2858 RESOLUTION NO. 2,858
A RESOLUTION APPROVING THE SALE OF MUNICIPAL
AIRPORT REVENUE BONDS AUTHORIZED BY ORDINANCE
NO. 11, 190; APPROVING THE DESIGNATION OF A
TRUSTEE AND PAYING AGENT; PRESCRIBING OTHER
MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS by Ordinance No. 11, 190 of the ordinances of
the City of Little Rock, Arkansas, passed and approved on the
19th day of June, 1961, there were authorized and ordered sold
Municipal Airport Revenue Bonds in the total principal amount
of $250, 000;and
WHEREAS the first maturity date of the bonds expired
prior to the date that the bonds were sold, so that only $243,000
in principal amount of the bonds could be sold; and
WHEREAS pursuant to the authority conferred by Ordinance
No. 11, 190, the Secretary of the Airport Commission caused to be
prepared a Notice of Public Sale of the bonds, and after publication
of the notice once a week for two consecutive weeks and extensive
dissemination of the notice and pertinent information pertaining
to the bonds, the sale was held upon sealed bids on the 14th day
of May, 1962; and
WHEREAS at said sale the best bid was that of
Hill, Crawford & Lanford, Inc. , Little Rock, Arkansas, of par
and accrued interest for bonds bearing interest at 3 1/4%, 3 1/2%
and 3 3/4% per annum plus a total premium of $348 .00 resulting
in a net interest rate cost to the City of 3 .5494% per annum; and
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WHEREAS pursuant to the authority contained in
Ordinance No. 11, 190 and the notice of sale, the purchaser has
designated the Union National Bank of Little Rock, Little
Rock, Arkansas, as Trustee and Paying Agent;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. That the sale of said $243, 000 of
Municipal Airport Revenue Bonds at the price of par and accrued
interest for bonds bearing interest at 3 1/4%, 3 1/2% and 3 3/4%
per annum plus a total premium of $348.00 to Hill, Crawford &
Lanford, Inc. , Little Rock, Arkansas be, and the same is hereby,
approved and confirmed.
Section 2. That pursuant to the designation of the
purchaser, Union National Bank of Little Rock, Little Rock,
Arkansas, is hereby named Trustee and Paying Agent of said
Municipal Airport Revenue Bonds .
Section 3 . That there are hereby authorized and
ordered issued bonds of the City of Little Rock, Arkansas in the
aggregate principal amount of $243, 000 to be designated City
of Little Rock, Arkansas 3 1/4%, 3 1/2% and 3 3/4% Municipal
Airport Revenue Bonds . The bonds shall be dated May 1, 1961 and
shall be in the denomination of $1, 000 each. They shall be numbered
consecutively from 1 to 243, inclusive, and shall bear interest
as follows: Bonds Nos . 1 to 99, inclusive, shall bear interest
at the rate of 3 1/4% per annum; Bonds Nos . 100 to 170, inclusive,
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shall bear interest atthe rate of 3 1/2% per annum; and Bonds
Nos . 171 to 243, inclusive, shall bear interest at the rate of
3 3/4% per annum. The interest shall be payable semiannually
on May 1 and November 1 of each year, commencing November 1,
1961, but the first two coupons will not be printed, so that
the first coupon to be payable will be Coupon No. 3 which will
be payable on November 1, 1962 . 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 Union National Bank of Little
Rock, Little Rock, Arkansas . The bonds shall mature on May 1
in each of the years 1963 to 1981, inclusive, as hereinafter
set forth, but are callable for payment prior to maturity as
provided in Ordinance No. 11, 190 and in the face of the bonds .
Section 4. That as provided in said Ordinance No. 11, 190
the principal of and interest on the bonds shall be paid from funds
in the Municipal Airport Revenue Bond Fund as they mature accord-
ing to the following schedule:
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YEAR BOND NOS . PRINCIPAL INTEREST
MAY 1 NOVEMBER 1 TOTAL
1962 $ $ $4, 220.00 $4,220.00
1963 1 - 7 7,000 4, 220.00 4, 106 .25 15,362 .25
1964 8 - 15 8,000 4, 106 .25 3, 976 .25 16,082 .50
1965 16 - 24 9,000 3, 976 .25 3,830.00 16,806 .25
1966 25 - 33 9, 000 3,830.00 3,683 . 75 16,513 .75
1967 34 - 43 10,000 3,683 .75 3,521.25 17,205 .00
1968 44 - 53 10,000 3,521.25 3,358 .75 16,880.00
1969 54 - 64 11,000 3,358 .75 3,180.00 17,538 .75
1970 65 - 75 11, 000 3, 180.00 3,001.25 17, 181.25
1971 76 - 87 12,000 3,001 .25 2, 806 .25 17,807.50
1972 88 - 99 12,000 2,806 .25 2, 611 .25 17,417.50
1973 100 - 112 13,000 2, 611.25 2,383 . 75 17, 995 .00
1974 113 - 125 13, 000 2,383 .75 2,156 .25 17, 540.00
1975 126 - 139 14,000 2, 156 .25 1, 911.25 18,067 .50
1976 140 - 154 15,000 1, 911 .25 1,648.75 18,560.00
1977 155 - 170 16, 000 1,648. 75 1,368.75 19,017.50
1978 171 - 187 17,000 1,368 .75 1, 050.00 19,418 . 75
1979 188 - 205 18,000 1, 050.00 712 .50 19, 762.50
1980 206 - 223 18, 000 712 .50 375 .00 19, 087 .50
1981 224 - 243 20,000 375 .00 20,375 .00
Section 5 . That this resolution is adopted pursuant
to the authority conferred by Ordinance No. 11, 190 of the ordinances
of the City of Little Rock, Arkansas, and said Ordinance No. 11, 190
together with and as amended and supplemented by this resolution,
shall continue in full force and effect.
Section 6 . That the provisions of this resolution
are hereby declared to be 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.
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Section 7 . 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 inadequacy also constitutes an impediment to the
welfare of the inhabitants of the City in that they cannot fully
realize the benefits of air travel and the presence of a municipal
airport so long as the facilities are inadequate. The herein
authorized improvements are immediately necessary to alleviate
the inadequacies and can be accomplished only by the issuance
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 4 1962 .
APPROVED:
G `
i
Mayor
ATTEST:
City Clerk