HomeMy WebLinkAbout5522 RESOLUTION NO. 5,522
A RESOLUTION APPROVING THE DELIVERY OF MUNICIPAL
AIRPORT REVENUE BONDS AUTHORIZED BY ORDINANCE
NO . 13, 145; APPROVING THE DESIGNATION OF A
TRUSTEE AND PAYING AGENT; AND PRESCRIBING OTHER
MATTERS RELATING THERETO.
WHEREAS, by Ordinance No. 13, 145 of the Ordinances of the
City of Little Rock, Arkansas (the "City" ) , passed and approved
on the 18th day of March, 1976 (the "Authorizing Ordinance" ) ,
there were authorized Municipal Airport Revenue Bonds , Series
1976, 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 Ordinance;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the City of Little Rock, Arkansas :
Section 1. There are now authorized and ordered issued
and delivered to Jon R. Brittenum & Associates, Inc . , the
purchaser, bonds in the aggregate principal amount of $600, 000 ,
designated "City of Little Rock, Arkansas, Municipal Airport
Revenue Bonds, Series 1976" and shall be dated March 1, 1976 .
Bonds Nos . 7 , 8 , 9 , 17 , 25, 26, 27 , 28 , 37 , 38 , 47 , 48 , 49,
54 , 55, 56 , 67 , 73 , 74 , 80, 81 , 82 , 88 , 89 , 90, 91, 104, 111,
112 , 138 , 139 , 140, 146, 147 and 148 shall be in the denomina-
tion of $1, 000 each, and all other bonds shall be in the
denomination of $5, 000 each. Bonds Nos . 1 to 67 , inclusive,
maturing in the years 1977 to 1984 , inclusive, bear interest
at the rate of 6 . 10% per annum; Bonds Nos . 68 to 91, inclusive,
maturing in the years 1985 to 1987, inclusive, bear interest
at the rate of 5. 65% per annum; Bonds Nos . 92 to 112, inclusive,
maturing in the years 1988 to 1990 , inclusive, bear interest
at the rate of 5. 75% per annum; and Bonds Nos . 113 to 148,
inclusive, maturing in the years 1991 and 1992 bear interest
at the rate of 5. 80% per annum. The interest shall be payable
semiannually on March 1 and September 1 of each year, commencing
September 1, 1976. The principal and interest shall be payable
at the principal office of the paying agent. The payment of
interest, when registered as to interest, may 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 March 1 in each of the
years 1977 to 1992, inclusive, but are callable for payment
prior to maturity as set forth in the Authorizing Ordinance.
Section 2. That the purchasers ' designation of First
State Bank & Trust Company, Conway, Arkansas, as Trustee
and Paying Agent is hereby approved and confirmed.
Section 3. 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 4 . 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 Resolu-
tion.
Section 5 . This Resolution shall be in full force
and effect from and after its adoption.
ADOPTED: April 20 , 1976 .
APPROVED:
Assistant Mayor
ATTEST:
4111! La _'a tL
/ City Clem
(SEAL)