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1 ORDINANCE NO. 19,056
2
3 AN ORDINANCE TO AMEND LITTLE ROCK ORDINANCE NO.
4 18, 646 OF THE ORDINANCES OF THE CITY OF LITTLE ROCK;
5 TO PROVIDE FOR THE MODIFICATION OF THE PURPOSES
6 FOR WHICH THE BOND PROCEEDS WILL BE EXPENDED; TO
7 PROVIDE FOR THE APPROVAL OF A SECOND SUPPLEMENTAL
8 TRUST INDENTURE; AND PRESCRIBING OTHER MATTERS
9 RELATING THERETO.
10
11 WHEREAS, on February 19, 2002, the City of Little Rock approved Ordinance No.
12 18,646 which, among other things, authorized the issuance and sale by the City of its
13 $9,500,000 Library Improvement Bonds, Series 2002 ('Bonds') to fund certain projects
14 including the completion and renovation of the 5th floor of the Main Library Branch in
15 Little Rock, Arkansas, and
16 WHEREAS, since the date the Bonds were issued, the Trustees of the Central
17 Arkansas Library System ( "CALS "), because of developments that were unforeseeable
18 on the date the Bonds were issued, have determined that it is in the best interest of the
19 taxpayers of the City of Little Rock and the patrons of the Library to modify the list of
20 projects which were approved by the City pursuant to the Authorizing Ordinance, and
21 WHEREAS, for the reasons set -forth in Exhibit A, attached hereto and made a
22 part hereof, CALS requests that completion and improvement of the 5th floor of the
23 Main Library branch be deferred and that bond funds which would have been used for
24 that purpose be used instead to convert and renovate the recently acquired Geyer &
25 Adams Building located at 405 President Clinton Avenue for use by the Library for
26 library purposes, and,
[PAGE 1 OF 31
Ordin
To amend Ordinance No. 18,646 to modify purposes of Bond
Proceeds and to approve 2nd Supp. Trull Indenture
I WHEREAS, the acquisition of the Geyer & Adams Building by the Library, the
2 transfer of certain existing Library operations from the Main Branch to the Geyer &
3 Adams Building and the unexpected availability of other improved space on the 4th
4 floor of the Main Branch of the Library would result in a net addition of approximately
5 14,000 square feet of improved space for library purposes, and
6 WHEREAS, the Trustees of CALS believe that the use of bond funds for the
7 renovation and improvement of the Geyer & Adams Building constitutes a better use of
s Library funds than the original plan to renovate the 5th floor of the Main Branch
9 Library at this time, and
10 WHEREAS, Trustees of CALS hereby request that the Board of Directors
11 approve this Ordinance authorizing the execution and delivery of a Second
12 Supplemental Indenture which will accomplish the approval of the Geyer & Adams
13 Building project, approval of the expenditure of existing bond funds for this purpose
14 and otherwise modify the existing Second Supplemental Trust Indenture.
15 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS
16 OF THE CITY OF LITTLE ROCK, ARKANSAS:
17 Section 1. That the use of bond proceeds from the City of Little Rock, Arkansas
18 Library Improvement Bonds, Series 2002 for the completion and renovation of the 5th
19 floor of the Main Branch of the Little Rock Public Library is hereby deferred.
20 compliance with this section.
21 Section 2. That the use of proceeds of the Bonds for the purpose of renovating
22 and refurbishing the Geyer & Adams Building located at 405 President Clinton Avenue
23 for use by CALS for library purposes is hereby approved.
24 Section 3. That a Second Supplemental Trust Indenture substantially in the form
25 presented to this meeting of the Board of Directors is hereby authorized and approved
26 with such changes, modifications and other alterations as shall be approved b the
(PAGE 2 OF 31
Ordinance
To amend Ordinance No. 18,646 to modify purposes of Bond
proceeds and to approve 2nd Supp. Trust Indenture
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Mayor, his execution thereof to be conclusive approval of such changes, modifications
and alterations. Further, the Mayor is authorized to execute and deliver the Second
Supplemental Trust Indenture and the City Clerk is authorized to attest the Mayor's
signature thereon and to seal the same for an on behalf of the City.
Section 4. That all other provisions of Ordinance No. 18,646 not specifically
approved herein shall remain as set forth in Ordinance No. 18,646.
Section 5. Severability. In the event any title, section, paragraph, item,
sentence, clause, phrase, or word of this ordinance is declared or adjudged to be invalid
or unconstitutional, such declaration or adjudication shall not affect the remaining
portions of the ordinance which shall remain in full force and effect as if the portion so
declared or adjudged to be invalid or unconstitutional was not originally a part of the
ordinance.
Section 6. Repealer. All laws, ordinances, resolutions, or parts of the same
that are inconsistent with the provisions of this ordinance, including but not limited to
the provisions of Little Rock, Ark., Ordinance No. 18,842 (March 18, 2003) are hereby
repealed to the extent of such inconsistency.
PASSED: February 17, 2004
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22 Na cy Wood, City Clerk
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24 APPROVED AS TO LEGAL FORM:
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27 Thomas M. Carpenter, City Attorney
APPROVED:
Ji Dailey, Mayor
[PAGE 3 of 31
Ordinance
To amend Ordinance No. 19,696 to modify purposes of Bond
Proceeds and to approve 2nd Supp. Trust Indenture
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EXHIBIT "A"
PRELIMINARY DRAFT
Dated: 112812004
FOR DISCUSSION PURPOSES ONLY
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• PRELIMINARY DRAFT
Dated: 1/28/2004
FOR DISCUSSION PURPOSES ONLY
CITY OF LITTLE ROCK, ARKANSAS
as Issuer
ow
METROPOLITAN NATIONAL BANK, Little Rock, Arkansas
as Trustee
SECOND SUPPLEMENTAL TRUST INDENTURE
Dated as of 2004
Providing For
City of Little Rock, Arkansas Library Improvement bonds
This Instrument does not constitute a Security Agreement under
the Arkansas Uniform Commercial Code
This instrument prepared by
WRIGHT, LINDSEY & JENNINGS LLP
200 West Capitol Avenue, Suite 2300
Little Rock, Arkansas 72201 -3699
(501) 371 -0808
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• PRELIMINARY DRAFT
Dated: 1/28/2,004
FOR DISCUSSION PURPOSES ONLY
SECOND SUPPLEMENTAL TRUST INDENTURE
This SECOND SUPPLEMENTAL TRUST INDENTURE dated as of the _ day of
2004 (the "Supplemental Indenture "), by and between the CITY OF LITTLE ROCK,
ARKANSAS, a city of the first class under the laws of the State of Arkansas ( "City "), and
METROPOLITAN NATIONAL BANK, an institution organized under and existing by virtue of
the laws of the United States of America, with its principal office in Little Rock, Arkansas
( "Trustee ").
WITNESSETH:
WHEREAS, the City, Pulaski County, Arkansas and Perry County, Arkansas entered into
an Interlocal Cooperation Agreement in February of 1975. which established the Central
Arkansas Library System ( "CALS ") which currently operates ten branches located in the cities of
Little Rock (main library and five branches), Sherwood, Jacksonville, Maumelle and Perryville
WHEREAS, pursuant to Ark. Code Ann. § §25 -20 -201 through 207, the City, Pulaski
County, Perry County and the cities of Sherwood, Jacksonville and Maumelle entered into a new
interlocal agreement in 1999 whereby CALS has expanded authority;
WHEREAS, the City is authorized and empowered under the laws of the State of
Arkansas, including particularly Amendment 30 to the Arkansas Constitution Ark. Code Ann.
§ §14- 142 -201 through 222 (Act 920 of the Acts of Arkansas of 1992)(the "Act "), and Ordinance
No. 18,085 duly adopted and approved by the City on August 3, 1999, as amended and
supplemented by Ordinance No. 18,646 duly adopted and approved by the City on February
19,2002, to issue bonds for the purpose of financing improvements to public libraries and to
refund outstanding library bonds;
WHEREAS, CALS on behalf of the City, has determined that certain of the projects
approved by Ordinance No. 18,646 and in that certain Supplemental Trust Indenture dated as of
March 1, 2002, should be deferred and that another project of higher priority should be
substituted for the deferred project;
WHEREAS, the completion and renovation of the 5' floor of the Main Branch Library
will be deferred until a future date, and instead, proceeds of the Bonds will be expended for the
renovation, improvement and refurbishing of the Geyer & Adams Building, recently acquired by
CALS, and located at 405 President Clinton Avenue in the City of Little Rock, Arkansas
( "Substitute Project");
WHEREAS, the cost of the Substitute Project are to be provided by the proceeds of the
Series 2002 Bonds;
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NOW, THEREFORE, know all men by these presents, this Supplemental Indenture
witnesseth:
Section 1: The definition of "Project" or "Projects" set forth in Section 101(b) of the
Supplemental Indenture shall be amended and restated as follows:
"Project" or "Projects" means:
(1) Completion, renovation and refurbishing of the Geyer & Adams Building;
(2) Construction of a new library in west central Little Rock;
(3) Construction of a new library in west Little Rock;
(4) Enhancing CALS collection of books, videos, etc.; and
(5) Accomplishing other projects, which CALS Board of Directors deem
appropriate.
Section 2 That proceeds of the Series 2002 Bonds shall be used to complete the
Projects as defined hereinabove and pursuant to the terms of the Supplemental Indenture, which
authorized the issuance of the Series 2002 Bonds and this Second Supplemental Indenture.
Section 3: That all other provisions of the Supplemental Indenture not specifically
amended or modified herein shall remain as set forth in the Supplemental Indenture.
Section 4: Effective Date. This Supplemental Indenture shall take effect immediately.
EXECUTED this _ day of 2004.
ATTEST:
NANCY WOOD, CITY CLERK
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APPROVED:
JIM DAILEY, MAYOR
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CONSENT AND AGREEMENT TO SERIES 2002
SECOND SUPPLEMENTAL TRUST INDENTURE
The Central Arkansas Library System hereby consents to the execution and delivery
of the foregoing Second Supplemental Trust Indenture, and agrees that it shall have and undertake
the right and responsibility to perform all covenants and obligations to the City of Little Rock,
Arkansas under and in accordance with the provisions of the Master Indenture, the Supplemental
Indenture and this Second Supplemental Indenture to the extent CALS is authorized by law to do
SO.
CENTRAL ARKANSAS LIBRARY SYSTEM
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ATTEST:
Larrie Thompson,
Associate Director Operations
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Dr. Bobby Roberts, Director