HomeMy WebLinkAbout20312I ORDINANCE NO. 20,312
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3 AN ORDINANCE TO AUTHORIZE THE CITY MANAGER TO ENTER
a INTO AN AGREEMENT WITH STEPHENS, INC., TO SERVE AS THE
5 UNDERWRITER FOR THE REFUNDING OF THE $27,330,000 CITY
6 OF LITTLE ROCK, ARKANSAS, WASTE DISPOSAL REFUNDING
7 AND IMPROVEMENT REVENUE BONDS, SERIES 2002; TO DIS-
s PENSE WITH THE REQUIREMENT OF COMPETITIVE BIDS; TO
9 DECLARE AN EMERGENCY; AND, FOR OTHER PURPOSES.
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11 WHEREAS, after review of various options it has been determined to be in the City's best
12 interest to refund the $27,330,000 City of Little Rock, Arkansas, Waste Disposal Refunding and
13 Improvement Revenue Bonds, Series 2002 ( "2002 Bonds "); and,
to WHEREAS, in light of the current market conditions it has been determined that the City
15 needs to move quickly with this project in order to take advantage of these conditions and obtain
16 the maximum financial interest for the City; and,
17 WHEREAS, the Friday Law Firm was selected to assist as bond counsel on this project; and,
18 WHEREAS, Stephens, Inc., was selected as the bond underwriter for the 2002 Bonds pursu-
19 ant to Little Rock, Ark., Resolution No. 11,156 (November 6, 2001); and,
20 WHEREAS, in light of the experience of Stephens, Inc., as underwriter for the initial bond
21 issue, and the need to act quickly in order to take advantage with current market conditions in the
22 issuance of refunding bonds for the 2002 Bonds;
23 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
24 THE CITY OF LITTLE ROCK, ARKANSAS;
25 Section 1. The City Manager and City Clerk are authorized to negotiate and enter into an
26 agreement with Stephens, Inc., to serve as the City's bond underwriter for the refunding of the
27 2002 Bonds.
28 Section 2. Because of the need to act quickly to take advantage of the current market condi-
29 tions, and because of the experience of Stephens, Inc., with the 2002 Bonds, the Board finds it is
30 impractical and unfeasible to subject this selection of bond underwriter to a formal competitive
31 selection process.
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Ordinance to select bond underwriter for landfill refunding bonds
I Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
2 phrase, or word of this ordinance is declared or adjudged to be invalid or unconstitutional, such
3 declaration or adjudication shall not affect the remaining portions of the ordinance, which shall
4 remain in full force and effect as if the portion so declared or adjudged invalid or unconstitu-
5 tional were not originally a part of the ordinance.
6 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsis-
7 tent with the provisions of this ordinance are hereby repealed to the extent of such inconsistency.
8 Section 5. Emergency. The City may realize economic gain by the private management of its
9 sanitary landfill, but needs flexibility for such a relationship currently permitted by the 2002
to bonds; and, savings from this approach, and the realization of income to the City, are essential
11 to the public health, safety and welfare; an emergency is, declared to exist and this ordinance
12 shall be in full force and effect from and after the date of its passage.
13 PASSED: September 7, 2010
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ATTEST:
19 APPROVED AS TO LEGAL FORM:
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22 Thomas M. Carpenter, City Attorney
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Ordinance m sdmr bond underwriter for landfill refunding bonds
APPROVED:
Mark Stodola, Mayor