HomeMy WebLinkAbout19840I ORDINANCE NO. 19,840
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3 AN ORDINANCE TO AMEND ORDINANCE NO. 19,837 REGARDING $39,000,000
4 CITY OF LITTLE ROCK, ARKANSAS TAXABLE INDUSTRIAL DEVELOPMENT
5 REVENUE BONDS (WELSPUN TUBULAR L.L.C. PROJECT), SERIES 2007 -C, FOR
6 THE PURPOSE OF ALTERING THE MATURITIES OF THE BONDS; TO DECLARE
7 AN EMERGENCY; AND FOR OTHER PURPOSES.
8
9 WHEREAS, on October 16, 2007, the Board of Directors of the City of Little Rock, Arkansas adopted
10 Ordinance No. 19,837, authorizing issuance of the City's Taxable Industrial Development Revenue
I1 Bonds (Welspun Tubular LLC Project), Series 2007 -C, in the principal amount of $39,000,000 (the
12 "Series 2007 -B Bonds "); and
13 WHEREAS, at the request of Welspun Tubular LLC and the Series 2007 -C Purchaser identified in
14 Ordinance No. 19,837, the City now proposes a different maturity schedule for the Series 2007 -C
15 Bonds;
16 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
17 ROCK, ARKANSAS:
18 Section 1. The first paragraph of Section 2 of Ordinance No. 19,837 is hereby amended by
19 substituting the following paragraph:
20 "The Series C Bonds shall be dated the date of their initial authentication and delivery, shall
21 bear interest from such date, shall mature (subject to prior redemption) or be subject to mandatory
22 sinking fund redemption in the amount of $100 on August 1 in each of the years 2008 through 2014,
23 inclusive, in the amount of $3,000,000 on August 1 in each of the years 2015 through 2026, inclusive,
24 and in the amount of $2,999,300 on August 1, 2027, and shall bear interest at a floating rate of interest
25 as described in the Second Supplemental Trust Indenture. The Series C Bonds shall be junior and
26 subordinate in security, repayments, and interest to the Series A Bonds and the Series B Bonds."
27 Section 2. Except as amended hereby, Ordinance No. 19,837 of the City shall remain in full force
28 and effect.
29 Section 3. There is hereby found and declared to be an immediate need for the securing and
30 developing of substantial industrial operations in order to provide additional employment, alleviate
31 unemployment, and otherwise benefit the public health, safety, and welfare of the City and the
32 inhabitants thereof, and the issuance of the Bonds authorized hereby and the taking of the other action
33 authorized herein are immediately necessary in connection with the securing and developing of
34 substantial industrial operations and deriving the public benefits referred to above. It is therefore,
35 declared that an emergency exists and this Ordinance, being necessary for the immediate preservation
[PAGE 1 OF 2]
Ordinance
Amending 0- 19,837 regarding $39,000,000 Taxable Act 9 Bonds for
Welspun Tubular LLC
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of the public health, safety, and welfare, shall be in force and take effect immediately upon and after
its passage.
PASSED: November 6, 2007
ATTEST: APPROVED*
Nan y Wood, C' y Clerk
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, City Atthrney
Mark Stodola-, Mayor
[PAGE 2 OF 21
Ordinance
Amending 0- 19,837 regarding $39,000,000 Taxable Act 9 Bonds for
Welspun Tubular LLC