HomeMy WebLinkAbout2544 RESOLUTION NO . 2511)!
A RESOLUTION APPROVING THE SALE AND CONVERSION
OF SEWER REVENUE BONDS AUTHORIZED BY ORDINANCE
NO . 11044 ; PRESCRIBING OTHER MATTERS RE-
LATING THERETO; AND DECLARING AN EMERGENCY.
WHEREAS by Ordinance No . 11044 of the ordinances of
the City of Little Rock, Arkansas, passed and approved on the
21st day of March, 1960, there were authorized and ordered sold
Sewer Revenue Bonds in the total principal amount of 5110,000
with the bonds to be dated April 1, 1960, with interest payable
semi-annually on June 1 and December 1 of each year commencing
December 1, 1960, and with the bonds to mature on December 1 in
each of the years 1961 to 1988, inclusive; and
WHEREAS pursuant to the authority conferred by Ordinance
No. 11044, the Sewer Committee caused to be prepared a notice of
public sale of the bonds, a copy of which has been examined by the
Directors and filed with the City Clerk, and after due publication
of the notice and pertinent information pertaining to the bonds
the sale was held upon auction bids on the 2nd day of May, 1960; and
WHEREAS at said sale the best bid was that of Stephens,
Inc . , Little Rock, Arkansas, of par and accrued interest for bonds
bearing interest at the rate of 4.29% per annum; and
WHEREAS pursuant to the authority contained in Ordinance
No . 11044 and in the notice of sale, the purchaser has elected
to convert the S110,000 of 4.29% bonds to an issue of $115,000
of 3 3/4; and 4% bonds, hereinafter described in detail, and the
conversion has been examined and found to be in accordance with
the provisions of Ordinance No. 11044 and of the notice of sale,
and by virtue of which the City will receive no less and pay no
more than it would receive and pay if the bonds were not
converted; and
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NO'v1, THEREFORE, BE IT RESOLVED by the Board of Directors
of the City of Little Rock, Arkansas :
Section 1. That the above referred to and described
notice of sale, a copy of which is on file with the City Clerk,
and the publication of the same be, and the same are hereby,
approved and confirmed.
Section 2. That the sale of said 5110,000 of Sewer
Revenue Bonds at the price of par and accrued interest for bonds
bearing interest at the rate of 4.29% per annum to Stephens, Inc . ,
Little Rock, Arkansas, and the conversion of said bonds to an
issue of $115,000 of 3 3/4% and 4% bonds be, and the same are
hereby, approved and confirmed.
Section 3. That there are hereby authorized and ordered
issued bonds of the City of Little Rock, Arkansas, in the aggregate
principal amount of $115,000 to be designated "City of Little
Rock, Arkansas 3 3/4% and 4% Sewer Revenue Bonds" . The bonds
shall be dated April 1, 1960 and shall be in the denomination of
$1,000 each, except Bonds Nos . 3, 6, 9 and 12 which shall be in
the denomination of $500 each. They shall be numbered consecutively
from 1 to 117, inclusive, and shall bear interest as follows :
Bonds Nos . 1 to 39, inclusive, being the bonds maturing in the
years 1961 to 1973, inclusive, shall bear interest at the rate
of 3 3/4% per annum and Bonds Nos . 40 to 117, inclusive, being the
bonds maturing in the years 1974 to 1988, inclusive, shall bear
interest at the rate of 4% per annum. The interest shall be
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payable semi-annually on June 1 and December 1 of each year
commencing December 1, 1960. Interest shall be evidenced by
interest coupons and the principal and interest shall be payable
in lawful money of the United States of America upon presentation
of the bond or proper coupon at The First National Bank in Little
Rock, Little Rock, Arkansas . The bonds shall mature on December 1
in each of the years 1961 to 1988, inclusive, as hereinafter set
forth, but are callable for payment prior to maturity as provided
in Ordinance No. 11044 and in the face of the bonds .
Section 4. That as provided in said Ordinance No. 11044
the principal of and interest on the bonds shall be paid from
funds in the 1956 Sewer Revenue Bond Fund as they mature according
to the following schedule:
YEAR BOND NOS. PRINCIPAL TOTAL
JUNE 1 DECEMBER 1
1960 $ $ 33,005.00 $3,005.00
1961 1 - 3 2, 500 2, 253.75 2,253.75 7,007. 50
1962 4 - 6 2, 500 2,206.87 2,206.88 6,913.75
1963 7 - 9 2, 500 2, 160 .00 2, 160.00 6,820 .00
1964 10 - 12 2, 500 2,113.13 2, 113.12 6,726.25
1965 13 - 15 3,000 2,066.25 2,066.25 7,132. 50
1966 16 - 18 3,000 2,010.00 2,010.00 7,020 .00
1967 19 - 21 3,000 1, 953.75 1,953.75 6,907 .50
1968 22 - 24 3,000 1,897. 50 1,897. 50 6,795.00
1969 25 - 27 3,000 1,841.25 1,841 .25 6,682.50
1970 28 - 30 3,000 1,785.00 1,785.00 6, 570 .00
1971 31 - 33 3,000 1,728.75 1,728.75 6,457. 50
1972 34 - 36 3,000 1, 672. 50 1, 672.50 6, 345.00
1973 37 - 39 3,000 1, 616.25 1, 616.25 6,232.50
1974 40 - 43 4,000 1, 560.00 1, 560.00 7,120.00
1975 44 - 47 4,000 1,480.00 1,480.00 6,960.00
1976 48 - 51 4,000 1,400 .00 1,400.00 6,800.00
1977 52 - 55 4,000 1, 320 .00 1, 320 .00 6,640 .00
1978 56 - 59 4,000 1,240.00 1,240.00 6,480 .00
1979 60 - 64 5,000 1,160 .00 1,160 .00 7,320 .00
1980 65 - 69 5,000 1,060.00 1,060.00 7, 120.00
1981 70 - 74 5,000 960.00 960.00 6, 920.00
1982 75 - 79 5,000 860 .00 860.00 6,720.00
1983 80 - 85 6,000 760.00 760.00 7, 520.00
1984 86 - 91 6,000 040.00 640.00 7,280.00
1985 92 - 97 6,000 520.00 520.00 7,040.00
1986 98 - 103 6,000 400 .00 400.00 6,800.00
1987 104 - 110 7,000 280.00 280 .00 7, 560.00
1988 111 - 117 7,000 140.00 140 .00 7,280.00
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Section 5. That this resolution is adopted pursuant
to the authority conferred by Ordinance No. 11044 of the ordinances
of the City of Little Rock, Arkansas, and said Ordinance No. 11044,
together with and supplemented by this resolution, shall continue
in full force and effect.
Section 6. That the provisions of this resolution are
hereby declared to be separable and if a section, phrase or pro-
vision shall be declared invalid, such declaration shall not
affect the validity of the remainder of the resolution.
Section 7. That it is hereby ascertained and declared
that the lack of adequate sewer facilities to serve the City of
Little Rock and all of its inhabitants constitutes an immediate
hazard to the life, health and welfare of the inhabitants of the
City, and that the needed extensions, betterments and improve-
ments can be completed only by the issuance of the revenue bonds .
It is, therefore, declared that an emergency exists and this
resolution 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.
ADOPTED June 6 , 1960 .
APPROVED:
Mayor
ATTEST:
ja,, e eSs-7.1J
City Clerk