4255 RESOLUTION NO, 4,255
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF
LITTLE ROCK, ARKANSAS , TO SELL AND ISSUE AIRPORT
REVENUE BONDS IN THE PRINCIPAL AMOUNT OF UP TO
$3 ,350 ,000;AUTHORIZING AN AGREEMENT WITH CER-
TAIN BANKS AND INSURANCE COMPANIES CONCERNING
THE SALE AND PURCHASE OF THE BONDS; AND FOR OTHER
PURPOSES .
WHEREAS the Little Rock Municipal Airport Commission (the'Airport
Commission") has undertaken an improvement program designed to make avail-
able airport facilities necessary for the welfare , progress and general economic
and industrial growth of the City and its residents and of those using the facili-
ties; and
WHEREAS it is imperative that the improvement program go forward
without delay so that overall costs can be held within feasible limits and the
needed airport facilities made available at the earliest practical time; and
WHEREAS in addition to other funds that are and will be available
to the Airport Commission (including funds now on hand and grant funds from
an Agency of the United States of America) , it will be necessary for the City of
Little Rock, Arkansas (the "City") to sell and issue Airport Revenue Bonds in
the principal amount of up to $3 ,350,000. (the "Airport Revenue Bonds");
WHEREAS the Airport Commission has requested the City to go on
record committing itself to sell and issue the Airport Revenue Bonds in order
that a construction contract may be awarded to the low bidder at the recent
public bidding; and
WHEREAS a form of agreement with certain Banks and Insurance
Companies concerning The Sale of the Airport Revenue Bonds (the "Bond Sale
Agreement") has been presented to the Board of Directors at this meeting;
NOW, THEREFORE , BE IT RESOLVED by the Board of Directors of
the City:
Page 2
Section 1 . That in order to insure the availability of sufficient
funds to meet , when due , all expenditure requirements of the Airport Com-
mission in connection with the airport improvement program, the City will,
when requested by the Airport Commission, take the necessary action to sell
and issue Airport Revenue Bonds in the necessary principal amount up to
$3,350,000. The proceeds of the Airport Revenue Bonds will be made avail-
able to the Airport Commission.
Section 2 . That the Bond Sale Agreement be , and it is hereby,
authorized and approved and the Mayor and City Clerk are hereby authorized
and directed to execute it on behalf of the City. The appropriate officials
and employees of the City are hereby authorized to take such action as may
be necessary to perform all obligations and realize all rights of the City under
the Bond Sale Agreement.
Section 3 . That a certified copy of this Resolution shall be
forwarded to the Airport Commission in order that it may proceed with the air-
port improvement program without delay.
ADOPTED: September 15, 1969
OA/ eAl
Mayor
ATTEST:
?a/r/. (?yL'
City Clerk