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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 . Page 2 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 $15,000.00. By: Accepted this 24th day of May, 1967 . CI'. OF LI LE Rip_ , . • • 'SAS By: AA,` +, 0 , Mayor B � ' City_.. . � Y Clerk . ,xa : z rt �7, 7 7. ; c r A r z f "h V„�,r t --71 J ,a § ' ',t t •'-` ';U 4: ,t,'!h rt'1;'f t r v `tFk t : ,� t , !4u ,f If Y 4 ;R i ti : 1 iGr ,: � ,; ` 4.,,,,',...-...,� -, t } � . ,• •:,,•: ::: 4J r i�t , f�+ Etta� tt,7�l F / i5 1, , .r._ +. j r,;'y t ¢ e R a t:`r#��°to t'. qqq��� It �}y,,tyy 1• +'$Y �4 ,;ti gp �. ! Yr v.,, . . , i. , ,,, l,l 1, �,t�a,.w -, ,., �.', Itfi't�ti,t t TT 0 ... to , k r , 1' , ) co t t t C , ri . t. r �` 1 ns -�i ,!;:,. .t.'„,:;;,,,,,,,,,,, ., f I 4 4: l I r r.; '''4 r,- ,,.1.: ,e,7 f°'; , .,�- f, ' ,y 9 7t :' �,E� lj,+ f �t� I Pt 4; t ,; - ' �'� F: 7 = ., k i 1 5,r, t+ 8 c# i't t..I t rf"'t ' ',;:t.,,,;;;:. ,F +r , r AAre �'J, a'r n �, ,�.`fir� �4'F r L s , _ f f r t { tp` f, tz w a Yt..: �.. r�, , at Y , Jt .�'So� 314;,i f 5�,.• Y.`& cr¢i. R ,, ,�!.!•+'�� , y'7: r ,,P,f +. (. L � 3r5 fi.' ..,".. ", ,,::::::,,,, 1 e ,1 cyW+t� i9 ,, ':*1 +'• } i . +! ?a;i�k r .� rY^• t�.. • iii t ,, ''' •'.,:,, ' y x•,• S ,4tl, 1 •••,::,:,: ... ., ,ry:, 0 Y 1. k r , , h. 1, ':.7.t ..SC• ...... :q:_.., t.i.1f.4.,:,.....,• r +. .,,....,.1,,'•:'`',_ .u � i ,•�.f•c;, u.,r.i.',t !.f,rPx r ,,,Y1.4P`e+1.}",f7r..ts.�:fl,.G#,,e4f°,r G « '`” Y 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 Page 3