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RESOLUTION NO. 10,640
A RESOLUTION CONFIRMING THE SALE OF LIBRARY
REFUNDING AND IMPROVEMENT BONDS AUTHORIZED
PURSUANT TO ORDINANCE NO. 18,085 OF THE
ORDINANCES OF THE CITY OF LITTLE ROCK, APPOINTING
A TRUSTEE; DESIGNATING BONDS AS BANK QUALIFIED;
AND PRESCRIBING OTHER MATTERS RELATING THERETO. 5 1 v
WHEREAS, on August 3, 1999, the City of Little Rock, Arkansas ( "City "),
acting by and through the Board of Directors of the City, approved Ordinance No.
18,085 which provided for the issuance and sale of library refunding and improvement
bonds for the purpose of refunding an outstanding issue of capital improvement revenue
bonds and funding the acquisition, equipping and construction of additional capital
improvements to the public libraries operated by the City of Little Rock, Arkansas;
provided for the issuance of library refunding bonds for the purpose of refunding an
outstanding issue of capital improvement bonds; provided for the payment of the
principal of and interest on the ,Bonds; authorized the execution and delivery of a
Master Trust Indenture and Supplemental Trust Indentures; and prescribed other
matters relating thereto (the "Authorizing Ordinance "); and
WHEREAS, pursuant to the provisions of the Authorizing Ordinance, the City
authorized and ordered sold and issued, its library refunding and improvement bonds
and its library refunding bonds in the total aggregate principal amount of not to exceed
$10,000,000, at an average interest rate of all bonds not to exceed six percent (6 %),
and with a final maturity of not to exceed thirty (30) years from the date of issue (the
"Bonds "); and
WHEREAS, Stephens Inc. {the "Underwriter ") pursuant to the provisions of a
Bond Purchase Agreement the form and content of which were approved pursuant to
the provisions of the Authorizing Ordinance, has offered to purchase the Bonds in a
total principal amount, at an interest rate and having a final maturity all of which are
within the terms prescribed by the Authorizing Ordinance; and
WHEREAS, Metropolitan National Bank, Little Rock, Arkansas has been
selected to serve as Trustee for the Bonds; and
WHEREAS, the City desires to confirm the principal amount of, the interest
rate and the final maturities of the Bonds all as more particularly set forth in Exhibit
"A" hereto and made a part hereof.
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NOW, THEREFORE, BE IT RESOLVED BY the Board of Directors of the
City of Little Rock, Arkansas:
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Section 1. That there is hereby confirmed and ratified the sale of the City's
Library Refunding Bonds, Series 1999A in the aggregate principal amount of $825,000
to Stephens Inc., at a price of $820,330.50, bearing interest at an average interest rate
of 4.1% per annum, and having a final maturity of March 1, 2000 and the City's
Library Refunding And Improvement Bonds, Series 1999B, in the aggregate principal
amount of $9,175,000 to Stephens Inc., at a price of $9,123,069.50, bearing interest at
an average interest rate of 5.03% per annum, and having a final maturity of March 1,
2000.
Section 2. That issuance of the Bonds in the form of serial bonds and term
bonds in the principal amounts, at the interest rates and with the maturities set forth on
Exhibit "A" is confirmed.
Section 3. That Metropolitan National Bank, Little Rock, Arkansas is
hereby appointed to serve as Trustee for the Bonds.
Section 4. That the form of the Bond Purchase Agreement together with the
terms and conditions set forth in Exhibit "A" hereto is hereby ratified and confirmed.
Section 5. That the Bonds are hereby designated for purposes of paragraph
(3) of Section 265(b) of the Code and the City covenants that the Bonds do not
constitute private activity bonds as defined in Section 141 of the Code, and that not
more than $10,000,000 aggregate principal amount of obligations the interest on which
is excludable (under Section 103(a) of the Code) from gross income for federal income
taxes (excluding, however, private activity bonds, as defined in Section 141 of the
Code, other than qualified 501(c)(3) bonds, as defined in Section 145 of the Code),
including the Bonds, have been, or are reasonably anticipated to be, issued by the City,
including all subordinate entities of the City during the calendar year 1999.
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. That this Resolution is adopted pursuant to the authority
conferred by Ordinance No. 18,085 of the Ordinances of the City of Little Rock,
Arkansas, and that Ordinance No. 18,085, together with and as supplemented by this
Resolution, shall continue in full force and effect.
Section 8. This Resolution shall be in effect from and after the date of its
adoption.
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PASSED: September 7, 1999.
APPROVED AS TO FORM:
APPROVED: ` 517
By:
J' alley, Mayor
ATTEST:
Robbie Hancock, City Clerk
By: ' "' v o A-k -
Thomas M. Carpenter, Cit ttorney
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EXHIBIT "A"
Series 1999A Bonds S 1
DATE PRINCIPAL INTEREST RATE
arch 1
2000 $825,000 4.10%
Series 1999B Bonds
DATE
PRINCIPAL
INTEREST RATE
(March 1)
2001
$480,000
4.20%
2002
500,000
4.30
2003
525,000
4.40
2004
545,000
4.50
2005
570,000
4.60
2006
595,000
4.70
2007
625,000
4.80
2008
655,000
4.85
2009
685,000
4.95
2010
720,000
5.05
2011
760,000
5.15
2012
795,000
5.20
2013
840,000
5.25
2014
880,000
5.30
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