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HomeMy WebLinkAbout11535ORDINANCE NO. 11.535 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $4,800,000 IN PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES C. FOR THE PURPOSE OF FINANCING IMPROVEMENTS TO THE WATERWORKS SYSTEM OF THE CITY OF LITTLE ROCK, ARKANSAS; AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL TRUST INDENTURE (IN THE FORM AND WITH THE CON- TENTS SET FORTH IN THE ORDINANCE); PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. BE IT ORDAINED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. That there is hereby authorized the issuance and delivery by the City of Little Rock, Arkansas (called "City ") of $4,800,000 in principal amount of Water Revenue Bonds, Series C. dated August 1, 1964 (called "Series C Bonds "), the details of which are set forth in the form of First Supplemental Trust Indenture here- after authorized, and in connection therewith there is hereby authorized a First Supplemental Trust Indenture, in substantially the form with substantially the contents hereafter set forth, which shall be exe- cuted, sealed, acknowledged, and delivered by the Mayor and City Clerk, for and on behalf of the City, which form of First Supplemental Trust Indenture is hereby made a part hereof: OOo - q-a F -/ Section 2. That the Mayor and City Clerk be, and they are hereby, authorized and directed for and on behalf of the City to do all things, take all action and execute all documents necessary to carry out the authority set forth in this Ordinance and in said First Supplemental Trust Indenture or to evidence the exercise thereof. Section 3. That the provisions of this Ordinance are hereby declared to be separable, and if any section, phrase, or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions. Section 4. That all ordinances, resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 5. That it is hereby found and declared that the construction of the improvements is necessary in order that the services and facilities; of the Waterworks System of the City be adequate for the immediate needs of the City and its inhabitants and that said improvements can be constructed only by the issuance of the Series C Bonds. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preser- vation of the public health, safety and welfare shall be in force and take effect immediately upon and after its passage. PASSED: November 2 , 1964. APPROVED: Mayor ATTEST: City Clerk FIRST SUPPLEMENTAL TRUST INDENTURE THIS INDENTURE executed as of the first day of August, 19649 by and between the CITY OF LITTLE ROCK,-PULASKI COUNTY, ARKANSAS, a city of the first class under the laws of the State of Arkansas (called "City ") and MORGAN GUARANTY TRUST COMPANY OF NEW YORK, a bank and trust corporation organized and existing under the laws of the State of New York and having its principal office in the Borough of Manhattan, City and State of New York (called "Trustee "), W I T N E S S E T H: WHEREAS the City and the Trustee have heretofore exe- cuted and delivered a Trust Indenture dated as of the first day of February, 1964, recorded in the office of the Circuit Clerk and Ex Officio Recorder of Pulaski County, Arkansas, appearing of record in Mortgage Book 981 at Page 355, and recorded in the office of the Circuit Clerk and Ex Officio Recorder of Saline County, Arkansas, appearing of record in Mortgage Book 76 at Page 606 (called the "Original Trust Indenture ") securing Water Revenue Bonds of the City, of which Series A Bonds dated February 1, 1964 and in the authorized principal amount of $3,165,000 of which $2,972,000 have been issued and are outstanding (called "Series A Bonds ") and of which Series B Bonds dated February 1, 1964 and in the aggregate principal amount of $9,797,000 have been issued and are outstanding (called "Series B Bonds "); and WHEREAS the Original Trust Indenture provided that certain betterments and improvements to the Waterworks System would be con- structed in the near future, consisting generally of a new filtration .plant, improvements incidental thereto, and other needed improvements, extensions and betterments (called the "improvements ") and that it . . s would be necessary to issue Water Revenue Bonds to finance the im. provements, including necessary expenses incidental thereto and to the financing; and WHEREAS at the request of the Waterworks Commission, the City has duly advertized the public sale of $4,800,000 in principal amount of Water Revenue Bonds, Series C, and at said sale, held on the 21st day of October, 1964, the best bid submitted was a bid by Equitable Securities Corporation and Associates of par and accrued interest plus a premium of $470.00 for bonds bearing interest at the rates of 5k7. per annum, 3k7. per annum and 3.40% per annum, all as hereafter in this Trust Indenture set forth in detail (called "Series C Bonds "), which bid was duly accepted by the City; NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS INDENTURE WITNESSETH: That the City, in consideration of the premises, of the acceptance by the Trustee of the trusts set forth in the Original Trust Indenture and in this First Supplemental Trust Indenture, and of the purchase and acceptance of the bonds by the holders thereof, and also for and in consideration of the sum of One Dollar ($1.00) to the City in hand paid by the Trustee at or before the execution and delivery of this First Supplemental Trust Indenture, the receipt of which is hereby acknowledged, and for the purpose of fixing and declaring the terms and conditions upon which the Series C Bonds are to be issued, authenticated, delivered, secured and accepted by the persons who shall from time to time be or become holders and owners thereof, does hereby stipulate, covenant and agree with the Trustee and with the respective holders and registered owners, from time to time, of all of the bonds or any part thereof, and the Trustee does hereby stipulate, covenant and agree with the City for and on behalf of the respective holders and registered owners, from time to time, of all of the bonds or any part thereof, as follows, that is to say: ARTICLE I SUPPLEMENTS TO ORIGINAL TRUST INDENTURE Section 101. That the sale of the Series C Bonds to the purchaser and for the price hereinabove set forth be, and the same is hereby, authorized, ratified and confirmed. Section 102. That the Series C Bonds are issued pursuant to the provisions of Section 204 of the Original Trust Indenture, and it is hereby found and declared that, prior to or simultaneously with the delivery of this First Supplemental Trust Indenture, all conditions of the Original Trust Indenture for the issuance of the Series C Bonds will have been fully complied with and, therefore, pursuant to the applicable provisions of the Original Trust Indenture, the Series C Bonds will rank on a parity of security with the Series A Bonds and the Series B Bonds and will be equally and rat- ably secured by the Original Trust Indenture, as supplemented by this First Supplemental Trust Indenture, except as to the provisions per- taining to the establishing and maintaining of a debt service reserve for the Series A Bonds, which is to be maintained and used exclusive- ly therefor, and the priority of call of available revenues to re- imburse said debt service reserve for the Series A Bonds in the event of expenditures therefrom, all as specified in detail in the Original Trust Indenture. Section 103. That pursuant to the provisions of Section 204 of the Original Trust Indenture, the details pertaining to the Series C Bonds are as follows: The Series C Bonds shall be in the total principal amount of Four Million Eight Hundred Thousand Dollars ($4,800,000), desig- nated "City of Little Rock, Arkansas Water Revenue Bonds, Series C". The Series C Bonds shall be dated August 1, 1964, and interest there- on shall be payable semiannually on February 1 and August 1 of each year, commencing February 1, 1965, and the Series C Bonds shall mature, unless sooner redeemed as hereafter set forth, serially on February 1 in each of the years set forth in and in the amount set opposite each year in the following schedule: m YEAR BOND NOS, PRINCIPAL AMOUNT 1966 1 - 19 $ 95,000 1967 20 - 38 959000 1968 39 - 58 1002000 1969 59 - 79 1059000 1970 80 - 101 110,000 1971 102 - 123 1102000 1972 124 - 146 115,000 1973 147 - 170 12010000 1974 171 - 195 1251000 1975 196 - 220 1252000 1976 221 - 246 1302000 1977 247 - 273 1351000 1978 274 - 301 1402000 1979 302 - 330 145,000 1980 331 - 360 1505p000 1981 361 - 391 155,000 1982 392 - 423 160,000 1983 424 - 456 1652000 1984 457 - 491 1755,000 1985 492 - 527 1803000 1986 528 - 564 1852000 1987 565 - 602 1909000 1988 603 - 642 200,000 1989 643 - 683 2052000 1990 684 - 725 2101000 1991 726 - 769 2203000 1992 770 - 814 2250000 1993 815 - 861 2352000 1994 862 - 910 245,000 1995 911 - 960 2502000 The Series C Bonds shall be in the denomination of $5,000 each, and shall be numbered consecutively from one (1) to nine hundred and six- ty (960), inclusive. The Series C Bonds shall bear interest as follows: Bonds Nos. 1 to 101, inclusive, being the bonds maturing in the years 1966 to 1970, inclusive, shall bear interest at the rate of 5/e per annum; Bonds Nos. 102 to 683, inclusive, being the bonds maturing in the years 1971 to 1989, inclusive, shall bear interest at the rate of 3k7. per annum; and Bonds Nos. 684 to 960, inclusive, being the bonds maturing in the years 1990 to 1995, in- clusive, shall bear interest at the rate of 3.407, per annum. None of the Series C Bonds will be fully registered bonds, but all shall be coupon bonds payable to bearer but subject to registration as to principal only. The Series C,Bonds shall be in substantially the form of Series B Coupon Bond set forth in the Original Trust Indenture, with such changes as may be necessary or appropriate to conform to the provisions hereof and said Series C Bonds shall be executed, sealed and authenticated as in the Original Trust Indenture provided. Section 104. The Series C Bonds will be non - callable prior to February 1, 1973. On and after February 1, 1973, the Series C Bonds will be callable for payment prior to maturity, in whole or in part, but in inverse numerical order if less than all, at the option of the City, on any interest paying date from funds from any source at a price of the principal amount of the bonds being redeemed plus accrued interest to date of redemption and plus a premium as follows: 5% if redeemed W. if redeemed 47. if redeemed 3J1?X - if redeemed 3% if redeemed 2?/. if redeemed 2% if redeemed 137. if redeemed 176 if redeemed V. if redeemed No premium if February February February February February February February February February February redeemed 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, the 1973 or August 1974 or August 1975 or August 1976 or August 1977 or August 1978 or August 1979 or August 1980 or August 1981 or August 1982 or August reafter. . 1, 1973 it 1974 1, 1975 1, 1976 1, 1977 1, 1978 1, 1979 1, 1980 1, 1981 1, 1982 The provisions of the Original Trust Indenture pertaining to re- demption not inconsistent herewith, including particularly the provisions of Section 303, Section 304 and Section 305, shall be fully applicable to the Series C Bonds. Section 105. Pursuant to the provisions of Section 204 of the Original Trust Indenture, the accrued interest and the proceeds of the sale of the Series C Bonds (called "total sale pro- ceeds") shall be deposited in the special fund designated "Water Con- struction Fund" and shall be secured, invested and disbursed in accordance with the applicable provisions of the Original Trust In- denture, including particularly Section 403, Section 404 and Section 405 thereof. ARTICLE II MISCELLANEOUS Section 201. That the provisions of the Original Trust Indenture, as supplemented by this First Supplemental Trust Indenture, shall continue in full force and effect and shall be fully applicable to the Series C Bonds which, as therein and as heretofore provided, rank on a parity of security with the Series A Bonds and the Series B Bonds except as to the provisions pertaining to the establishing and maintaining of a debt service reserve for the Series A Bonds, which is to be maintained and used exclusively therefor, and the priority of call of available revenues to reimburse said debt service reserve for the Series A Bonds in the event of expenditures therefrom, all as specified in detail in the Original Trust Indenture. Section 202. That this First Supplemental Trust Indenture may be simultaneousl; shall be an original the same instrument. of the Circuit Clerk Arkansas, and a copy Circuit Clerk and Ex executed in several counterparts, each of which and all of which shall constitute but one and A copy hereof shall be recorded in the office and Ex Officio Recorder of Pulaski County, hereof shall be recorded in the office of the Officio Recorder of Saline County, Arkansas. IN WITNESS WHEREOF, the City of Little Rock, Arkansas has caused this Indenture to be executed by its Mayor and its City Clerk and to be sealed with its corporate seal and Morgan Guaranty Trust Company of New York has caused this Indenture to be executed in its behalf by its President or a Vice President and its corporate seal to be impressed hereon and attested by its Secretary or an Assistant Secretary, all as of the day and year first above written. ATTEST: City Clerk (SEAL) CITY OF LITTLE ROCK, ARKANSAS By le Mayor ATTEST: Title (SEAL) MORGAN GUARANTY TRUST COMPANY OF NEW YORK NEW YORK, NEW YORK By Title 1 ACOOWLEBGMENT STATE OF NEW YORK ) ) BOROUGH OF MANHATTAN ) On this day of , 1964, before me, a Notary Public duly commissioned, qualified and acting within and for the State and Borough aforesaid, appeared in person the within named and and , respectively, of Morgan Guaranty Trust Company of New York, Borough of Manhattan, City and State of New York, to me personally well known, who stated that they were duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said Bank, and further stated and acknowledged that they had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day of , 1964. My commission expires: Notary Public •y, . Y ACKNOWLEDGMENT STATE OF ARKANSAS) ) COUNTY OF PULASKI) On this day of , 1964, before me, a Notary Public duly commissioned, qualified and acting, within and for the State and County aforesaid, appeared in parson the within named Byron R. Morse and Pauline G. Beeson, Mayor and City Clerk, respectively, of the City of Little Rock, Arkansas, a municipality of the State of Arkansas, to me personally known, who stated that they were duly authorized in their respective capacities to execute the foregoing instrument for and in the name of said municipality, and further stated and acknowledged that they had signed, executed . and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day of , 19640 My commission expires: Notary Public