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HomeMy WebLinkAbout5499 r , RESOLUTION NO. 5,499 A RESOLUTION AUTHORIZING THE SALE OF CITY OF LITTLE ROCK, ARKANSAS MUNICIPAL AIRPORT REVENUE BONDS; APPROVING THE FORM AND CONTENTS OF A NOTICE OF SALE AND DIRECTING THE PUBLICATION THEREOF; AND PRESCRIBING OTHER MATTERS RELATING THERETO. BE IT RESOLVED by the Board of Directors of the City of Little Rock, Arkansas : Section 1. That the public sale of City of Little Rock, Arkansas Municipal Airport Revenue Bonds, dated March 1, 1976, in the principal amount of $600 , 000, is hereby authorized, and the City Manager is hereby authorized and directed to publish and otherwise distribute a Notice of Sale of the bonds, in substantially the following form and with substantially the following contents: r NOTICE OF SALE $600 , 000 CITY OF LITTLE ROCK, ARKANSAS MUNICIPAL AIRPORT REVENUE BONDS, SERIES 1976 DATED MARCH 1, 1976 The City of Little Rock, Arkansas (the "City") hereby gives notice that there will be sold on sealed bids at the time and place specified below a proposed issue of $600 ,000 in principal amount of Municipal Airport Revenue Bonds (the "bonds") . The bonds are being issued pursuant to the Constitu- tion and laws of the State of Arkansas , including particularly Act No. 53 of the Acts of Arkansas of 1949 , as amended, and pursuant to to necessary authorizing action of the Board of Directors of the city and of the Little Rock Municipal Airport Commission (the "Airport Commission") . The bonds are being issued for the purpose of furnishing permanent financing of a portion of the cost (the balance of the cost to be paid from funds derived from a grant and from other sources) of constructing improvements to the Municipal Airport, being generally described as follows: Renovation and repairs to the primary air carrier runway and improvements and additions to airfield lighting, aircraft aprons, taxiways, airport security fencing and necessary incidental work and expenses pertaining thereto (the "improvements") . The bonds will be dated March 1, 1976 , and will bear interest at the rate or rates accepted at the public sale, the interest will be payable semiannually on March 1 and September 1 of each year, commencing September 1, 1976 , and the bonds will mature annually on March 1 of each year as follows: (but will be subject to redemption prior to maturity as hereinafter set forth) : Year Amount 1977 $ 33,000 1978 36, 000 1979 39, 000 1980 42, 000 1981 43, 000 1982 23,000 1983 25,000 1984 26 , 000 1985 27 , 000 1986 28 , 000 1987 29 , 000 1988 30, 000 1989 31, 000 1990 32 , 000 1991 128, 000 1992 28 ,000 The bonds will not be general obligations of the City, but will be special obligations payable solely from revenues derived from the operation of the Municipal Airport and in this regard, the City covenants that it will at all times impose and collect such charges for the use of the Municipal Airport and its facilities as will produce revenues sufficient to adequately provide for the operation and maintenance and expenses of the municipal airport, pay the principal of and interest on all outstanding bonds to which revenues derived from the operation of the Municipal Airport are pledged, I being Municipal Airport Revenue Bonds, dated May 1, 1961 (the "1961 Bonds") , and Municipal Airport Revenue Bonds, Series 1966, dated May 1, 1966 (the "1966 Bonds") , Municipal Airport Revenue Bonds dated February 1, 1971 (the "1971 Bonds") , and Municipal Airport Revenue Bonds , Series 1975, dated March 1, 1975 (the "1975 Bonds") , and the bonds of this issue, make the required deposit into the Depreciation Fund, and maintaining all funds at the levels required by the authorizing ordinances and resolutions . The bonds will rank on a parity of security with the 1961 Bonds , the 1966 Bonds, the 1971 Bonds, and the 1975 Bonds. However, before these 1976 Series Bonds are issued, the Airport Commission shall place in escrow sufficient funds to retire the 1961 Bonds ($104 , 000 outstanding) ; therefore, the 1961 Bonds are not considered as outstanding. The City shall name the Trustee and Paying Agent. All expenses, including without limitation, the fee of Wright, Lindsey & Jennings, Little Rock, Arkansas, upon whose approving opinion the bonds will be issued, will be paid by the Airport Commission. Supplemental and dual coupons will not be permitted and the bonds will not be subject to conversion. No bid of less than par and accrued interest will be entertained. Not more than five different interest rates may be designated (not including repeated rates) , but all rates with maturities to which applicable must be set forth in the bid. The difference between the highest and lowest rate must not exceed 2% . The bonds of each maturity must bear interest from date to maturity at the same rate. The award, if any, shall be to the bidder whose bid results in the lowest net interest cost to the City to be determined by computing the interest from date to maturity of the bonds at the rates bid and deducting therefrom the amount of any premium. The City reserves the right to reject any and all bids. The bonds will be subject to redemption prior to maturity, in whole or in part, and at the option of the City, in inverse numerical order, on March 1, 1985, or on any interest paying date thereafter, from funds from any source, at a price of the principal amount of the bonds being redeemed plus accrued interest to the date of redemp- tion. Sealed bids shall be received until 2: 00 o'clock p.m. on March 11, 1976 • S and each bid shall be enclosed in a sealed envelope marked on the outside "Proposal for City of Little Rock, Arkansas , Municipal Airport Revenue Bonds , Series 1976 , dated March 1, 1976" and addressed to Mr. Carleton E. McMullin, City Manager, City Hall, Little Rock, Arkansas. The bids will be opened at that time and the Board of Directors Room, City Hall, Little Rock, Arkansas . Each bid must be submitted on the Official Bid Form, must be accompanied by a certified or cashier' s check in the amount of $12, 000, and payable to the order of the City as liquidated damages in the event a bidder is awarded the sale of the bonds and fails to com- plete the purchase. Checks of unsuccessful bidders will be promptly returned and the City will not pay interest on good faith checks . The bonds are being sold pursuant to the direction of the Board of Directors of the City. Delivery of the Bonds will be in Little Rock, Arkansas, within 30 days from the date of the acceptance of the best bid. Delivery may be had at a place other than Little Rock, Arkansas, if requested by the successful bidder, but delivery at any other place will be at the expense of the successful bidder. Additional information may be obtained from Mr. E. Jack Murphy, Director of Finance, City Hall, Little Rock, Arkansas 72201, or from Wright, Lindsey & Jennings, 2200 Worthen Bank Building, Little Rock, Arkansas. CITY OF LITTLE ROCK, ARKANSAS By 72 Car Car eton c 11in, City Manager Section 2. That the Notice shall be published at least one time in a newspaper of general circulation in the City and otherwise publish or distribute, along with pertinent information concerning the City and the Municipal Airport, as the City' s Director of Finance, Mr. E. Jack Murphy, shall deem necessary or desirable to obtain the most favorable bidding at the public sale. Section 3. That this Resolution shall be in force immediately upon and after its passage. ADOPTED this 2nd day of March , 1976. APPROVED: y / Ake 41 / Mayor ATTEST: (1;44?ler