HomeMy WebLinkAbout7746RESOLUTION NO. 7,746
A RESOLUTION APPROVING THE SALE OF $22,880,000 CITY OF
LITTLE ROCK, ARKANSAS SEWER CONSTRUCTION AND REFUNDING
REVENUE BONDS, SERIES 1987, AUTHORIZED BY ORDINANCE
NO. 15,260; SETTING FORTH THE DETAILS OF THE MATURITY
SCHEDULE AND REDEMPTION SCHEDULE OF THE BONDS; AUTHORIZING
THE USE OF THE OFFICIAL STATEMENT BY THE PURCHASERS; AND
PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, by Ordinance No. 15,260 of the Ordinances of the
City of Little Rock, Arkansas (the "City "), passed and approved
on the 17th day of March, 1987 (the "Authorizing Ordinance "),
there were authorized and ordered sold Sewer Revenue Bonds,
Series 1987, in the total principal amount not to exceed
$22,880,000 (the "Bonds "), with the Bonds to be dated, to bear
interest payable semiannually, and to mature (or be subject to
mandatory sinking fund redemption) as described in the
Authorizing Ordinance; and
WHEREAS, pursuant to the authority conferred by the
Authorizing Ordinance, Bonds in the principal amount of
$22,880,000, dated May 1, 1987, bearing interest payable
semiannually on February 1 and August 1 of each year, commencing
August 1, 1987, and maturing (or subject to mandatory sinking
fund redemption) on February 1 in each of the years 1988 through
2008, inclusive, were duly advertised for public sale; and
WHEREAS, after due publication and extensive dissemination
of the City's Notice of Sale for the Bonds and pertinent
information pertaining to the Bonds, the public sale was held at
10:00 a.m. on April 1, 1987, and the following bids were
received:
Effective Interest
Bidder(s) Rate
Dabbs Sullivan Division, George K. 6.9699%
Baum & Company and PaineWebber
Incorporated
Bear Stearns & Co. Inc. and 6.8570
Morgan Stanley & Co. Inc.
Dillon, Read & Co., Inc. 6.893037
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Merrill Lynch Capital Markets, Hill,
Crawford & Lanford, Inc., Powell &
Satterfield, Inc., T.J. Raney & Sons,
Inc., Drexel Burnham Lambert, Kidder,
Peabody & Co., Rauscher Pierce Refsnes,
Inc., Smith Barney, Harris Upham & Co.,
Rotan Mosle Inc., Underwood, Neuhaus &
Co., E.F. Hutton & Company Inc., and
Gabriele, Hueglin & Cashman
John Nuveen & Co. Incorporated, Crews &
Associates, Inc., UMIC, Inc., Alex
Brown & Sons, Inc., J.C. Bradford & Co.,
Blunt, Ellis & Loewi, Inc., Channer Newman
Securities Co., Cowen & Co., A.G.
Edwards & Sons, Inc., Investment Securities
of Oklahoma, Leo Oppenheim & Co., Inc.,
Morgan, Keegan & Company, Inc., Newhard,
Cook & Co., Prescott, Ball & Turben Inc.,
Securities Corporation of Iowa, Swink &
Company, Inc., United Capital Corporation,
Van Kampen Merritt Inc., Woolsey & Company,
and Zahner and Company
Prudential -Bache Securities, Dean
Witter Reynolds Inc., Clayton Brown &
Associates, Tucker, Anthony & R.L. Day,
Inc., Oppenheimer & Co., Inc., Epper,
Guerin & Turner, Inc., Edward D. Jones
and Co., Interstate Securities Corporation,
and Matthews & Wright, Inc.
Salomon Brothers Inc.
Shearson Lehman Brothers Inc.,
The First Boston Corporation, Goldman,
Sachs & Co., Lazard Freres & Co.,
Thomson McKinnon Securities Inc.,
and Outwater & Wells, Inc.
6.926
7.0874
6.9561
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the City of Little Rock, Arkansas:
117
Section 1. That the bid of Shearson Lehman Brothers Inc.,
The First Boston Corporation, Goldman, Sachs & Co., Lazard
Freres & Co., Thomson McKinnon Securities Inc., and Outwater &
Wells, Inc. for the Bonds is hereby found and declared to be the
best bid and the bid is hereby accepted and the Bonds sold to
the same, subject to the terms and conditions of the Notice of
Sale for the Bonds.
Section 2. That the Bonds shall be dated May .1, 1987, shall
bear interest payable semiannually on February 1 and August 1 of
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each year, commencing August 1, 1987, and shall mature do
February 1 of the years, and in the principal amounts, and shall
bear interest at the rates, as shown below:
Year (February 1) Principal Amount Interest Rate
1988
$ 210,000
4.000%
1989
240,000
4.500
1990
250,000
4.700
1991
265,000
4.900
1992
275,000
5.100
1993
425,000
5.300
1994
455,000
5.500
1995
955,000
5.700
1996
1,010,000
5.900
1997
1,070,000
6.100
1998
1,140,000
6.250
1999
1,210,000
6.400
2000
1,290,000
6.500
2001
1,375,000
6.700
2002
1,470,000
6.750
2003
1,570,000
6.750
2004
1,680,000
6.750
2005
1,795,000
6.875
2006
1,925,000
6.875
2007
2,060,000
6.875
2008
2,210,000
6.875
Section 3. That the Bonds shall be subject to redemption
prior to maturity at the option of the City, as follows: (1) in
part in inverse order of maturity (and by lot within a maturity)
from the unexpended proceeds of the sale of the Bonds not needed
for accomplishing the cost to the City of the construction work,
on any interest paying date on and after February 1, 1989, 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) in whole or in part in inverse order of
maturity (and by lot within a maturity) from funds from any
source on any interest payment date on and after February 1,
1997, 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
February
1,
1997
and
August
1,
1997
102%
February
1,
1998
and
August
1,
1998
101 1/2
February
1,
1999
and
August
1,
1999
101
February
1,
2000
and
August
1,
2000
100 1/2
February
1,
2001
and
thereafter
100
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Section ^ The principal Of and interest on the Bonds shall
be paid from funds in the 1987 Sewer Revenue Bond Fund as th8y
mature according to the following schedule:
DATE
9/ 1/S7
2/ 1/88
8/ 1/88
2/ 1/89
9/ 1/89
?/ {/90
5/ 1/90
2/ 1/91
8/ 1/91
7/ |/92
8/ 1/97
2/ 1/93
8/ 1/93
2/ 1/94
8/ 1/94
2/ 1/95
8/ 1/95
2/ 1/96
8/ 106
7/ 1/97
8/ 1/97
2/ 1/9q
8/ 1/98
2/ 1/99
8/ 1/99
2/ 1/ 0
8/ 1/ 0
2/ 1/ 1
U/ 1/ 1
2/ 1/ 2
2/1/2
2/ 1/ 3
8/ 1/ 5
2/ 1/ 6
1/ 1/ 6
2/ A/ 7
PRINCIPAL
210,000.00
240,000.00
250,000.00
'
COUPON INTEREST
4^00O000
4^500000
4.700000
265,000.0O 4"900000
775,000,00 5.108000
4251000�00 5,300000
455,00O,00 5,500000
955,000^00 5^700000
1,010,000.00 5^900000
1,070,000"00 6"100000
1,140v000"00 6"250000
112105000"00 6.400000
1,790,000.00 6"500000
1,173,00().0() 6"700008
1,470,000.00 6.750000
1/570,000.00 6"750000
1;680v000.00 6^750()00
1/795,000.00 6,875000
1,925,000"00 6.875000
2,060,000.00 6.875000
-
369`345^63
738,691"25
734,491^25
734,491.25
729,091"25
729,091.25
773,716"25
723,216.25
716,723,75
716/723°75
709,711"25
709,711,25
69B,448,75
698,448`75
MsW~75
685,936^25
65B,718^75
658,719.75
678t923~75
628,923^75
596,288^75
596,2BG"75
560,663"75
560,663"75
521/943"75
S71,943"73
480,018"75
W,0 1g"75
433,956,25
433,956.25
384,343,75
384,343^75
331,356^75
331,356"25
274,656.25
274,6S6.25
212`953.13
212,953^13
146,781.25
14&,7R1,25
PERIOD
TOTAL
369,345"63
q48,6q1°25
734,491.25
974,491°25
729,091,25
979,091"25
723,216.25
q99,216'75
7161723.75
991/723.75
709,711.25
1,134,711.25
698s448^75
1,153,448,75
685,936^25
1,640,936"75
65B,71B.75
1,660771S.75
62B,923"75
1,6983923.75
596,288"75
1/7361288.75
560,663.75
11770r663^75
521;943"75
1,811,943.75
480,018,75
1&S5,01Q^75
433,956.?5
1,903,956.25
384,343^75
119547343.75
331,356.25
21011,356.25
274`656,25
2,069/656^25
212,953"13
2,137v953^13
146`7B1"25
2,206,701.25
A/ 1/ 7 75,96B.75 73,969.75
7/ 1/ 9 2'21()v000^00 6075000 75,969.75 2,205,968.75
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Section 5. That the Official Statement is hereby approved 120
in substantially the form of the Preliminary Official Statement
previously approved by the Authorizing Ordinance, amended to
include information regarding the interest rates and maturity
schedule of the Bonds, and with such additional changes as shall
be approved by the Mayor, her execution to constitute conclusive
evidence of such approval. The use of the Official Statement in
connection with the sale and distribution of the Bonds by the
Purchasers is hereby authorized, and the Mayor be and she is
hereby authorized, empowered, and directed, for and on behalf of
the City, to execute the Official Statement. _
Section
purchasers,
appointed as
Bonds.
6. That, pursuant to
Union National Bank of
trustee, bond registrar,
the designation of the
Little Rock is hereby
and paying agent for the
Section 7. 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.
Section 8. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED
April 1, 1987.
APPROVED:
ATTEST:
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