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3188 RESOLUTION NO. 3,188 A RESOLUTION AUTHO':d ,ING THE PUBLICATION OF NOTICE OF THE SALE OF BONDS IN CONNECTION WITH THE FINANCING OF AN INDUSTRIAL PARK.; AND FOR OTHER PURPOSES . WHEREAS, the Electors of the City of Little Rock, voting at a special election held on May 12, 1964, voted by a majority in favor of a bond issue under the provisions of Amendment No. 49 to the Constitution of the State of Arkansas for the purposes of industrial development in the City of Little Lock, and the result of said election has been duly certified to the City Clerk by the Pulaski County Board of .election Commissioners ; and, WHE ;.IAS, under the terms of Ordinance No. 11,474, submitting the question and the ballot which was voted upon, the City pro- posed the issuance of the bonds in the sum of Four Million Three Hundred Thousand and No/100 Dollars ($4, 300,000.00) ; and, WHEREAS, it has been determined Three Million One Hundred Fifty Thousand and No/100 Dollars ($3, 150, 000.00) in principal amcunt of said bonds may be sufficient at this time for the pur- poses herein set forth; and, WHEREAS, the Board of Directors of the City of Little :,ock desires to secure the funds necessary for the purposes herein- after set forth at the earliest practicable time and desires that notice of sale of the bonds be published; NOW, THEREFORE, BE IT RESOLVED BY THE BOAR: ) OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS : SECTION 1. The Mayor and City Clerk are hereby authorized and directed to publish, as required by law, the terms of said Notice of Bond Sale for the bonds to be issued, in substantially the following form: • • EOT/CE OP BOLD SALE $3,150,000 CIS OF LIs . .°,C X, A?tMT XAS G I ZRAL OBLIGATION BONDS, SERIws 1964, DATED JULY 1, 1964 The City of Little Bock, Arkansas (called "City") hereby ,paves notice that there vill be sold on sealed bids at the and nice specified belo w $3,150,000 in principal amount of General ' Cb?icatlon Bonds, Series 1964, dated July 1, 1964, and bein , issued under the provisions of Amendm,ant s"ro. 49 to the Constitution of the State of Artzr.s.2s (hezei a called "Sestet 1964 Bonds") • Tho Series 1964 Doads are part of a total authorized issue of $4,300,000 approved by the electors of the City at a duly called and hold election on the 12th day of May, 1964, and it is co ntemplated that the remaininz, bonds of said total authorised issue vill be sold and delivered subsequently and vhen delivered ui11 rank on a parity of security c7L h the Series 1964 Ecuds• The Serier 1964 Bonds vill bear interest at the rate accepted b the City, �.:i'�ich interest ui l be payable semi annually on January by �aac. �, and Julys .l of each year, co ring July 1, 1965 (the first interest coupon shall be for twelve months) and the Series 1964 Bends will mature annually on July 1 of each year as fo1lo s:s, but:.sha1l be callable for paw°nt prior to maturity as hereafter sot forth. 1967 ; 73,000 1955 75,000 1969 78,080 11,0 30 000 1971 33000 1972 35,000 1973 83,000 1974 90,000 • 1975 93,000 1976 96,000 . 1977 99,000 1978 102,000 • • ; t • • • Page 2 • YEAR, continued.ued tivnt 1979 $105,000 . 1930 • 103,000 1981 111,000 • . • 1 932 .:,{ 30 1933 118,000 1904 • 121,009 135 125,000 98 1123,000 1937 132,000 1923 135,000 1939 141,000 ' 1990 ' 145,000 1991 /49,000•• . 1992 154,000 1993 153,030 1994 163,000 • T he Series 1954 Bonds 'will be general obligations of th e City issued under the authority of Amen'=ent Nor 49 to the Con. st tuti n of the State of A:.kmses, to the pay=ant of which the City uL1l pledge its fu11 faith, credit end taxing power. In this regard:, the'C1r y Beard of Directors will levy . continuing annual ::a3: of 1.35 mills each, subject to the subsequent provisions hereof pertaining to the s Wpeisioi of collection of al/ or a portion thereof, tIll be collected annually until the principal of and interest on the bonds W Se id or provision s za de the re f o r♦ Men additional bonds of said total authorised issue are sod and delivered, the City covenants ti et it will levy an additional ar4unt of village W&ca. with r e key Lrce to the bonds being issued end the t .-ic ss a d valuation of the real and pe w sone property in t r City :i of the tit-'e of said issuance $Jill produce r'evYenues !u n 4===t ep oz� fling 1201 of the average a. C interest e u re=e:°Lts of the particular series being issued. Also, it is agreed that the principal =turites of the bonds of the additional series viii. be • k • ti • • ? e 3 arranged proportionately throughout the r ttrity years, 1967 to 1994, inclusive, so that Cds^en all series of said total authorized ized issue have been delivered, the prise p 1 amounts for said mmturity years l i$i b e as set forth in the schedule appearZny in Ordinal-ice Igo. 11,474 of the ordinances of the City, adopted and approved on the 16 h Gay of March, 1964, ay.y being.fig t �g•� • g► a 4�.t�. Caw. ' J and �'1".��.ii'� 4�ry ordinance �G:•{.1r.�.�:� ��.v spe iai election at vhieh the electors approved the issuance of the bonds. The City win cove ::t that the entire proceeds derived- from " the o aid 'up"cih l t a or taxes at S�y f :� e levied, �s afo ie u a id y west be app3zed as and eon available to the payment of the principal oz ad interest on the bonds and that the entire amount of tax col .ectio is over tad above the aro i'.a. n eecs :ry to insure the prompt �e, +.. of the of '"? ♦ interest c o/� `� outstanding k�.. z �s ���L�� vr' eIVJW principal �Y/� and .�+���Y•�i.%V �i1'ji• all bands of al/ series viil be applied on each interest peying date as and . thenv «� i r?b .Ra r x+.•+t tltl o•.}y,,.yi..,y 4 to the redemption w,,•,y� n o f fi.4.'^A '!:�'�'""yes o f eMa+ieyq VC�s..4....t• 1e plop Vr..�3.ou 4rti'1y to the iL :e i+:"y. for o L.:.+Y. bones o 4.y..Lrh issue prior to q�.'�a�tteri� ovis?on: will rade in the ordinance .G.aJ w9..+� £..�N ro.. to await bi+. 1..�0 authorizing Yi directing tt e actual iv t ua ve of the bonds for application at the option of the City, of e y revenues derived from the lends, ; provements, facili4.iei`v`r and developments financed - out of the proceeds of the bates cad, for the eus en io n of the colleetion of ail or such portion of said special tax or a:zed to tha extent of such available revenues, it being understood,: ::stood, lx.. o:vcr, that there eL1 i be no suspension or co le e ion uw c vYa reduce the amount of revenues actually avril z5le, from eitha r.tr,x proceeds or project rlavenue3 as e ore aid, beto.7 an amount approximating 12O? of the average annul prin ipai and interest requirements of 411 ser4ea of bonds then outsAttTiiridi . AU series of said iro iftl t\..tLLorri- • • Paa2 4 sea issue uill rank parity security all' euCh special tai: levies, rezardless of uhen the bonds are sold and delivered and y : zt r lL ss Chen said special ytx K vv.t..e s are rid . The e nsse seed va/ustion of the taxable real and personal property in the City for the year 19630 the ����� assessment of record is 454,407,918.00. 07,91^.00. Series 1964 Bonds till not be callable:ble from surp/us . proceeds of t e' s4 ..e of the Bonds. *:ce. S v r..es 1964 Bonds L .:.i«t.. be callable for pw�is:at prior to maturity °n: v t .u4 numerical fi: tb : s as follows: from surplus tax collections or from funds available fry the operation of the projects e xc 6 d .: z the sale of land, at a price of the p:inei. ai �.:c of the buds being called plus accrued-. interest to dwte of_ `edem ti n on any interest 5 :° ' s € wey from funds f.om: 3 ry source on any interest paying date on and after July Z , . A- � 1 ai amount of t bonds inn called plus a cru.:z interest to the date of redemption and plus a p as 4% if redeemed on July 1, 157O to January' `i • 1973, inclusive _.._. .. ;517. if rede ied on July 10 /973 to January � y 19750 in vS usiv: 2'lf.? L redeemed on July 10 1976 to Jan=ry 10 19790 inclusive rz if redeemed on July 1, 1 9-) to .January Is 1932, inclusive 10• p+emit= if redeemed ed 6 hei:eaf to . :=Cr may r-,m',,�a the P�ayincy Gent and the Bank to 31 i w �'LXJn 41�w ti(M Lvr,i i.::.._3�r the t.+ .+,� � C1Y.a� Y L. authenticate t?! S'+fr s /964 11.o �^�., 4n *will 7 a;ry Syr y d` e to sw:+rt`. the Series .+'..l�.rJ and Ww+.L ilL:? LL`ir�r�w4o.�..� i..© �..�r.i� r. • $ tt% issue:r th!>; cost of ,b.int t.r.,rr the �L�4�`J v�.1.�,�� �`.w1.�++1�:��r� of t".:,«.:.. .r..7 iJ�:.+w r +r�.... �:+...::ti....w:`y 1.���.. bonds; t 3^ cats of the PL z Az `ant Dank for auw: a tic.tint t2 bonds; and the fee of f.tlith, Williams, Friday Et 10 n, Bond Counsel, • • P22 44"C• • Little Rcclf' 'D r.....x•.a %E 3"r y 4 fit', V_ y°".` t.�w. rd.....� 3 ty c+r •,y• Y. •{ y .�>:.iv««u •a.4.•'.:,..«I.::�.. �:.,.�ta2.a �'Ji�l...'�` L?_•3�t.�'V...,:c� �;.Y.%.tC'...�tf..� the �+JY..fi.:u �i�w 'b✓ i s u d L The a z i V u r i t of the. ree o f. B o n d Counsel " Y furnished upon L't't.'.ti st. • • • .be b°.."=':d �: ' ":�3s�. be subject jet:t to cotwersiera a '.d stipple- wpiS al coupons sx yy. not pez4 tto t VJ to Corr s .��ra ni L at eUr t .t+..,a M«, . ...+.+c1�(�' � �+'}bwr3h r.d �. i Yyes�( p� Ty wA�..s�a�. A.�;y rem s) �..•4. wa es + bv. .MJiy/r.V.�:.f.7rV d (not .1. rs ceding .�G.�ir�14r�lted LLY�'t'�s) but Li1.1 �*zi s• �'with 2 t,+Mn,r. ras t e. a:1 4 a ` �1 u. forth i the b t3:r..e..x1. the. �.:.:#.�..+..:�.b....,...,. to �: ,..t,x..r �:,.'.�79�.�W.��-.��.�:. �3.Z��.. be set �`�3.��...�1 .�,.�� �..i�;... bid. • 11.,.2 bonds of cacti' µxL.tur ty «7:1.St.. 3 iw tw-e st ea{ti .M.,�0�1v.tr«+ty, and ,�t the t"r'q�!`It rote. �.y.y 2f rer .i1+r+c: between... Ft.««-'.i Ugliest st .m, , rost .7.�A«.,+ sw �.iwts.:r f..,.,v y C .�.i►G7 .�`. �... syw.� �. Crw E.:�..�.5s:.4 'T*.yY rate •«z. not rr eed �+'r Te/y bid y^y9-a be �+t:,Q;, bid that results 1..��L. .+1V•.V� C+i.VY ��L,.%r�VL� Va. The a7w�.ili� �.�w�7 �J.S'.+�..� be the b.�LRS t�l'..L•f+sM �'Z '.11" 'es Yat VS { r w� cd. o tiA.. C MR,,y .'.N4 rm!1�V .•}, '�q.+. • �.31 �S:v. l.•.��ht:vL �,... .�s...5`iC:i�."a.�,"'a��L' ,, s�::'��air to �v1.Y� City to v�. +:.:c.i,:t„'s.s::.a.�i:�..>. �„+,�7 .� 4M •w.s.l.'.p..;y Zs' `ya M'h X� `xj. gg 44'7.x'.' ` st cost "a.it the rates � l,,g -',v9'w+t..«. th�y,� r�'..rO�VW...•.� � aw *�v�"�L.�6.� �S.r..•af..�...v . '�rt�vt,. �d' �. i.2ai,. �t;�...�� �,«.i+ ...6,7i..:+t. the 4e of the 4 d.9 t' t uri Cri d dedI `...G.X.w: ' �rt2'.«y•....y°.vv r...� ��.w .{f�hsn..w.I�M.�...±A �W to I�G�I�YYw.iw ��. W � p.wlw�..�.M�V'�r�V any `.f.Ew.ahf.t�.•Y4S�. i Y^.L.r'" ci, in the bid. lb co t au r"w`tt provisions z..r.y 9 t..,.�wv:.dud i t +, r bid t': d no bid. of less Vasa a par i«ld cerusa Jr:t lest will l ''ce. • Sealed bi,.els will be cw ‘..n i..R l. 2:03 ' lockr 1. 1's,. on r � �3 ..?.'A +� ••' is �' �• �- 7 l+ s �n .;rr.+±'r a'�4'4 a �•>r o;.tt'irld." Prii fc... �. .4.fw ,�• 'a t i'���'' �".5, .lwy .`S;�kw•' t.'. d 1 C`�e'"s.. ..1 ! «. M1.i �':'� �.; � y..L�67: t4 ,CKs ......+ l;w �r,a..r a.. . :? .s.�, ��'a'et Sr!.'� Cyr,+ 5 ,sit.,,. ,T ul '+•4,64" ;f...9 ♦ ,P•n,•;ry''•�. Mr. A7.1c�l'� .6 r,q t:K.�.��.• .L`�j.✓`"'r'� �iQpd..r^:� 49 1'� .�..� ....+'v .F' and ��.��r�J•.1�.►.0 7w� is.rSt «Lir.L.w LJ uGh Lt:, City l'M .31:21,-zL.., City j ~ S Gt e IZpvt.* 14 2:k«4;t. aJ r:C7*':.: v 4pp Willbe mow" er., may,{ at said time said date e t'�,., �y ►ei�`SG!?t pn'.Y'P3t'i�+'."3 place LY.3.iw Gr V V=�ii?�v.M 4i f:�w�..i1. i.«:sFi t'�r {�'r1.S«�w '4�v VrM iii �Irw3 iY�i '..Z.�..Y.rr iiy+'Vr�r i..i...� +f:..1ye r of tha B3 r& of Directors in the City Little Rook: Ar nv-s a • • . • All.y �p�� y �!�a +ya�'✓�yf7 their ye *•� f ;,a, certified y♦ i!n o�/`yS ,i„Or �e 5 �,C,�Afi yu ` check bidders i:K.st file v'iC.h theii 6�' d GS �w�.. ti.3.i.+'if o cas`�. a the Vi.�..w .�y py�' { t of 3 (OO �+yN+ wb1e to the C ty, t ' h will.i. b�:6 +)�'Sdt'.ir.•i i>."%ii w.+.3 the :..~'J•�y'� V i. Y'©V W b+r:i� r LiW •. .yy+raw.-�.v.�aq'�.L r L Yr 4r�..r IrGV w..r N. • +1 N A M �.' g 4� .rv.an 6,t'F� p� d'+• sale 71"3 'e:� the g,�R."�:�"' ► 5 �•a(vu 'St od z gws if a �'.'rd+der «..0 4:�1�1wtir'`..cai the 47.;s Yom.. ©f ..5�;. bonds f;...7 L�'Y.1..L X61 k.'v'yr 4s V �r !j ,! and r • a!� to complete the FT?+.»4it �S?. P4d�wM'n.":i, i..4�✓ be .pp1 c s the 4✓Cii•w1r:..ai�. price of the b ,fie +!4 p delivory thereof* ChoWZta7 of'�. ..."!S G""'� '�'WS'Y`i�G. 4+.Z.. stn �/ .'�i�i. �7 i.tr �rtw unsuccessful 4 fors '1• 4� 3•.+49 rar.v!3 1 returned* I terest Wi11. not ��E:�i`.:.:...J will r.+r. � V:a;� � .+L r bo paid oa good faith chocks* The City reserves the tight to reject &iw ide 0 A ddi t V 1 ita o waal wrc a ' be o r radi 4 o= Ile. 13* J ! h lgs*"c 7 , Director of 1 w * c e, City Ball, Little Do tr I s w7e 3 a or : _,4 iw' Lam ?°0 Friday St B=en„ Bo nd Counsel, git Z Floor, Boyle Building, Little 4 i w. 3 k.I :3s. r J. ♦ . c..4-17? Ftif:. vv:.r..rm rwYva, .6w-t,i:i.:i' +s i City Xl as I z • 1 ( . i '': 1 -2- SECTION 2. It is hereby determined and declared that there is immediate need for the public purposes for which the bonds herein referred to were authorized; and this 2,esoluti on, there- fore, shall be in full force and effect from and after its adoption and approval. ADOPTED: July 20, 1964 r ATTEST: —13 APPROVED: e °'"�-'�' City Clerk Mayor