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Home My WebLink About4025 RESOLUTION NO. 4, 025 RESOLUTION AUTHORIZING NOTICE OF SALE OF CITY OF LITTLE ROCK GENERAL OBLIGATION (PORT DEVELOPMENT) BONDS, SERIES 1968, DATED JULY 1, 1964. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF TEE CITY OF LITTLE ROCK, ARKANSAS : Section 1. That the City Clerk of this City be required to publish in some newspaper published in the City of Little Rock, Pulaski County, Arkansas, and having a bona fide circula- tion therein, the following notice, which shall be published once a week until the day fixed for the sale, the first publica- tion to be at least twenty (20) days before the date of said sale : NOTICE OF SALE $ 1,095 , 000 CITY OF LITTLE ROCK, ARKANSAS GENERAL OBLIGATION (PORT DEVELOPMENT) BONDS SERIES 1968 DATED JULY 1, 1964 The City of Little Rock, Arkansas ("City") hereby gives notice that there will be sold on sealed bids at the time and place specified below $1,095 ,000 in principal amount of General Obligation (Port Development) Bonds, Series 1968, dated July 1, 1964, and being issued under the provisions of Amend- ment No. 49 to the Constitution of the State of Arkansas ("Series 1968 Bonds"). The Series 1968 Bonds are the remaining bonds of a total authorized issue ap- proved by the electors of the City at a duly called and held election on the 12th day of May, 1964, The initial series , designated "Series 1964" in the principal amount of $3 , 150, 000 have been heretofore sold and delivered and the bonds of the total authorized issue (the Series 1964 Bonds and the Series 1968 Bonds) rank on a parity of security. References herein to "bonds" shall mean all of the bonds of the total authorized issue (Series 1964 Bonds and Series 1968 Bonds). The Series 1968 Bonds will bear interest at the rate or rates accepted by the City, which interest will be payable semiannually on January 1 and July 1 of each year (the first interest coupon to be printed will be Coupon No. 8 due and payable January 1, 1969 , and, therefore, the purchaser will pay accrued interest from July 1, 1968) and the Series 1968 Bonds will mature annually on July 1 of each year as follows, but shall be subject to redemption prior to maturity as hereafter set forth: YEAR AMOUNT 1969 28, 000 1970 29 , 000 1971 30,000 1972 31 , 000 1973 32,000 1974 33,000 1975 34, 000 1976 35 , 000 1977 36, 000 • 1978 37, 000 1979 38, 000 1980 39 , 000 1981 40,000 1982 42,000 1983 43 ,000 1984 44,000 1985 45 , 000 1986 47, 000 Page 2 (cont'd) Year Amount 1987 49, 000 1988 50,000 1989 51 ,000 1990 53 , 000 1991 55, 000 1992 56,000 1993 58,000 1994 60,000 The Series 1968 Bonds will be general obligations of the City under the authority of Amendment No. 49 to the Constitution of the State of Arkansas , to the payment of which the City will pledge its full faith, credit and taxing power. In this regard, the City Board of Directors will levy a continuing annual tax of 1 .85 mills which, subject to the subsequent provisions hereof pertaining to the suspension of collection of all or a portion thereof, will be collected annually until the principal of and interest on the bonds are paid or provision made therefor. The City will covenant that the entire proceeds derived from the special tax at any time levied, as aforesaid, must be applied as and when available to the payment of the principal of and interest on the bonds and that the entire amount of tax collections over and above the amount necessary to insure the prompt payment of the principal of and interest on all outstanding bonds of both series will be applied on each interest paying date as and when available proportionately to the redemption of the bonds of each series prior to maturity. Provision has been and will be made in the authorizing ordinances for application, at the option of the City, of any revenues derived from the lands, improvements, facilities and developments financed out of the proc eeds of the bonds and, for the suspension of the collection of all or such portion of the special tax to the extent of such available revenues , it being understood, however, that there will be no suspension of collection which would reduce the amount of revenues actually available, from either tax proceeds or project revenues as aforesaid, below an amount approximating 120% of the average annual principal and interest requirements of both series of bonds then outstanding. Page 3 The assessed valuation of the taxable real and personal property in the City for the year 1967, the latest assessment of record, is $196,50,786. The Series 1968 Bonds will not be subject to redemption from sur- plus proceeds of the sale of the Series 1968 Bonds . The Series 1968 Bonds will be subject to redemption prior to maturity in inverse numerical order as follows: from surplus tax collections or from funds available from the operation of the Pro- ject, excluding the sale of land, at a price of the principal amount of the bonds being called plus accrued interest to date of redemption on any interest paying other date; from funds from an/source on any interest paying date on and after July 1, 1977 at a price of the principal amount of the bonds being called plus accrued interest to the date of redemption and plus a premium (expressed in terms of a percentage of the principal amount being redeemed) for the years hereinafter set forth, as follows: 3-1/2% if redeemed on July 1, 1977 or January 1 , 1978; 3% if redeemed on July 1 , 1978 or January 1 , 1979; 2-1/2% if redeemed on July 1, 1979 or January 1 , 1980; 2% if redeemed on July 1 , 1980 or January 1 , 1981; 1-1/2% if redeemed on July 1 , 1981 or January 1 , 1982; 1% if redeemed on July 1 , 1982 or January 1, 1983; 1/2% if redeemed on July 1, 1983 or January 1, 1984; No premium if redeemed thereafter. The purchaser may name the Paying Agent and the Bank to authen- ticate the Series 1968 Bonds . The Paying Agent named must be a Little Rock Bank, but the purchaser will have the privilege of naming an Alternate Paying Agent located in Little Rock or elsewhere. The expenses of the authorization and issuance of the bonds , in- cluding the cost of printing the bonds, the bank's fee for authenticating the bonds, and the fee of Rose, Meek, House, Barron, Nash &Williamson; Townsend & Townsend; and Smith, Williams, Friday & Bowen; Bond Counsel, Little Rock, Arkansas , upon whose approving opinion the bonds will be issued, will be paid by the City. Page 4 The Series 1968 Bonds will not be subject to conversion and neither supplemental nor dual coupons will be permitted. Up to four interest rates may be specified (not including repeated rates) , but all rates with the maturities to which applicable must be set forth in the bid. The Series 1968 Bonds of each maturity must bear interest from date to maturity and at the same rate. The difference between the highest and lowest rate must not exceed 2%. The award, if made, will be to the bidder whose bid results in the lowest net interest cost, with the net interest cost to be determined by computing the total amount of interest, at the rates bid, from July 1 , 1968 to maturity and deducting therefrom the amount of any premium bid. No bid of less than par and accrued interest will be entertained. Sealed bids will be received until o'clock .m. , local time on , 1968 and each bid shall be enclosed in a sealed envelope marked on the outside "Proposal for City of Little Rock, Arkansas General Obligation(Port Development) Bonds, Series 1968, dated July 1 , 1964" and addressed to Mayor Martin Borchert, City Hall, Little Rock, Arkansas . The bids will be opened at that time and on that date in the chambers of the Board of Directors, City Hall, Little Rock, Arkansas . Each bid must be accompanied by a certified or cashier's check in the amount of $10,950, payable to the order of the City to be kept as liquidated damages in the event a bidder is awarded the sale of the bonds and fails to complete the purchase. Checks of unsuccessful bidders will'be promptly returned and the City will not pay interest on good faith checks . The City reserves the right to reject any and all bids. Delivery will be made to the successful bidder within a period of not to exceed 45 days after the date of acceptance of the bid. Delivery will be at Little Rock, Arkansas, or at any other place requested by the purchaser, but if any place other than Little Rock, Arkansas , expenses incurred by the City in delivering the bonds must be paid by the purchaser. . Page 5 Additional information may be obtained from Mr. E . Jack Murphy, Director of Finance, City Hall, Little Rock, Arkansas. CITY OF LITTLE ROCK, ARKANSAS By r w � Section 2. That the Director of Finance of the City of Little Rock, make such other publication and distribution of the Notice of Sale as he deems desirable . Section 3 . It is ascertained and declared that there is an immediate need for the development of port and marine terminal facilities and related improvements to serve the inhabi- tants of the City of Little Rock, and for the protection of their welfare and safety, and that only by action made possible by this Resolution can the City undertake to construct and develop the said facilities and to promote the safety, health, and welfare of its citizens. IT IS, THEREFORE, declared that an emergency exists, that this Resolution is necessary for the i immediate preservation of the public peace, health and safety, and that this Resolution shall take effect and be in force from and after its adoption. ADOPTED : July 15 , 1968 . APPROVED : / - . f Mayor ATTEST: City Clerk J