3779 RESOLUTION NO . 3779
A RESOLUTION ACCEPTING A BID FOR $1,500,000
OF BONDS TO BE ISSUED BY THE CITY OF LITTLE
ROCK, ARKANSAS, UNDER AMENDMENT NO. 49 TO THE
CONSTITUTION OF THE STATE OF ARKANSAS FOR THE
PURPOSE OF AIDING IN SECURING AND DEVELOPING
INDUSTRY WITHIN THE CITY OF LITTLE ROCK, ARKANSAS
WHEREAS, after due advertisement for the time and in
the manner required by law, duly published in a newspaper having
a bona fide circulation in the City of Little Rock, Arkansas,
with additional publication in The Bond Buyer, $1,500,000.00
of bonds of the City of Little Rock, Arkansas, to be issued under
the provisions of Amendment No. 49 of the Constitution of the
State of Arkansas , for the purpose of securing and developing
industry within the City of Little Rock, Arkansas, were offered
for sale on sealed bids at a meeting of the Board of Directors at
the City Hall in the City of Little Rock, Arkansas, at 2:00 o'clock,
P.M. on the 24th day of May, 1967, and the following bids were
received:
Amount Interest Net Interest
Name of Bidder of Bid Premium Rate Rate
First National Bank
of Memphis
Memphis, Tennessee $1,500,000 $80.00 4% 3.9996%
Delta Securities,
Inc. $1,500,000 - 0 - 4.35255%
Maturities
1970-77 5-3/4%
1978-81 4%
1982-88 4.2%
1989-92 4.25%
and
WHEREAS, the Board of Directors finds that the bid of
First National Bank of Memphis, Memphis, Tennessee
as follows :
Par for $1,500,000 of bonds bearing interest
at the rate of 4% per annum plus a premium of
$80.00
is the best bid and should be accepted:
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS :
Section 1. That the bid of First National Bank of
Memphis, Memphis, Tennessee be accepted and that the Mayor
and City Clerk be, and are hereby, authorized to execute on
behalf of the City the following contract for the sale of the
said bonds .
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r ., .; i
BID
FOR $1,500,000 CITY OF LITTLE ROCK
GENERAL OBLIGATION INDUSTRIAL DEVELOPMENT BONDS
Mr. Martin Borchert, Mayor, and
Members of the Board of Directors May 24 , 1967
City Hall Date
Little Rock, Arkansas
Gentlemen:
Subject to the provisions and in accordance with the terms of the Official Notice of Sale, which
is hereby made a part of tbis bid, we er to pay (Az .�L�i7sn__ n-� _5(
__ _'�?z.c...�,,-e. �� c __m,.4__;:_Og Dollars ($. , "5.0 t'7,„,,;1 5-0.0°),
plus accrued interest on the bonds from March 1, 1967, until date of delivery, for all of the $1,500,000
City of Little Rock, Arkansas, General Obligation Industrial Development Bonds, bearing interest at
the following rates:
Year of Principal Interest Year of Principal Interest
Maturity Amount Rate Maturity Amount Rate
1970 $ 35,000 I/ % 1982 $ 65,000 %
1971 40,000 % 1983 70,000
1972 40,000 % 1984 70,000 _%
1973 45,000 % 1985 75,000 %
1974 45,000 ____70 1986 80,000 _%
1r75 50,000 % 1987 80,000 %
1976 50,000 % 1988 85,000 %
1977 55,000 % 1989 90,000 %
1978 55,000 ___ % 1990 90,000 _..__
1979 60,000 % 1991 95,000
;oo 1980 60,000 / % 1992 100,000
1981 65,000 %
We enclose herewith Certified or bank Cashier's or Treasurer's check for $15,000.00 payable to
the Order of the City of Little Rock, which check is to be applied in accordance with the official
Notice of Sale.
(No addition or alteration to this bid will be accepted.)
Following is our computation, made 'n accordance with the official Notice of Sale, of the interest
cost to the City under terms of the foregoing bid:
Aggregate amount of interest upon all of the bonds from March 1, 1967,I Luntil their respective maturities $ Q
' 4,eto. -O
o. 0Q
Less
Premium . $
Net Interest Cost !3 ` O q
Average annual interest cost 3. g '' 6
FIRST NATIONAL BANK OF MEMPHIS
MEMPHIS ENNESSEE
By: ': ...t2/ 21 41 r� 1
/ Authorized Representativ
Received from City of Litt1^ Rock good faith check in the amoi-nt of $15,000.00.
By:
Accepted this 24th day of May, 1967 .
CI'. OF LI LE Rip_ , . • • 'SAS
By: AA,` +, 0 , Mayor
B � ' City_.. . � Y Clerk
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Section 2. 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 under-
take 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 neces-
sary 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 : May 24, 1967 .
APPROVED:
OIL e&A-C
Mayor
ATTEST:
/ 641AL.
City Clerk
X*O9?Gitx
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