HomeMy WebLinkAbout4553 RESOLUTION NO. 4,553
A RESOLUTION APPROVING THE SALE OF PARKING FACILITIES
REVENUE BONDS AUTHORIZED BY ORDINANCE NO. 12,452;
APPROVING THE DESIGNATION OF A TRUSTEE AND PAYING
AGENT; AND PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, by Ordinance No. 12,452 of the ordinances of the City of
Little Rock , Arkansas (the "City") , passed and approved on the 1st day of
March, 1971 , (the "Authorizing Ordinance") , there were authorized and
ordered sold Parking Facilities Revenue Bonds in the total principal amount of
$2 , 200,000 (the "bonds") , with the bonds to be dated April 1 , 1971, with
interest to be payable semiannually on April 1 and October 1 of each year,
commencing October 1 , 1971 , and with the bonds to mature on October 1 in
each of the years to be set forth in the Notice of Public Sale; and
WHEREAS, pursuant to the authority conferred by the Authorizing
Ordinance, the City Manager duly advertised $2 ,000,000 in principal amount
of the bonds (the "Series A Bonds") for public sale and at the public sale held
March 31 , 1971 , the Series A Bonds were sold to Stephens, Inc. , Little Rock,
Arkansas, and Associates (the purchasers) at a price of par and accrued interest
for bonds bearing interest at the rates of 6-3/4%, 6% and 5-1/2% per annum
(hereinafter described in detail); and
WHEREAS, in accordance with the terms of the Authorizing Ordinance,
the purchasers have designated The City National Bank of Fort Smith, Fort Smith,
Arkansas, as Trustee and Paying Agent, and Union National Bank of Little Rock,
Little Rock, Arkansas, has been designated Alternate Paying Agent;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
City of Little Rock, Arkansas:
Section 1 . That the sale of the Series A Bonds, as described above,
be, and the same hereby is, approved and confirmed.
Section 2 . That The City National Bank of Fort Smith, Fort Smith,
Arkansas, is hereby approved and confirmed as Trustee and Paying Agent of
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the Series A Bonds and Union National Bank of Little Rock, Little Rock,
Arkansas, is hereby approved and confirmed as Alternate Paying Agent of the
Series A Bonds. -
Section 3 . That there are hereby authorized and ordered issued bonds
of the City of Little Rock, Arkansas, in the aggregate principal amount of
$2,000,000 to be designated "City of Little Rock, Arkansas , Parking
Facilities Revenue Bonds Series A. " The Series A Bonds shall be dated
April 1 , 1971 , and shall be in the following denominations: Bonds Nos.
7-A, 8-A, 9-A, 10-A, 18-A, 26-A, 27-A, 28-A, 29-A, 38-A, 39-A, 58-A,
59-A, 60-A, 71-A, 94-A, 95-A, 96-A, 97-A, 110-A, 111-A, 112-A, 126-A,
127-A, 128-A, 143-A, 144-A, 160-A, 161-A, 178-A, 179-A, 180-A, 198-A,
199-A , 200-A, 201-A, 241-A, 242-A, 264-A, 265-A, 266-A, 267-A, 291-A,
292-A, 344-A, 345-A, 346-A, 347-A, 376-A, 377-A, 378-A, 409-A, 410-A,
411-A and 444-A are in the denomination of $1 ,000 each. All other Bonds
shall be in the denomination of $5, 000 each. Bonds Nos. 1-A to 97-A,
inclusive, being the bonds maturing in the years 1973 to 1981 , inclusive,
shall bear interest at the rate of 6% per annum; Bonds Nos. 98-A to 180-A,
inclusive, being the bonds maturing in the years 1982 to 1986, inclusive,
shall bear interest at the rate of 5-1/2% per annum; Bonds Nos. 181-A to
267-A, inclusive, being the bonds maturing in the years 1987 to 1990, inclusive,
shall bear interest at the rate of 6% per annum; Bonds Nos. 268-A to 378-A,
inclusive, being the bonds maturing in the years 1991 to 1994, inclusive, shall
bear interest at the rate of 6-3/4% per annum; and Bonds Nos. 379-A to 444-A,
inclusive, being the bonds maturing in the years 1995 and 1996, shall bear
interest at the rate of 6% per annum. The interest shall be payable semiannually
on April 1 and October 1 of each year, commencing October 1 , 1971 . Payment
of bearer bonds and interest coupons shall be made at the principal office of the
Paying Agent. Payment of principal, when registered as to principal, and of
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interest when registered as to interest, shall be by check or draft mailed to
the registered owner at the address shown on the bond registration book of
the City maintained by the Trustee. The bonds shall mature on October 1 in
each of the years 1973 to 1996, inclusive, as hereinafter set forth, but are
callable for payment prior to maturity as follows:
The Series A bonds will not be subject to redemption prior to October 1 ,
1981 . They will be subject to redemption prior to maturity, in whole or in part,
at the option of the City, in inverse numerical order, on October 1 , 1981 , and
on any interest payment date thereafter, as follows: From surplus revenues of
the Parking Facilities (being revenues derived from the operation of the Parking
Facilities in excess of the amount required to pay the principal of and interest
on all outstanding bonds, Trustee's and Paying Agent's fees and to maintain all
funds at the levels required by the authorizing ordinances and resolutions) at a
price of principal amount of the bonds being redeemed plus accrued interest to
the date of redemption; from funds from any other source at a price of the prin-
cipal amount of the bonds being redeemed plus accrued interest to the date of
redemption and plus a premium of the principal amount being redeemed as follows:
4% if redeemed October 1 , 1981 or April 1 , 1982;
3-1/2% if redeemed October 1 , 1982 or April 1 , 1983;
3% if redeemed October 1 , 1983 or April 1 , 1984;
2-1/2% if redeemed October 1 , 1984 or April 1 , 1985;
II 2% if redeemed October 1 , 1985 or April 1 , 1986;
1-1/2% if redeemed October 1 , 1986 or April 1 , 1987;
1% if redeemed October 1 , 1987 or April 1 , 1988;
1/2% if redeemed October 1 , 1988 or April 1 , 1989;
No premium thereafter
Section 4 . That as provided in the Authorizing Ordinance, the principal
of and interest on the bonds shall be paid from funds in the "Parking Facilities
Revenue Bond Fund" as they mature, according to the following schedule:
d
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INTEREST INTEREST
YEAR BOND NOS. RATE PRINCIPAL APRIL 1 OCTOBER 1 TOTAL
1
1971 $ 61 ,038.75 $ 61, 038.75
1972 _ $ 61 ,038.75 61 ,038. 75 122, 077 .50
1973 1- 10 6% $ 34,000 61 ,038.75 61 ,038. 75 156, 077 .50
1974 11- 18 6% 36 , 000 60,018.75 60,018. 75 156,037. 50
' 1975 19- 29 6% 39,000 58 ,938. 75 58,938. 75 156, 877. 50
1976 30- 39 6% 42,000 57 , 768 .75 57,768. 75 157, 537.50
1977 40- 48 6% 45 , 000 56,508.75 56,508. 75 158, 017 .50
1978 49- 60 6% 48,000 55 , 158.75 55 , 158. 75 158, 317. 50
1979 61- 71 6% 51 , 000 53, 718 .75 53,718. 75 158, 437.50
1980 72- 82 6% 55 ,000 52 , 188. 75 52 , 188. 75 159, 377.50
1981 83- 97 6% 59 ,000 50,538.75 50,538. 75 160, 077 .50
1982 98-112 5-1/2% 63,000 48. 768. 75 48,768. 75 160, 537 .50
1983 113-128 5-1/2% 68,000 47 ,036. 25 47 ,036. 25 162, 072 . 50
1984 129-144 5-1/2% 72 , 000 45, 166.25 45 , 166. 25 162, 332 .50
1985 145-161 5-1/2% 77, 000 43, 186. 25 43, 186. 25 163, 372 .50
1986 162-180 5-1/2% 83, 000 41 ,068.75 41 ,068. 75 165, 137.50
1987 181-201 6% 89, 000 38,786.25 38, 786. 25 166,572 .50
1988 202-220 6% 95 , 000 36, 116.25 36, 116. 25 167, 232.50
1989 221-242 6% 102,000 33,266.25 33,266. 25 168, 532 . 50
1990 243-267 6% 109 ,000 30, 206.25 30,206. 25 169,412.50
1991 268-292 6-3/4% 117 , 000 26,936. 25 26,936. 25 170, 872 . 50
1992 293-317 6-3/4% 125 , 000 22 , 987 .50 22 ,987. 50 170, 975 .00
1993 318-347 6-3/4% 134, 000 18,768. 75 18,768. 75 171, 537.50
1994 348-378 6-3/4% 143, 000 14, 246. 25 14,246.25 171 ,492 .50
1995 379-411 6% 153, 000 9,420.00 9,420. 00 171, 840.00
1996 412-444 6% 161 , 000 4, 830.00 4,830. 00 170, 660.00
Each bond shall contain the suffix "A" as a part of the number.
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Section 5 . That this Resolution is adopted pursuant to the authority
conferred by the Authorizing Ordinance, and the Authorizing Ordinance, together
with and as 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 provision shall be declared invalid,
such declaration shall not affect the validity of the remainder of the Resolution.
Section 7 . This Resolution shall be in full force and effect from and
after its adoption.
ADOPTED: April 19 , 1971 .
APPROVED:
ATTEST: /
'L ✓/
Mayor
i
City Clerk
(SEAL)