2030 r �
RESOLUTION NO. 2030
RESOLUTION AUTHORIZING NOTICE OF SALE OF $300,000
GENERAL OBLIGATION MUNICIPAL AIRPORT BONDS
BE IT RESOLVED by the City Council of the City of Little
Rock, Arkansas :
SECTION 1. That the City Clerk of this City be, and she hereby
is, authorized and directed to publish in a newspaper published in
the City of Little Rock, Arkansas, and having a bona fide circula-
tion therein and at her election in such other financial journal
or journals as she may select, the following notice which shall be
published once a week for at least three (3) consecutive weeks,
the first publication to be at least twenty (20) days prior to the
date of the sale :
NOTICE OF BOND SALE
OF THE CITY OF LITTLE ROCK, ARKANSAS
$300,000 GENERAL OBLIGATION MUNICIPAL AIRPORT BONDS
Notice is hereby given that the City of Little Rock, Arkansas
will sell for cash on sealed bids $300,000 principal amount of ne-
gotiable coupon bonds issued for the purpose of developing and improv-
ing the Little Rock Municipal Airport.
The bonds will be in the denomination of $1,000 each, will
be dated January 31, 1955, and interest will be payable semi-annually
on February 1 and August 1 of each year, commencing August 1, 1955.
The bonds will mature on February 1 of each year as follows :
i 34,000 in 1958
35,000 in 1959
36,000 in 1960
37,000 in 1961
38,000 in 1962
39,000 in 1963
40,000 in 1964
41,000 in 1965
Each bidder shall specify the interest rate or rates upon
not more than two in number
which his bid is based,/which shall be in multiples of one-fourth (1/4)
or one-eighth (1/8) of one per cent (1%) and which shall not exceed
two and one-half per cent (22) per annum. Each bidder must specify
in his bid the amount and maturities of the bonds of each rate, and
all bonds maturing on the same date must bear interest at the same rate .
No bid of less than par and accrued interest based upon the rate or
rates submitted by the bidder will be entertained. The award, if made,
will be to the bidder offering the lowest interest cost to the City,
the interest cost to be determined by computing the aggregate amount
of interest at the rate or rates bid and deducting therefrom the
amount of any premium offered. The bonds will not be subject to con-
version.
The bonds will be general obligation bonds of the City of
Little Rock, Arkansas issued under the authority of Amendment No. 13
to the Constitution of the State of Arkansas and have been approved by
the electors of the City of Little Rock in the general election held
on November 2, 1954, and will be secured by a special continuing tax
levy sufficient to pay the principal of and interest on the bonds at
maturity and provide a sufficient margin of security.
The bonds will be callable for payment prior to maturity in
inverse numerical order at par and accrued interest from surplus tax
collections on any interest paying date on and after February 1, 1958,
and from funds from any source on any interest paying date on and
after February 1, 1960. Notice of the call will be published once a
week for two (2) weeks before the date for such redemption in a news-
paper of general circulation published inthe City of Little Rock,
Arkansas.
The purchaser may name the paying agent and trustee.
The City will pay the expenses of the issue, including the
printing and trusteeing of the bonds, and the City will furnish free
of cost to the purchaser the unqualified approving opinion of Messrs .
Mehaffy, Smith & Williams, bond counsel of Little Rock, Arkansas .
No contingent provisions may be included in the bids .
Sealed bids will be received up to 8:00 o ' clock p.m.
Central Standard Time on the 17th day of January, 1955. Each bid
shall be enclosed in a sealed envelope marked on the outside "Pro-
posal for City of Little Rock General Obligation Municipal Airport
Bonds" , and addressed to the City Clerk and Finance Officer, City of
Little Rock, City Hall,Little Rock, Arkansas . The bids will be publicly
opened and read at a meeting of the City Council to be held at 8:00
o'clock p.m. on the 17th day of January, 1955 in the Council Chambers
in the City Hall, Little Rock, Arkansas . Bids must be accompanied by
a certified or cashier' s check in the amount of $6000 on a bank that
is a member of the Federal Deposit Insurance Corporation, payable to
the City, to be kept as liquidated damages if the bidder is awarded the
sale of the bonds and fails to complete the purchase . Checks of un-
successful bidders will be promptly returned. The City reserves the
right to reject any and all bids .
For further information, address the undersigned.
Given this day of December, 1954.
CITY OF LITTLE ROCK, ARKANSAS
By Pauline G. Beeson
City Clerk and Finance Officer
SECTION 2. It is hereby ascertained and declared that the present
facilities of the Little Rock Municipal Airport are wholly in-
adequate and that there is an immediate and urgent need for the
development and improvement of the Municipal Airport in order to
protect the health, safety and welfare of the inhabitants of the
City and their property, and only by the issuance of the bonds
above referred to can adequate facilities be made available . It
is, therefore, declared that an emergency exists and this resolution
being necessary for the preservation of the public peace, health
and safety shall be in force and shall take effect immediately upon
and after its adoption.
ADOPTED: December 6, 19% , 1954.
APPROVED:
ei—,-A'XI411317
Acting Mayor
ATTEST:
City� Clerk