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HomeMy WebLinkAbout14651 1 RESOLUTION NO. 14,651 2 3 A RESOLUTION TO AUTHORIZE THE OFFERING OF UP TO FIVE 4 MILLION FIVE HUNDRED THOUSAND DOLLARS ($5,500,000.00) OF 5 CITY OF LITTLE ROCK, ARKANSAS, PORT AUTHORITY REVENUE 6 BONDS; TO PROVIDE FOR OTHER MATTERS IN CONNECTION 7 WITH THE BONDS; AND FOR OTHER PURPOSES. 8 9 WHEREAS,the City of Little Rock,Arkansas(the"City")owns a municipal port and related land and 10 facilities known as the Port of Little Rock(the"Port"),which is operated by the Little Rock Port Authority 11 (the"Authority")for and on behalf of the City; and 12 WHEREAS, the Authority has determined that there is a need for the acquisition, construction and 13 equipping of improvements at the Port, including particularly, without limitation, road improvements and 14 a new dock and railspur(the "Improvements"); 15 WHEREAS, the Authority has recommended that a portion of the costs of the Improvements be 16 financed by the issuance of port authority revenue bonds in the maximum principal amount of Five Million, 17 Five Hundred Thousand Dollars($5,500,000.00)(the"Bonds"); and 18 WHEREAS, Crews & Associates, Inc. (the "Underwriter"), has been selected by the Authority to 19 underwrite the Bonds; and 20 WHEREAS,Friday,Eldredge&Clark,LLP,has been selected by the Authority to act as Bond Counsel 21 in connection with the authorization, sale and issuance of the Bonds; and 22 WHEREAS,upon the advice of the Authority,the Board of Directors is now prepared to authorize the 23 offering of the Bonds for sale by the Underwriter; 24 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 25 OF LITTLE ROCK,ARKANSAS: 26 Section 1. The Underwriter is herebyauthorized to offer the bonds in the maximum principal amount P P 27 of Five Million, Five Hundred Thousand Dollars($5,500,000.00)for sale on such terms and conditions as 28 may be recommended by the Underwriter and the Authority. 29 Section 2. The Officials of the City are authorized to cooperate with the Underwriter and Friday, 30 Eldredge&Clark,LLP, as Bond Counsel, in the offering and sale of the Bonds and are further authorized 31 to execute such writings and take such actions as may be appropriate to the offering of the Bonds. 32 Section 3. The issuance of the Bonds is, under Arkansas Law, subject to approval of the Board of 33 Directors by ordinance,and any sale of the Bonds will be subject to the approval of the Board of Directors. [Page 1 of 2] 1 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 2 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 3 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 4 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 5 resolution. 6 Section 5. Repealer. All laws,ordinances,resolutions, or parts of the same,that are inconsistent with 7 the provisions of this resolution, are hereby repealed to the extent of such inconsistency. 8 ADOPTED: October 2,2017 9 A i op) APPROVED: 101 dia vC 12 ' sa ugimp ity Clerk Mark Stodola,Mayor 13 APPR cD AS TO LEGAL FORM: 14 �� f 15 e.11)"4t-•'^ hAr e_ .fir 16 Thomas M. Carpenter,City Attorne 17 // 18 A. 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // 36 // [Page 2 of 2]