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HomeMy WebLinkAbout14737M ORDINANCE NO. M M 14,737 0 AN ORDINANCE AUTHORIZING THE SALE AND ISSUANCE OF AIRPORT REVENUE BONDS FOR THE PURPOSE OF REFUNDING ALL OUTSTANDING AIRPORT REVENUE BONDS AND FINANCING IMPROVEMENTS TO THE LITTLE ROCK MUNICIPAL AIRPORT; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. M M WHEREAS, the Little Rock Municipal Airport and its related properties and facilities (the "Airport ") are being operated, managed and maintained by the Little Rock Municipal Airport Commission (the "Commission "), which was created pursuant to Act No. 53 of the Acts of Arkansas of 1949, as amended, and Initiated Ordinance No. 8511 of the City of Little Rock, Arkansas (the "City "); and WHEREAS, the Commission has determined that the Airport should be improved by constructing a new runway, access ramps and related facilities (the "Project "); and WHEREAS, a portion of the cost of the Project will be provided by an agency of the United States of America and the balance must be provided by the City; and WHEREAS, the Commission has determined that, in order to finance the City's portion of the cost of the Project by the sale and issuance of airport revenue bonds, it will be necessary to refund all of the City's presently outstanding municipal airport revenue bonds (the "Prior Issues ") , and the Commission has requested that the Board of Directors of the City (the "Board ") authorize the sale and issuance of airport revenue bonds in the principal amount of not to exceed $15,000,000 for the purposes of refunding the Prior Issues and providing necessary financing of the City's portion of the costs of the Project, expenses incidental thereto and bond issuance costs; and WHEREAS, the Prior Issues are all of the City's outstanding airport revenue bonds, described as follows: (1) Series 1966, dated May 1, 1966; (2) Series 1971, dated March 1, 1971; (3) Series 1975, dated March 1, 1975; (4) Series 1976, dated March 1, 1976; (5) Series 1977, dated November 1, 1977; and (6) Temporary Airport Revenue Bond, dated September 28, 1983; NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: 43 i it Section 1. Under the authority of the Constitution and laws of the State of Arkansas, including particularly Act No. 53 of the Acts of Arkansas of 1949, as amended, and Act No. 175 of the Acts of Arkansas of 1959, as amended, City of Little Rock, Arkansas Municipal Airport Revenue Bonds (the "Bonds ") are hereby authorized and ordered sold and issued in the total principal amount of not to exceed $15,000,000. The Bonds shall not be general obligations of the City, but shall be special obligations payable solely from Airport revenues. Section 2. The proceeds of the Bonds shall be used to refund the Prior Issues, pay the City's portion of Project costs and pay expenses incidental thereto and Bond issuance costs. Section 3. All of the Bonds shall be offered for public sale upon sealed bids. The Bonds may be offered at one time or in separate series from time to time, as determined by the Commission. All bids will be opened and, considered at an agenda meeting of the Board and a bid may be accepted by resolution of the Board. The Bonds of each series shall bear such designation, shall be in such principal amount, shall be dated, shall mature, shall be in such form and denominations, shall bear interest payable at such times and in such manner and shall contain such other terms and conditions as shall be recommended by the Commission and approved by ordinance supplemental hereto. The Bonds of each series shall bear interest at the rate or rates and be sold for the price specified in the bid that is accepted. The Commission may specify a minimum price and /or a maximum interest rate in each offering of a series of Bonds. The Commission shall give notice of each offering of the Bonds for sale by such publication and other means as it deems appropriate to market the Bonds on the most favorable terms. It shall prepare and distribute to prospective purchasers an official statement descriptive of the Bonds being offered, the City and the Airport. Section 4. It is hereby found and declared that an immediate need exists for financing a portion of the Project in order to maintain adequate Airport facilities. It is, therefore, declared that an emergency exists. This Ordinance, being necessary for the immediate preservation of the public peace, health and safety, shall take effect and be in force from and after its passage. PASSED: September 12 , 1984. APP"" ATTEST: By City C1 (SEAL) M