4250 RESOLUTION NO. 4,250
A RESOLUTION AUTHORIZING A CONTRACT
BETWEEN CITY OF LITTLE ROCK AND
CERTAIN BANKS IN THE CITY OF LITTLE
ROCK TO PROVIDE FINANCING FOR PLANNED
IMPROVEMENTS AT THE LITTLE ROCK
MUNICIPAL AIRPORT; AND FOR OTHER
PURPOSES .
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK:
SECTION 1. The Mayor and the City Clerk are hereby
authorized and directed to execute a contract for and on
behalf of the City of Little Rock with Union National Bank
of Little Rock, The First National Bank in Little Rock,
Commercial National Bank of Little Rock and Worthen Bank
and Trust Company of Little Rock to provide needed financing
in the construction of improvements planned for the Little
Rock Municipal Airport. Said contract shall be in form and
substance as follows:
'
A G R E E M E N T
This Agreement entered into this 28 day of August, 1969, by
and between- Union National Bank of Little Rock, The First National
Bank in Little Rock, Commercial National Bank of Little Rock, and
Worthen Bank and Trust Company, all of Little Rock, Arkansas,
authorized depositories for municipal funds, hereinafter referred to
as "participating banks" , and the City of Little Rock, Arkansas,
pursuant to authority of Resolution Number 4,250 adopted on the
27th day of August, 1969, hereinafter referred to as "City",
WITNESSETH:
1. Participating banks agree to purchase from City from time
to time on any date after July 14, 1970, such amount of One Million
Six Hundred Thousand Dollars ($1,600, 000.00) in Airport Revenue Bonds
as the City may choose to offer, which bonds shall bear interest semi-
annually at the rate of six (6) percent per annum and mature within
two years from date of issue. Bonds purchased by "participating
banks" shall be divided among the banks in ratio that the deposits of
each bears to the total deposits of all as of December 31, 1968.
2. As consideration for the commitment on part of the "parti-
cipating banks" to purchase Revenue Bonds referred to in paragraphs
one (1) and five (5) hereof, the City agrees to deposit with partici-
pating banks on September 1, 1969, the sum of One Million Six Hundred
Thousand Dollars ($1, 600,000.00) , for which deposit participating
banks will issue City a certificate or certificates of deposit bearing
interest at the highest rate now authorized by any applicable law or
regulation then in effect and bearing maturity date or dates of
January 14, 1970.
3. As further consideration for the commitment made by parti-
cipating banks in paragraphs one (1 ) and five (5) hereof, City agrees
to deposit on January 15, 1970, with such of the participating banks
as may be certified by the State Banking Commission in 1970 as eligible
depositories for municipal funds the sum of One Million Six Hundred
Thousand Dollars ($1 , 600,000.00 ) for which such participating banks
will issue a certificate or certificates of deposit bearing interest
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at t1,,, highest rate authorized by any applicable law or regulation
ttazli -i.n effect, which certificate or certificates shall bear a
maturity date of July 14, 1970.
4 • It is mutually understood and agreed by each member parti-
cipoting bank and City that the deposit in the amount of One Million
SiN Hundred Thousand Dollars ($1, 600,000.00) by the City referred to
in paragraphs two (2) and three (3) hereof and the certificate or
cert=ificates of deposit issued therefor shall be prorated among
mem ors of the participating banks in that proportion of the total
deposits of each of said banks as such relates to the total deposits
of all of said participating banks as of December 31, 1968,
• 5. It is further mutually agreed between and among the parties
hereto that the City will offer its Airport Revenue Bonds in the
amount of One Million Six Hundred Thousand Dollars ($1, 600,000,00)
for sale to the public prior to the maturity date of the two year
bonds above mentioned and that if the City is unable to sell such
Bonds at an interest rate of six (6) percent or less, then partici-
pating banks will purchase them at six (6) percent. Said Bonds shall
mature in installments commencing three years from the date of issue
and 'extending over a period of twenty-five years from date of issue
and shall be retired from revenue received by the Little Rock Airport
eorrrJ.ssion. In addition, the bonds will be callable for payment prior
to r-�turity and the indenture for such shall contain those provisions
eus•> arily found in City of Little Rock instruments of like character,
.I WITNESS WHEREOF, the various parties hereto have caused this
ns ment to be executed by their duly authorized officers in five (5)
eon::.'_ rparts, each of which is the same and original, on the date
};er F_ :•above first set forth.
UNION NATIONAL BANK OF LITTLE ROCK
"Participating Bank"
Authorized Officer
BY ( \ _\
Authorized Officer
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THE FIRST NATIONAL BANK IN LITTLE ROCK
"Participating Bank"
•
BY _
Authorized Officer
ATTEST:
BY
Authorized Officer
COMMERCIAL NATIONAL BANK OF LITTLE ROCK
"Participating Bank"
L7-}
J
BY ;4: f� K
Authorized' Officer
ATTEST:
BY a ,;4,./
Authorized Officer
WORTHEN BANK AND TRTST COMPANY
"Participating Bank"
/ '
BY l
Authorized Officer
ATTEST:
BY j!` c<- .:
Authorized Officer
CITY OF LITTLE ROCK, ARKANSAS
"City"
BY VVV t -
Iayor
ATTEST:
BY / //),t
City` 1-rk
SECTION 2. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: August 27, 1969
'/
ATTEST: APPROVED: A jt``r i
City Clerk Mayor