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HomeMy WebLinkAbout13361ORDINANCE NO. 13,361 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF MUNICIPAL AIRPORT REVENUE BONDS BY THE CITY OF LITTLE ROCK, ARKANSAS FOR THE PURPOSE OF FINANCING I14PROVEMENTS TO THE AIRPORT FACILTIES; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the Little Rock Municipal Airport and its related properties and facilities are being operated, managed and maintained by the Little Rock Municipal Airport Commission (the "Airport Com- mission"), which was created and organized pursuant to Act No. 53 of the Acts of Arkansas of 1949, and Initiated Ordinance No. 8511 of the City of Little Rock, Arkansas (the "City "), adopted November 7, 1950; and WHEREAS, the Airport Commission has determined that airport improvements, consisting of passenger loading bridges for use by four (4) major airlines ( "Improvements ") should be purchased and installed, and has requested that the Board of Directors of the City ( "Board ") take the necessary steps to sell and issue Municipal Airport Revenue Bonds in the principal amount of $500,000, to provide the necessary financing of the costs of the Improvements, expenses incidental thereto and expenses of issuing bonds; and WHEREAS, the City offered for public sale Municipal Airport Revenue Bonds, Series 1977, dated November 1, 1977, in the principal amount of $500,000 (the "1977 Bonds" or the "Bonds "), and at the public sale held October 26, 1977, the following bids were received: T. J. Raney & Sons, Inc. 5.1462% Reynolds Securities, Inc. Hill, Crawford & Lanford, Inc. 5.1613% Parham and Company, Inc. 5.238983% Powell & Satterfield, Inc. 5.30593% Jon R. Brittenum & Associates, Inc. 5.32881% Stephens Inc. 5.36229% Page 2 WHEREAS, the City has outstanding an issue of Municipal Airport Revenue Bonds, Series 1966, dated May 1, 1966 (the "1966 Bonds "), in the original principal amount of $1,337,000 of which $1,075,000 are outstanding, issued under and secured by the provisions of Ordinance No. 11,745 of the Ordinances of the City, adopted on the 16th day of May, 1966, and Ordinance No. 11,755, adopted on the 20th day of June, 1966 (collectively "Ordinance No. 11,745 "); and WHEREAS, the City has outstanding an issue of Municipal Airport Revenue Bonds, Series 1971, dated March 1, 1971 (the "1971 Bonds "), in the original principal amount of $2,700,000 of which $2,356,000 in principal amount are outstanding, issued under and secured by the provisions of Ordinance No. 12,456 of the Ordinances of the City, adopted on the 15th day of March, 1971 ( "Ordinance No. 12,456 "); and WHEREAS, the City has outstanding an issue of Municipal Airport Revenue Refunding Bonds, dated March 1, 1975 (the "1975 Bonds "), in the original principal amount of $900,000 of which $821,000 in principal amount are outstanding, issued under and secured by the provisions of Ordinance No. 13,008 of the Ordinances of the City, adopted on the 21st day of January, 1975, and Resolution No. 5336 of the City, adopted on the 13th day of February, 1975 (collectively "Ordinance No. 13,008 "); and WHEREAS, the City has outstanding an issue of Municipal Airport Revenue Bonds, Series 1976, dated March 1, 1976 (the "1976 Bonds "), in the original principal amount of $600,000 of which Page 3 $567,000 in principal amount are outstanding, issued under and secured by the provisions of Ordinance No. 13,145 of the Ordinances of the City, adopted on the 18th day of March, 1976 ( "Ordinance No. 13,145 "); and WHEREAS, the Board has determined that the conditions set forth in Section 8 of Ordinance No. 11,745, Section 8 of Ordinance No. 12,456, Section 8 of Ordinance No. 13,.008, and Section 8 of Ordinance No. 13,145, for the issuance of bonds ranking on a parity with the outstanding bonds can be complied with and that, therefore, the bonds authorized by this Ordinance will be issued on a parity of security with the 1966 Bonds, the 1971 Bonds, the 1975 Bonds and the 1976 Bonds; NOW, THEREFORE, BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. That under the authority of the Constitution and laws of the State of Arkasas, including,particularly Act No. 53 of the Acts of Arkansas of 1949, as amended, and Act No. 175 of the Acts of Arkansas of 1959, as amended, City of Little Rock, Arkansas Municipal Airport Revenue Bonds, Series 1977, are hereby authorized and ordered issued in the total principal amount of $500,000 to finance the cost of Improvements, costs incidental thereto, and the costs of issuing the Bonds. That the bid of T. J. Raney & Sons, Inc., Little Rock, Arkansas (the "Purchasers ") for the Bonds is determined to be the best bid and the bid is accepted and the Bonds sold to the Purchasers in accordance with the bid. The Bonds shall be dated November 1, 1977, interest shall be payable may 1, 1978, and semiannually thereafter on each November 1 and May 1, and the Bonds shall mature annually (on November 1), bear interest and be numbered as follows: Maturity Principal Amount Bond Nos. Interest Rate 1978 $40,000 1- 8 6.00% 1979 40,000 9- 16 6.00% 1980 45,000 17- 25 6.00% 1981 45,000 26- 34 5.50% 1982 50,000 35- 44 5.25% 1983 50,000 45- 54 5.25% 1984 55,000 55- 65 5.25% 1985 55,000 66- 76 5.00% 1986 60,000 77- 88 5.00% 1987 60,000 89 -100 5.00% V 11 Page 4 All Bonds shall be in the denomination of $5,000 each. Worthen Bank & Trust Company, N.A., Little Rock, Arkansas is designated as Trustee and Paying Agent for the Bonds. The Bonds shall be negotiable coupon bonds payable to bearer but subject to registration as to principal or as to principal and interest. Payment of principal and interest coupons shall be made at the principal office of the Paying Agent. Payment of interest when registered as to interest may be by check or draft mailed to the registered owner at the address shown on the registration book of the City maintained by the Trustee as bond registrar. Section 2. The authority conferred by this Ordinance shall be carried out under the control and supervision of, and all details in connection therewith shall be handled by, the Airport Commission. In this regard, in addition to the powers and duties of the Airport Commission existing under and by virtue of the laws of the State of Arkansas and Initiated Ordinance No. 8511, there is hereby conferred upon the Airport Commission full and complete power to carry out and accomplish the authority specified in this Ordinance pertaining to accomplishing the Improvements, the operation of the airport and the collection, handling and disbursement of revenues, including the execution and delivery of all contracts and instruments necessary or incidental thereto or to evidence the exercise of the authority herein conferred. Section 3. That the Bonds issued under this Ordinance shall be executed on behalf of the City by the Mayor and City Clerk and shall have impressed thereon the seal of the City. The facsimile signature of the Mayor may be used upon compliance with the provisions of Act No. 69 of the Acts of Arkansas for the year 1959. Interest coupons attached to the Bonds shall be executed by the facsimile signature of the Mayor. The Mayor's facsimile signature shall have the same force and effect as if he had personally signed the Bonds and coupons. The Bonds shall be executed by the manual signature Page 5 of the City Clerk. The principal of and interest on the Bonds shall be payable solely out of the Municipal Airport Bond Fund ( "Bond Fund "). The Bond Fund was created pursuant to the provisions of Section 11 of Ordinance No. 11,190 of the Ordinances of the City, adopted June 19, 1961 ( "Ordinance No. 11,190 "), under which Municipal Airport Revenue Bonds, dated May 1, 1961 (now retired) were issued, and is presently being maintained. Payment of principal and interest on the Bonds shall be a valid claim of the Bondholders only aginst the Bond Fund and the revenues pledged to the Bond Fund, which revenues (being revenues derived from the operation of the Municipal Airport) are hereby pledged and mortgaged for the equal and ratable payment of the principal of and interest on the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds and the 1977 Bonds, all of which rank on a parity of security, and shall be used for no other purpose except as in Ordinances No. 11,190, No. 11,745, No. 12,456, No. 13,008, No. 13,145 and in this Ordinance specifically provided. The principal of and interest on the Bonds shall not constitute an indebtedness of the City within any constitutional or statutory limitation. Section 4. That the Bonds and coupons shall be in substantially the following form and the Mayor and City Clerk are hereby authorized and directed to make all recitals contained therein: UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PULASKI CITY OF LITTLE ROCK % MUNICIPAL AIRPORT REVENUE BOND, SERIES 1977 R" KNOW ALL MEN BY THESE PRESENTS: $5,000 That the City of Litle Rock, County of Pulaski, and State of Arkansas (the "City "), acknowledges itself to owe and, for value received, hereby promises to pay to bearer, or if this Bond be registered, to the registered owner hereof, solely from the special fund provided as hereinafter set forth, the principal sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America on the first day of November, 19 , and to pay solely from the special fund interest hereon at the rate of percent ( %) per annum from date until paid. Interest is payable semiannually on May 1 and November 1 of each year, commencing May 1, 1978. Principal and interest are payable at the principal office of Worthen Bank & Trust Company, N.A., Little Rock, Arkansas (the "Trustee" and "Paying Agent "). Payment of interest, when registered as to interest, may be by check or draft mailed to the registered owner at his address reflected on the registration book of the City maintained by the Trustee as bond registrar. This Bond is part of an issue of One Hundred (100) bonds aggregating Five Hundred Thousand Dollars ($500,000), numbered consecutively from One (1) to One Hundred (100), inclusive (the "Bonds "), all of like tenor and effect, except as to number, rate of interest, maturity and right of prior redemption, and are issued for the purpose of financing improvements to the Little Rock Municipal Airport. The Bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Act No. 53 of the Acts of Arkansas for the year 1949, as amended, and Act No. 175 of the Acts of Arkansas for the year 1959, as amended, and pursuant to Ordinance No. 13,361 of the City, Page 7 adopted and approved on the 26th day of October, 1977 (the "Authorizing Ordinance ") and a resolution duly adopted by the Little Rock Municipal Airport Commission, and the bonds do not constitute an indebtedness of the City within any constitutional or statutory limitation. The bonds are not general obligations of the City, but are special obligations payable solely from revenues derived from the operation of the Municipal Airport. The Bonds are issued on a parity of pledge and security as to airport revenues with an issue of Municipal Airport Revenue Bonds dated May 1, 1966 (the "1966 Bonds "), an issue of Municipal Airport Revenue Bonds, dated March 1, 1971 (the "1971 Bonds "), an issue of Municipal Airport Revenue Refunding Bonds, dated March 1, 1975 (the "1975 Bonds "), and an issue of Municipal Airport Revenue Bonds dated March 1, 1976 (the "1976 Bonds "). An amount of such revenues sufficient to pay the principal of and interest on the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds, and these Bonds and to establish and maintain a reserve for contingencies, is set aside in a special fund for that purpose identified as the Municipal Airport Revenue Bond Fund (created by Ordinance No. 11,190 duly adopted on the 19th day of June, 1961 and presently being maintained). Reference is hereby made to the Authorizing Ordinance for a detailed statement of the nature and extent of the security, the rights and obligations of the City, the Trustee, and the holders and registered owners of the Bonds and the terms and conditions upon which the Bonds are issued, including, without limitation, the covenant of the City to impose and collect such charges for the use of the Municipal Airport and its facilities as will always produce sufficient revenues to provide for the operation, maintenance and repair of the Municipal Airport, to provide for the payment of the principal of and interest on the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds and these Bonds, pay Trustee's and Paying Agent's fees, and to make the required deposit into the Depreciation Fund. The Bonds are not subject to redemption prior to maturity. Page 8 This Bond may be registered as to principal or as to principal and interest and may be discharged from such registration in the manner, with the effect and subject to the terms and conditions endorsed hereon. Subject to the provisions for registration endorsed hereon, nothing contained in this Bond or in the Authorizing Oridnance shall affect or impair the negotiability of this Bond and this Bond shall be deemed a negotiable instrument under the laws of the State of Arkansas and is issued with the intent that the laws of the State of Arkansas will govern its construction. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and to be performed precedent to and in the issuance of the Bonds, have existed, have happened and have been performed in due time, form and manner, as required by law; that the indebtedness represented by the Bonds does not exceed any constitutional or statutory limitation; and that sufficient revenues have been pledged to and will be set aside into the Municipal Airport Revenue Bond Fund, referred to above, for the payment of the principal of and interest on the Bonds. This Bond shall not be valid until the Certificate of Authentication hereon shall have been signed by the Trustee. IN WITNESS WHEREOF, the City of Little Rock, Arkansas, by its Board of Directors, has caused this bond to be signed by the Mayor and City Clerk thereof (with the facsimile signature of the Mayor and the manual signature of the City Clerk) and sealed with the seal of the City, and has caused the interest coupons attached to be signed by the facsimile signature of the Mayor, all as of the first day of November, 1977. ATTEST: City Clerk (SEAL) CITY OF LITTLE ROCK, ARKANSAS By (facsimile signature) Mayor Page 9 (Form of Coupon) $ No. On the first day of (May) (November), 19 , the City of Little Rock, Pulaski County, Arkansas, unless the Bonds to which this coupon is attached, is paid prior thereto, hereby promises to pay to bearer, solely out of the special fund specified in the Bond to which this coupon is attached DOLLARS in such coin or currency as shall be legal tender for the payment of debts due the United States of America at the principal office of Worthen Bank & Trust Company, N.A., Little Rock, Arkansas, being six (6) months interest then due on its Municipal Airport Revenue Bond, Series 1977, dated November 1, 1977, and numbered CITY OF LITTLE ROCK, ARKANSAS By (facsimile signature) Mayor On each bond shall appear the following: CERTIFICATE OF AUTHENTICATION This is one of the Bonds of the issue of Municipal Airport Revenue Bonds, Series 1977, of the City of Little Rock, Arkansas, dated November 1, 1977, and aggregating $500,000 in principal amount described in the Bond to which this certificate is attached. WORTHEN BANK & TRUST COMPANY, N.A. Little Rock, Arkansas By (Authorized Signature) Page 10 PROVISIONS FOR REGISTRATION AND RECONVERSION This Bond may be registered as to principal alone on books of the City, kept by the Trustee as bond registrar, upon presentation hereof to the bond registrar, which shall make mention of such regis- tration in the registration blank below, and this Bond may thereafter be transferred only upon an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the bond registrar, such transfer to be made on such books and endorsed hereon by the bond registrar. Such transfer may be to bearer, and thereafter transferability by delivery shall be restored, but this Bond shall again be subject to successive reg- istrations and transfers as before. The principal of this Bond, if registered,- unless registered to bearer, shall be payable only to or upon the order of the registered owner or his legal representative. Interest accruing on this Bond will be paid only on presentation and surrender of the attached interest coupons as they respectively become due, and notwithstanding the registration of this Bond as to principal, the appurtenant interest coupons shall remain payable to bearer and shall continue to be transferable by delivery; provided, that if upon registration of this Bond, or at any time thereafter while this Bond is registered in the name of the owner, the unmatured coupons attached evidencing interest to be thereafter paid hereon shall be surrendered to said bond registrar, a statement to that effect will be endorsed hereon by the bond registrar and thereafter interest evidenced by such surrendered coupons may be paid by check or draft of the bond registrar at the times provided herein to the registered -owner of this Bond by mail to the address shown on the registration books. This Bond when so converted into a bond registered as to both principal and interest may be reconverted into a coupon bond at the written re- quest of the registered owner and upon presentation at the office of said bond registrar. Upon such reconversion the coupons representing the interest to become due thereafter to the date of maturity will again be attached to this Bond and a statement will be endorsed hereon by the bond registrar in the registration blank below whether it is then registered as to principal or payable to bearer. Page 11 : Manner of : Signature of Date of Registration: Name of Registered Owner:Registration:Bond Registrar Page 12 Section 5. That the City and the Airport Commission hereby covenant with the holders and registered owners of the Bonds that there will be imposed and collected such charges for the use of the Municipal Airport and its facilities as will at all times produce sufficient revenues to provide for the operation, maintenance and repair of the Municipal Airport, to provide for the payment of the principal of and interest on all of the outstanding bonds, including the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds and the Bonds of this issue, as the same become due, to provide for Trustee's and Paying Agent's fees, and to make the required deposit into the Depreciation Fund, and to maintain all funds provided for in Ordinances No. 11,190, No. 11,745, No. 12,456, No. 13,008, No. 13,145, and in this Ordinance at the required levels. The above covenant shall include the agreement and obligation to increase the charges from time to time as and to the extent necessary to produce sufficient revenues to meet the above requirements. Section 6. That it is hereby expressly found and declared that the provisions of Section 8 of Ordinance No. 11,745, Section 8 of Ordinance No. 12,456, Section 8 of Ordinance No. 13,008, and Section 8 of Ordinance No. 13,145, pertaining to the issuance of parity bonds have been fully met and complied with and that, therefore, the Bonds of this issue shall rank on a parity of security with the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, and the 1976 Bonds. In this regard, the required certificate of the certified public accountant referred to in Section 14 of Ordinance No. 11,190 will be filed with the Trustee, the Airport Commission and in the office of the City Clerk prior to the delivery of the Bonds. Section 7. That the provisions, covenants, undertakings, stipulations and obligations of the Airport Commission and the City set forth in the Ordinances pursuant to which the 1966 Bonds, the 1971 Bonds, the 1975 Bonds and the 1976 Bonds were issued and secured and are presently outstanding, as such Ordinances may, at any time, be amended, shall inure and appertain to the Bonds of this issue to the Page 13 same extent and with like force and effect as if set forth herein in full, except only insofar as the same may be expressly inconsistent with the provisions of this Ordinance, including among other things, and without limitation, the provisions of Ordinance No. 11,190 whereby there has been created and is being maintained (1) a "Municipal Airport Fund" and for the payment into that fund of all the income and revenue derived from the operation of the Municipal Airport, disbursements therefrom and the permitted use of suprlus at any time remaining therein, (2) a "Municipal Airport Operation and Maintenance Fund" and for the payment into that fund of the required amounts and permitted disbursements therefrom, (3) a "Municipal Airport Revenue Bond Fund" and for the payment into that fund of the required amounts and disbursements therefrom, and (4) a "Municipal Airport Depreciation Fund" and for the payment into that fund of the required amounts and disbursements therefrom, all as specified in the applicable sections of Ordinance No. 11,190, are hereby continued, ratified and confirmed. Inasmuch as the Bonds of this issue rank on a parity with the 1966 Bonds, the 1971 Bonds, the 1975 Bonds and the 1976 Bonds, the required monthly deposits into the Municipal Airport Revenue Bond Fund shall be increased by the amounts necessary to provide for the payment of the principal of and interest on the Bonds of this issue, and Trustee's and Paying Agent's fees, as the same become due and to increase the reserve for contingencies (over a period of not to exceed ten years) to the maximum amount that will become due in any year for principal and interest on the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds and on the Bonds of this issue. In - - this regard the monthly deposits into the Municpal Airport Revenue Bond Fund shall be increased by a sum equal to one -sixth of the next installment of interest and one - twelfth of the next installment of principal on the 1977 Bonds, as follows: Page 14 Principal Maturity Interest Year (November 1) May 1 November 1 Total 1978 $40,000 $13,431.25 $13,431.25 $66,862.50 1979 40,000 12,231.25 12,231.25 64,462.50 1980, 45,000 11,031.25 11,031.25 67,062.50 1981 45,000 9,681.25 9,681.25 64,362.50 1982 50,000 8,443.75 8,443.75 66,887.50 1983 50,000 7,131.25 7,131.25 64,262.50 1984 55,000 5,818.75 5,818.75 66,637.50 1985 55,000 4,375.00 4,375.00 63,750.00 1986 60,000 3,000.00 3,000.00 66,000.00 1987 60,000 1,500.00 1,500.00 63,000.00 In addition, there shall be paid into the Municipal Airport Revenue Bond Fund each year not less than 10% of the amount by which the reserve for contingencies is required to be increased, to be payable in equal monthly installments insofar as practicable, to the end that the required increase in the reserve for contingencies be accomplished within a ten year period. The intended effect of incorporating the provisions of Ordinances No. 11,190, No. 11,745, No. 12,456, No. 13,008 and No. 13,145 herein, as above provided, shall be to make those provisions fully applicable to the Bonds of this issue and the language of such Ordinances shall be construed and interpreted to accomplish that intended effect (for instance, reference in Ordinance No. 11,190 to "bonds" or to "bonds of this issue ", or words of similar import, shall be construed to include the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds and the Bonds now being issued on a parity therewith under the provisions of this Ordinance). Section 8. That the provisions of Section 14 of Ordinance No. 11,190, as amended by Section 8 of Ordinance No. 11,745, Section 8 of Ordinance No. 12,456, Section 8 of Ordinance No. 13,008 and - Section 8 of Ordinance No. 13,145, dealing with the issuance of additional bonds, shall be applicable to the Bonds of this issue, with the result that the Bonds of this issue will be included with the 1966 Bonds, the 1971 Bonds, the 1975 Bonds, the 1976 Bonds, and any bonds proposed to be issued at any particular time insofar as the 140% coverage requirement for parity bonds is concerned. Page 15 Section 9. That the bonds of this issue shall not be subject to redemption prior to maturity. Section 10. That the recitals in this Ordinance and in the face of the Bonds are the recitals of the City and not of the Trustee. The Trustee shall not be required to take any action as Trustee unless it shall have been notified in writing and shall have been indemnified to its satisfaction against any loss, damage, or expense on account of the taking of such action. The Trustee may resign at any time by ten (10) days' notice in writing to the Secretary of the Airport Commission, and the majority in value of the holders of the outstanding Bonds of this issue at any time, may, with or without cause, remove the Trustee. Upon the resignation or removal of a Trustee, the majority in value of the holders of the outstanding Bonds of this issue may name a new Trustee, but if such holders do not name a new Trustee within thirty (30) days after a vacancy occurs, the Airport Commission shall forthwith name a new Trustee. The appointment of a new Trustee shall be evidenced by a writing duly acknowledged and recorded in the office of the Circuit Clerk and Ex Officio Recorder for Pulaski County, Arkansas. Any successor Trustee shall have all the powers herein granted to the original Trustee. In the event of a change in the office of Trustee the old Trustee which has resigned or been removed shall cease to be Paying Agent and the successor Trustee shall become the Paying Agent. Section 11. That after the Bonds have been executed by the Mayor and City Clerk and the seal of the City impressed as herein provided, they shall be delivered to the Trustee which shall - - authenticate them and deliver them to the Purchasers upon receipt from the Purchasers of the purchase price plus accrued interest ( "total sale proceeds "). The Trustee shall remit the total sale proceeds to the Treasurer of the Airport Commission. The Treasurer shall deposit the accrued interest in the Bond Fund and shall deposit the balance in a special account in the name of the Airport Commission designated "Little Rock Municipal Airport Commission 1977 Construction Fund" (the "Construction Fund ") in a Bank that is a member of the Page 16 Federal Deposit Insurance Corporation with all moneys therein, unless invested as hereinafter provided, to be secured by bonds or other direct or fully guaranteed obligations of the United States of America. The moneys in the Construction Fund shall be disbursed solely for paying the cost of accomplishing the improvements and paying expenses incurred in connection with the authorization and issuance of the Bonds. If any moneys remain in the Construction Fund after the Improvements are accomplished and the expenses of authorizing and issuing the Bonds are paid, the remaining moneys shall be deposited into the Municipal Airport Revenue Bond Fund. Moneys held in the Construction Fund may, at the option of and pursuant to the direction of the Airport Commission, be invested and reinvested in direct obligations of, or obligations of principal of and interest on which are unconditionally guaranteed by the United States of America, which shall mature, or which shall be subject to redemption by the holder thereof, at the option of the holder, not later than the date or dates when the moneys held for the credit of the Construction Fund will be required for accomplishing the improvements or paying the expenses of authorizing and issuing the Bonds, as determined by the Airport Commission in its discretion. Section 12. That this Ordinance shall not create any right of any kind, and no right of any kind shall arise hereunder pursuant to it until the Bonds authorized by this Ordinance shall be issued and delivered. Section 13. That the provisions of this Ordinance are hereby declared to be separable and if any provision shall for any reason be held illegal or invalid, such holding shall nbt affect the validity of the remainder of the Ordinance. Section 14. That all ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 15. That it is hereby ascertained and declared that an immediate need exists for the Improvements to be financed from the proceeds of the Bonds, in order to have adequate facilities ,•, r at the Municipal Airport. It is, therefore, declared that an emergency exists, and this- Ordinance being necessary for the immediate preservation of the public peace, health and safety, shall take effect and be in force from and after its passage. PASSED: October 26 1977. ATTEST: (SEAL) -<2-2 'A City Cle k �.