HomeMy WebLinkAbout7273M w M Emem M M M
RESOLUTION NO
7,273
M M M M M
A RESOLUTION APPROVING THE SALE OF SEWER REVENUE BONDS;
APPROVING THE DESIGNATION OF THE TRUSTEE AND PAYING AGENT;
APPROVING THE FORM OF THE BONDS; SETTING FORTH THE DETAILS
OF THE MATURITY SCHEDULE OF THE BONDS; AUTHORIZING THE USE
OF THE OFFICIAL STATEMENT BY THE UNDERWRITERS; PRESCRIBING
OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, by Ordinance No. 14,738 of the ordinances of the
City of Little Rock, Arkansas, passed and approved on the 12th
day of September, 1984, there were authorized and ordered sold
Sewer Revenue Bonds, Series 1984 in the total principal amount
of $6,500,000, with the Bonds to be dated October 1, 1984, to
bear interest at the rate or rates fixed in the bid accepted at
the sale, with the interest to be payable semiannually on
April 1 and October 1 of each year commencing April 1, 1985, and
with the Bonds to mature on October 1 in each of the years 1985
to 2004, inclusive; and
WHEREAS, pursuant to the authority conferred by Ordinance
No. 14,738, the Sewer Committee of the City caused to be
prepared a Notice of Sale of the Bonds, a copy of which has been
examined by the Board of Directors and filed with the City
Clerk, and after due publication and extensive dissemination of
the Notice and pertinent information pertaining to the Bonds,
the public sale was held on September 26, 1984; and
WHEREAS, at said sale the best bid was that of
Prudential -Bache Securities Inc., Shearson /American Express
Inc., Lehman Brothers Kuhn Loeb Incorporated, Clayton Brown &
Associates, Inc., Oppenheimer & Co., Inc., Stifel Nicolaus &
Company, Incorporated, and Hutchinson, Shockey, Erley & Co., all
as set forth in detail in Resolution No. 7,262 of the
resolutions of the City, duly adopted on September 26, 1984; and
WHEREAS, as authorized by Ordinance No. 14,738 and by the
Notice of Sale, the purchasers have designated Worthen Bank &
Trust Company, N.A., Little Rock, Arkansas, as Trustee and
Paying Agent;
NOW, THEREFORE, be it resolved by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. That the above referred to and described Notice
of Sale, a copy of which is on file with the City Clerk, and the
publication of same be, and the same are hereby, approved and
confirmed.
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Section 2. That the sale of $6,500,000 of Sewer Revenue
Bonds to the purchasers set forth above be, and the same is
hereby, approved and confirmed.
Section 3. That pursuant to the designation of the
purchasers, Worthen Bank & Trust Company, N.A., Little Rock,
Arkansas, is hereby named Trustee and Paying Agent of said Sewer
Revenue Bonds.
Section 4. That the form of the Bonds as authorized by
Ordinance No. 14,738 is hereby approved in final form as follows:
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REGISTERED
NO.
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[FRONT OF BOND]
UNITED STATES OF AMERICA
STATE OF ARKANSAS
COUNTY OF PULASKI
CITY OF LITTLE ROCK
SEWER REVENUE BOND
SERIES 1984
Interest
Interest Maturity Commencement
Rate: Date: Date: CUSIP:
Registered Owner:
Principal Amount:
KNOW ALL MEN BY THESE PRESENTS:
REGISTERED
That the City of Little Rock, Arkansas (the "City ") , hereby
acknowledges itself to owe, and for value received promises to
pay to the order of the Registered Owner shown above, or
registered assigns, but solely from the special fund provided
therefor as hereinafter set forth, in lawful money of the United
States of America, upon the presentation and surrender of this
bond, the Principal Amount shown above on the Maturity Date
shown above, and to pay in like coin or currency interest
thereon at the Interest Rate shown above from the Interest
Commencement Date shown above until paid, such interest to be
payable semiannually on the first day of April and October of
each year, commencing on the semiannual interest payment date
next succeeding the Interest Commencement Date, payable by check
or draft of Worthen Bank & Trust Company, N.A., in the City of
Little Rock, Arkansas (the "Trustee "), mailed to the Registered
Owner hereof as of the applicable Record Date (as defined on the
reverse hereof). Principal of this bond is hereby made payable
to the Registered Owner at the principal corporate trust office
of the Trustee in Little Rock, Arkansas.
This bond is part of an issue of Sewer Revenue Bonds, Series
1984 (the "bonds "), aggregating Six Million Five Hundred
Thousand Dollars ($6,500,000), all of like tenor and effect,
except as to denomination, interest rate, maturity, and right of
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prior redemption, and are issued for the purpose of financing
the cost of constructing extensions, betterments, and
improvements to the Sewer System of the City.
This bond and all bonds of this issue are issued pursuant to
and in full compliance with the Constitution and laws of the
State of Arkansas, particularly Act No. 132 of the Acts of the
General Assembly of the State of Arkansas for the year 1933, as
amended ( "Act 132 "), and pursuant to Ordinance No. 14,738 of the
Board of Directors of the City, duly adopted and approved on the
12th day of September, 1984, as supplemented by a Resolution of
the Board of Directors of the City, duly adopted and approved on
the 16th day of October, 1984 (collectively, the "Authorizing
Ordinance "), and do not constitute an indebtedness of the City
within any constitutional or statutory limitation. The City
shall not be obligated to pay the principal of this bond or the
interest hereon except from the special fund provided from the
net revenues of the Sewer System.
[REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS
BOND SET FORTH ON THE REVERSE HEREOF, WHICH HAVE THE SAME EFFECT
AS IF SET FORTH IN THIS PLACE.]
This bond shall not be valid until the Certificate of
Authentication hereon shall have been signed by the Trustee.
IN WITNESS WHEREOF, the City of Little Rock, Arkansas, by
its Board of Directors, has caused this bond to be executed in
its name by the facsimile signatures of the Mayor and City Clerk
thereof, with the seal of the City imprinted hereon, all as of
the first day of October, 1984.
ATTEST:
[Facsimile Signature]
City Clerk
(FACSIMILE SEAL)
CITY OF LITTLE ROCK, ARKANSAS
By [Facsimile Signature]
Mayor
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ES
86
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the bonds of the issue of Sewer Revenue
Bonds, Series 1984, of the City of Little Rock, Arkansas, dated
October 1, 1984, and aggregating $6,500,000 in principal amount,
described in the bond to which this certificate is attached.
Printed on the reverse hereof is the complete text of the
opinion of Rose Law Firm, a Professional Association, of Little
Rock, Arkansas, a signed original of which is on file with the
undersigned, delivered and dated the date of the original
delivery of and payment for the bonds.
WORTHEN BANK & TRUST COMPANY, N.A.,
Trustee
By:
(Authorized Signature)
Date of Authentication:
d.70
[REVERSE OF BOND] 87
CITY OF LITTLE ROCK, ARKANSAS
SEWER REVENUE BOND, SERIES 1984
ADDITIONAL PROVISIONS
This bond is issued on a parity of security with (i) the
City of Little Rock, Arkansas Sewer Revenue Bonds, dated
February 1, 1966 (the "1966 Bonds "), issued under the authority
of Ordinance No. 11,695 of the City, (ii) the Department of
Pollution Control and Ecology of the State of Arkansas Pollution
Control Revenue Bonds, dated June 1, 1972 (the "1972 Bonds "),
issued under the authority of State of Arkansas Resolution No.
19 -B, and which are secured by a pledge of revenues of the Sewer
System derived from a Water Quality Control Charge levied by the
City under the authority of Ordinance No. 12,632 of the City,
-and (iii) the City of Little Rock, Arkansas Sewer Revenue Bonds,
Series 1981, dated May 1, 1981 (the "1981 Bonds "), issued under
the authority of Ordinance No. 13,983 of the City.
The bonds of this issue are not general obligations of the
City, but are special obligations payable solely from net
revenues derived from the operation of the Sewer System, an
amount of which sufficient to pay the principal of, and premium,
if any, and interest on, the bonds (ranking on a parity with the
1966 Bonds, the 1972 Bonds, and the 1981 Bonds) is to be set
aside in a special fund for that purpose identified as the 1984
Sewer Revenue Bond Fund. Reference is made to the Authorizing
Ordinance for a detailed statement of the nature and extent of
security (the flow of Sewer Revenue Funds is First, to an
Operation and Maintenance Fund; Second, to the Sewer Revenue
Bond Fund securing the 1966 Bonds, the Department Bond Fund
securing the 1972 Bonds, the 1981 Sewer Revenue Bond Fund
securing the 1981 Bonds, the 1984 Sewer Revenue Bond Fund
securing the bonds of this issue, and into any sewer revenue
bond funds established in connection with additional bonds
issued on a parity of security with the 1966 Bonds, the 1972
Bonds, the 1981 Bonds, and the bonds of this issue; and Third,
to a Depreciation Fund), the rights and obligations of the City,
the Trustee, and registered owners of the bonds, the terms and
conditions upon which additional bonds may be issued on a parity
of security with the 1966 Bonds, the 1972 Bonds, the 1981 Bonds,
and the bonds of this issue, and the terms and conditions upon
which the bonds are issued, including without limitation the
covenant of the City to maintain rates for sewer services which
shall be sufficient to produce revenues adequate for the payment
of the expenses of operation and maintenance of the Sewer
System, to provide for the payment of the principal of, and
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premium, if any, and interest on the bonds of this issue, the
1966 Bonds, the 1972 Bonds, and the 1981 Bonds, which rank on a
parity of security, as the same become due, and Trustee's and
Paying Agent's fees, and to make the required deposit into the
Depreciation Fund. Under the provisions of Act 132, a lien is
fixed upon the land for any unpaid sewer charge, even though the
use of the Sewer System is by a tenant or lessee instead of the
owner, and pursuant thereto the Board of Directors has directed
that suit will be brought to enforce the lien and to collect
unpaid sewer charges.
The bonds are subject to redemption prior to maturity in
whole or in part, at the option of the City, in inverse order of
maturity (and by lot within a maturity) as follows: (1) from
the unexpended proceeds of the sale of the bonds not needed for
paying the cost of the construction work, on any interest
payment date on and after October 1, 1987 at a redemption price
equal to 100°% of the principal amount of the bonds being
redeemed plus accrued interest to the date of redemption; and
(2) from funds from any other source on any interest payment
date on and after October 1, 1994 at redemption prices
(expressed as percentages of the principal amount of the bonds
being redeemed), set forth in the table below, plus accrued
interest to the date of redemption:
Redemption Dates
Redemption Prices
October
1,
1994
and
April
1,
1995
102%
October
1,
1995
and
April
1,
1996
101 -1/2%
October
1,
1996
and
April
1,
1997
101°%
October
1,
1997
and
April
1,
1998
100 -1/2%
October
1,
1998
and
thereafter
100%
In the event any of the bonds or portions thereof are called
for redemption as aforesaid, notice thereof identifying the
bonds or portions thereof to be redeemed will be given by
mailing a copy of the redemption notice by first class mail at
least fifteen (15) days prior to the date fixed for redemption
to the Registered Owner of each bond to be redeemed as of the
applicable Record Date at the address shown on the registration
books. Failure to give any such notice by mailing, or any
defect therein, shall not affect the validity of any proceeding
for the redemption of any bond with respect to which no such
failure has occurred. All bonds or portions thereof so called
for redemption will cease to bear interest after the specified
redemption date provided funds for their redemption are on
deposit at the place of payment at that time.
Any notice mailed as provided in the preceding paragraph
shall be conclusively presumed to have been duly given, whether
or not the Registered Owner receives the notice.
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This bond is transferable by the Registered Owner hereof in
person or by his or her attorney duly authorized, only upon the
books of the City kept for that purpose at the office of the
Trustee, upon surrender of this bond together with a written
instrument of transfer in form and with guaranty of signature
satisfactory to the Trustee duly executed by the Registered
Owner or his or her duly authorized attorney. Upon such
transfer, a new bond or bonds in the same aggregate principal
amount will be issued to the transferee in exchange therefor as
provided in the Authorizing Ordinance, and upon payment of the
charges therein prescribed. The City, the Trustee, and the
Paying Agent may deem and treat the person in whose name this
bond is registered as the absolute owner hereof (whether or not
this bond shall be overdue) for the purpose of receiving payment
of, or on account of, principal hereof and premium, if any, and
interest due hereon and for all other purposes.
The bonds are issuable as fully registered bonds in
denominations of $5,000 or any integral multiple thereof.
Subject to the limitations and upon payment of the charges
provided in the Authorizing Ordinance, the Registered Owner of
any bond or bonds may surrender the same (together with a
written instrument of transfer and guaranty of signature
satisfactory to the Trustee duly executed by the Registered
Owner or his or her duly authorized attorney) in exchange for a
like aggregate principal amount of bonds of other authorized
denominations of the same maturity.
The Trustee shall not be required to transfer or exchange
any bond during any period which begins on a Record Date for
such bond and ends on the next succeeding interest payment date
or redemption date, as the case may be. "Record Date" means (i)
the 15th calendar day of the month next preceding any interest
payment date of such bond; or (ii) the date of the mailing of
notice calling such bond or portion thereof for redemption as
herein provided.
This bond is expressly made
issued with the intent that the
will govern its construction.
negotiable under Act 132 and is
laws of the State of Arkansas
No recourse shall be had for the payment of the principal
of, or premium, if any, or interest on, any of the bonds or for
any claim based thereon or upon any obligation, covenant, or
agreement contained in the bonds or the Authorizing Ordinance
against any past, present, or future director, officer, or
employee of the City, or any incorporator, member, commissioner,
director, trustee, officer, or employee of any successor of the
City, as such, either directly or through the City or any
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successor of the City, under any rule of law or equity, statute,
or constitution or by the enforcement of any assessment or
penalty or otherwise, and all such liability of any such
incorporator, member, commissioner, director, trustee, officer,
or employee as such is hereby expressly waived and released as a
condition of and consideration for the issuance of any of the
bonds.
IT IS HEREBY CERTIFIED, RECITED, AND DECLARED that all acts,
conditions, and things required to exist, happen, and be
performed precedent to and in the issuance of this bond do
exist, have happened, and have been performed in due time, form,
and manner as required by law; that the indebtedness represented
by the bonds of this issue does not exceed or violate any
constitutional or statutory limitation; and that sufficient net
revenues have been pledged to and will be set aside into the
1984 Sewer Revenue Bond Fund, referred to above, for the payment
of the principal of, and premium, if any, and interest on, the
bonds of this issue.
O
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91
ABBREVIATIONS
The following abbreviations, when used in the inscription on
the face of this bond, shall be construed as though they were
written out in full according to applicable laws or regulations:
TEN COM -
as
tenants
in common
TEN ENT -
as
tenants
by the entireties
JT TEN -
as
joint
tenants with right of survivorship
and
not as
tenants in common
UNIF GIFT
MIN ACT
Custodian
(Gust)
(Minor)
(State)
Additional abbreviations may also be used, though not in the
above list.
FORM OF TRANSFER
FOR VALUE RECEIVED,
the undersigned, hereby sells,
unto
name, address, and Social Security
of assignee) the within bond and
hereby irrevocably constitutes and a
attorney
on the books kept for registration
substitution in the premises.
Dated:
Signature Guaranteed:
assigns, and transfers
(Please insert
or other identifying number
all rights thereunder, and
ppoints
to transfer the within bond
thereof, with full power of
NOTICE: The signature of this
assignment must correspond with the
name as it appears upon the face of
the within bond in every
particular, without alteration or
enlargement or any change whatever.
NOTICE: Signature(s) must be
guaranteed by a member firm of
the New York Stock Exchange or
a commercial bank or a trust company.
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Section 5. That there are hereby authorized and ordered
issued bonds of the City of Little Rock, Arkansas, in the
aggregate principal amount of $6,500,000, to be designated "City
of Little Rock, Arkansas Sewer Revenue Bonds, Series 1984." The
Bonds shall be dated October 1, 1984, and shall be in the
denominations of $5,000 and integral multiples thereof.
Interest on the Bonds shall be payable semiannually on April 1
and October 1 of each year, commencing April 1, 1985, and the
principal thereof shall mature on October 1 in each of the years
1985 to 2004, inclusive (but are callable for payment prior to
maturity as provided in Ordinance No. 14,738 and on the form of
the Bonds set forth in Section 4 of this Resolution), as follows:
Maturity
Principal
Interest
Maturity
Principal
Interest
(October 1)
Amount
Rate
(October 1)
Amount
Rate
1985
$130,000
6.75%
$301,428.75
$301,428.75
1985
$130,000
6,75%
1995
$290,000
9.00°%
1986
140,000
7.20
1996
320,000
9.20
1987
150,000
7.50
1997
350,000
9.40
1988
165,000
7.75
1998
385,000
9.50
1989
175,000
8.00
1999
420,000
9.60
1990
190,000
8.20
2000
465,000
9.75
1991
205,000
8.40
2001
510,000
9.90
1992
225,000
8.60
2002
560,000
10.00
1993
245,000
8.75
2003
620,000
10.00
1994
270,000
8.90
2004
685,000
10.10
Section 6. That as provided in Ordinance No. 14,738,
the principal of and interest on the Bonds shall be paid from
funds in the 1984 Sewer Revenue Bond Fund as they mature
according to the following schedule:
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Principal
Interest
Year
(October 1)
Rate
April 1
October 1
Total
1985
$130,000
6.75%
$301,428.75
$301,428.75
$732,857.50
1986
140,000
7.20
297,041.25
297,041.25
734,082.50
1987
150,000
7.50
292,001.25
292,001.25
734,002.50
1988
165,000
7.75
286,376.25
286,376.25
737,752.50
1989
175,000
8.00
279,982.50
279,982.50
734,965.00
1990
190,000
8.20 _
272,982.50
272,982.50
735,965.00
1991
205,000
8.40
265,192.50
265,192.50
735,385.00
1992
225,000
8.60
256,582.50
256,582.50
738,165.00
1993
245,000
8.75
246,907.50
246,907.50
738,815.00
1994
270,000
8.90
236,188.75
236,188.75
742,377.50
1995
290,000
9.00
224,173.75
224,173.75
738,347.50
1996
320,000
9.20
211,123.75
211,123.75
742,247.50
1997
350,000
9.40
196,403.75
196,403.75
742,807.50
1998
385,000
9.50
179,953.75
179,953.75
744,907.50
1999
420,000
9.60
161,666.25
161,666.25
743,332.50
2000
465,000
9.75
141,506.25
141,506.25
748,012.50
2001
510,000
9.90
118,837.50
118,837.50
747,675.00
2002
560,000
10.00
93,592.50
93,592.50
747,185.00
2003
620,000
10.00
65,592.50
65,592.50
751,185.00
2004
685,000
10.10
34,592.50
34,592.50
754,185.00
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Section 7. That the purchasers of the Bonds be and they are
hereby authorized to use the Official Statement of the City in
connection with the public offering of the'Bonds for sale.
Section 8. That this Resolution is adopted pursuant to the
authority conferred by Ordinance No. 14,738 of the ordinances of
the City of Little Rock, Arkansas, and said Ordinance
No. 14,738, together with and as amended and supplemented by
this Resolution, shall continue in full force and effect.
Section 9. 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 10. That it is hereby ascertained and declared that
the improvements must be accomplished as soon as possible in
order to alleviate immediate hazards to the health, safety, and
welfare of the City, its inhabitants, and their property, and
that the improvements can be accomplished only by the issuance
of the Bonds. It is, therefore, declared that an emergency
exists and this Resolution being necessary for the immediate
preservation of the public peace, health, and safety shall take
effect and be enforced from and after its passage.
ADOPTED: October 16, 1984.
ATTEST:
City C e k
RLF100284
By: '�--
Mayor
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