HomeMy WebLinkAbout12530RESOLUTION NO. 12,530
A RESOLUTION APPROVING THE ISSUANCE OF A SERIES OF TAXABLE
PROMISSORY NOTES UNDER THE AUTHORITY OF CITY OF LITTLE
ROCK, ARKANSAS ORDINANCE NO. 19,723; AND PRESCRIBING OTHER
MATTERS PERTAINING THERETO.
WHEREAS, the City of 'Little Rock, Arkansas adopted Ordinance No. 19,723,
authorizing the issuance of its promissory notes in one or more series in the aggregate
principal amount of not to exceed $7,819,000 (the "Notes') under Amendment No. 78 to the
Arkansas Constitution ( "Amendment No. 78 ") and the Local Government Short -Term
Financing Obligations Act of 2001 (Ark. Code Ann. § 1.4-78 -101 et seq., Michie Supp. 2005)
(the "Act ") for the purpose of financing all or a portion of the costs of the acquiring
vehicles, acquiring land, acquiring, constructing, and installing facilities, and acquiring,
constructing, and installing technology and equipment for the City (collectively, the
"Property "); and
WHEREAS, the City issued and delivered an initial series of the Notes under
Ordinance No. 19,723 in the principal amount of $5,919,000; and
WHEREAS, the City intends to issue a second, taxable series of the Notes in the
principal amount of not to exceed $1,481,000; and
WHEREAS, the issuance of each series of the Notes subsequent to the initial series
requires approval by resolution of the Board of Directors;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS, THAT:
Section 1. There is hereby approved and ordered issued a second, taxable series of
the Notes in the principal amount of not to exceed $1,481,000 under the authority of
Ordinance No. 19,723 for the purpose of financing all or a portion of the costs of acquiring,
constructing, and installing the Property and paying expenses of issuing such series of the
Notes.
Section 2. The Mayor, City Clerk, and City Treasurer, for and on behalf of the City,
are hereby authorized and directed to do any and all things necessary to effect the issuance,
execution, and delivery of the second, taxable series of the Notes pursuant to the authority
conferred by Ordinance No. 19,723 and this resolution, and the performance of all acts of
whatever nature necessary to effect and carry out the authority conferred by Ordinance
No. 19,723 and this resolution. The Mayor, City Clerk, and City Treasurer are hereby
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 3. Severability. In the event any title, section, paragraph, item, sentence,
clause, phrase, or word of this resolution is declared or adjudged to be invalid or
unconstitutional, such declaration or adjudication shall not affect the remaining portions of
this resolution, which shall remain in full force and effect as if the portion so declared or
adjudged invalid or unconstitutional was not originally a part of this resolution.
Section 4. Repealer. All ordinances or resolutions of the City in conflict herewith are
hereby repealed to the extent of such conflict.
PASSED: June 5, 2007
ATTEST:
Nan y Woo , City Clerk
APPR VED AS TO LEGAL FORM:
Thomas M. Carpenter, City A rney