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RESOLUTION NO. 8,880 114
A RESOLUTION AUTHORIZING THE MAYOR AND
TREASURER TO PROCEED WITH ALL ACTIONS
NECESSARY FOR THE COMPETITIVE SALE OF THE
CITY'S WASTE DISPOSAL REVENUE BONDS, SERIES
1993; AUTHORIZING A NOTICE OF SALE, BID FORM
AND PRELIMINARY OFFICIAL STATEMENT;
DESIGNATING THE MAYOR AND TREASURER TO DEEM
FINAL THE OFFICIAL STATEMENT; AND PRESCRIBING
OTHER MATTERS PERTAINING THERETO.
WHEREAS, the City of Little Rock, Arkansas (the "City ") , a
city of the first class, owns and operates a waste collection and
disposal system (the "System "); and
WHEREAS, the Board of Directors of the City (the "Board ") has
determined that betterments and improvements to the System,
including specifically a solid waste landfill and related
facilities, are necessary in order to comply with federal and state
mandates and to make the services of the System adequate for the
needs of the City, and has caused to be prepared by The Mehlburger
Firm, Inc., R. W. Beck and Associates, and Woodward -Clyde
Consultants, qualified consulting engineers, a report, plans and
specifications, and estimates of cost for the proposed betterments
and improvements to the System, all as described in detail in the
plans and specifications (the "Improvements "), which plans and
specifications have been examined and approved by the Board and a
copy of which are on file in the office of the City Director of
Public Works, where they may be inspected by any interested person;
and
WHEREAS, there is no outstanding indebtedness of the System;
and
WHEREAS, the Board has determined that the estimated initial
cost of the Improvements and the costs of authorizing and issuing
bonds can be financed by the issuance of the City of Little Rock,
Arkansas Waste Disposal Revenue Bonds, Series 1993 (the "Bonds ") in
a total principal amount not to exceed $17,500,000; and
WHEREAS, the City desires to sell the Bonds at competitive
sale in order to obtain the lowest possible interest rates on the
Bonds; and
WHEREAS, the Board has conducted a public hearing on the
issuance of the Bonds, as required by Arkansas Code Annotated
Section 19 -9 -607, and has determined to proceed with the offering
of the Bonds for sale;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the City of Little Rock, Arkansas:
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Section 1. Authorization to offer Bonds. The offering of the
City of Little Rock, Arkansas Waste Disposal Revenue Bonds, Series
1993 (the "Bonds ") in a principal amount not to exceed $17,500,000,
in order to finance improvements (the "Improvements ") to the City's
waste disposal and collection system (the "System ") is hereby
authorized. The Bonds shall be secured solely by the revenues of
the System, and shall not constitute a general obligation of the
City, or a mortgage or lien on any of its property. The Mayor,
City Clerk and City Treasurer are hereby authorized to proceed with
all actions necessary for the offering of the Bonds at competitive
sale.
Section 2. Authorization of Offering Documents. The Notice
Of Sale, Bid Form, and Preliminary Official Statement, in
substantially the forms presented to the Board at this meeting,
with only such changes as shall be approved by the Mayor and the
City Treasurer, are hereby approved, and the dissemination of such
documents to potential bidders on the Bonds is hereby authorized.
Section 3. Authorization to Deem Final the Preliminary
Official Statement. The Mayor and City Treasurer are hereby
authorized, if satisfied that the Preliminary Official Statement is
in "near final" form (as such term is used in Rule 15c2 -12 of the
Securities and Exchange Commission) , to take the appropriate action
to deem the Preliminary official Statement as "final," pursuant to
Rule 15c2 -12.
Section 4. Authorization to Obtain Rating. The Mayor and
City Treasurer are hereby authorized to take all actions necessary
to obtain a rating on the Bonds from Standard & Poor's Corporation
and /or Moody's Investors Service, Inc., including directing the
drafting of a proposed ordinance, draft indenture, or other draft
document setting forth the terms and conditions pursuant to which
the Bonds will be secured and repaid; provided, however, that such
document will be subject to final approval by the Board.
Section S. Further Direction Regarding Offering of Bonds.
The Mayor and City Treasurer are hereby directed to distribute the
Notice of Sale, Bid Form and Preliminary Official Statement to
qualified bidders and to set a time for the acceptance of bids on
such dates as are deemed appropriate after consultation with the
City's financial adviser and bond counsel. On the date set by the
Mayor and City Treasurer for receiving bids, the Mayor and City
Treasurer shall examine the bids and determine the lowest qualified
bid. The bids shall be presented to the Board, along with the
report of the Mayor and the City Treasurer as to the lowest
qualified bid, and the Board shall consider acceptance of a bid and
the sale of the Bonds, and shall, if a bid is accepted, adopt an
ordinance that sets forth the terms and conditions of the Bonds or
that approves and accepts an indenture setting forth such terms and
conditions.
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Adopted: March 16, 1993.
ATTEST:
City rRobbie Hancock
3
APPROVED:
MaycW Jim Dailey