HomeMy WebLinkAbout8948RESOLUTION NO. 8,948 313
A RESOLUTION AUTHORIZING THE OFFERING OF UP TO
$28,500,000 CITY OF LITTLE ROCK, ARKANSAS
SEWER REFUNDING AND CONSTRUCTION REVENUE
BONDS, SERIES 1993; AUTHORIZING THE REDEMPTION
OF CITY OF LITTLE ROCK, ARKANSAS SEWER REVENUE
BONDS, DATED FEBRUARY 1, 1966; AND PROVIDING
FOR OTHER MATTERS IN CONNECTION THEREWITH.
WHEREAS, the City of Little Rock, Arkansas (the "City ")
owns a Sewer System (the "System ") , which is operated by the Sewer
Committee of the City (the "Committee ") ; and
WHEREAS, the Board of Directors of the City and the
Committee have determined that extensions, betterments and
improvements to the System, including particularly, without
limitation, improvements to the sludge handling and disposal
facilities (the "improvements ") are necessary in order to make the
services of the System adequate for the needs of the City; and
WHEREAS, the City does not have available funds to pay
the estimated costs of $4,500,000 for the improvements but can
obtain the same by the issuance of sewer revenue bonds and from
available funds of the System; and
WHEREAS, the Committee and the Board of Directors have
determined that the City will be able to receive a substantial
savings by refunding its Sewer Refunding and Construction Revenue
Bonds, Series 1987 (the 111987 Bonds ") ; and
WHEREAS, the City can refund the 1987 Bonds and pay a
portion of the costs of the improvements by the issuance of Sewer
Refunding and Construction Revenue Bonds, Series 1993, in the
principal amount of not to exceed $28,500,000 (the "bonds "); and
WHEREAS, the Board has conducted a public hearing
regarding the issuance of the bonds, after notice duly published at
least ten days in advance of the hearing in the Arkansas Democrat -
Gazette; and
WHEREAS, Stephens Inc., Hill, Crawford & Lanford
Incorporated and Crews & Associates, Inc. have been selected by the
Committee to underwrite the bonds (the "Underwriters "); and
WHEREAS, the form of the Preliminary Official Statement
offering the bonds for sale (the "Preliminary Official Statement ")
has been presented to and is before this meeting; and
WHEREAS, the City has outstanding an issue of its Sewer
Revenue Bonds, dated February 1, 1966 (the 111966 Bonds "); and
Ei2
314
WHEREAS, the Committee and the Board of Directors have
determined that it is in the best interest of the City to redeem
the 1966 Bonds from funds of the System held in connection with the
1966 Bonds; and
WHEREAS, Friday, Eldredge and Clark has been selected by
the Committee to act as Bond Counsel in connection with the
authorization, sale and issuance of the bonds; and
WHEREAS, upon the advice of the Committee and the City
Treasurer, the Board of Directors is now prepared to authorize the
offering of the bonds for sale by the Underwriters and to approve
the Preliminary Official Statement.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors
of the City of Little Rock, Arkansas, as follows:
Section 1. The 1966 Bonds shall be redeemed on August 1,
1993 from System funds at the redemption price stated in the
ordinance authorizing the 1966 Bonds.
Section 2. The Underwriters are hereby authorized to
offer the bonds for sale on such terms and conditions as may be
approved by the Underwriters and the City Treasurer.
Section 3. The form of Preliminary Official Statement,
substantially in the form exhibited to and before the Board of
Directors at the meeting at which this Resolution is adopted, is
hereby approved and the Underwriters are hereby authorized to use
the Preliminary Official Statement in connection with the sale of
the bonds.
Section 4. Friday, Eldredge & Clark, as Bond Counsel, is
hereby authorized and directed to prepare a bond ordinance
authorizing the issuance of the bonds for presentation to and
consideration by the Board of Directors at the Board meeting
following the preliminary offering of the bonds by the
Underwriters.
ADOPTED: Julv 6, ,
Robbie Hancock,-City Clerk
Approved as to form:
Tom Carpenter, City ttorney
1993.
1
Jim ! X mayor Dye" le