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RESOLUTION NO.11.042
A RESOLUTION TO APPOINT THE ROSE LAW FIRM AS BOND
COUNSEL, AND STEPHENS INC., AS BOND UNDERWRITER, FOR
THE ISSUANCE OF REFUNDING BONDS FOR THE 1995 CAPITAL
IMPROVEMENT BOND ISSUES; AND FOR OTHER PURPOSES.
WHEREAS, pursuant to Little Rock, Ark., Ordinance No. 16,744 (September 6,
1994), the Board of Directors ( "the Board ") submitted to the qualified electors of the City of
Little Rock, Arkansas, ( "the City") the question of whether to issue bonds to finance certain
capital improvements within the City, and
WHEREAS, in order to take advantage of certain changes in the marketplace the
Board deemed it appropriate to refund the outstanding portion of $33,595,000 City of Little
Rock, Arkansas, Capital Improvement Bonds, Series 1988 ( "the 1988 Bonds "), and
WHEREAS, after the voters approved the issuance of new bonds to fund various
capital projects, the Board, pursuant to Little Rock, Ark., Ordinance No. 16,838 (January
20, 1995), authorized the issuance of $15,400,000 City of Little Rock, Arkansas, Capital
Improvement Refunding Bonds, Series 1995A, to refund the 1988 Bonds, and
WHEREAS, pursuant to Little Rock, Ark., Ordinance No. 16,839 (February 6,
1995), the Board authorized the issuance of $ 29,910,000 City of Little Rock, Arkansas,
Capital Improvement Bonds, Series 1995B, and
WHEREAS, after a review of the current market conditions the Board has
determined that the issuance of a new series of refunding bonds would enable the City
completely to pay off these two series of bonds two years early at no additional expense to
the taxpayers, and
WHEREAS, the first step toward such action is to secure the services of qualified
professionals to serve as the bond underwriting firm and, as legal counsel to advise the City
about the bond issue, and
WHEREAS, after a competitive selection process through which the City received
proposals from four different underwriting firms, and five different legal firms, it was
determined that the most qualified firms to handle these matters were Stephens Inc., of
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Little Rock, Arkansas, as bond underwriter, and The Rose Law Finn of Little Rock,
Arkansas, as bond counsel, and
WHEREAS, pursuant to state law and City ordinance contracts with these two firms
have been successfully negotiated, and the expense of these contracts is something that can
be deducted from the proceeds of the refunding bond issue, and
WHEREAS, because this matter is merely a refunding bond issue and does not
include the financing of any new capital improvement projects there is no need to conduct a
new election, and
WHEREAS, the Board of Directors believes that it is in the best interests of the
taxpayers of the City to take this step and to reduce by two years the amount of time that
City taxpayers will have to pay the special property tax levy authorized by the voters to
secure the repayment of these bonds,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
15 Section 1. The City Manager is authorized to enter into an agreement with
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Stephens Inc., of Little Rock, Arkansas, to serve as the bond underwriter for the issuance of
refunding bonds to pay off the outstanding principal and interest for the $15,400,000 City of
Little Rock, Arkansas, Capital Improvement Refunding Bonds, Series 1995A, and for
$29,910,000 City of Little Rock, Arkansas, Capital Improvement Bonds, Series 1995B.
Section 2. The City Manager is authorized to enter into an agreement with The
Rose Law Firm of Little Rock, Arkansas, to serve as bond counsel for the issuance of
refunding bonds to pay off the outstanding principal and interest for the $15,400,000 City of
Little Rock, Arkansas, Capital Improvement Refunding Bonds, Series 1995A, and for
$29,910,000 City of Little Rock, Arkansas, Capital Improvement Bonds, Series 1995B.
Section 3. It is the intent of the Board of Directors that the costs and expenses for
these two agreements shall be paid from the proceeds of any refunding bonds that are issued
by the City.
Section 4. Seyerability. In the event any tide, section, paragraph, item, sentence,
clause, phrase, or word of this resolution is declared or adjudged to be invalid or
unconstitutional, such declaration or adjudication shall not affect the remaining portions of
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9 0
the resolution which shall remain in full force and effect as if the portion so declared or
adjudged invalid or unconstitutional was not originally a part of the resolution.
Section 5. Repealer. All laws and parts of laws inconsistent with the provisions of
this resolution are hereby repealed to the extent of such inconsistency.
PASSED: April 3, 2001
ATTEST: APPROVED:
Nin6 woo4d, City Clerk
APPROVED AS TO LEGAL FORM:
AAA G,-
Thomas M. Carpenter, Ciry Attorney
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Jim . ey, Mayor