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Home My WebLink About188700 • ORDINANCE NO. 18,870 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF CAPITAL IMPROVEMENT AND REFUNDING REVENUE BONDS FOR THE PURPOSES OF FUNDING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF PARKING IMPROVEMENTS IN THE CITY OF LITTLE ROCK, ARKANSAS; REFUNDING THE CITY'S CAPITAL IMPROVEMENT REVENUE BONDS (SECOND AND MAIN STREET PROJECT) SERIES 1997; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE; AND PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Little Rock ( "City"), acting by and through the Little Rock Advertising and Promotion Commission (the "Commission "), and for itself through the Board of Directors of the City, has previously acknowledged the need for additional municipal parking for automobiles to support the current expansion of convention, tourism, recreation, and cultural facilities in the River Market District and other office and commercial facilities nearby; and WHEREAS, pursuant to such findings the City adopted on July 16, 2002, Resolution 11,330 of the resolutions of the City stating the City's intention to issue revenue bonds to finance the acquisition, construction and equipping of a new public parking deck and related improvements to be located at Second and Commerce Streets in the City (the "River Market Parking Project"); and WHEREAS, pursuant to Resolution No. 11,330, the staff, attorneys and other advisors selected by the City have made further investigations in consultation with local consulting engineers, and after soliciting bids from qualified contractors, have determined that the cost of constructing the River Market Parking Project will be approximately $5,762,300; and WHEREAS, at a duly advertised and convened public hearing held on May 6, 2003, the Board of Directors of the City received additional information and made further findings supporting the need to maintain and preserve adequate public parking which is necessary because of additional development in the area of downtown Little Rock including, in particular, the expansion of the River Market District, the activities and events conducted at Riverfront Park, the downtown branch of the Little Rock Public Library, the Historic Arkansas Museum, the Museum of Science and History and the Alltel Arena, respectively, and the construction of the Clinton Presidential Park and Library, the construction of the new headquarters of Heifer Project International and Acxiom Corporation, respectively, and the construction of additional commercial, office and retail facilities, all of which are expected to increase the demand for public parking in the downtown area of the City; and WHEREAS, pursuant to Resolution No. 11,330, the staff, attorneys and other advisors 407418 -vi selected by the City and the Commission have developed a financing plan for the Project; and WHEREAS, the City has also been advised by the staff and its advisers, that it will be advantageous to refund the City's Capital Improvement Revenue Bonds (Second and Main Street Parking Project) Series 1997 (the "Bonds Refunded ") of which $2,180,000 in aggregate principal amount is presently outstanding (the "Refunding"); and WHEREAS, the City is authorized and empowered under the laws of the State of Arkansas, including particularly Arkansas Code Annotated Title 14, Chapter 164, Subchapter 4, as amended (the "Act "), to issue revenue bonds for the purpose of financing the River Market Parking Project and the Refunding; and WHEREAS, in order to finance the River Market Parking Project and the Refunding, the City intends to issue its Capital Improvement and Refunding Revenue Bonds (Downtown Parking Projects), Series 2003 (the "Series 2003 Bonds ") in an aggregate principal amount of not to exceed $11,855,000; and WHEREAS, the City will pledge the revenues of the River Market Parking Project and Second and Main Street Parking Facility, together with certain other parking revenues of the City more specifically defined hereinafter (the "Revenues ") to secure the payment of the principal of and interest on the Bonds. WHEREAS, it is the stated policy of the City to operate each of its public parking facilities in a coordinated and efficient manner so as to enhance the availability of public parking in the downtown area of the City; NOW THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. The acquisition, construction and equipping of the River Market Parking Project and the Refunding be accomplished; and, the operation and management of the River Market Parking Project by the Commission and the continued operation of the Second and Main Street Parking Facility by the Commission are hereby authorized and approved. Section 2. Under the authority of the Constitution and laws of the State of Arkansas, including particularly Arkansas Code Annotated Title 14, Chapter 164, Subchapter 4, the Series 2003 Bonds are hereby authorized and ordered sold and issued in the total principal amount of not to exceed $11,855,000, maturing in the years and bearing interest at the rates set forth in Exhibit "A" attached hereto and made a part hereof. The Bonds shall not be general obligations of the City or the Commission, but shall be special obligations payable solely from revenues derived from the River Market Parking Project and the Second and Main Street Parking Facilities, together with all other designated revenues of the City, from whatever source derived, and not previously pledged for other purposes (collectively, the "Pledged Revenues ") all as more specifically defined in the Indenture described herein. Revenues not needed to pay debt service on the Series 2003 Bonds may be released from the lien of the Indenture (hereinafter defined) 407418 -v1 2 0 • and used by the City for any lawful purpose, at the times and in the manner provided in the Indenture (hereinafter defined). Section 3. The issuance of the Series 2003 Bonds is hereby authorized for the purposes of (i) providing funds to finance the cost of the acquisition, construction and equipping of the River Market Parking Project, (ii) to refund the City's outstanding Series 1997 Bonds; (iii) to fund the Series 2003 Debt Service Reserve Fund (as defined in the hereinafter defined Indenture); (iv) to pay interest on the Bonds during the construction of the River Market Parking Project; and (v) to pay the costs of issuance of the Series 2003 Bonds. The Series 2003 Bonds will mature, bear interest and be subject to redemption in accordance with the provisions of the 'Indenture (hereinafter defined). Section 4. The Series 2003 Bonds shall be sold to the purchaser or purchasers identified in a Bond Purchase Agreement in substantially the form submitted to the meeting at which this Ordinance is adopted (the "Bond Purchase Agreement "), with such changes, omissions, insertions and revisions as the Mayor, City Clerk, and Director of Finance and Treasurer shall deem advisable, the execution and delivery by the Mayor of such Bond Purchase Agreement to constitute conclusive evidence of the City's acceptance and approval thereof. All actions heretofore taken by the Mayor, City Clerk, and Director of Finance and Treasurer in connection with the offering of the Series 2003 Bonds, including the preparation of the Preliminary Official Statement, preparation of the Indenture, and preparation of this Ordinance (the "Authorizing Ordinance ") are hereby in all respects ratified and approved. The Mayor is hereby authorized and directed to take such action, at such time, with respect to the Preliminary Official Statement as is necessary to cause the Preliminary Official Statement to be deemed final for purposes of the Securities and Exchange Commission Rule 15(c) 2 -12. The Preliminary 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 Mayor or Treasurer shall sign and deliver the final Official Statement for distribution to the owners of the bonds and other interested persons. Section 5. The Trustee for the Bonds (the "Trustee ") shall be identified in the Indenture, the approval of which by the Mayor to constitute approval of the Trustee's appointment to serve in such capacity. Section 6. To prescribe the terms and conditions upon which the Series 2003 Bonds are to be executed, accepted, held and secured, the Mayor is hereby authorized and directed to execute and acknowledge a Trust Indenture to be dated as of July 1, 2003 (the "Indenture ") by and among the City, the Commission, 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 and the Commission. The Indenture is hereby approved in substantially the form submitted to this meeting, with such changes, omissions, insertions and revisions as the Mayor, City Clerk, and Director of Finance and Treasurer shall deem advisable, the execution and delivery by the Mayor and City Clerk of such Trust Indenture to constitute conclusive evidence of the City's acceptance and approval thereof. 407418 -vi 3 o • Section 7. 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 preparation, 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 2003 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 8. The appointments of Wright, Lindsey & Jennings LLP, as Bond Counsel, and Morgan Keegan & Company, Inc., as Underwriters are hereby approved and ratified. Section 9. It is hereby found and declared that an immediate need exists for the parking improvements in order to achieve the most cost effective financing for the development of the City's metropolitan infrastructure. 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: May 27, 2003 ATTEST: NANCY WO (?D, CITY CLERK APPROVED AS TO FORM Z% GL(- -�•-�' THOMAS M. CARPENTER CITY ATTORNEY 407418 -vl 4 APPROVED: DAILEY, MAY R 9 • CERTIFICATE I, the undersigned City Clerk of the City of Little Rock, Arkansas, certify that the foregoing is a true and correct copy of Ordinance No. 18,870, adopted by the Board of Directors at the City on .5.2)7 - Ag , 2003, and that the Ordinance is of record in the official records of the City in my custody. Given under my hand and seal this, day of , 2003. Nancy Woa City Clerk !; -OF - Y "s �OV e _G 407418 -0 5 • •: t E lea•r�•� 0 • EXMBIT "A" Maturity Date (July I) Principal Amount Interest Rates 2004 $ 65,000.00 1.500% 2005 65,000.00 1.800 2006 65,000.00 2.300 2007 325,000.00 2.750 2008 340,000.00 3.250 2009 350,000.00 3.500 2010 365,000.00 3.800 2011 375,000.00 4.000 2012 390,000.00 4.200 2013 410,000.00 4.300 2014 425,000.00 4.400 2018* 1,900,000.00 4.700 2023 *. 2,960,000.00 5.250 2028* 3,820,000.00 5.300 *Term Bond, subject to Mandatory Sinking Fund Redemption. 407418 -vi