5336 •
RESOLUTION NO. 5,336
A RESOLUTION APPROVING THE SALE OF MUNICIPAL AIRPORT
REVENUE REFUNDING BONDS AUTHORIZED BY ORDINANCE
NO. 13 ,008; APPROVING THE DESIGNATION OF A TRUSTEE
AND PAYING AGENT; AND PRESCRIBING OTHER MATTERS
RELATING THERETO.
1
WHEREAS, by Ordinance No. 13,008 of the ordinances of the City
of Little Rock, Arkansas (the "City") , passed and approved on the 21st day
of January, 1975 (the "Authorizing Ordinance") , there were authorized and
ordered sold Municipal Airport Revenue Refunding Bonds in the total principal
amount of $900 ,000 (the "bonds") , with the bonds to be dated March 1 , 1975 ,
with interest payable semiannually on March 1 and September 1 of each year,
commencing September 1 , 1975, and with the bonds to mature on March 1 in
each of the years 1976 to 1990 , inclusive, and otherwise as described in
detail in the Authorizing Ordinance; and
WHEREAS, pursuant to the authority conferred by the Authorizing
Ordinance, the bonds were duly advertised for public sale and at the public
sale held February 13, 1975, the following bids were received:
I •.
The bid of Merrill Lynch , Pierce, Fenner & Smith, Inc. , Powell & Satterfield, Inc.
and Parham, Matthews & Company, Inc. of par and accrued interest for bonds
bearing interest as follows: Bonds maturing in the years 1976 to 1980, inclusive,
6-1/2% per annum; Bonds maturing in the year 1981, 6% per annum; Bonds ma-
turing in the years 1982 to 1986, inclusive, 5-1/2% per annum; Bonds maturing
• in the years 1987 and 1988, 5-3/4% per annum; and Bonds maturing in the years
1989 and 1990, 5.90% per annum; resulting in a net interest cost of $473,188
and an average interest rate of 5.779748%;
The bid of Jon Brittenum & Associates and Delta Securities , Inc. of par and
accrued interest plus a premium of $475 for bonds bearing interest as follows:
Bonds maturing in the years 1976 to 1983, inclusive, 6% per annum; Bonds
maturing in the years 1984 and 1985, 5-1/2% per annum; Bonds maturing in
the years 1986 to 1988, inclusive, 5.60% per annum; and Bonds maturing in
the years 1989 and 1990, 5.70% per annum; resulting in a net interest cost
of $466,613 and an average interest rate of 5.699438% per annum; and
The bid of Stephens, Inc. , T .J . Raney & Sons , Inc. , Hill, Crawford & Lanford
Incorporated and Reynolds Securities , Inc. (the "Stephens account") of par
and accrued interest plus a premium of $213.67 for bonds bearing interest as
follows: Bonds• maturing in the years 1976 to 1985, inclusive, 5.40% per annum;
and Bonds maturing in the years 1986 to 1990, inclusive, 5% per annum; resulting
in a net interest cost of $421,360.33 and an average interest rate of 5. 1467%. •
Page 2
NOW, THEREFORE , BE IT RESOLVED by the Board of Directors of the
City of Little Rock, Arkansas:
Section 1. That the bid of the Stephens account (the "purchasers")
for the bonds is hereby found and declared to be the best bid and the bid is
hereby accepted and the bonds sold to the purchasers .
Section 2 . That the purchasers' designation of First Jacksonville
Bank, Jacksonville, Arkansas , as Trustee and Paying Agent is hereby approved
and confirmed.
Section 3. That there are hereby authorized and ordered issued bonds
in the aggreagte principal amount of $900,000, designated "City of Little Rock,
Arkansas, Municipal Airport Revenue Refunding Bonds," and shall be dated
March 1, 1975. Bonds Nos. 8, 9, 10, 19, 28, 29, 30, 49, 50, 51, 62, 63,
86, 87, 88, 89, 102, 103, 117, 131, 132, 133, 134 , 148, 149 , 150 , 166 , 167, 168,
185, 186, 187, 205, 206 and 207 shall be in the denomination of $1,000 each,
and all other bonds shall be in the denomination of $5,000 each. Bonds 1 to
117, inclusive, maturing in the years 1976 to 1985, inclusive , shall bear interest
at the rate of 5.40% per annum; and Bonds Nos. 118 to 208 , inclusive, maturing
in the years 1986 to 1990, inclusive, shall bear interest at the rate of 5% per
annum. The interest shall be payable semiannually on March 1 and September 1
of each year, commencing September 1, 1975. Principal and interest shall be
payable at the principal office of the Paying Agent. Payment of interest, when
registered as to interest, may be by check or draft mailed to the registered
owner at the address shown on the bond registration book of the City main-
tained by the Trustee. The bonds shall mature on March 1 in each of the
years 1976 to 1990, inclusive, as hereinafter set forth, but are callable for
payment prior to maturity as set forth in the Authorizing Ordinance.
Section 4. That as provided in the Authorizing Ordinance, the principal
of and interest on the bonds shall be paid from funds in the "Municipal Airport
Revenue Bond Fund" as they mature, according to the following schedule:
7-T
ii
Page 3
INTEREST INTEREST
YEAR BOND NOS. RATE PRINCIPAL MARCH 1 SEPTEMBER 1 TOTAL
1975 5 . 40% $ 23 ,518 $ 23,518
1976 1- 10 $ 38,000 $23 ,518 22 ,492 84,010
1977 11- 19 41 ,000 22 ,492 21 ,385 84,877
1978 20- 30 43,000 21 ,385 20,224 84,609
1979 31- 39 45 ,000 20,224 19,009 84,233
1980 40- 51 48,000 19,009 17, 713 84, 722
1981 52- 63 52 ,000 17 , 713 16, 309 86 ,022
1982 64- 74 55 ,000 16 ,309 14,824 86 ,133
1983 75- 89 59,000 14 ,824 13 ,231 87 ,055
1984 90-103 62 ,000 13 ,231 11 ,557 86,788
1985 104-117 66,000 11 ,557 9,775 87 ,332
1986 118-134 5 . 00% 69,000 9, 775 8,050 86,825
1987 135-151 73 ,000 8,050 6,225 87,275
1988 152-169 78,000 6,225 4,275 88,500
1989 170-188 83 ,000 4,275 2 ,200 89,475
1990 189-208 88,000 2 ,200 90,200
Section 5. That this Resolution is adopted pursuant to the authority
conferred by the Authorizing Ordinance, and the Authorizing Ordinance, together
with and as supplemented by this Resolution, shall continue in full force and
effect.
Section 6. That the provisions of this Resolution are hereby declared
to be separable and if a section, phrase or provision shall be declared invalid,
such declaration shall not affect the validity of the remainder of the Resolution.
Section 7. This Resolution shall be in full force and effect from and
after its adoption.
ADOPTED: February 13 , 1975 .
APPROVED:
ATTEST:
ii-„-„,,,het
Mayor
L
C i lerk 444°L
(SEAL)