HomeMy WebLinkAbout11346RESOLUTION NO. 11, 346
A RESOLUTION AUTHORIZING THE OFFERING OF UP TO
$28,600,000 OF CITY OF LITTLE ROCK, ARKANSAS WASTE
DISPOSAL REFUNDING AND IMPROVEMENT REVENUE
BONDS, SERIES 2002; AND PROVIDING FOR OTHER
MATTERS IN CONNECTION THEREWITH.
WHEREAS, the City of Little Rock, Arkansas (the "City ") owns and operates a
waste collection and disposal system (the "System "); and
WHEREAS, the Board of Directors has determined that betterments and
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, the improvements, which include particularly, without limitation, the
construction of cell four of the City's class I landfill and related costs, the purchase of
equipment, the acquisition of land, the preparation of a rate study for solid waste services and
the closure of cell two of the landfill; and
WHEREAS, in order to take advantage of low interest rates, the Board of Directors
has determined that the City should refund all or a portion of its Waste Disposal Revenue
Bonds, Series 1993 and Series 1995 in the outstanding principal amount of $21,465,000 (the
"Outstanding Bonds "); and
WHEREAS, the City can refund the Outstanding Bonds and finance the
improvements by the issuance of Waste Disposal Refunding and Improvement Revenue
Bonds, Series 2002 (the "bonds "); and
WHEREAS, the Board of Directors has conducted two public hearings on the
question of issuing the bonds; and
WHEREAS, Stephens Inc. (the "Underwriter ") has been selected to underwrite the
bonds; and
WHEREAS, pursuant to Resolution No. 11,322, adopted July 2, 2002, the Board of
Directors authorized the Underwriter to offer the bonds in the maximum principal amount of
$28,245,000; and
WHEREAS, the Board of Directors has determined that the maximum principal
amount of the bonds to be offered should be increased to $28,600,000.
• •
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
Section 1. That the Underwriter is hereby authorized to offer the bonds for sale in the
maximum principal amount of $28,600,000 on such terms and conditions as may be
recommended by the Underwriter and the City Treasurer.
Section 2. That Resolution No. 11,322 shall remain in full force and effect except as
to the maximum principal amount of the bonds authorized to be offered thereby.
ADOPTED: August 5, 2002
Na y Wood, ity Clerk
Approved as to legal form:
Thomas M. Carpenter, Ci ttorney
Dailey, Mayor '