HomeMy WebLinkAbout16423ORDINANCE NO. 16,423
M M M M M i
AN ORDINANCE AMENDING AND SUPPLEMENTING
ORDINANCE NO. 16,409 OF THE ORDINANCES OF THE
CITY OF LITTLE ROCK, ARKANSAS, ADOPTED AND
APPROVED ON APRIL 20, 1993; AUTHORIZING THE
ISSUANCE AND SALE OF WASTE DISPOSAL REVENUE
BONDS; AND DECLARING AN EMERGENCY.
267
WHEREAS, the Board of Directors of the City of Little Rock,
Arkansas (the "City"), by Ordinance No. 16,409, authorized the
issuance of City of Little Rock, Arkansas Waste Disposal Revenue
Bonds, Series 1993 dated May 1, 1993, in the original principal
amount of $17,450,000 (the 111993 Bonds ");
WHEREAS, on May 5, 1993, the City sold the 1993 Bonds at
public sale to an underwriting syndicate consisting of Merrill
Lynch & Co., T.J. Raney & Sons, Inc. a division of Morgan Keegan &
Company, Inc., S.C. Bradford & Co., and Hill, Crawford & Lanford,
Inc. (the "Purchasers ") for the sale of the Bonds at an aggregate
purchase price of $17,188,250 plus accrued interest from May 1,
1993, to the date of delivery of the Bonds for bonds bearing
interest at a net interest cost of 5.3742% per annum;
WHEREAS, the Purchasers have required, as a condition of the
sale, that the Bonds maturing on May 1, 2013 be made subject to
mandatory sinking fund redemption as herein provided; and
WHEREAS, the first paragraph on the Reverse Side of the Bond
in Section 8 of Ordinance No. 16,409 shall be deleted and in lieu
thereof paragraphs providing for the optional and sinking fund
redemption of the Bonds shall be inserted; and
C -S
268
WHEREAS, in connection with the sale of the Bonds it is
necessary to designate the Union National Bank of Arkansas, Little
Rock, Arkansas, as trustee and paying agent;
NOW, THEREFORE, be it ordained by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. That the Bonds authorized by Ordinance No. 16,409
are hereby determined to be in the principal amount of $17,450,000
and shall mature and bear interest as follows:
Year
Principal
Rate
Interest
Total
1993
5433,616.25
5443,616,25
1994
887,232.50
887,232.50
1995
S 580,000
4.50%
874,182.50
1,454,182.50
1996
610,000
4.50
847,407.50
1,457,407.50
1997
635,000
4.50
819,395.00
1,454,395.00
1998
665,000
4.50
790,145,00
1,455,145.00
1999
695,000
4.50
759,545.00
1,454,545.00
2000
725,000
4.65
727,051.25
1,452,051.25
2001
760,000
4.80
691,955.00
1,451,955.00
2002
795,000
4.90
654,237.50
1,449,237.50
2003
835,000
5.00
613,885.00
1,448,885.00
2004
875,000
5.10
570,69750
1,445,697.50
2005
920,000
5.20
524,465.00
1,444,465.00
2006
970,000
5.25
475,082.50
1,445,082.50
2007
1,020,000
5.25
422,845.00
1,442,845.00
2008
1,075,000
5.30
367,582.50
1,442,582.50
2009
1,130,000
5.35
308,867.50
1,438,867.50
2010
1,190,000
5.40
246,510.00
1,436,510.00
2011
1,255,000*
5.40
180,495.00
1,435,495.00
2012
1,320,000*
5.40
110,970.00
1,430,970.00
2013
1,395,000*
5.40
37,665.00
1,432,665.00
* Sinking Fund Maturity
Section 2. That the Mayor and City Clerk are hereby
authorized and directed to enter into and execute all documents
necessary to effectuate the sale of the 1993 Bonds to the
Purchasers.
Section 3. That the Union National Bank of Arkansas, Little
Rock, Arkansas, is hereby designated as trustee and paying agent.
Section 4. That the first paragraph on the Reverse Side of
the Bond in Section 8 of Ordinance No. 16,409 shall be deleted and
in lieu thereof the following paragraphs shall be inserted:
M = M M = M
0
0
optional Redemption. The Bonds maturing on
thereafter, may be called for redemption and
maturity at the option of the City from any
therefor, as a whole or in part on May 1, 2000
thereafter at a redemption price equal to the
being redeemed, with accrued interest to the date
payment.
M M
269
May 1, 2001, and
payment prior to
moneys available
and at any time
principal amount
of redemption and
Sinking Fund Redemption. The Term Bonds due May
subject to mandatory redemption in part by lot on an
after May 1, 2011, at the principal amount thereof
interest to the date of redemption, from Sinking Fund
which are required to be made in amounts sufficient
May 1 of each year the principal amount of such Bonds
each of the years shown below:
Year Amount
2011 $1,255,000
2012 1,320,000
2013 1,395,000
1, 2013, are
y May 1 on and
plus accrued
Installments
to redeem on
specified for
Section 5. That the following second paragraph of Section 14
is amended as follows:
FIRST, the City shall deposit monthly into the Operation
and Maintenance Account revenues from the System in an
amount needed for the payment of the reasonable and
necessary expenses of operation and maintenance of the
System, including the trustee's fees and expenses.
Section 6. The following paragraph is deleted from Section
23(b):
The Trustee shall notify the City by first class mail
posted at least 20 days before any Rebate Amount is due
that such payment will be due. Failure to receive any
such notice will not relieve the City of its obligations
hereunder.
Section 7. That Ordinance No. 16,409 as amended and
supplemented hereby, shall continue in full force and effect.
Section 8. That there is hereby ascertained and declared that
the Improvements authorized by Ordinance No. 16,409 must be
accomplished. It is therefore declared an emergency exists and
that 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.
270
PASSED: May 18, 1993.
CITY OF LITTLE ROCK, ARKANSAS
By: ,'
Ma o aim Dailey
ATTEST: 1t �7
Q� 1 L10'&'PD CL
City Clerk Robbie Hancock
APPROVED BY CITY per`IA�T�TORRNEY
By: 011 �°�4°'t�bi , (:�
Thomas P4. Carpenter