2181 RESOLUTION NO. 2181
A RESOLUTION ACCEPTING A BID FOR THE LITTLE ROCK, ARKANSAS
LIBRARY IMP ROVEME T BONDS IN THE AMOUNT OF $1, 295,000.00.
WHEREAS, the City of Little Rock has advertised the sale of
an issue of $1, 295,000.00 in general obligation Library Improvement Bonds
by publishing notice of the sale in the Bond Buyer, a National Financial
Journal, and by also publishing notice of sale in the Arkansas Democrat,
a newspaper with a bona fide circulation in the City of Little Rock,
Arkansas, the first publication having been made more than twenty days
prior to this date and the notice being published once a week for three
consecutive weeks so that this is now the time and place for receiving
sale bids, and
WHEREAS, in compliance with the terms of the notice of sale,
the bids have been publicly opened and read and the bid of W. H. Satterfield
& Company, the Harrow Smith Company of Little Rock, and the First National
Bank of Dallas, at an average Interest Rate of 3. 0307% offers the lowest
interest cost to the city for the bond issue and is in compliance with
the terms of sale as set out in the notice thereof, and
WHEREAS, the interest rate submitted is one that is allowed by
Amendment No. 13 to the Constitution of the State of Arkansas, under
authority of which the bonds are being issued, and in the opinion of the
Board of Directors is a fair price and it is to the best interest of the
City to accept said offer, NOW, THEREFORE,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
SECTION 1. That the offer or bid of W. H. Satterfield & Company,
the Harrow Smith Company of Little Rock, and the First National Bank of
Dallas be and the same is hereby accepted, subject to the terms and conditions
of the Notice of Sale.
SECTION 2. This resolution shall be in full force and effect
from and after its adoption.
ADOPTED: January 6, 1958
T: ' APPROVED: ' `
ATTEST . I i 0,6c /A g City Cl-rk 4 Mayor
1)--11251,
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NOTICE OF BOND SALE
OF THE CITY OF LITTLE ROCK, ARKANSAS
1 „,,, S $1,295,000 GENERAL OBLIGATION LIBRARY IMPROVEMENT BONDS
Notice is hereby given that the City of Little Rock, Arkansas ,
will offer for sale at a public sale for cash to the highest bidder a
proposed issue of $1,295,000 General Obligation Library Improvement
Bonds to be dated as of January 1, 1958 , interest payable semi-
annually on February 1 and August 1, and to mature serially on
February 1 of each year as follows:
$42,000 in 1961 A65,000 in 1971
44,000 in 1962 67,000 in 1972
46,000 in 1963 70, 000 in 1973
48,000 in 1964 73, 000 in 1974
50,000 in 1965 77,000 in 1975
52,000 in 1966 80,000 in 1976
511,000 in 1967 83,000 in 1977
56,000 in 1968 86,000 in 1978
59,000 in 1969 89, 000 in 1979
62,000 in 1970 92,000 in 1980
These bonds were overwhelmingly approved by the electors of
the City at the General Election held on November 5, 1957, and under
the authority of Amendment No. 13 to the Constitution of the State of
Arkansas the City will pledge for their payment a levy of Three-
fourths (3/4) of one mill upon all taxable property in the City to be
collected in the year 1958, and a levy of One and One-fourth ( 1 1/4)
mills to be collected beginning with the year 1959, annually until
all of the bonds and interest of the proposed issue are paid in full.
The assessed valuation of the taxable property in the City during
1956 was $86,261,497.00. A recent reassessment of all real property
in Little Rock has been completed, however the final figure will not
be available until January 1958. It is expected that the assessed
valuation of taxable property in Little Rock will be increased by
Twenty-five per cent (255 ) thereby increasing the total for 1957 to
$107,826,867. 00.
Each bidder may use not more than three interest rates in his
bid and he is requested to state the average interest rate upon which
his bid is based, and to state the interest rates used in determining
the average and the maturities in which the interest rates are fixed,
provided that not more than one interest rate shall be used in any one
maturity. By the terms of the ordinance and the ballot, the interest
rate must be acceptable to the Board of Directors of the City and may
be subject to conversion at the option of the City, upon such terms as
the City may specify. Bidders who so desire may submit bids in alter-
nate terms , namely, with or without the privilege of conversion. If
the right of conversion is exercised, the average maturity of the
issue must not be shortened more than Nine (9) months and the average
interest rate of the conversion must not be over Three-fourths of One
percent (3/4 of 1%) less than the average interest rate of the bid
before conversion. The sale of the bonds will be to the bidder whose
bid results in the lowest net interest cost to the City after deduct-
ing the premium, if any, included in the bid. 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, 1961. Each bidder shall also
state the conditions under which prepayment of the bonds with funds
from other sources will be allowed, such prepayment to be not prior
to February 1, 1961. No bid will be considered for less than par and
accrued interest upon the average rate submitted.
The successful bidder may name the trustee and the place of
payment for the bond issue.
The City will furnish the printed bonds and a complete trans-
cript of the proceedings authorizing the issue, and will pay the cost
of printing the bonds and the trustee' s fee, and will furnish the un-
quelified approving opinion of Townsend & Townsend, bond counsel, of
Little Rock, Arkansas .
The sale will be held upon sealed bids at 7:30 o' clock P .M. ,
Central Standard Time, on the 6th day of January, 1958 , in the Council
Chamber in the City Hall in Little Rock, Arkansas. Each bid shall be
enclosed in a sealed envelope marked on the outside "Proposal for City
of Little Rock, Arkansas, General Obligation Library Improvement Bonds"
addressed to the City Clerk and Finance Officer, City Hall, Little
Rock, Arkansas . At the hour set for the sale all bids will be public-
ly opened and read , and the City reserves the right to reject any and
all bids . A good faith check in the amount of $26, 000, either in
favor of or endorsed to the order of the City of Little Rock, certi-
fied by a bank that is a member of the Federal Reserve System, shall
be filed by each bidder with his bid. No interest will be paid upon
good faith checks but the checks of unsuccessful bidders will be re-
turned promptly.
For further information, address the City Clerk of the City of
Little Rock.
GIVEN by order of the Board of City Directors this 2nd day
of December, 1957.
w. C . Knoop y rTayor W . C . WareCity Clerk
Ofhe Cry of Little Rock, Arkansas