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HomeMy WebLinkAbout5503 RESOLUTION NO. 5,503 A RESOLUTION APPROVING THE SALE OF MUNICIPAL AIRPORT REVENUE BONDS AUTHORIZED BY RESOLUTION NO. 5, 499 ; AND PRESCRIBING OTHER MATTERS RELATING THERETO . WHEREAS , by Resolution No. 5 , 499 of the Resolutions of the City of Little Rock, Arkansas (the "City" ) , passed and approved on the 2nd day of March, 1976 (the "Authorizing Resolution") , there were authorized and ordered sold Municipal Airport Revenue Bonds in the total principal amount of $600 , 000 (the "bonds" ) , with the bonds to be dated March 1, 1976 , with interest payable semiannually on March 1 and September 1 of each year, commencing September 1, 1976 , and with the bonds to mature on March 1 in each of the years 1977 to 1992 , inclusive, and otherwise as described in detail in the Authorizing Resolution; and WHEREAS, pursuant to the authority conferred by the Authorizing Resolution, the bonds were duly advertised for public sale and at the public sale held March 11 , 1976 the following bids were received: The bid of Jon R. Brittenum & Associates , Inc . , of par and accrued interest for bonds bearing interest as follows: Bonds maturing in the years 1977 to 1984 , inclusive , 6 . 10% per annum; bonds maturing in the years 1985 to 1987 , inclusive, 5 . 65% per annum; bonds maturing in the years 1988 to 1990 , inclusive, 5. 75% per annum; and bonds maturing in the years 1991 and 1992, 5 . 80% per annum; resulting in a net interest cost of $323 , 235. 50 and an average interest rate of 5. 827213%; The bid of Stephens , Inc . , of par and accrued interest for bonds bearing interest as follows : Bonds maturing in the years 1977 to 1985, inclusive, 6 . 00% per annum; bonds maturing in the years 1986 and 1987 , 5 . 50% per annum; bonds maturing in the years 1988 and 1989 , 5 . 75% per annum; bonds maturing in the year 1990, 5 . 85% per annum; and bonds maturing in the years 1991 and 1992 , 5 . 90% per annum; resulting in a net interest cost of $324 , 877 . 50 and an average interest rate of 5 . 8568144%; The bid of Hill, Crawford & Lanford, Inc. , T. J. Raney & Sons , Inc. , and Reynolds Securities , Inc . , of par and accrued interest plus a premium of $298 . 32 for bonds bearing interest as follows : Bonds maturing in the years 1977 to 1980 , inclusive, 6. 50% per annum; bonds maturing in the years 1981 to 1984, inclusive, 6 . 00% per annum; bonds maturing in the years 1985 and 1986, 5. 50% per annum; bonds maturing in the years 1987 and 1988 , 5 . 75% per annum; and bonds maturing in the years 1989 to 1992, inclusive, 5 . 90% per annum; resulting in a net interest cost of $326 , 940 . 18 and an average interest rate of 5 . 894%; The bid of Powell & Satterfield, Inc. , of par and accrued interest plus a premium of $135 for bonds bearing interest as follows: Bonds maturing in the years 1977 to 1981, inclusive, 6 . 25% per annum; bonds maturing in the years 1982 to 1985, inclusive, 6 . 00% per annum; bonds maturing in the years 1986 and 1987 , 5 . 75% per annum; and bonds maturing in the years 1988 to 1992 , inclusive, 6 . 00% per annum; resulting in a net interest cost of $332 , 700 and an average interest rate of 5 . 9978% ; The bid of Parham and Company, Inc. , of par and accrued interest for bonds bearing interest as follows : Bonds maturing in the years 1977 to 1985, inclusive, 6 . 25% per annum; bonds maturing in the years 1986 to 1988 , inclusive, 5. 70% per annum; and bonds maturing in the years 1989 to 1992, inclusive , 6. 00% per annum; resulting in a net interest cost of $333, 365 . 50 and an average interest rate of 6 . 0098% . NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the City of Little Rock, Arkansas: Section 1 . That the bid of Jon R. Brittenum & Associates, Inc. , for the bonds is hereby found and declared to be the best bid and the bid is hereby accepted and the bonds sold to the same, subject to the terms and conditions of the Notice of Sale of the bonds . Section 2 . That this Resolution is adopted pursuant to the authority conferred by the Authorizing Resolution, and the Authorizing Resolution, together with and as supple- mented by this Resolution, shall continue in full force and effect. Section 3 . This Resolution shall be in full force and effect from and after its adoption. ADOPTED: March 11 , 1976 . APPROVED: Assistant Mayor ATTEST: 411! / Ci y Clerk (SEAL)