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RESOLUTION NO. 6,872
A RESOLUTION APPROVING THE SALE OF
$2,000,000 CITY OF LITTLE ROCK, ARKANSAS
SEWER REVENUE PROMISSORY NOTES, SERIES
1982, AUTHORIZED BY ORDINANCE NO4 1+304,
AS AMENDED BY ORDINANCE NO. i33__;
APPOINTING WORTHEN BANK & TRUST COMPANY,
N.A. AS TRUSTEE AND PRESCRIBING OTHER
MATTERS RELATING THERETO.
WHEREAS, by Ordinance No. 14,304 of the Ordinances of the
City of Little Rock, Arkansas (the "City "), passed and approved
on the 7th day of September, 1982 as amended by Ordinance No.
14 n/j-_ of the Ordinances of the City, passed and approved on
the 19th day of October, 1982 (collectively the "Authorizing
Ordinance ") , there were authorized and ordered sold Sewer
Revenue Promissory Notes, Series 1982, in the total principal
amount of $2,000,000 (the "Notes"), with the Notes to be dated
the date of issuance, with interest payable semiannually on
March 1 and September 1 of each year, commencing March 1, 1983,
and with the Notes to mature on September 1, 1984, and
otherwise as described in detail in the Authorizing Ordinance;
and
WHEREAS, pursuant to the authority conferred by the
Authorizing Ordinance, the Notes were offered and sold to
Worthen Bank & Trust Company, N.A., as Agent for a group of
purchasers, in the denominations, at the rate and in the
maturity as follows:
161
162
SEWER REVENUE PROMISSORY NOTES
SERIES 1982
Note No. Amount Interest Rate Maturity
1
$ 100,000
108
1984
2
100,000
108
1984
3
100,000
108
1984
4
100,000
108
1984
5
100,000
108
1984
6
50,000
108
1984
7
170,000
108
1984
8
100,000
108
1984
9
30,000
108
1984
10
100,000
108
1984
11
50,000
108
1984
12
50,000
108
1984
13
50,000
108
1984
14
50,000
108
1984
15
50,000
108
1984
16
50,000
108
1984
17
250,000
108
1984
18
100,000
108
1984
19
100,000
108
1984
20
100,000
108
1984
21
100,000
108
1984
22
100,000
108
1984
TABLE OF ANNUAL PRINCIPAL AND INTEREST PAYMENTS
Year Principal Interest Accumulative Total
1983 $ 172,222.22 $ 172,222.22
1984 $ 2,000,000.00 200,000.00 2,372,222.22
163
WHEREAS, pursuant to the ..uthorizing Ordinance the Sewer
Committee of the City has recommended the appointment of
Worthen Bank & Trust Company, N.A., Little Rock, Arkansas, to
serve as Trustee for the issue of Sewer Revenue Promissory
Notes, Series 1982 and Worthen has agreed to act in the
capacity of Trustee, subject to the approval of the Board of
Directors.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the City of Little Rock, Arkansas:
ggQ -t;Qn l. That the sale of the Notes to Worthen Bank &
Trust Company, N.A., as Agent for the purchasers, in the
denominations, at the rate and in the maturity as set forth
hereinbefore is hereby approved and the Notes sold to the same.
$grt .jQn_Z. That the appointment of Worthen Bank & Trust
Company, N.A., as Trustee for the issue of Sewer Revenue
Promissory Notes, Series 1982, is hereby approved.
$gQ ;QIl_ That pursuant to the authority conferred by
the Authorizing Ordinance, the Mayor and City Clerk, for and on
behalf of the City, be, and they are hereby authorized and
directed to do any and all things necessary to effect the
execution and delivery of the Note Purchase Agreement and the
performance of all obligations of the City thereunder and the
performance of all acts of whatever nature necessary to effect
and carry out the authority conferred by the Authorizing
Ordinance. That the Mayor and City Clerk be, and they are
hereby, further authorized and directed, for and on behalf of
the City, to execute all papers, documents, certificates and
other instruments that may be required for the carrying out of
such authority and to evidence the exercise thereof.
,Eg k.jgn 4. That this Resolution is adopted pursuant to
the authority conferred by the Authorizing Ordinance, and the
Authorizing Ordinance, together with and as supplemented by
this Resolution, shall continue in full force and effect.
,Sect .jQn 5-. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: October 19 , 1982.
APPROVED:
Mayor
ATTEST:
C ty Clerk--V
(SEAL)
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