4705 RESOLUTION NO. 4,705
A RESOLUTION SUPPLEMENTING ORDINANCE NO. 12 ,578,
ADOPTED AND APPROVED DECEMBER 1 , 1971 , BY
AUTHORIZING AND DIRECTING THE ISSUANCE OF AN
INITIAL SERIES OF BONDS IN THE PRINCIPAL AMOUNT
OF $156 ,000 AND SETTING FORTH THE DETAILS AND
MATURITY SCHEDULE PERTAINING THERETO; AND
DECLARING AN EMERGENCY.
WHEREAS, by Ordinance No. 12,578, adopted and approved December 1 ,
1971 ("Ordinance No. 12 ,578") , the City of Little Rock, Arkansas (the "City")
authorized the issuance of $203 ,000 in principal amount of City of Little Rock,
Arkansas Municipal Airport Revenue Bonds, Series 1971 (Second) , and provided
in Section 2 of Ordinance No. 12 ,578 that if the bonds were sold in series the
details of the series being sold would be set forth in a Resolution to be adopted
by the Board of-Directors;- and
WHEREAS, it has been determined that the bonds should be sold in
series and that the initial series designated "A" should be sold and delivered
in the principal amount of $156 ,000;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
City of Little Rock, Arkansas:
Section 1 . That pursuant to the authority conferred by Ordinance No.
12,578 there shall be sold and delivered at this time (at the price of par and
accrued interest for bonds bearing interest at the rate of 6% per annum) an
initial series of bonds designated City of Little Rock, Arkansas Municipal
Airport Revenue Bonds, Series 1971 (Second-A) in the principal amount of
$156 ,000 , dated December 1 , 1971 , bearing interest at the rate of 6% per annum,
payable on September 1 , 1972 and semiannually thereafter on March 1 and September I
of each year, and maturing annually on March 1 of each year as follows:
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INTEREST
YEAR BOND NOS. PRINCIPAL MARCH 1 SEPTEMBER 1 TOTAL
1972 $7,020 $ 7,020
1973 1 - 3 $3 ,000 $4,680 4,590 12,270
1974 4 - 6 3 ,000 4,590 4,500 12,090
1975 7 - 9 3 ,000 4,500 4,410 11 ,910
1976 10 - 12 3 ,000 4,410 4,320 11 ,730
1977 13 - 16 4,000 4,320 4,200 12 ,520
1978 17 - 20 4,000 . 4,200 4,080 12, 280
1979 21 - 24 4,000 4,080 3,960 12,040
1980 25 - 29 5,000 3,960 3 ,810 12, 770
1981 30 - 34 5,000 3 ,810 • 3 ,660 12 ,470
1982 35 - 39 5 ,000 3,660 3 ,510 12, 170
1983 40 - 44 5,000 3 ,510 3,360 11 ,870
1984 45 - 50 6,000 • 3 ,360 3, 180 12,540
1985 51 - 56 6 ,000 3 , 180 3,000 12, 180
1986 57 - 63 7,000 3 ,000 2, 790 12 , 790
1987 64 - 70 7,000 2,790 2 ,580 12,370
1988 71 - 77 7,000 2 ,580 2 ,370 11 ,950
1989 78 - 85 8,000 2 ,370 2, 130 12 ,500
1990 86--- 93 -8,000 2 , 130 1 ,890 12,020
1991 94 - 102 9 ,000 1 ,890 1 ,620 12,510
1992 103 - 113 11 ,000 1 ,620 1 ,290 13,910
1993 114 - 126 13 ,000 1 ,290 900 15, 190
1994 127 - 141 15,000 900 450 16 ,350
1995 142 - 156 15,000 450 --- • 15,450
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Section 2 . This Resolution is adopted pursuant to the authority conferred
by and in conformity with, the provisions of Section 2 of Ordinance No. 12,578,
and Ordinance No. 12 ,578, as supplemented by this Resolution, shall continue
in full force and effect.
Section 3. That it is hereby ascertained and declared that the present
Little Rock Municipal Airport facilities are inadequate and by reason thereof
there exists a hazard to the life, property and welfare of the inhabitants of the
City. The herein authorized improvements are immediately necessary to alleviate
the hazard and can be accomplished only by the issuance of the bonds authorized
by Ordinance No. 12, 578, as supplemented by this Resolution. It is, therefore,
declared that an emergency exists, and this Resolution being necessary for the
immediate preservation of,the 'public peace , health and safety, shall take effect
and be in force from and after its passage.
ADOPTED: December 21 , 19 71 .
AP'ROVED:
ATTEST: /
C
L Mayor
ity Clerk
(SEAL)