HomeMy WebLinkAbout11108RESOLUTION NO. 11 1
A RESOLUTION AUTHORIZING THE OFFERING OF UP TO
$23,500,000 OF CITY OF LITTLE ROCK, ARKANSAS
SEWER REFUNDING AND CONSTRUCTION REVENUE
BONDS, SERIES 2001; SETTING A PUBLIC HEARING
TO CONSIDER AN ORDINANCE AUTHORIZING THE
ISSUANCE OF THE BONDS; 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 Committee has determined that improvements
to the System (the "improvements ") are necessary in order to make
the services of the System adequate for the needs of the City; and
WHEREAS, in order to take advantage of low interest rates
and to reduce debt service requirements on an annual basis, the
Committee has determined that the City should refund its Sewer
Refunding and Construction Revenue Bonds, Series 1993 in the
outstanding principal amount of $19,930,000 (the "1993 Bonds ") ; and
WHEREAS, the City can refund the 1993 Bonds and finance
the improvements by the issuance of Sewer Refunding and
Construction Revenue Bonds, Series 2001, in the principal amount of
not to exceed $23,500,000 (the "bonds "); and
WHEREAS, the Board of Directors is required to conduct a
public hearing on the question of issuing the bonds prior to
adopting the ordinance authorizing the issuance of the bonds (the
"Bond Ordinance "); and
WHEREAS, Morgan Keegan & Company, Inc. (the "Underwriter ")
has been selected by the Committee to underwrite the bonds; 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, Friday, Eldredge & Clark, LLP 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, the Board of
Directors is now prepared to set the public hearing, to authorize
the offering of the bonds for sale by the Underwriter and to
approve the Preliminary Official Statement;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That September 4, 2001, at 6:00 p.m. shall be
the date and time for a public hearing to consider the Bond
Ordinance authorizing the issuance of up to $23,500,000 in
principal amount of the bonds for the purpose of financing the
costs of the improvements and refunding the 1993 Bonds.
Section 2. That the Underwriter is hereby authorized to
offer the bonds for sale on such terms and conditions as may be
recommended by the Underwriter and the Committee.
Section 3. That 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 Underwriter is hereby
authorized to use the Preliminary Official Statement in connection
with the sale of the bonds.
Section 4. That Friday, Eldredge & Clark, LLP, as Bond
Counsel, is hereby authorized and directed to prepare the Bond
Ordinance for presentation to and consideration by the Board of
Directors at the meeting at which the public hearing is held.
ADOPTED: August 21,
a cy Woo City CleFrk
App ved as to form:
Tom Carpenter, City U ttorney
2001.
im Dailey, Ma t or .