HomeMy WebLinkAbout12512RESOLUTION NO. 129512
A RESOLUTION AUTHORIZING THE MAYOR AND FINANCE DIRECTOR,
IN COOPERATION WITH THE UNDERWRITER AND BOND COUNSEL, TO
PROCEED WITH MATTERS PRELIMINARY TO THE ISSUANCE OF NOT TO
EXCEED $15,000,000 PRINCIPAL AMOUNT OF CAPITAL IMPROVEMENT
REFUNDING REVENUE BONDS; APPROVING THE PREPARATION AND
DELIVERY OF A PRELIMINARY OFFICIAL STATEMENT; AND SETTING
FORTH OTHER MATTERS PERTAINING TO THE REVENUE BONDS
WHEREAS, the Board of Directors of the city of Little Rock, Arkansas (the "City ") has
determined that it is in the best interest of the City to issue Capital Improvement Refunding Revenue
Bonds for the purpose of refunding the City's outstanding Capital Improvement Revenue Bonds
(Infrastructure Improvements), Series 1998A (the "Refunding Bonds ") to achieve interest cost savings
and other valuable benefits related thereto, and to pay the costs of issuing the Refunding Bonds; and
WHEREAS, in order to provide for the issuance and sale of the Refunding Bonds, the City
desires to authorize the marketing of the Refunding Bonds and ratify the selections of Morgan Keegan &
Company, Inc., as Underwriter and Wright, Lindsey & Jennings LLP, as Bond Counsel.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
CITY OF LITTLE ROCK, ARKANSAS, THAT:
SECTION 1. Such preliminary actions as are determined to be necessary by the Mayor and
Finance Director are hereby authorized for the marketing of not to exceed $15,000,000 in aggregate
principal amount of the Refunding Bonds in order to achieve interest cost savings and other valuable
benefits; provided, however, that at such time as the Mayor and Finance Director may determine to be in
the best interests of the City, the final terms of the sale of the Refunding Bonds shall be submitted for
approval by the Board of Directors, together with the proposed form of the documents necessary for the
issuance of the Refunding Bonds, including, without limitation, the Trust Indenture. Pending final
approval of sale of the Refunding Bonds at a regular or special meeting of the Board of Directors, as the
Mayor shall consider appropriate, the Mayor and the Finance Director may upon the advice of the Bond
Counsel and the City Attorney approve the Bond Purchase Agreement to insure compliance with relevant
laws and regulations governing the sale of the Refunding Bonds.
SECTION 2. The preparation of a Preliminary Official Statement and its distribution to
prospective purchasers of the Refunding Bonds are hereby approved. The Mayor is hereby authorized
and directed to cause the Preliminary Official Statement to be delivered for and in the name of the City,
with such provisions therein as shall be approved by the Mayor, who is authorized to execute and deliver
to the Underwriter a certificate, when requested by the Underwriter, to the effect that the Preliminary
Official Statement is deemed final for the purposes of Securities and Exchange Commission Rule 15c2-
12.
SECTION 3. The City hereby affirms and ratifies the selections of Morgan Keegan & Company,
Inc., as Underwriter and Wright, Lindsey & Jennings LLP, as Bond Counsel.
SECTION 4. The City hereby authorizes and directs the Mayor, the City Clerk, and other
officers and employees of the City to carry out or cause to be carried out all appropriate actions, to
execute such other certificates or documents to evidence authority as authorized herein, and to take such
other actions as they, in consultation with Bond Counsel, shall consider necessary or advisable in
connection with this Resolution and the Preliminary Official Statement, in order to prepare for the
issuance, sale and delivery of the Refunding Bonds.
SECTION 5. This Resolution shall be effective from and after the date of its adoption.
Adopted: May 1, 2007.
Mark Stodola, Mayor
ATTEST:
Na ey Woo , City Clerk
APPROVED AS TO FORM:
Thomas M. Carpenter,
City Attorney