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ORDINANCE NO
14,964
AN ORDINANCE AUTHORIZING THE ISSUANCE OF MUNICIPAL
AIRPORT REVENUE IMPROVEMENT BONDS, SERIES 1985;
AUTHORIZING A SECOND SUPPLEMENTAL 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. 14,758 authorized the issuance of the
initial series of Bonds, designated "Municipal Airport Revenue
Refunding and Improvement Bonds, Series 1984," 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, 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 second series, designated "Municipal
Airport Revenue Improvement Bonds, Series 1985" (the "Series
1985 Bonds "), in the principal amount of $7,000,000, for the
purpose of providing funds for a portion of the Airport
improvements; and
WHEREAS, bids for the Series 1985 Bonds were opened on
September 25, 1985, and the Board of Directors accepted the bid
of Merrill Lynch Capital Markets, Powell & Satterfield, Inc.,
Dean Witter Reynolds Inc., and Shearson Lehman Brothers, Inc.
(the "Purchasers "); and
WHEREAS, copies of the hereinafter described Second
Supplemental 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:
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Section 1: The issuance of the Series 1985 Bonds is
authorized. The Series 1985 Bonds shall be in the form 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 Second Supplemental
Trust Indenture (hereinafter authorized).
Section 2. The Series 1985 Bonds have been sold and shall
be delivered to the Purchasers upon payment of the purchase
price of $6,836,137.63, plus accrued interest from October 1,
1985, to date of delivery.
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 Second Supplemental Trust Indenture (the
"Indenture ") between the City and State First National Bank of
Texarkana, in the City of 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 issuance, execution, sale, and
delivery of the Series 1985 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 5. 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.
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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
public peace, health, and safety, shall take effect and be in
force from and after its passage.
PASSED: October 1, 1985.
ATTEST:
WitllyClClerk OJane Czech
(S E A L)
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APPROVED:
IL, t'--c'
Mayor Thomas A. Prince
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