HomeMy WebLinkAbout3526 RESOLUTION NO. 3,526
A RESOLUTION APPROVING THE SALE OF SEWER
REVENUE BONDS; APPROVING THE DESIGNATION
OF THE TRUSTEE AND PAYING AGENT AND OF THE
ALTERNATE PAYING AGENT; SETTING FORTH THE
DETAILS OF THE MATURITY SCHEDULE OF THE BONDS;
PRESCRIBING OTHER MATTERS RELATING THERETO _IND
DECLARING AN EMERGENCY.
WHEREAS by Ordinance No. 11695 of the ordinances of the
City of Little Rock, Arkansas (called "City") , passed and approved on
the 20th day of December, 1965 , there were authorized and ordered sold
Sewer Revenue Bonds in the total principal amount of $8 ,280,000 , with the
bonds to be dated February 1, 1966, to bear interest at the rate or rates
fixed in the bid accepted at the sale, with the interest to be payable
semiannually on February 1 and August 1 of each year commencing August 1,
1966, and with the bonds to mature on August 1 in each of the years 1967
to 1994, inclusive; and
WHEREAS pursuant to the authority conferred by Ordinance No.
11695 , the Sewer Committee of the City caused to be prepared a Notice of
Public Sale of the bonds , a copy of which has been examined by the Board
of Directors and filed with the City Clerk, and after due publication and
extensive dissemination of the Notice and pertinent information pertaining
to the bonds , the sale was held upon February 23, 1966; and
WHEREAS at said sale the best bid was that of Halsey, Stuart
& Co. , Inc. , Dabbs Sullivan Co. , Inc. , E . L. Billareal & Co. , Inc. ,
Stephens, Inc. , T. J. Raney & Sons , Inc. , Hornblower & Weeks-Hemphill,
Noyes , and Associates , all as set forth in detail in Resolution No. 3 ,515
of the resolutions of the City, duly adopted on February 23 , 1966; and
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WHEREAS as authorized by Ordinance No. 11695 and by the
Notice of Sale, the purchasers have designated Worthen Bank & Trust Company,
Little Rock, Arkansas, as Trustee and Alternate Paying Agent and Franklin
National Bank, 130 Pearl Street, New York, New York, Paying Agent;
NOW, 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
same be, and the same are hereby, approved and confirmed.
Section 2 . That the sale of $8,280,000 of Sewer Revenue Bonds
to the purchasers set forth above be , and the same is hereby, approved and
confirmed.
Section 3 . That pursuant to the designation of the purchasers,
Worthen Bank & Trust Company, Little Rock, Arkansas , is hereby named
Trustee and Alternate Paying Agent and Franklin National Bank, 130 Pearl
Street, New York, New York, is hereby named Paying Agent, of said Sewer
Revenue Bonds .
Section 4. That there are hereby authorized and ordered issued
bonds of the City of Little Rock, Arkansas, in the aggregate principal amount
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of $8,280,000 to be designated "City of Little Rock, Arkansas Sewer Revenue
Bonds" . The bonds shall be dated February 1, 1966, shall be numbered con-
secutively from 1 to 2 ,056, inclusive and interest shall be payable semi-
annually on February 1 and August 1 of each year commencing August 1, 1966.
Bonds Nos . 1 to 550 , inclusive, being the bonds maturing in the years
1967 to 1975, inclusive, shall bear interest at the rate of 5 .40% per annum;
Bonds Nos. 551 to 1,411 , inclusive, being the bonds maturing in the years
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1976 to 1986, inclusive, shall bear interest at the rate of 3 .90% per annum;
Bonds Nos . 1 ,412 to 1 ,794, inclusive, being the bonds maturing in the years
1987 to 1991, inclusive, shall bear interest at the rate of 4% per annum; and
Bonds Nos . 1 , 795 to 2 ,056, inclusive, being the bonds maturing in the
years 1992 to 1994, inclusive, shall bear interest at the rate of 4. 10% per
annum. The bonds shall be in the denominations of $1,000 and $5 ,000 each,
and shall mature on February 1 in each of the years 1967 to 1994, inclusive,
as hereafter set forth, but are callable for payment prior to maturity as
provided in Ordinance No. 11695 and in the face of the bonds .
Section 5 . That as provided in Ordinance No. 11695 , the
principal of and interest on the bonds shall be paid from funds in the Sewer
Revenue Bond Fund as they mature according to the following schedule:
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YEAR BOND NOS . PRINCIPAL INTEREST TOTAL
$1,000 $5 ,000 February 1 August 1
1966 $ 177 ,602 .50 $ 177,602 .50
1967 1- 25 26- 56 $ 180,000 $ 177 ,602.50 172 ,742 .50 530,345 .00
1968 57- 81 82- 113 185 ,000 172 ,742 .50 167,747.50 525,490.00
1969 114- 138 139- 171 190,000 167,747.50 162 ,617.50 520,365 .00
1970 172- 196 197- 231 200,000 162 ,617.50 157,217 .50 519,835 .00
1971 232- 256 257- 292 205 ,000 157 ,217.50 151 ,682 .50 513 ,900 .00
1972 293- 317 318- 354 210 ,000 151 , 682 .50 146,012 .50 507 ,695 .00
1973 355- 379 380- 418 220 ,000 146 ,012 .50 140 ,072 .50 506,085 .00
1974 419- 443 444- 483 225 ,000 140,072 .50 133 ,997.50 499,070 .00
1975 484- 508 509- 550 235 ,000 133 ,997.50 127 ,652 .50 496,650.00
1976 551- 575 576- 619 245 ,000 127 ,652 .50 122 ,875 .00 495 ,527.50
1977 620- 644 645- 689 250 ,000 122 ,875 .00 118,000.00 490,875 .00
1978 690- 714 715- 761 260,000 118 ,000.00 112 ,930.00 490,930.00
1979 762- 786 787- 835 270 ,000 112,930.00 107,665 .00 490,595.00
1980 836- 860 861- 911 280 ,000 107,665 .00 102 ,205 .00 489,870.00
1981 912- 936 937- 989 290 ,000 102 ,205 .00 96 ,550 .00 488,755 .00
1982 990-1014 1015-1069 300 ,000 96,550.00 90,700.00 487,250.00
1983 1070-1094 1095-1151 310,000 90, 700.00 84,655.00 485,355 .00
1984 1152-1176 1177-1235 320,000 84,655 .00 78,415 .00 483,070.00
1985 1236-1260 1261-1322 335 ,000 78,415 .00 71 ,882.50 485,297.50
1986 1323-1347 1348-1411 345 ,000 71 ,882 .50 65 , 155 .00 482,037 .50
1987 - 1412-1483 360,000 65 , 155 .00 57,955 .00 483, 110.00
1988 - 1484-1557 370 ,000 57,955 .00 50,555 . 00 478,510.00
1989 - 1558-1633 380 ,000 50,555 .00 42,955 .00 473 ,510.00
1990 - 1634-1712 395 ,000 42 ,955 .00 35 ,055 .00 473,010 .00
1991 - 1713-1794 410 ,000 35 ,055 .00 26,855 .00 471 ,910.00
1992 - 1795-1879 425 ,000 26 ,855 .00 18 , 142 .50 469,997 .50
1993 - 1880-1966 435 ,000 18, 142 .50 9 ,225 .00 462,367.50
1994 - 1967-2056 450 ,000 9 ,225 .00 459,225 .00
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Section 6. That this resolution is adopted pursuant to
the authority conferred by Ordinance No. 11695 of the ordinances of the
City of Little Rock, Arkansas , and said Ordinance No. 11695, together
with and as amended and supplemented by this resolution, shall continue
in full force and effect.
Section 7 . That the provisions of this Resolution are hereby
declared to be separable and if a section, phrase or provision shall be
declared invalid, such declaration shall not affect the validity of the
I remainder of the resolution.
Section 8. That it is hereby ascertained and declared
that the improvements must be accomplished as soon as possible in order
to alleviate immediate hazards to the health, safety and welfare of the
City, its inhabitants and their property, and that the improvements can be
accomplished only by the issuance of the 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 enforced from and after its passage.
ADOPTED March 7 , 1966.
APPROVED:
bicoo.(2‘,,e/ i
Mayor
ATTEST:
Ij4!• ill_se les
City Clerk