3764 RESOLUTION NO . 3 76
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
ROCK, ARKANSAS:
Section 1. That the City Clerk of this City be required
to publish in some newspaper published in the City of Little
Rock, Pulaski County, Arkansas, and having a bona fide circulation
therein, the following notice, which shall be published once a
week until the day fixed for the sale, the first publication
to be at least twenty (20) days before the date of said
sale:
Page 1
NOTICE OF SALE OF INDUSTRIAL DEVELOPMENT
BONDS IN THE PRINCIPAL AMOUNT OF $1, 500,000
FOR THE PURPOSE OF AIDING IN SECURING AND
DEVELOPING INDUSTRY WITHIN THE CITY OF LITTLE
ROCK, ARKANSAS .
1. NOTICE IS HEREBY GIVEN that on the 24th dayof May,
1967 , the City of Little Rock, Arkansas , will offer for sale for
cash to the highest bidder on sealed bids , at Z o 'clock,
.M. , at the City Hall in the City of Little Rock, Arkansas,
One Million Five Hundred Thousand Dollars ($1,500,000 .00) of
negotiable coupon bonds , issued under the provisions of Amendment
No. 49 to the Constitution of the State of Arkansas for the pur-
pose of aiding in securing and developing industry within the
City of Little Rock, Arkansas , by assisting THE ARMSTRONG RUBBER
COMPANY in constructing and equipping an industrial plant in the
City of Little Rock for the manufacture of rubber products .
2. Said bonds will be dated as of March 1, 1967, bear
interest at the rate or rates specified by the successful bidder,
payable semiannually on September 1 and March 1, beginning
September 1, 1967 , and will mature serially on the 1st day of
March in each year as follows :
$35,000 in the year 1970 ;
$40 ,000 in each of the years 1971 and 1972 ;
$45,000 in each of the years 1973 and 1974;
$50,000 in each of the years 1975 and 1976;
$55,000 in each of the years 1977 and 1978 ;
$60,000 in each of the years 1979 and 1980 ;
$65,000 in each of the years 1981 and 1982 ;
$70,000 in each of the years 1983 and 1984;
$75,000 in the year 1985 ;
$80,000 in each of the years 1986 and 1987 ;
$85,000 in the year 1988 ;
1 $90,000 in each of the years 1989 and 1990 ;
$95,000 in the year 1991 ;
$100 ,000 in the year 1992 .
3 . Bidders shall specify the coupon rate or rates , in
multiples of one-twentieth (1/20th) and/or one-eighth (1/8th)
of one per cent (1%) which the bonds will bear. The average rate
of interest shall not exceed four per cent (4%) per annum. No.
bid may specify more than four such rates , but the repetition of
a rate shall not be considered an additional rate. The differ-
ence between the highest and lowest rates shall not exceed two
per cent (2%) . The bonds of each maturity must bear the same rate
of interest from date until maturity . No contingent provision
may be included, and no bid for less than par, plus accrued inter-
est, will be considered, regardless of the interest rate or rates
specified by the bidder. 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.
4. The bonds will be secured by a pledge of the proceeds
of a tax of three-fourths (3/4ths) of one (1) mill levied against
the taxable property in the City of Little Rock, Arkansas, which
Page 2
•
levy shall continue and be in force from year to year and collect-
ible until the principal of and interest on the said bonds shall
be fully paid, provided, however, the City may, from time to
time, suspend the collection of such annual levy, in whole or in
part , when not required for the payment of the bonds . It is
contemplated that the pledge of the rentals from the said indus-
trial plant will be sufficient to meet the debt service require-
ments of the bonds and that the collection of the millage will be
suspended, but the pledge of three-fourths (3/4ths) of one (1)
mill will be a continuing pledge until said bonds are fully paid.
5. The bonds shall not be subject to conversion nor
provide for supplemental coupons .
6. The bonds will be subject to redemption, prior to
maturity, at the option of the City, in whole or in part , in in-
verse numerical order, on and after March 1, 1977 , from funds
derived from any source , at the following prices plus accrued
interest :
If redeemed on March 1,1977 , and prior to March 1,
1978, at 103 cents on the dollar;
If redeemed on March 1, 1978, and prior to March 1,
1979, at 1022 cents on the dollar ;
If redeemed on March 1, 1979, and prior to March 1,
1980, at 102 cents on the dollar;
If redeemed on March 1, 1980 , and prior to March 1,
1981, at 1012 cents on the dollar;
If redeemed on March 1, 1981, and prior to March 1,
1982, at 101 cents on the dollar ;
If redeemed on March 1, 1982, and prior to March 1,
1983 , at 1002 cents on the dollar;
If redeemed on or after March 1, 1983, at par.
Page 3
Notice of the call for redemption shall be published by the
Chief Finance Officer of the City of Little Rock by one insertion
not less than thirty (30) days before the date of such redemp-
tion, in a financial journal published in the City of New York,
New York.
7 . The City will furnish without cost to the purchaser
the printed bonds ready for execution and delivery within sixty
(60) days from the date of sale, and the unqualified approving
opinion of Messrs. Rose , Meek, House , Barron, Nash & Williamson,
bond counselof the City of Little Rock, Arkansas, which approv-
ing opinion will be printed on the back of the bonds and will be
certified by the City Clerk of the City of Little Rock. The
City will also pay the cost of certifying the bonds , and will
deliver with the bonds the customary closing papers including a
certificate that no litigation is then pending affecting the
issuance of the said bonds . The bonds may be delivered in a
City other than Little Rock, Arkansas , at the expense of the
purchaser.
8 . The purchaser may name the bank to serve as Paying
Agent and to authenticate the bonds and may elect to have the
bonds printed in the denomination of $1,000 and/or in the
denomination of $5 ,000 .
9 . The City reserves the right , in its discretion, to
reject any and all bids and to waive any irregularity or in-
formality in any bid.
10. Bids must be accompanied by a certified or cashier' s
check for $15,000.00, payable to the City, to be its liquidated
Page 4
damages in case the bidder fails to make good its bid, and to be
applied to the purchase price if it gets the bonds ; otherwise,
to be returned. Interest will not be paid on such good faith
checks .
11. Sealed bids in envelopes addressed to the City of
Little Rock, and marked "Proposal for City of Little Rock,
Arkansas Industrial Development Bonds" will be received at the
office of Martin Borchert , Mayor, City Hall, Little Rock,
Arkansas , up to , o ' clock, P .M . , May 24th, 1967 .
12. In the event that prior to the delivery of the
bonds the income received by private holders from bonds of the
same type and character shall be declared to be taxable under
any Federal Income Tax laws, either by the terms of such laws
or by ruling of a Federal Income Tax authority or official which
is followed by the Internal Revenue Service, or by decision of
any Federal Court , the successful bidder may, at its option,
prior to the tender of said bonds by the City, be relieved of its
obligation under the contract to purchase the bonds and in
such case the deposit accompanying its bid will be returned.
13 . For further information, communicate with E. Jack
Murphy, Director of Finance , City Hall, Little Rock, Arkansas,
or Messrs . Rose , Meek, House , Barron, Nash & Williamson, bond
counsel, of Little Rock, Arkansas .
DATED this day of , 1967 .
CITY OF LITTLE ROCK, ARKANSAS
By :
Mayor
Page 5
Section 2. That the Director of Finance of the City of
Little Rock, make such other publication and distribution of the
Notice of Sale as he deems desirable .
Section 3 . It is ascertained and declared that the safety
and health of the inhabitants of the City of Little Rock are
jeopardized by the lack of sufficient industry and that only by
action made possible by this Resolution can the City undertake to
secure and develop additional industry and to promote the safety,
health, and welfare of its citizens . IT IS, THEREFORE, declared
that an emergency exists , that this Resolution is necessary for
the immediate preservation of the public peace, health and safety,
and that this Resolution shall take effect and be in force from
and after its adoption.
ADOPTED : Nay 1 1967 .
APPROVED :
/ ! / -
AL-13 ! . . ...•�i._ •
Mayor
ATTEST :
City Clerk
cSXXXXxx