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ORDINANCE NO. 16,951
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF AIRPORT
REVENUE BONDS FOR THE PURPOSE OF REFUNDING OUTSTANDING AIRPORT
REVENUE BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND
INTEREST ON THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF
A SUPPLEMENTAL TRUST INDENTURE; AND PRESCRIBING OTHER MATTERS
RELATING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, the Little Rock National 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, Ordinance No. 16,745 of the City authorized the issuance and sale in multiple series
the total principal amount of $12,500,000 City of Little Rock, Arkansas Airport Revenue Refunding Bonds
(the "Bonds ") and the execution of a Master Trust Indenture, dated as of October 1, 1994 (the "Master Trust
Indenture "). The initial series of Bonds was issued in the principal amount of $4,935,000 under the Master
Trust Indenture and a Supplemental Trust Indenture dated as of October 1, 1994 (the "Series 1994 Bonds ").
WHEREAS, the Commission has determined that its Municipal Airport Revenue Improvement Bonds,
Series 1985 should be refunded (the "Prior Issue "). The Commission has requested that the Board of
Directors of the City (the "Board of Directors ") authorize the sale and issuance of airport revenue refunding
bonds for the purposes of refunding the Prior Issue, establishing a Debt Service Reserve Fund and paying
expenses incidental thereto and bond issuance costs; and
WHEREAS, the present series of Bonds will be issued in the principal amount of $5,300,000 (the
"Series 1995 Bonds "); and
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock,
Arkansas:
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. 974 of the Acts of
Arkansas of 1985, as amended, City of Little Rock, Arkansas Airport Revenue Refunding Bonds (the
"Bonds ") are hereby authorized and ordered sold and issued in the total principal amount of not to exceed
$5,500,000. The Series 1995 Bonds shall not be general obligations of the City, but shall be special
obligations payable solely from Airport revenues and certain other funds more specifically identified in a
Master Trust Indenture dated as of October 1, 1994, as supplemented and amended, and the Supplemental
Indenture (identified hereinafter).
Section 2. Pursuant to the authority of Ordinance No. 16,745 of the City, the issuance of the Series
1995 Bonds, is hereby authorized for the purposes of (i) providing funds to currently refund the City's
outstanding Municipal Airport Revenue Improvement Bonds, Series 1985, in the present outstanding
principal amount of $5,570,000, (ii) to fund the Series 1995 Debt Service Reserve Subaccount, and (iii) to
pay the costs of issuance of the Series 1995 Bonds. The Series 1995 Bonds will mature, bear interest and
be subject to redemption in accordance with the provisions of the Supplemental Indenture (identified
$10
hereinafter). The Series 1995 Bonds will be issued on a parity of security with the Series 1994 Bonds, and
other bonds, if any, to be issued under the Master Trust Indenture.
Section 3. The Bonds shall be sold to A.G. Edwards & Sons, Inc., Hill, Crawford & Lanford, Inc.,
and M.R. Beal & Company (collectively the "Underwriters "). The Underwriters propose to purchase the
Series 1995 Bonds pursuant to a bond purchase agreement in substantially the form submitted to the meeting
at which this Ordinance is adopted (the "Bond Purchase Agreement "). All actions heretofore taken by the
Mayor, City Clerk, and Director of Finance and Treasurer in connection with the offering of the Series 1995
Bonds, including the preparation and distribution of the Preliminary Official Statement, preparation of the
Official Statement, and preparation of this Ordinance (the "Authorizing Ordinance ") are hereby in all
respects ratified and approved. The Official Statement is deemed a final Official Statement for purposes of
the Securities and Exchange Commission Rule 15(c) 2 -12. The Official Statement of the City in the form
presented at this meeting with such changes, omissions, insertions and revisions as the Mayor, City Clerk,
and Director of Finance and Treasurer shall deem advisable is hereby authorized and approved and the
Treasurer shall sign and deliver such final Official Statement to the Underwriters for distribution to the
owners of the bonds and other interested persons.
Section 4. The appointment of First Commercial Trust Company, National Association to serve as
trustee for the Series 1995 Bonds is hereby approved (the "Trustee ").
Section 5. 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
Supplemental Trust Indenture (the "Indenture ") between the City and the 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 with such changes as shall be approved by such persons executing the
document, their execution to constitute conclusive evidence of such approval.
Section 6. The Mayor, the City Clerk, the City Director of Finance and Treasurer, 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 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, the City Director of Finance and Treasurer, 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 7. The appointment of Wright, Lindsey & Jennings and Mays & Crutcher, P.A. as Co -Bond
Counsel is hereby approved and ratified.
Section 8. It is hereby found and declared that an immediate need exists for refunding of the Prior
Issue in order to achieve the most cost effective financing for the City's 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.
2
PASSED: August 8 , 1995
ATTEST:
APPROVED AS TO FORM:
THOMAS M.CARPENTE
CITY ATTORNEY
APPROVED:
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I,U MAYOR
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4Mays • W
CrutcherA.
LAW O F F I C E S
Richard L. Mays 415 Main Street
Zimmery Crutcher, Jr. Little Rock, Arkansas 72201
Arkie Byrd _ __. _- June 30 1995_ -• (501) 372 -6303
Michael A. LeBOCUf "" "' "' 1- 800 - 227 -1529
FAX (501) 399 -9280
Claims Managers
Mr. John Pryor Catherine C. Stevens
City Treasurer J. Yvonne Alexander
City of Little Rock
500 W. Markham
Little Rock, AR 72201
RE: $ City of Little Rock, Arkansas Airport Revenue
Refunding Bonds, Series 1995, Dated August 15, 1995
Dear Mr. Pryor:
Please find enclosed an Ordinance to be submitted for consideration
by the City Board of Directors at the next scheduled Agenda and
Board Meeting. This Ordinance is prepared pursuant to Ordinance
16,745, adopted by the Board September 14, 1994, that authorized
the sale and issuance of Airport Revenue Refunding Bonds in
multiple series in the principal amount of $12,500,000 for the
purpose of refunding the Municipal Airport Revenue Refunding and
Improvement Bonds, Series 1984 and the Municipal Airport Revenue
Improvement Bond, Series 1985.
The initial series of bonds were issued in the principal amount of
$4,935,000 on October 27, 1994. The original Ordinance also
authorized the execution and delivery of a Master Trust Indenture
and a Supplemental Trust Indenture as well. The final and, second
series of bonds, will be issued for an amount yet to be determined,
but estimated at $5,170,000. The Bonds will be in parity with the
Bonds that were previously issued on October 27, 1994.
Sincerely,
MAY 6 RU ER, P.A.
Ark a Byrd
Enclosures
cc: Persons on Distribution List