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HomeMy WebLinkAbout14334ORDINANCE NO. 14,334 AN ORDINANCE AMENDING AND CLARIFYING CERTAIN PROVISIONS OF ORDINANCE NO. 14,304, APPROVING THE FORM OF REGISTERED SEWER REVENUE PROMISSORY NOTES; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, on September 7, 1982, the City of Little Rock, Arkansas (the "City ") , approved Ordinance No. 14,304 which provides for the issuance of sewer revenue promissory notes of the City for the purpose of paying a portion of the costs to the City of constructing the Fourche Sewerage Facilites and certain extensions, betterments and approvements in connection therewith (the "Improvements "), all of which are additions to the Sewer Facilities of the City (the "System "); and WHEREAS, in .order to clarify. the proceedings for issuance of the sewer revenue promissory notes the City desires to make certain technical corrections in Ordinance No. 14,304 by amending certain of its provisions, and by authorizing and approving the form of a Registered Sewer Revenue Promissory Note; and WHEREAS, the present Ordinance (which together with Ordinance No. 14,304 shall be collectively referred to as the "Authorizing Ordinance ") is offered for the purpose of amending and clarifying the provisions of Ordinance No. 14,304 and prescribing other matters relating thereto. NOW THEREFORE, be it enacted by-the Board of Directors of the City of Little Rock, Arkansas: I�I That paragraph 2, page• of Ordinance No. 3 14,304 is hereby amended as follows: WHEREAS, the City is authorized by Act 132 of the Acts of the General Assembly of Arkansas for the year 1933, as amended ( "Act 132 ") to borrow money or to obtain interim financing to construct improvements and betterments to the System, pending receipt of moneys obtained from federal or state governmental agencies or the subsequent issuance of revenue bonds, by the issuance or execution of revenue promissory notes; and $gct�on_2. That Section 3 of Ordinance No. 14,304 is hereby amended as follows: B_Q -ti -Q That the Notes shall be in substantially the following form and the Mayor and City Clerk are hereby authorized and directed to make all recitals contained therein. 2 :, CITY OF LITTLE ROCK, ARKANSAS SEWER REVENUE PROMISSORY NOTE SERIES 1982 NO. FOR VALUE RECEIVED, the City of Little Rock, Pulaski County, Arkansas, hereby acknowledges itself indebted and promises to pay to at its office in -------------------- ------ --------- -- ---------, the principal sum of Dollars ( $_ __) on 19 - -, plus interest thereon from the date hereof at the rate of percent per annum, payable semiannually on 1 and 1 of each year beginning 1, 1982. This Sewer Revenue Promissory Note is one of a series of Sewer Revenue Promissory Notes, Series , in an aggregate amount of $ ____, issued for the purpose of providing interim construction funds and in anticipation of the receipt of grant funds for constructing improvements and betterments to the Sewer System of the City of Little Rock, Arkansas, in accordance with Ordinance No. 14,304 of the City adopted on September 7, 1982, as amended by Ordinance No. of the City adopted on October 19, 1982 (collectively referred to as the "Authorizing Ordinance "). The Notes of this issue are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, particularly Act 132 of the Acts of the General Assembly of Arkansas for the year 1933, as 3 1 amended, ( "Act 132 ") and pursuant to the Authorizing Ordinance, 45 as supplemented by Resolution No. of the Board of Directors of the City, adopted on October 19, 1982. This is a special obligation payable solely from the revenues of the Sewer System, subject only to the prior lien of the Outstanding Bonds of the System and amounts pledged for operation, maintenance and depreciation, and it does not constitute an indebtedness of the City within any constitutional or statutory limitations. The City covenants and agrees that on or before the maturity date thereof this, and other such certificates, to the extent then outstanding, with accrued interest, shall be paid from the revenues of the Sewer System or grant funds received by the City. IN WITNESS WHEREOF, the City of Little Rock has caused this certificate to be signed by the Mayor and City Clerk and sealed with the corporate seal of said City on the _ day of , 198_. ATTEST: City Clerk (SEAL) CITY OF LITTLE ROCK By. 4 Mayor (On each Note shall appear the following:) 46 CERTIFICATE OF AUTHENTICATION This one of the Notes of the issue of Sewer Revenue Promissory Notes, Series 1982, of the City of Little Rock, Arkansas, dated _ _ , 1982, and aggregating $2,000,000 in principal amount described in the Note to which this certificate is attached. (Authorized Signature) 5 r ,•�r r r r ■� r r ri ■r �■ r ri r r PROVISION FOR REGISTRATION AND RECONVERSION L� This Note may be registered as to principal and interest on books of the City, kept by the Trustee as note registrar, upon presentation hereof to the note registrar, which shall make mention of -such registration in the registration blank below, and this Note may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the note registrar, such transfer to be made on such books and endorsed hereon by the note registrar. Such transfer may be to bearer and thereafter transferability by delivery shall be restored, but this Note shall again be subject to successive registration.and transfers as before. The principal and interest -of this Note, if registered, unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. Date of Name of Signature of Registration Registered Owner Bond Registrar R • • 48 ,gggJj9n_J. That Section 19, page 20 of Ordinance 14004 shall be renumbered as Section 17 and amended as follows: $e .Ql3.4D_2-7 • The Trustee shall only be responsible for the exercise of good faith and reasonable prudence in the execution of this trust. The recitals in this Ordinance and on the face of the Notes are the recitals of the City and not of the Trustee. The Trustee shall not be required to take any action as Trustee unless it shall have been requested to do so in writing by the holders of not less than ten percent (108) in principal amount of the Sewer Revenue Promissory Notes then outstanding and shall have been offered reasonable security and indemnity against the costs, expenses and liabilities to be incurred therein or thereby. The Trustee may resign at any time by ten (10) days' notice in writing to the City, and the majority in value of the holders of the outstanding. Sewer Revenue Promissory Notes at any time, with or without costs, may remove the Trustee. In the event of a vacancy in the office of Trustee, either by resignation or by removal, the majority in value of the holders of the outstanding Sewer Revenue Promissory Notes may appoint a new Trustee, such appointment to be evidenced by a written instrument or instruments filed with the City Clerk. If the majority in value of the holders of 7 the outstanding Sewer Revenue Promissory Notes shall fail to fill a vacancy within thirty (30) days after the same shall have occurred, then the City shall forthwith designate the new Trustee by written instrument filed in the office of the City Clerk. The original Trustee and any successor Trustee shall file a written acceptance and agreement to execute the trust imposed upon it or them by this Ordinance, but only upon the terms and conditions set forth in this Ordinance and subject to the provisions of this Ordinance, to all of which the respective holders of the Notes agree. Such written acceptance shall be filed with the --City Clerk, and a copy thereof shall be placed in the Note transcript. Any successor Trustee shall have all the powers herein granted to the original Trustee. Any Trustee that resigns or is removed pursuant to the provisions hereof shall cease to be the Paying Agent and any successor Trustee shall be and become Paying Agent. The Co- Paying Agent may resign, may be removed and a successor may be named in the same manner and upon the same terms set forth above with reference to the Trustee and the Paying Agent provided, however, it shall not be mandatory that a vacancy in the office of Co- Paying Agent be filled. ZectiQn 4_. That this Ordinance shall not create any right 3 V V of any kind and no right of any kind shall arise hereunder. pursuant to it until the Notes authorized by this Ordinance shall be issued and delivered. ZgQtiQn_l. That the provisions of this Ordinance are hereby declared to be separable and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of the Ordinance. SectyQn_6.. That all ordinances and parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict. SeQtion 7. 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 Notes. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall take effect and be enforced upon and after its passage. PASSED% October 19, 1982 (SEAL) APPROVE Mayor Z 50 }s r }