HomeMy WebLinkAbout13145ORDINANCE NO. 13,145
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
MUNICIPAL AIRPORT REVENUE BONDS BY THE CITY
OF LITTLE ROCK, ARKANSAS, FOR THE PURPOSE
OF FINANCING THE COST OF CONSTRUCTING IMPROVE-
MENTS TO THE AIRPORT FACILITIES; PROVIDING
FOR THE PAYMENT OF THE PRINCIPAL OF AND
INTEREST ON THE BONDS; DESCRIBING 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 main-
tained by the Little Rock Municipal Airport Commission (the
"Airport Commission "), 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 must be constructed, a brief general description
of which are: Renovation and repairs to the primary air carrier
runway and improvements and additions to airfield lighting,
aircraft aprons, taxiways, airport security fencing, and necessary
incidental work and expenses pertaining thereto and to the
issuance of bonds, (herein referred to as the "improvements "),
and it is proposed to permanently finance the estimated cost
by the proceeds of Airport Revenue Bonds, grant funds from an
agency of the United States of America, and funds from other
sources;
WHEREAS, the Airport Commission has found and declared
that it would be in the best interest of the City and the
inhabitants thereof if the improvements be accomplished and
has authorized its Chairman to make these facts known to the
Board of Directors of the City (the "Board ") with the request
that the Board take the necessary action to issue and sell at
this time Municipal Airport Revenue Bonds in the principal
amount of $600,000; and
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WHEREAS, the Board hereby finds and declares that it
would be in the best interest of the City and its inhabitants
for the improvements to be accomplished and that Municipal
Airport Revenue Bonds be issued as requested by the Airport
Commission; and' .
WHEREAS, the City has outstanding at this time One
Hundred Four Thousand Dollars ($104,000) in principal amount
of Municipal Airport Revenue Bonds dated May 1, 1961, issued
under and secured by the provisions of Ordinance No. 11,190
of the ordinances of the City, adopted and approved on the
19th day of June, 1961 (the "1961 Bonds" and Ordinance No.
11,190); and
WHEREAS, the City has outstanding One Million One
Hundred Fifty -Six Thousand Dollars ($1,156,000) in principal
amount of Municipal Airport Revenue Bonds dated May 1, 1966,
issued under and secured by the provisions of Ordinance No.
11,745 of the Ordinances of the City, adopted and approved
on the 16th day of May, 1966, and Ordinance No. 11,755,
adopted and approved on the 20th day of June, 1966 (the
"1966 Bonds" and "Ordinance No. 11,745 and Ordinance No.
11,755 "); and
WHEREAS, the City has outstanding Two Million Four
Hundred Twenty -Two Thousand Dollars ($2,422,000) in principal
amount of Municipal Airport Revenue Bonds, Series 1971,
dated March 1, 1971 (the "1971 Bonds "), issued under and
secured by the provisions of Ordinance No. 12,456 of the
Ordinances of the City, adopted and approved on the 15th day
of March, 1971 (the "1971 Bonds" and "Ordinance No. 12,456 ");
and
WHEREAS, the City has outstanding Eight Hundred Sixty -
Two Thousand Dollars ($862,000) in principal amount of
Municipal Airport Revenue Refunding Bonds, Series 1975,
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dated March 1, 1975, issued under and secured by the provisions
i
i
of Ordinance No. 13,008 of the Ordinances of the City,
adopted and approved on the 21st day of January, 1975 (the
"1975 Bonds" and "Ordinance No. 13,008 "); and
WHEREAS, the City has determined and shall prior to the
issuance of any additional bonds, including the bonds of
this issue, place in escrow funds sufficient to retire the
$104,000 principal amount of 1961 Bonds together with interest
thereon and paying agent's charges, as the 1961 Bonds mature;
and
WHEREAS, additional Municipal Airport Revenue Bonds in
the aggregate principal amount of $600,000 can be issued on
a parity of security with the outstanding bonds provided the
conditions set forth in Section 14 of Ordinance No. 11,190,
Section 8 of Ordinance No. 11,745, Section 8 of Ordinance
No. 12,456, and Section 8 of Ordinance No. 13,008 have been
complied with, and, in this regard, the Board has determined
that the conditions set forth in said sections and ordinances
can be complied with, and further finds that by the placing
in escrow of funds sufficient to retire the 1961 Bonds,
interest thereon, and paying agent's charges, that in making these
provisions for their payment, the said 1961 Bonds are not.
deemed outstanding, and that, therefore, the Municipal
Airport Revenue Bonds authorized by this Ordinance can be
issued on a parity of security with the outstanding bonds;
and
WHEREAS, the City offered for public sale Municipal
Airport Revenue Bonds, Series 1976, dated March 1, 1976, in
the aggregate principal amount of $600,000, and at the
public sale held March 11, 1976, the best bid obtained was
that of Jon R. Brittenum & Associates, Inc. (the "Purchaser ")
in the amount of principal plus accrued interest for bonds
bearing interest at the rates of 6.10 %, 5.65 %, 5.75 %, and
5.80% as hereinafter set forth, which bid of the Purchaser
was accepted by the City in Resolution No. 5,503 adopted and
approved on the 11th day of March, 1976;
NOW, THEREFORE, BE IT ORDAINED by the Board of Directors
of the City of Little Rock, Arkansas:
Section 1. That the improvements be accomplished. 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 2. That under the authority of the Constitution
and laws of the State of Arkansas, 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 1976, are hereby authorized and ordered issued in the
total principal amount of $600,000 for permanently financing
a portion of the cost of accomplishing the improvements (which
bonds will be herein referred to as "the bonds" or the "bonds
of this issue ". The sale of the bonds to the purchaser for
the purchase price set forth and the recitals of this Ordinance
are hereby approved. The bonds shall be negotiable coupon
bonds payable to bearer but subject to registration as to
principal only or as to principal and interest. The bonds
shall be dated March 1, 1976, interest thereon shall be payable
semiannually on March 1 and September 1 of each year, commencing
September 1, 1976. The bonds shall be numbered from 1 to
148. The bonds numbered 7, 8, 9, 17, 25, 26, 27, 28, 37,
38, 47, 48, 49, 54, 55, 56, 67, 73, 74, 80, 81, 82, 88, 89,
90, 91, 104, 111, 112, 138, 139, 140, 146, 147 and 148 shall
be in the denomination of $1,000 each. All other bonds
shall be in the denomination of $5,000 each. The principal.
of the bonds shall mature annually on March 1 in each of the
years 1977 to 1992, inclusive, as in the schedule set forth
in Section 7(b) hereof (but shall be subject to redemption
prior to maturity as hereinafter set forth), which schedule
also sets forth -the bond numbers and interest rates applicable
to the bonds of the respective maturities.
Section 3. That the bonds 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 shall 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 of the
City Clerk. The principal of and interest on the bonds
shall be payable solely out of the Municipal Airport Bond
Fund (which bond fund was created pursuant to the provisions
of Section 11 of Ordinance No. 11,190 and is presently
being maintained) and shall be a valid claim of the bondholders
only against 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 bonds as the 1966 Bonds, the 1971
Bonds, and the 1975 Bonds which rank on a parity with the
bonds authorized by this Ordinance, and shall be used for no
other purpose except as in Ordinances No. 11,190, No. 11,745,
No.-11,755, No. 12,456 and No. 13,008 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.. The the bonds and coupons shall be in sub-
stantially 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 1976
NO.
KNOW ALL MEN BY THESE PRESENTS:
That the City of Little 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
DOLLARS
in lawful money of the United States of America on the first
day of March, 19 , and to pay solely from the special fund
interest hereon at the rate of percent ( o)
per annum from date until paid. Interest is payable semiannually
on March 1 and September 1 of each year, commencing September 1,
1976. Principal and interest are payable at the principal
office of
(the "Trustee" and "Paying Agent "). Payment of principal, when
registered as to principal, and 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 forty -eight (148)
bonds aggregating Six Hundred Thousand Dollars ($600,000), numbered
consecutively from one (1) to one hundred forty -eight (148), inclu-
sive (the "bonds "), all of like tenor and effect, except as to
number, denomination, rate of interest, maturity and right of
prior redemption, and are issued for the purpose of paying a
portion of the costs of constructing improvements to the Municipal
Airport (described in the Authorizing Ordinance).
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.
of the City, adopted and approved on the day of March,
1976, (the "Authorizing Ordinance ") and a resolution duly
adopted by the Little Rock Municipal Airport Commission on the
12th day of April, 1976, 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, Series 1971, dated March 1, 1971 (the "1971 Bonds "),
and an issue of Municipal Airport Revenue Refunding Bonds,
Series 1975, dated March 1, 1975 (the 111975 Bonds "). An amount
of such revenues sufficient to pay the principal of and interest
on the 1966 Bonds, the 1971 Bonds, the 1975 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 and approved 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 obliga-
tions 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 bonds, the 1966 Bonds,
the 1971 Bonds, the 1975 Bonds, and these bonds, pay Trustee's
and Paying Agent's fees, and to make the required deposit into
the Depreciation Fund.
The bonds will be subject to redemption prior to maturity,
in whole or in part, at the option of the City,
numerical order, on any interest paying date on
March 1, 1985, from funds from any source, at a
principal amount of the bonds being redeemed pl-
to the date of redemption.
Notice of the call for redemption shall be
in inverse
and after
price of the
as accrued interest
published one
time in a newspaper published in the City and having a general
circulation throughout the State of Arkansas, giving the number
and maturity of each bond being called, the publication to be
at least thirty (30) days prior to the redemption date and after
the date fixed for redemption each bond so called shall cease
to-bear interest, provided funds for its payment are on deposit
with the Trustee and Paying Agent at that time. In addition,
such notice shall be given by first class mail to the registered
owner of any bond registered as to principal or as to principal
and interest at the address of such owner reflected on the books
of the bond registrar and placed in the mails not less than
thirty (30) days prior to the date fixed for redemption. If
all outstanding bonds shall be registered as to principal and
interest, then notice by first class mail to the registered
owners thereof as aforesaid shall be sufficient and it shall
not be necessary to publish notice of the call for redemption.
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 Ordinance 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 signa-
ture of the Mayor, all as of the first day of March, 1976.
CITY OF LITTLE ROCK, ARKANSAS
By (facsimile signature)
Mayor
ATTEST:
City Clerk
(SEAL)
4�
(Form of Coupon)
$ No.
March,
On the first day of September, 19 , the City of Little
Rock, Pulaski County, Arkansas, unless the bond 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,
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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
, Arkansas, being six (6), month' interest
then due on its Municipal Airport Revenue Bond, dated March 1,
1976, 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, of the City of Little Rock, Arkansas, Series
1976, dated March 1, 1976, and aggregating $600,000 in
principal amount described in the bond to which this certificate
is attached.
By
(Authorized Signature)
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 presenta-
tion hereof to the bond registrar, which shall make mention of
such registration 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 representa-
tive 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 therafter
transferability by delivery shall be restored, but this bond shall
again be subject to successive registrations and transfers as
before. The principal of this bond, if registered, unless
registered to bearer, shall be payable only to or upon the
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 request 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.
Date of Registration
Name of Registered Ownex
Manner of
Registration
Signature of
Bond Re istra
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 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. 11,755, No. 12,456,
No. 13,008 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 14 of Ordinance No. 11,190,
Section 8 of Ordinance No. 11,745, Section 8 of Ordinance
No. 12,456, and Section 8 of Ordinance No. 13,008 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,
and the 1975 Bonds. Funds sufficient to pay the $104,000
1961 Bonds, interest thereon and paying agent's charges prior
to the issuance of these bonds shall be placed in escrow, therefore,
these 1961 Bonds are not deemed to be outstanding. 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. (a) That the provisions, covenants, under-
takings, stipulations and obligations of the Airport Commission
and the City set forth in Ordinances No. 11,190, No. 11,745,
No. 11,755, No. 12,456, and No. 13,008, and pursuant to
which the 1961 Bonds, the 1966 Bonds, the 1971 Bonds, and
the 1975 Bonds were issued and secured and (excluding the
1961 Bonds) are presently outstanding, as such Ordinances
may, at any time, be amended, shall inure and appertain to
the bonds of this issue to the 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 surplus 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 Bond" 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, and the 1975 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, and on the
bonds of this issue. In this regard the monthly deposits into
the Municipal 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 (as those
installments will be set forth on the schedule which appears
in Section 7(b) of this Ordinance). 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 con-
tingencies 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. 11,755, No. 12,456 and No. 13,008 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, references 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, and the bonds
now being issued on a parity therewith under the provisions of
this Ordinance).
(b) That the principal of and interest on the bonds
mature in accordance with the following schedule:
i
BOND
INTEREST
INTEREST
YEAR
NOS.
RATE
PRINCIPAL
MARCH 1
SEPTEMBER 1
TOTAL
$17,714.25
$17,714.25
1977
1- 9
6.10%
$ 33,000
$17,714.25
16,707.75
34,422.00
1978
10- 17
6.10%
36,000
16,707.75
15,609.75
32,317.50
1979
18- 28
6.10%
39,000
15,609.75
14,420.25
30,030.00
1980
29- 38
6.10%
42,000
14,420.25
13,139.25
27,559.50
1981
39- 49
6.10%
43,000
13,139.25
11,827.75
24,967.00
1982
50- 56
6.10%
23,000
11,827.75
11,126.25
22,954'.00
1983
57- 61
6.10%
25,000
11,126.25
10,363.75
21,490.00
1984
62- 67
6.10%
26,000
10,363.75
9,570.75
19,934.50
1985
68- 74
5.65%
27,000
9,570.75
8,808.00
18,378.75
1986
75- 82
5.65%
28,000
8,808.00
8,017.00
16,825.00
1987
83- 91
5.65%
29,000
8,017.00
7,197.75
15,214.75
1988
92- 97
5.75%
30,000
7,197.75
6,335.25
13,533.00
1989
98 -104
5.75%
31,000
6,335.25
5,444.00
11,779.25
1990
105 -112
5.75%
32,000
5,444.00
4,524.00
9,968.00
1991
113 -140
5.80%
128,000
4,524.00
812.00
5,336.00
1992
141 -148
5.80%
28,000
812.00
-0-
812.00
i
Section 8. Since provision has been made for the
payment of the 1961 Bonds, the requirements of Section 14 of
Ordinance No. 11,190 concerning parity bonds is no longer
applicable to these bonds or any additional bonds proposed
to be issued. However, the provisions of Section 8 of
Ordinance No. 11,745, Section 8 of Ordinance No. 12,456, and
Section 8 of Ordinance No. 13,008 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
A
included with the 1966 Bonds, the 1971 Bonds, the 1975
Bonds, and any bonds proposed to be issued, and the coverage
requirement for parity bonds is 140% of the maximum amount
that will become due in any year thereafter for principal
and interest payments on all bonds then outstanding and on
all the bonds then proposed to be issued, as required by
said Section 8 in each of the Ordinances No. 11,745, No.
12,456, and No. 13,008.
Section 9. That the bonds of this issue shall be
subject to redemption prior to maturity in accordance with
the provisions in the bond form appearing in Section 4
hereof.
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 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
who shall authenticate them and deliver them to the purchaser
upon receipt from the purchaser of the purchase price plus
accrued interest. The Trustee shall remit the proceeds of the
sale of the bonds and the accrued interest to the Treasurer
of the Airport Commission and the Treasurer shall deposit the
accrued interest in the Municipal Airport Bond Fund and shall
deposit the balance of the proceeds in a special account in
the name of the Airport Commission designated "Little Rock
Municipal Airport Commission 1976 Construction Fund" in a bank
that is a member of the Federal Deposit Insurance Corporation
with all monies therein, unless invested as hereinafter provided,
to be secured by bonds or other direct or general guaranteed
obligations of the United States of America. The bonds 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 monies remain in the Construction Fund
after the improvements are accomplished and expenses of
authorizing the issuance of the bonds are paid, the remaining
monies shall be deposited into the Municipal Airport Revenue
Bond Fund (created by Ordinance No. 11,190). Monies 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 monies held for the credit of 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 not 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 the present Little Rock Municipal Airport facilities are
inadequate and by reason thereof, there exists a hazard to the
life, property and welfare of the inhabitants of the City.
The herein authorized improvements are immediately necessary
to alleviate the hazard and can be accomplished only by the
issuance of the bonds herein authorized. 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: March 18 , 1976.
ATTEST:
City C1
(SEAL)
APPROVED:
m � 1