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ORDINANCE NO. 14,758
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
MUNICIPAL AIRPORT REVENUE REFUNDING AND
IMPROVEMENT BONDS, SERIES 1984; AUTHORIZING
A TRUST INDENTURE, SECURING THE BONDS;
AUTHORIZING AND PRESCRIBING OTHER MATTERS
PERTAINING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, by Ordinance No. 14,737, the Board of
Directors of the City of Little Rock, Arkansas (the "City "),
authorized the sale and issuance of not to exceed $15,000,000 in
principal amount of Municipal Airport Revenue Bonds (the
"Bonds ") for the purpose of (1) refunding all of the City's
outstanding airport revenue bonds and (2) financing additional
improvements at the Little Rock Regional Airport (the
"Airport "); and
WHEREAS, Ordinance No. 14,737 authorized the Little
Rock Municipal Airport Commission (the "Commission ") to offer
the Bonds for public sale in series from time to time, and the
Commission offered the initial series, designated "Municipal
Airport Revenue Refunding and Improvement Bonds, Series 1984"
(the "Series 1984 Bonds "), in the principal amount of
$7,000,000, for the purpose of accomplishing the refunding and
providing funds for a portion of the Airport improvements; and
WHEREAS, bids for the Series 1984 Bonds were opened on
October 10, 1984, and the Board of Directors accepted the bid of
Merrill Lynch Capital Markets, Powell & Satterfield, Inc. and
Dean Witter Reynolds Inc. (the "Purchasers "); and
WHEREAS, copies of the hereinafter described Trust
Indenture have been presented to and are before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. The issuance of the Series 1984 Bonds is
authorized. The Series 1984 Bonds shall be in the forms and
denominations, shall be dated, shall bear interest, shall be
subject to redemption prior to maturity, and shall contain such
other terms and provisions set forth in the Trust Indenture
(hereinafter authorized) .
Section 2. The Series 1984 Bonds have been sold and
shall be delivered to the Purchasers upon payment of the
purchase price of $6,794,440.40, plus accrued interest from
November 1, 1984, to date of delivery.
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Section 3. To prescribe the terms and conditions upon
which the Bonds are to be executed, issued, accepted, held and
secured, the Mayor is hereby authorized and directed to execute
and acknowledge a Trust Indenture (the "Indenture ") between the
City and The State First National Bank, Texarkana, Arkansas, as
Trustee, and the City Clerk is hereby authorized and directed to
execute and acknowledge the Indenture and to affix the seal of
the City thereto, and the Mayor and City Clerk are hereby
authorized and directed to cause the Indenture to be accepted,
executed and acknowledged by the Trustee. The Indenture is
hereby approved in substantially the form submitted to this
meeting.
Section 4. The Mayor, the City Clerk and the
Commission, for and on behalf of the City, are authorized and
directed to do any and all things necessary to effect the
execution and delivery of the Indenture, the performance of all
obligations of the City under the Indenture, the issuance,
execution, sale and delivery of the Series 1984 Bonds, and the
performance of all acts of whatever nature necessary to effect
and carry out the authority conferred by this Ordinance. The
Mayor, City Clerk and the Commission, are 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 or to evidence
the exercise thereof.
Section S. The City Clerk is hereby authorized and
directed to file in the office of the City Clerk, as a part of
the minutes of the meeting at which this Ordinance is adopted,
for inspection by any interested person a copy of the Indenture
and such document shall be on file for inspection by any
interested person.
Section 6. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
provision shall for any reason be declared to be invalid, such
declaration shall not affect the validity of the remainder of
the sections, phrases and provisions.
Section 7. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent
of such conflict.
Section 8. It is hereby found and declared that an
immediate need exists for financing a portion of the Airport
improvements 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
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public peace, health and safety, shall take effect and be in
force from and after its passage.
PASSED: October 16 1984.
ATTES
City lerk JanEV Czech
(SEAL)
APPROVED:
Mayor J. W. Benafi�