6427 RESOLUTION NO. 6 , 427
A RESOLUTION APPROVING THE SALE AND ISSUANCE OF
CITY OF LITTLE ROCK, ARKANSAS HOTEL AND RESTAURANT
GROSS RECEIPTS TAX BONDS (LITTLE ROCK CONVENTION
CENTER PROJECT) , SERIES 1980
WHEREAS , by Ordinance No. 13 , 847 , the Board of Directors
of the City of Little Rock, Arkansas (the "City" ) authorized the
issuance of the City' s Hotel and Restaurant Gross Receipts Tax
Bonds (Little Rock Convention Center Project) , Series 1980 (the
"Bonds" ) in the principal amount of not to exceed $28 , 650 ,000 ,
maturing and bearing interest as approved and accepted by the
Mayor and other members of this Board (the "Bond Committee" ) ; and
WHEREAS , Ordinance No. 13 , 847 also authorized the sale
of the Bonds to E . F . Hutton & Company Inc. and T. J . Raney &
Sons, Inc . , as representatives of a group of underwriters (the
"Underwriters") pursuant to a contract of purchase (the "Contract
of Purchase" ) in substantially the form therein approved, and
authorized the Mayor to confer with the Underwriters and the
City Advertising and Promotion Commission of the City of Little
Rock, Arkansas (the "Commission") and complete the Contract of
Purchase and execute and deliver the Contract of Purchase on
behalf of the City; and
WHEREAS , the Bond Committee has approved and accepted
the principal amount, maturity schedule and interest rates for
the Bonds; and
WHEREAS , there has been presented to the Board the
Contract of Purchase, the Preliminary Official Statement dated
August 29 , 1980 and the Official Statement dated September 8 ,
4 1980 , for the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS :
a
Section 1 . That the authorization for the issuance of
the Bonds , in the principal amount of $27 ,375 ,000 , dated September 1 ,
1980 , and maturing and bearing interest as approved and accepted
by the Bond Committee, is hereby ratified, confirmed and approved.
The Bond Committee has approved and accepted the following maturities
and interest rates:
Maturity Principal Interest
January 1 Amount Rate
1985 $ 195 ,000 6 .75%
1986 210 ,000 7 .00
1987 225 ,000 7 . 25
1988 240 ,000 7 . 50
1989 255 , 000 7 .70
1990 275 ,000 7 . 85
1991 300 , 000 8 .00
1992 325 ,000 8 . 15
1993 350 ,000 8 . 30
1994 380 ,000 8 .40
1995 410 , 000 8 . 50
1996 445 ,000 8 . 50
1997 485 ,000 8 . 50
2014 20 ,740 , 000 9 .75
2015 2 , 540 , 000 9 . 00
Section 2 . That the sale of the Bonds to the Underwriters
for a purchase price of $26 ,488 , 367 .90 plus accrued interest from
the date of the Bonds to the date of delivery, is hereby approved
and the authorization for the Mayor to execute and deliver the
Contract of Purchase, in substantially the form presented to this
meeting (which shall be made a part of the minutes of this meeting) ,
with such changes as the Mayor shall approve (the Mayor ' s execution
to constitute conclusive evidence of his approval) , is hereby
ratified, confimed and continued.
Section 3 . That the Preliminary Official Statement, in
the form presented to this meeting, and the Official Statement,
in substantially the form presented to this meeting (which forms
shall be made a part of the minutes of this meeting) are hereby
approved and the Mayor and Chairman of the Commission are authorized
to execute and deliver the Official Statement in substantially
the form presented (with such changes as they shall approve)
their execution to constitute conclusive evidence of approval.
Distribution of the Preliminary Official Statement and Official
Statement are ratified and approved.
Passed: September 8 , 1980 .
APPROVED:
ATTEST: Mayor
City Cle