HomeMy WebLinkAbout12769RESOLUTION NO. 12,769
A RESOLUTION AUTHORIZING THE OFFERING OF UP
TO $16,000,000 OF CITY OF LITTLE ROCK,
ARKANSAS SEWER REVENUE BONDS, SERIES 2008;
AUTHORIZING THE EXECUTION OF A BOND PURCHASE
AGREEMENT; AND PROVIDING FOR OTHER MATTERS
IN CONNECTION THEREWITH.
WHEREAS, the City of Little Rock, Arkansas (the
"City ") owns a sewer system (the "System "), which is operated by
the Sewer Committee of the City (the "Committee "); and
WHEREAS, the Committee has determined that betterments
and improvements to the System (the "improvements ") are
necessary in order to make the services of the System adequate
for the needs of the City; and
WHEREAS, the Committee can finance all or a portion of
the costs of the improvements by the issuance of Sewer Revenue
Bonds in the maximum principal amount of $16,000,000 (the
"bonds "); and
WHEREAS, Morgan Keegan & Company, Inc. and Crews &
Associates, Inc. (collectively, the "Underwriter ") have been
selected by the Committee to underwrite the bonds; and
WHEREAS, the City intends to negotiate with the
Underwriter for the sale of the bonds pursuant to a Bond
Purchase Agreement between the Purchaser and the City (the
"Purchase Agreement "), which has been presented to and is before
this meeting; and
WHEREAS, the form of the Preliminary Official
Statement offering the bonds for sale (the "Preliminary Official
Statement ") has been presented to and is before this meeting;
and
WHEREAS, Friday, Eldredge & Clark, LLP has been
selected by the Committee to act as Bond Counsel in connection
with the authorization, sale and issuance of the bonds; and
WHEREAS, upon the advice of the Committee, the Board
of Directors is now prepared to authorize the offering of the
bonds for sale by the Underwriter, to authorize the execution
and delivery of the Purchase Agreement and to approve the
Preliminary Official Statement;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of the City of Little Rock, Arkansas:
Section 1. That the Underwriter is hereby authorized
to offer the bonds for sale on such terms and conditions as may
be recommended by the Underwriter and the Committee.
Section 2. Following the offering of the bonds, the
Mayor is hereby authorized to execute and deliver the Purchase
Agreement for and on behalf of the City so long as (a) the true
interest cost on the bonds (after taking into account
underwriters' discount and original issue premium or discount,
if any), is not greater than 6.5 %, (b) the weighted average
maturity of the bonds (taking into account mandatory sinking
fund redemption, if any) is not greater than 20 years, (c) the
bonds mature not later than October 1, 2038, and (d) the
underwriters' discount is not greater than 1.0% of par.
Section 3. That the forms of Preliminary Official
Statement and Purchase Agreement, substantially in the forms
exhibited to and before the Board of Directors at the meeting at
which this Resolution is adopted, are hereby approved and the
Underwriter is hereby authorized to use the Preliminary Official
Statement in connection with the sale of the bonds.
Section 4. The officials of the City are authorized
to cooperate with the Underwriter and Friday, Eldredge & Clark,
LLP, as Bond Counsel, in the offering and sale of the bonds and
are further authorized to execute such writings and take such
actions as may be appropriate to the offering of the bonds.
Section S. The Mayor is hereby authorized to "deem
final" for purposes of Rule 15c2 -12 of the Securities and
Exchange Commission, the Preliminary Official Statement.,;
ADOPTED: October 7, 2008.
Mark Sto
N nay Wood City Clerk
Approved as to form:
,e_
Tom Carpenter, C' y Attorney
a, Mayor
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