provisions contained in this
section and not otherwise, the holders of not less than seventy-
five per cent (75°x) in aggregate principal amount of the bonds
then outstanding shall have the right, from time to time, anything
contained in this ordinance to the contrary notwithstanding, to
consent to and approve the adoption by the City of such ordinance
supplemental hereto as shall be necessary or desirable for
the purpose of modifying altering, amending, adding to or rescind-
ing, in any particular, any of the terms or provisions contained
in this ordinance or in any supplemental ordinance; provided,
however, that nothing herein contained shall permit or be construed
as permitting (a) an extension of the maturity of the principal of
or the interest on any bond issued hereunder, or (b) a reduction
in the principal amount of any bond or the rate of interest therein,
or (c) the creation of a lien upon or a pledge of revenues other
than the lien and pledge created by this ordinance, or (d) a
privilege of priority of any bond or bonds over any other bond or
W
bonds, or (e) a reduction in the aggregate principal amount of the
bonds required for consent to such supplemental ordinance.
Section 26. That this ordinance shall not create any
right of 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 27. That if any provision of this ordinance
shall for any reason be held illegal or invalid, it shall not
affect the validity of the remainder of the ordinance.
Section 28. That all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 29. 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 of Little
Rock. The herein authorized improvements are immediately necessary
to alleviate the hazard and can be accomplished only by the issu-
ance of the bonds herein authorized. 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: June 19 , 1961.
ATTEST:
City Clerk
(SEAL)
APPROVED:
&.4 .
Mayor
1
bonds, or (e) a reduction in the aggregate principal amount of the
bonds required for consent to such supplemental ordinance.
Section 26. That this ordinance shall not create any
right of 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 27. That if any provision of this ordinance
shall for any reason be held illegal or invalid, it shall not
affect the validity of the remainder of the ordinance.
Section 28. That all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 29. 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 of Little
Rock. The herein authorized improvements are immediately necessary
to alleviate the hazard and can be accomplished only by the issu-
ance of the bonds herein authorized. 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: June 19 , 1961.
ATTEST:
City Clerk
(SEAL)
APPROVED:
&.4 .
Mayor
v
C E R T I F I C A T E
The undersigned, City Clerk of the City of Little
Rock, Arkansas, hereby certifies that the foregoing pages,
numbered 1 to , inclusive, are a true and perfect copy
of Ordinance No. , passed at a
session of the Board of Directors of Little Rock, Arkansas, held
at the regular meeting place of the Board at o'clock
p.m., on the day of , 19612
and that said ordinance is of record in Ordinance Record Book
No. , page , now in my possession.
Given under my hand and seal this day of
1961.
City Clerk
(SEAL)
C E R T I F I C A T E
The undersigned, City Clerk of the City of Little
Rock, Arkansas, hereby certifies that the foregoing pages,
numbered 1 to , inclusive, are a true and perfect copy
of Ordinance No. , passed at a
session of the Board of Directors of Little Rock, Arkansas, held
at the regular meeting place of the Board at o'clock
p.m., on the day of , 19612
and that said ordinance is of record in Ordinance Record Book
No. , page , now in my possession.
Given under my hand and seal this day of
1961.
City Clerk
(SEAL)
NOW, THEREFORE, BE IT RESOLVED by the Little Rock
Municipal Airport Commission in a duly called and constituted
meeting:
Section 1. That the ordinance hereinabove set out be,
and the same hereby is, in all particulars, approved, all covenants
to be made by the Airport Commission are hereby accepted, and the
Chairman be, and he hereby is, directed to present the ordinance
to the Board of Directors of Little Rock, Arkansas with the
recommendation that said ordinance be enacted by the Board of
Directors of Little Rock, Arkansas.
Section 2. That the Chairman be, and he is hereby,
authorized and directed to request the City of Little Rock,
Arkansas to take all steps necessary to the issuance of said
Municipal Airport Revenue Bonds, authorized and described in
detail in said ordinance.
Section 3. That this Resolution shall be in full
force and effect immediately upon its adoption and shall super-
sede and control with respect to the issuance of said revenue
bonds, notwithstanding the provisions of any other resolution
heretofore adopted.
Passed and unanimously adopted this day of
, 1961.
Secretary
a
NOW, THEREFORE, BE IT RESOLVED by the Little Rock
Municipal Airport Commission in a duly called and constituted
meeting:
Section 1. That the ordinance hereinabove set out be,
and the same hereby is, in all particulars, approved, all covenants
to be made by the Airport Commission are hereby accepted, and the
Chairman be, and he hereby is, directed to present the ordinance
to the Board of Directors of Little Rock, Arkansas with the
recommendation that said ordinance be enacted by the Board of
Directors of Little Rock, Arkansas.
Section 2. That the Chairman be, and he is hereby,
authorized and directed to request the City of Little Rock,
Arkansas to take all steps necessary to the issuance of said
Municipal Airport Revenue Bonds, authorized and described in
detail in said ordinance.
Section 3. That this Resolution shall be in full
force and effect immediately upon its adoption and shall super-
sede and control with respect to the issuance of said revenue
bonds, notwithstanding the provisions of any other resolution
heretofore adopted.
Passed and unanimously adopted this day of
, 1961.
Secretary
x
r,
C E R T I F I C A T E
I, the undersigned, Secretary of the Little Rock
Municipal Airport Commission, certify that I, as such
Secretary, have custody of the minutes and records of the
Little Rock Municipal Airport Commission and that the fore-
going are true, correct and compared excerpts from the
minutes of a meeting of the Commission held at 2:30
o'clock P m., on the 17th day of April ,
1961, and that the resolution set forththerein is a true,
correct and compared copy of a resolution unanimously adopted
at said meeting.
WITNESS my hand as such Secretary this day
of , 1961.
Secretary