2128 I ,
RESOLUTION NO. 2128
A RESOLUTION APPROVING THE SALE AND
CONVERSION OF CITY OF LITTLE ROCK
SEWER REVENUE BONDS; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY
WHEREAS pursuant to the provisions of Ordinance No. 10,365
the Sewer Committee of the Little Rock Sewer System duly advertised
the public sale of $4,000,000 City of Little Rock Sewer Revenue Bonds
dated December 1, 1956 with interest payable semi-annually on June 1
and December 1 of each year commencing June 1, 1957, and to mature
on December 1 in each of the years 1957 to 1986, inclusive, as set
forth in the said Ordinance and in the Notice of Sale, with the
privilege of conversion to an issue bearing a lower rate or rates of
interest, 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 con-
verted; and
WHEREAS said sale was duly held at 2:00 o' clock p.m. on the
third day of January, 1957, and the best bid was that of Stephens,
Inc . and T. J. Raney & Sons, both of Little Rock, Arkansas, being a
bid of par and accrued interest for bonds bearing interest at the
rate of 4.29% per annum, which bid was accepted by the Sewer Committee;
and
WHEREAS pursuant to the right set forth in Ordinance No.
10,365 and in the Notice of Sale, the purchasers have elected to
convert the $4,000,000 of 4.29% bonds to an issue of $4,334,000 of
3 , 3z and 3 3/4% bonds, hereinafter described in detail, and the
conversion has been examined and approved by the Sewer Committee,
bond counsel employed by the Sewer Committee, and the Trustee Bank,
it having been found that the conversion is in accordance with the
Universal Bond Values Tables, and that the total cost of maturing the
bonds after conversion is $22,980.70 less than the cost of maturing
the bonds before conversion; and
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WHEREAS the Sewer Committee has approved the designation of
The First National Bank in Little Rock, Little Rock, Arkansas, as
Trustee and sole Paying Agent;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Little Rock, Arkansas :
Section 1. That the sale of the bonds to Stephens, Inc .
and T. J. Raney & Sons, both of Little Rock, Arkansas, and the con-
version of the bonds from $4,000,000 of 4.29% bonds to $4,334,000 of
3 %, 3 and 3 3/4% bonds be, and the same hereby are, approved and
confirmed.
Section 2. That the designation of The First National
Bank in Little Rock, Little Rock, Arkansas, as Trustee and sole Pay-
ing Agent be, and the same hereby is, approved and confirmed.
Section 3 . That the bonds shall be designated "City of
Little Rock 3N, 31-% and 3 3/4% Sewer Revenue Bonds" and shall be in
the aggregate principal amount of $4,334,000. The bonds shall be
numbered consecutively from 1 to 4,334, inclusive, and shall be in
the denomination of $1,000 each. The bonds shall be dated December 1,
1956 and Bonds Nos . 1 to 782, inclusive, shall bear interest at the
rate of 3 % per annum; Bonds Nos. 783 to 1761, inclusive, shall bear
interest at the rate of 3 per annum; and Bonds Nos . 1762 to 4334,
inclusive, shall bear interest at the rate of 3 3/4% per annum.
Interest shall be payable semi-annually on June 1 and December 1 of
each year, commencing June 1, 1957, the interest to 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 First National Bank in
Little Rock, Little Rock, Arkansas . The bonds shall mature on Decem-
ber 1 in each of the years 1957 to 1986, inclusive, as hereinafter
set forth in Section 4 of this Resolution, but shall be callable as
provided in the face of the bonds .
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Section 4. That as provided in Ordinance No. 10,365,
authorizing the issuance of the bonds, the principal of and interest
on the bonds shall be paid from the funds in the "1956 Sewer Revenue
Bond Fund" as they mature according to the following schedule :
YEAR BOND NOS. PRINCIPAL INTEREST TOTAL
JUNE 1 DECEMBER 1
1957 1 - 58 $ 58,000 $ 78,083.75 $ 78,083.75 $ 214,167.50
1958 59 - 114 56,000 77,141.25 77,141.25 210,282.50
1959 115 - 174 60,000 76,231.25 76,231.25 212,462.50
1960 175 - 237 63,000 75,256.25 75,256.25 213,512.50
1961 238 - 304 67,000 74,232.50 74,232.50 215,465.00
1962 305 - 409 105,000 73,143.75 73,143.75 251,287.50
1963 410 - 503 94,000 71,437.50 71,437.50 236,875.00
1964 504 - 58o 77,000 69,910.00 69,910.00 216,820.00
1965 581 - 656 76,000 68,658.75 68,658.75 213,317.50
1966 657 - 782 126,000 67,423.75 67,423.75 260,847.50
1967 783 - 909 127,00o 65,376.25 65,376.25 257,752.50
1968 910 - 1040 131,000 63, 153 .75 63,153.75 257,307.50
1969 1041 - 1175 135,000 60,861.25 60,861 .25 256,722.50
1970 1176 - 1314 139,000 58,498.75 58,498.75 255,997.50
1971 1315 - 1458 144,000 56,066.25 56,066.25 256,132.50
1972 1459 - 1607 149,00o 53,546.25 53,546.25 256,092.50
1973 1608 - 1761 154,000 50,938.75 50,938.75 255,877.50
1974 1762 - 1921 160,000 48,243 .75 48,243.75 256,487.50
1975 1922 - 2087 166,000 45,243 .75 45,243.75 256,487.50
1976 2088 - 2259 172,000 42,131.25 42,131 .25 256,262.50
1977 226o - 2435 176,000 38,906.25 38,906.25 253,812.50
1978 2436 - 2617 182,000 35,606.25 35,606.25 253,212.50
1979 2618 - 2805 188,000 32,193 .75 32,193 .75 252,387.54
1980 2806 - 3000 195,000 28,668.75 28,668.75 252,337.50
1981 3001 - 3202 202,000 25,012.50 25,012.50 252,025.00
1982 3203 - 3412 210,000 21,225.00 21,225.00 252,450.00
1983 3413 - 3630 218,000 17,287.50 17,287.50 252,575.00
1984 3631 - 3856 226,000 13,200.00 13,200.00 252,400.00
1985 3857 - 4090 234,000 8,962.50 8,962.50 251,925.00
1986 4091 - 4334 244,000 4,575.00 4,575.00 253,150.00
i
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Section 5. That the provisions of this Resolution are
separable and if a section, phrase or provision shall be declared to
be invalid, such declaration shall not affect the validity of the
remainder of the Resolution.
Section 6. That it is hereby ascertained and declared that
the lack of adequate sewer facilities to serve the City of Little
Rock, Arkansas constitutes an immediate hazard to the life, health
and welfare of the inhabitants of the City, and that the needed
extensions, betterments and improvements should be constructed immedi-
ately. It is, therefore, declared that an emergency exists and this
Resolution 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: January 7 1957.
APPROVED:
411131), 117Pr
or Acting ayor
ATTEST:
City Clerk
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