11005Page 1
ORDINANCE NO. 11,00.5
AN ORDINANCE AUTHORIZING THE ISSUANCE OF MUNICIPAL
AIRPORT REVENUE BONDS BY THE CITY OF LITTLE ROCK,
ARKANSAS FOR THE PURPOSE OF IMPROVING CERTAIN
LITTLE ROCK MUNICIPAL AIRPORT LANDS WHICH ARE
PRESENTLY LYING IDLE AND WHICH MAY BE DEVOTED TO
INCOME PRODUCING USES; MAKING PLEDGES AND COVENANTS
TO INSURE THE PAYMENT OF SAID BONDS;AND PRESCRIBING
OTHER MATTERS RELATING THERETO.
WHEREAS, the Little Rock Municipal Airport, its related proper-
ties and facilities, is being ope;
the Little Rock Municipal Airport
called the "Airport Commission "),
pursuant to Act 53 of the Acts of
Ordinance No. 8511 of the City of
November 7, 1950; and
rated, managed and maintained by
Commission (hereinafter sometimes
which was created and organized
Arkansas, 1949, and initiated
Little Rock, Arkansas, adopted
WHEREAS, Act No. 175 of the 1959 General Assembly of the
State of Arkansas authorizes cities having Airport Commissions
created pursuant to Act No. 53 of the 1949 General Assembly of the
State of Arkansas to construct improvements on lands subject to
the jurisdiction of airport commissions which are not being used
for the actual operation of the municipal airports, to lease said
improvements in order to obtain additional revenues for the operation,
maintenance and development of the airports, and to issue negotiable
coupon revenue bonds to obtain funds necessary for financing said
improvements; and
WHEREAS, the Little Rock Municipal Airport Commission has
jurisdiction over lands located contiguous to and adjoining, but
outside of, the actual flying field together with its appurtenant
areas used for airport buildings and related airport facilities,
which lands are presently lying idle but may be devoted to income
producing uses by the Municipal Airport Commission; and
WHEREAS, the Little Rock Municipal Airport Commission has
determined that it needs additional revenues for the operation,
Z
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maintenance and development of the Little Rock Municipal Airport
facilities; and
WHEREAS, the Red Top Driv -UR -Self Company, Inc., an Arkansas
corporation with its principal place of business in the town of
Little Rock, County of Pulaski, and the State of Arkansas, desires
to lease an office, shop and parking area on land subject to the
jurisdiction of the airport commission which is not being used for
the actual operation of the municipal airport or for uses incidental
to such airport operation; and
WHEREAS, the construction of an office, shop and parking area
satisfactory to the Red Top Driv -UR -Self Company, Inc., will require
from $28,000 to $30,000; and
WHEREAS, the Airport Commission, acting for and on behalf of
the City and said Red Top Driv -UR -Self Company, Inc., have entered
into an agreement covering the leasing of the above mentioned
improvements; and
WHEREAS, the Airport Commission does not have sufficient
funds on hand to undertake the construction of said improvements;
and
WHEREAS, sufficient funds therefor can be obtained by the
issuance of revenue bonds pursuant to the provisions of said Act 175
of 1959; and
WHEREAS, the rentals expected to be derived from said lease
between the Airport Commission and the Red Top Driv -UR -Self
Company, Inc., would be sufficient to ammortize said bond issue
in amount of $30,000 and supply revenue for the operation,
maintenance and development of the Little Rock Municipal Airport
facilities; and
WHEREAS, on the day of 1959,
the Airport Commission by unanimous action, passed a resolution
declaring that it would be to the best interest of the City of
Little Rock and the inhabitants thereof if the said improvements
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be made immediately and authorizing its Chairman to make these
facts known to the Board of Directors of the City of Little Rock
with the request that said Board take the necessary steps to
issue and sell $30,000 of Municipal Airport Revenue Bonds to
finance the said improvements; and
WHEREAS, the City Board of Directors hereby finds and
determines that it would be to the best interest of the City of .
Little Rock, Arkansas, and the inhabitants thereof, that the said
improvements be made as soon as reasonably may be done 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 improvements and extensions to the
Little Rock Municipal Airport mentioned above be made.
Section 2. That under the authority of the Constitution
and laws of the State of Arkansas, including particularly Act 175
of the Acts of Arkansas of 1959, the City of Little Rock Municipal
Airport Improvement Revenue Bonds are hereby authorized and ordered
sold in the total principal amount of $30,000, the proceeds of the
sale of which are necessary to construct the above set forth improve-
ments to the Municipal Airport, including architectural, legal and
other necessary expenses incidental thereto and to the issuance
of bonds. The bonds shall be sold at public sale, shall be dated
November 1, 1959, shall bear interest at such rate or rates as
are fixed in the bid accepted at the sale, with the interest to
be payable semi- annually on May 1 and November 1 of each year,
commencing May 1, 1960. 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 negotiable coupon
bonds payable to bearer and shall mature on November 1 of each
year, but shall be callable.for payment prior to maturity as here-
inafter set forth.
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The Mayor shall prepare or cause to be prepared a Notice
of Public Sale of the bonds and shall publish the same in such
newspaper or other publication as shall be determined by him to
be in the best interests of the City. In addition to the usual
provisions, the notice shall provUe that the purchaser may name
the Trustee and Paying Agent and 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
City; that the purchaser shall have the privilege of converting
the bonds to an issue bearing a lower rate or rates of interest,
with the conversion 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, and upon such terms that the average rate of the
converted bonds is not more than three- fourths of one per cent
less than the average rate set forth in the bid of the purchaser,
and that the average maturity cannot be shortened by more than
twelve (12) months; and the Mayor shall specify that the City
reserves the right to reject any and all bids.
Section 3. That the terms of the sale of the bonds, the
conversion thereof, if any, and the designation of a Trustee and
Paying Agent shall be submitted to the Board of Directors of the
City of Little Rock for approval by resolution. The bonds, so
far as possible, shall be in the denomination of $1,000 each,
shall be numbered consecutively beginning at number one and in
its resolution the Board of Directors shall set forth a schedule
reflecting the maturity of the bonds in numerical order on
November 1 of each of the years 1960 to 1979, inclusive, which
schedule shall reflect the yearly principal maturities, the semi-
annual interest requirements and the total requirements. There-
after the bonds of the issue so approved shall be executed on
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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
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, together with interest thereon, shall be pay-
able solely out of the 1959 Airport Revenue Bond Fund (Red -Top
Project), as hereinafter set forth, and shall be a valid claim of
the holders thereof only against such fund, and the amount of
revenues pledged to such fund, which amount of said revenues is
hereby pledged and mortgaged for the equal and ratable payment
of the bonds of this issue and shall be used for no other purpose
than to pay the principal of and interest on said bonds and paying
agent's fees except as hereinafter specifically provided. The
bonds and interest thereon shall not constitute an indebtedness
of the City vLthin any constitutional or statutory limitation.
Section 4. 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:
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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
DOLLARS
in lawful money of the United States of America on the first day
of November, 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 May 1, 1960 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 aggregating
($ ) dated November 1, 1959, numbered from one (1) to
( ) inclusive, all of like tenor and effect
except as to number, denomination, rate of interest and maturity and
are issued for the purpose of financing improvements to the Little
Rock Municipal Airport.
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 175 of
the Acts of Arkansas, 1959, and pursuant to an ordinance duly
adopted by the Board of Directors of the City of Little Rock,
Arkansas, and a resolution duly adopted by the Little Rock
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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 payable solely from gross revenues
to be derived from leasing or operating the improvements that are
to be financed with the proceeds of this bond issue, which amount
shall be sufficient to pay the principal of and interest on the
bonds as they mature. Said amount has been duly pledged as a
special fund for that purpose and identified as the 1959 Airport
Revenue Bond Fond (Red Top Project), created by Ordinance No.
duly passed by the Board of Directors of the City of Little Rock
on the day of 1959, under which
this bond is authorized to be issued, and in said ordinance the
City of Little Rock has covenanted and agreed to impose and collect
such charges for the use or leasing of the above mentioned improve-
ments as will always provide for the payment of the principal of
and interest on the bonds as the same become due and payable.
The bonds of this issue shall be callable for payment
prior to maturity in inverse numerical order at par and accrued
interest on any interest paying date on and after November 1,
1963, with funds derived from any source. Notice of the call for
redemption shall be published once a week for two weeks in a news-
paper 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 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.
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 counter-
claim against this bond or the pledge of revenues hereinabove
i
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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
pursuant 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 to be derived from the use or
leasing of the above mentioned improvements 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 its Mayor, all as of the
first day of November, 1959.
CITY OF LITTLE ROCK, ARKANSAS
By
Mayor
Cj-ty Clerk
( SEAL )
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 thefUnd 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 dated
November 1, 1959, 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,
denomination, rate of interest and maturity.
Little Rock, Arkansas
, 1959
M
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Section 5. The City of Little Rock, Arkansas, and the
Little Rock Municipal Airport Commission hereby covenant aid
agree with the holders of the bonds that there will be imposed
and collected such charges for the use or leasing of the above
mentioned improvements as will at all times produce sufficient
revenuestD provide for the payment of the principal of and
interest on the bonds as the same become due and payable.
Section 6. The Treasurer of the Little Rock Municipal Air-
port Commission shall be custodian of the revenues derived from
the operation or leasing of the above mentioned improvements 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 revenues derived from
the operation or leasing of the above mentioned improvements 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 deposi-
tories 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 7. 1959 Airport Revenue Bond Fund (Red Top Project).
From and after the delivery of any bonds issued under the provisions
of this ordinance, the income and revenues derived from the operation
or leasing of the above mentioned improvements shall be set aside
as and when collected into a separate fund which is hereby created
and designated 1959 Airport Revenue Bond Fund (Red Top Project).
Such revenues so deposited in said fund are hereby pledged and
shall be applied and apportioned for the purpose of providing funds
for the payment of the principal of and interest on the bonds at
maturity and the paying agent's fees and for the establishment of
a reserve for contingencies in the amount of $3,000; provided that
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any surplus in the 1959 Airport Revenue Bond Fund (Red Top Project),
after making full provision for payment of current principal and
interest obligations and the paying agent's fees and for the
establishment of a reserve for contingencies, may be used to call
the bonds of this issue for payment prior to maturity as herein
provided, for making additional improvements and extensions to the
municipal airport or for the operation and maintenance thereof, or
for any other lawful municipal airport purpose.
Section 8. The bonds authorized hereby and issued hereunder
shall be callable for payment prior to maturity in accordance with
the terms set out inthe bond form.
Section 9. All bonds paid, either at or before maturity, shall
be cancelled when such payment is made, together will all unmatured
coupons appertaining thereto. All unpaid interest coupons maturing
on or prior to the date of such payment shall continue to be payable
to the respective bearers thereof.
Section 10. 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 enforce and protect all
interests of the City and Airport Commission in the above men-
tioned improvements, including, but not limited to, making and
collecting of reasonable and sufficient charges for the use or
leasing of said improvements.
Section 11. The Airport Commission will keep proper books
of accounts and records (separate from all other records and
accounts) in which complete and correct entries shall be made of
all transactions relating to the above mentioned improvements, 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,
and a copy of the audit shall be delivered to the Trustee and to the
original purchaser of the bonds and be made available to interested
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bondholders. 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 Airport Commission.
Section 12. The City and the Airport Commission covenant
and agree that while any of the bonds are outstanding they will
insure and at all times keep insured, in the amount of the actual
value thereof, in a responsible insurance company or companies
authorized and qualified under the laws of Arkansas to assume
the risk thereof, all properties of the system against loss or
damage thereto by fire, lightning, tornado, winds, riot, strike,
civil commotion, malicious damage, explosion and against loss or
damage from any other causes customarily insured against by private
companies owning similar facilities. The insurance 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 placed either in the custody of the Trustee
or satisfactory evidence of said insurance shall be filed with
the Trustee. In the event of loss, the proceeds of such insurance
shall be applied solely toward the reconstruction, replacement or
repair of the improvements, and in such event the City and Airport
Commission, will, with reasonable promptness, cause to be commenced
and completed the reconstruction, replacement and repair work. If
such proceeds are more than sufficient for such purposes, the
balance remaining shall be deposited to the credit of the 1959
Airport Revenue Bond Fund (Red Top Project) and if such proceeds
shall be sufficient for such purposes, the deficiency shall be
supplied from available monies in the said 1959 Airport Revenue
Bond Fund (Red Top Project). Nothing herein shall be construed
as requiring the City or the Airport Commission to expend any funds
for premiums on insurance which are derived from sources other than
the operation or leasing of the improvements, but nothing herein
shall be construed as preventing the City or Airport Commission
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from doing so.
Section 13. So long as any of these bonds are outstanding,
the City and the Airport Commission covenant and agree that they
will not mortgage, pledge or otherwise encumber the improvements
constructed with the proceeds of the said bonds, including any
and all improvements and extensions thereto, or any revenues
therefrom, except as herein provided.
Section 14. 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 1959 Airport Revenue
Bond Fund (Red Top Project) requirement, the holder of such bond may
declare that bond immediately due and payable, and such bond shall
thereupon be 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.
Section 15. (a) That if there be any default in the payment
of the principal of or interest on any Airport Revenue Bond authorized
hereunder, or if the City or Airport Commission defaults in the
performance of any of the other covenants contained and set forth
in this ordinance, the Trustee may, and upon the written request of
the holders of not less than ten per cent (10%) in principal amount
of the bonds authorized hereunder then outstanding, shall by proper
suit compel the performance of the duties of the City and the Airport
Commission. In the case of a default in the payment of the principal
of and interest on any of the outstanding Airport Revenue Bonds
authorized hereunder, or if the City or Airport Commission fails
to complete any other obligation which it herein assumes, and such
default shall continue for thirty (30) days thereafter, the
Trustee may, and upon the written request of holders of not less
than ten per cent (10%) in principal amount of the bonds authorized
hereunder then outstanding, shall apply in a proper action to a
court of competent jurisdiction for the appointment of a receiver
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to administer the improvements on behalf of the City and the
bondholders with power to charge and collect (or by mandatory
injunction or otherwise to cause to be charged and collected)
rates or rentals sufficient to provide for the payment of any
bonds and interest outstanding, and to apply the revenues in
conformity with this ordinance. When all defaults in principal
and interest payments have been cured, the custody and operation
of the improvements shall revert to the City and the Airport
Commission.
(b) No holder of any of the outstanding bonds authorized
hereunder shall have any right to institute any suit, action,
mandamus or other proceeding in equity or in law for the protection
or enforcement of any right under this ordinance unless such
holder previously shall have given to the Trustee written notice
of the default on account of which such suit, action or proceeding
is to be taken, and unless the holders of not less than ten per
cent (10%) in principal amount of the outstanding bonds hereunder
authorized shall have made written request of the Trustee to
exercise such powers or right of action, as the case may be,
shall have accrued, and shall have afforded the Trustee a reasonable
opportunity either to proceed to exercise the powers herein granted
or by the laws of the state of Arkansas, or to institute such action,
suit or proceeding in its name, and unless, also, there shall have
been offered to the Trustee reasonable security and indemnity
against the cost, expenses and liabilities to be incurred therein
or thereby and the Trustee shall have refused or neglected to comply
with such request within a reasonable time. It is understood and
intended that no one or more holders of the bonds hereby secured
shall have any right in any manner whatever by his or their action
to affect, disturb or prejudice the security of this ordinance,
or to enforce any right hereunder except in the manner herein
provided, that all proceedings at law or in equity shall be
instituted, had and maintained in the manner herein provided and
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for the benefit of all holders of the outstanding bonds and coupons,
and that any individual rights of action or other right given to one
or more of such holders by law are restricted by this ordinance to
the rights and remedies herein provided.
(c) That all rights of action under this ordinance or
under any of the bonds secured hereby, enforceable by the Trustee,
may be enforced by it without the possession of any of the bonds or
coupons appertaining thereto, and any such suit, action or proceeding
instituted by the Trustee shall be brought in its name for the bene-
fit of all the holders of such bonds and coupons, subject to the
provisions of this ordinance.
(d) That no remedy conferred upon or reserved to the
Trustee or to the holders of the bonds is intended to be exclusive
of any other remedy or remedies, and each and every such remedy be
cumulative and shall be in addition to every other remedy given
hereunder.
(e) That no delay or omission of the Trustee or of any
holders of the bonds to exercise any right or power accrued upon
any default shall impair any such right or power or shall be
construed to be a waiver of any such default or acquiescence
therein; and every power and remedy given by this ordinance to the
Trustee and to the holders of the bonds, respectively may be exer-
cised from time to time and as often as may be deemed expedient.
(f) That the Trustee may, and upon the written request of
the holders of not less than ten per cent (10%) in principal amount
of the outstanding bonds hereunder authorized shall, waive any
default which shall have been remedied before the entry of final
judgment or decree in any suit, action or proceeding instituted
under the provisions of this ordinance or before the completion
of the enforcement of any other remedy, but no such waiver shall
extend to or affect any other existing or any subsequent default
or defaults or impair any rights or remedies consequent thereon.
Page 15
Section 16. The City and the Airport Commission covenant
that in the issuance of these revenue bonds, all acts, conditions
and things required to be done precedent to and in the issuance
thereof have been properly done and performed and have happened
in regular and due time, form and manner as required by law; and
that the revenue bonds are within every debt limit, tax limit,
or other limits prescribed by law. And, the City and the Airport
Commission covenant that full payment has been received for said
revenue bonds and that they have no defense, offset, or counter-
claim against said bonds or the pledge or revenues hereinabove
made to secure their payment.
Section 17. The Trustee shall be designated by the purchaser
and shall be responsible only for willful wrong in the execution of
its trust. 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 days' notice in writing to the Secretary of the Airport Commis-
sion. The majority in value of the holders of the outstanding bonds
at any time may, with or without cause, remove the Trustee and
appoint a new Trustee, provided, that such removal and appointment
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 of the powers
herein granted to the original Trustee.
Section 18. 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 payment in cash of the purchase
Page 16
price and accrued interest to the date of delivery. The Trustee
shall remit the proceeds of the sale of the bonds and the accrued
interest to the Treasurer of the Airport Commission.
Section 19. The Treasurer of the Airport Commission shall,
from the proceeds of the sale of the bonds, deposit the accrued
interest and a sum equal to six months' interest on the bonds in
the 1959 Airport Revenue Bond Fund (Red Top Project).
The said Treasurer shall deposit the entire balance of said
proceeds in trust with a bank that is a member of the Federal
Deposit Insurance Corporation, said deposit to be secured by bonds
of the United States or bonds of the State of Arkansas, or a poli-
tical subdivision thereof, eligible under Arkansas Statutes for
such trust deposit, and said deposit shall be disbursed solely in
payment -of the cost of the construction of the said improvements
to the Municipal Airport, including architectural, legal and other
expenses incidental thereto, but only on warrants, checks or
vouchers signed by the Treasurer of the Airport Commission, briefly
specifying the disbursement or expenditure, and accompanied by a
certificate signed by the architect for such construction that an
obligation in a stated amount has been incurred on account of the
cost of construction and to whom such obligation is owned, except
that no such certificate shall be required before payment of
architectural or legal fees.
Section 20. 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 21. 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.
Page �7
Section 22. All ordinances or
parts of ordinances in conflict
herewith are hereby repealed.
PASSED: November 16
1959.
ATTEST:
1
( SEAL )
APPROVED: