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RESOLUTION NO. 6,849 112
A RESOLUTION AUTHORIZING THE ISSUANCE OF REPLACEMENT
BONDS #158 AND x.159 FOR ARMSTRONG RUBBER COMPANY
INDUSTRIAL DEVELOPIENT GENERAL OBLIGATION BONDS DATED
MARCH 1, 1967; AND FOR OTHER PURPOSES.
WHEREAS, the City of Little Rock, Arkansas has issued
its Industrial Development General Obligation Bonds in the
principal amount of $1,500,000, dated March 1, 1967 (the
"Bonds "), a portion of which Bonds are presently outstanding; and
WHEREAS, certain of the Bonds, specifically Bonds
numbers 158 and 159 have been stolen from the rightful owner
thereof, V. J. Trotter & Sons, of Monticello, Arkansas; and
WHEREAS, under the Constitution and laws of the State of
Arkansas, including particularly, but without limitation, Act No.
350 of 1941 ( "Act No. 350 "), and under Section 210 of the Trust
Indenture (the "Indenture ") securing the Bonds the City may and
should issue Bonds in replacement of the Bonds so stolen; and
WHEREAS, the requirements of Act No. 350 and the
Indenture for the issuance of replacement bonds have been met,
specifically there has been filed with the City the affidavit and
surety bond required by Act No. 350 and the Indenture; and
WHEREAS, it is appropriate that replacement bonds be
issued by the City;
NOW, THEREFORE, be it resolved by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. The replacement bonds (the "Replacement
Bonds ") shall be issued, in the denominations, numbered, dated,
bearing interest and maturing as in the case of the bonds replaced
thereby. The Replacement Bonds shall be in the form and of the
content as follows:
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UNITED STATES OF AMERICA
STATE OF ARKANSAS
CITY OF LITTLE ROCK
COUNTY OF PULASKI
4% INDUSTRIAL DEVELOPMENT GENERAL OBLIGATION BOND
No. (158) or (159) $5,000.00
KNOW ALL MEN BY THESE PRESENTS:
THAT the City of Little Rock, State of Arkansas,
acknowledges itself to owe, and for value received, promises to
pay to V. J. Trotter & Sons, or registered assigns, the sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, on the first day
of March, 1984, with interest thereon from the first day of March,
1967, at the rate of four per centum (4%) per annum, payable on the
first day of September, 1967, and semiannually thereafter on the
first day of March and September of each year, to V. J. Trotter &
Sons, or registered assigns. Both principal of and interest on
this bond are hereby made payable at the office of First Tennessee
Bank N.A. Memphis, Memphis, Tennessee (the "Paying Agent ") except
that payment of interest may be by first class mail to the
registered owner hereof at the address reflected on the bond
registration book maintained by the Paying Agent.
This is one of a series of three hundred (300) bonds
aggregating One Million Five Hundred Thousand Dollars
($1,500,000), all of like tenor and effect, except as to rights of
prior redemption and maturities, numbered from 1 to 300,
inclusive, issued for the purpose of securing and developing
industry within the City of Little Rock, Arkansas, and the said
City of Little Rock, hereby covenants that in the issuing of this
bond it has proceeded in accordance with the provisions of
Amendment No. 49 to the Constitution of the State of Arkansas,
under ordinances and proceedings of the Board of Directors of said
City, and in pursuance of an election duly held at which the
majority of the legal voters of said City voting at said election
voted in favor of the issuance of said bonds; that all things
necessary to the validity of this bond under the laws of the State
of Arkansas, and particularly under said Amendment to its
Constitution, have existed, have happened, and have been
performed as required by law; that a tax sufficient to pay the
bonds aforesaid has been duly levied in accordance with said
Constitutional Amendment, and made payable annually until the
last of the principal of and interest on said bonds has been fully
paid and discharged; and that the indebtedness represented by this
bond and the issue of which it forms a part does not exceed any
constitutional or statutory limitations.
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For the prompt payment of this bond and all others of
this issue and the interest thereon, the said City of Little Rock
hereby pledges its full faith, credit and taxing power, including
three - fourths of one (3 /4ths of 1) mill authorized to be levied by
said Amendment to the Constitution, and levied by Ordinance No.
11,926 of the City of Little Rock, Arkansas, duly passed on the
17th day of July, 1967, provided, however, the City of Little Rock
may, from time to time, suspend the collection of such annual
levy, in whole or in part, when not required for the payment of the
said bonds, as authorized by said Amendment No. 49.
The bonds of this issue are subject to redemption, prior
to maturity, at the option of the City, in whole or in part, in
inverse numerical order, on and after March 1, 1977, from funds
derived from any source, at the following prices plus accrued
interest:
If redeemed on March 1, 1977, and prior to
March 1, 1978, at 103 cents on the dollar;
If redeemed on March 1, 1978, and prior to
March 1, 1979, at 102i cents on the dollar;
If redeemed on March 1, 1979, and prior to
March 1, 1980, at 102 cents on the dollar;
If redeemed on March 1, 1980, and prior to
March 1, 1981, at 101i cents on the dollar;
If redeemed on March 1, 1981, and prior to
March 1, 1982, at 101 cents on the dollar;
If redeemed on March 1, 1982, and prior to
March 1, 1983, at 100; cents on the dollar;
and
If redeemed on or after March 1, 1983, at
par.
Notice of the call for redemption identifying the bonds to be
redeemed shall be published at least one time in a newspaper or
financial journal of general circulation among dealers in
municipal securities published in the City of New York, New York,
not less than thirty (30) days before the date fixed for
redemption, and after the date mentioned in the call the bond or
bonds so called will cease to bear interest; provided funds for
their payment are on deposit at that time.
This bond may be assigned by notice to the Paying Agent
and transfer upon the registration book maintained by the Paying
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Agent, upon request made to the Paying Agent and upon satisfaction
of the requirements of the Paying Agent in that regard. Upon
request, any such assignment shall be reflected by the Paying
Agent in the Registration Certificate on this bond. In the event
of any conflict between the registration book maintained by the
Paying Agent and the Registration Certificate, the former shall
govern.
This bond shall not be valid until authenticated by
First Tennessee Flank N.A. Memphis, Memphis, Tennessee.
IN WITNESS WHEREOF, the City of Little Rock, Arkansas,
by its Board of Directors, has caused this bond to be executed by
its Mayor and by its City Clerk and sealed with the corporate seal
of the said City, all as of the first day of March, 1967.
ATTEST:
(SEAL)
ity Clerk
CITY OF LITTLE ROCK, ARKANSAS
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Mayor
1�E
CERTIFICATE
This is to certify that this is one of the three hundred
(300) bonds of the issue mentioned and described within.
FIRST TENNESSEE BANK N.A. MEMPHIS
Memphis, Tennessee
By
Authorized Signature
117
REGISTRATION CERTIFICATE
Signature, Trustee
Registered Owner Date Authorized Officer
11 II
Section 2. The Replacement Bonds shall be entitled to
the security of the Indenture and shall otherwise be deemed to
embody, and to be entitled to, all the rights, security and
covenants pertaining to the Bonds as originally issued by the
City.
Adopted this 17TH day of August 1982.
ATTEST: Mayor
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City rk