HomeMy WebLinkAbout10-58 RESOLUTIONiESOLUTION N0, /F-^ 5.8'
A RESOLUTION APPROVING THE SALE AND CONVERSION
OF WATERWORKS AND SEWER REFUNDING AND CON-
STRUCTION REVENUE BONDS; APPROVING THE.DESIGNA-
TION OF A TRUSTEE AND PAYING AGENT; PRESCRIBING
OTHER. MATTERS REL&TINQ THERETO; AND DECLARING
AN EMERGENCY.
WHEREAS by Ordinance No. 1166.of the ordinances of the
City of ,Fayetteville, Arkansas, there was authorized the sale of
Waterworks and Sewer Refunding and Construction Revenue Bonds in
the principal amount of $5,300,000; and
WHEREAS the Mayor duly advertised the public sale of
bonds in that amount, the bonds to be dated June 10 1958 with in-
terest payable semi-annually on June 1 and(Decetber 1 of each year
commencing December 1., 1958 and to mature. on December I in each of
the years 1959 to 1992, incluaive, with the privilege of conversion,
all as set forth in the notice of sale, a copy of which has been
exhibited to the Council and tiled with the City Clerk; and
WHEREAS at said sale Stephens,. Inc. of Little Rock, Arkansan
submitted the bent bid which was as follows; Par and accrued in-
terest for bonds bearing interest at the following rates per annum:
• 73,000 bearing interest at the rate of 1 1,/24 per annum
23,000 bearing intereat at the rate of 2 1/2$ per annum
623,000 bearing interest at the rate of 3 % per annum
431,000 bearing interest at the rate of 3 3/4% per annum
4,150,000 bearing interest at the rate of 4.37272064
per annum
(Which reaulte in an over-all interest coat to the City of 4.30% per
annum) and the bonds were sold to said Stephena,inc, at said price; and
WHEREAS as permitted in the notice of sale, the purchaser haw
elected to convert the $5,300,000 of bonds bearing interest at the
rates above specified to an issue of $5,710,000 of bonds bearing
interest at the rates of 13%, 23%, 3%, 30, 3$, 3 3/4% and per
annum, hereinafter described in detail, and the conversion has been
examined by the City Council and found to be in accordance with the
terms of the authorizing ordinance and the notice of sale, and by
virtue of which the City will receive no less and pay no morethan
it would receive and pay if the bonds were not converted; and
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WHEREAS the purchaser has designated Union Planters 'National
Bank, Memphis, Tenneeeee, as Trustee and Paying Agent;
NOW, THEREFORE, BE IT,RE$OLVED by the City Council of the .
City of Fayetteville. Arkansas:
Section 1. That the above referred to and described notice
of sale, a copy of which is on file with the City Clerk, and the
publication of the same be, and the sane are hereby,'approved and
confirmed.
Section 2. That the sale of said bonds, upon the terms
hereinabove set forth, to Stephens, Inc., Little Rock, Arkansas,
and the conversion of said bonds as hereinabove set forth be, and
the same are hereby, approved and confirmed.
Section 3. That the designation.by the purchaser of
Union Planters National Bank, Memphis, Tennessee, as Trustee and
Paying Agent be, and the same ie hereby, approved and confirmed, and
the said Union Planters National Bank, Mempphis, Tennessee, be., and
it is hereby, designated as Trustee and Paying Agent.
Section 4, That there are hereby authorized and ordered
issued bonds of the City of Fayetteville, Arkansas in the aggregate
principal amount of $5,710,000 to be designated -"City of Fayetteville,
Arkansas Waterworks and Sewer 10, 20, 3%, 30 30, 3 3/1l and 14
Refunding and Construction Revenue Bonds". The bonds shall be dated
June 1, 1958 and shall be in thedenomination of $1,000 each. They
shallbe numbered consecutively from 1 to 5710, inclusive, and Ghali
bear interest as follows:
Sonde Nos. 1 to
Bonds Nos. 74 to
Bonds Nos. 195 to
Bonds Nos. 1087 to
Bonds Nos. 1771 to
Bonds Nos. 2398 to
Bonds Nos, 3730 to
194,
1086,
1770,
2397,
3729,
5710,
inclusive,
inclusive,
inclusive,
Inclusive,
inclusive,
Inclusive,
Inclusive,
shall
shall
shall
shall
shall
shall
shall
bear
bear
bear
bear
bear
bear
bear
interest
interest
t
interest
interest
interest
interest
interest
at 2, per
at 2 per
at per
at 3g per
at 3 per
at 3 3/ per
at per
annum
annum
annum
annum
annum
annum
annum
Interest shall be payable semi-annually on June 1 and Decem-
ber 1 of each year commencing December 1,. 1958. Interest shall be
evidenced by interest coupons and the principal and interest shall
A
be payable in lawful money -of. the United States of America upon pre-
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sentation of the bond or proper coupon at Union Planters National
Bank, Memphis, Tennessee.. The bonds shall mature on December 1 in
each of the years 1959 to 1992, inclusive, as hereinafter net forth,
but are callable for payment prior to maturity as provided in the
face of the bonds..
Section 5. That as provided in Ordinance No. 1166 authoriz-
Sng the issuance of the bonds, the principal of and interest on the
bonds shall be paid from funds in the Waterworks and Sewer Revenue
Bond Hund as they mature according to the following schedule;
YEAR BOND NOS. PRINCIPAL
INTEREST TOTAL
JUNE 1 DECEMBER 1
195598
1960 97 194
1961 195 - 294
19633 395 8 503
1964 504 = 613
1965 614 - 726
1966 727 = 892
19678 963 - 1086
1969 1087 - 1214
1970 1215 = 13466
1972 13474 -.124
19731625 - 1770
1974 1771 - 1919
1975 1920 - 2073
197776 207g4 - 22322
197798 2398 - 2567
1979 2568 - 2743
2744 - 2925
1981 2926 - 3115
1982 1983 3313 - 3312
1984 3518 - 3517
198.6
1981
33i8 a
4175 - 44434
1988 4411 - 4656
1989 4657 - 4913
1199 5181 - 545577
1992 5458 - 5710
96,000
98,000
100,000
103,000
106,000
110,000
113,000
116,000
120,000
124,000
128,000
132,000
137,000
11000
146,000
149,000
154,000
159,000
165,000
170,000
176,000
1 ,000
190,000
197,000
205,000
212,000
218,000
227,000
236,000
246,000
257:000
267,000
277,000
253,000
102,122.50
101,287.50
100,062.50
98,562.50
97,017.50
95,427.50
93,7.50
92,0 .50
,342.50
,542.50
86,682.50
84,602.50
82,457.50
80,2 1.25
77,9:00
75,567.50
72,960.00
70,265.00
§7,482.50
64,595.00
61,407.50
58,107.50
54,695.00
51,132650
4483, 595.00
39,620.00
35,260.00
30,720.00
26,000.00
21,080.00
15,940.00
10,600.00
5,060.00
102,122.50
102,122.50
101,287.50
100,062.50
98,562.50
97,017.50
95,427.50
93,7.50
9v�22,0)� . 50
, 342.50
, 542.50
86,682.50
84,602.50
82,457.50
80,231.25
77,940.00
75,567.50
72,960.00
70,265.00
64, 595.0000
61,407.50
58,107.50
54,695.00
51,132.50
47,438.75
43,595,00
39,620.00
35,260.00
30,720.00
26,000.00
21,080.00
15,940.00
10,600.00
5,060.00
$ 1020122.50
300,245.00
300,575.00
300,125.00
300,125.00
300,035.00
300,855.00
300, 555.00
300,165.00
300,685.00
301,085.00
301,365.00
301,205.00
301,915.00
301,462.50
301,880.00
300,135.00
299,920.00
299,530.00
299,965..00
,19000
29 ,815.00
298,215.00
299,390.00
299,265.00
299,877.50
299,1.00
Wig .00
297,20.00
.00
298,000.00
299,160.00
298,880.00
298,200.00
263,120.00
Section 6. That the provisions of this resolution are
hereby declared to be separable and if a section, phrase or provision
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shall be declarod invalid, such declaration ah -11 not affect the
validity of the re'rainder or theresolution.
Section 7. That thin resolution ie adopted nurauant to the
authority oorferred by and the ^rovisiona of O dine ce !o. 1160 of
the ordtnnni-es of the City of Fayetteville, Arkrnao, end cnid
Ordinance no. 1166, together rith ander nuAnlrTented by this reno-
lution, shall o ontinue in full force and effeot.
rection 8. Thet it is hereby ascertained and declared that
the 1:aterrorke end Senor eistcm r_.rvin^ the City of Fayetteville,
Arkrren, is wholly ina4equete for thn needs of the City end the in-
habitar.tn thereof, tbuc enden-orinc' the life, health andaafety of
the inhabitants and their property, ari that thaextensionr, better -
rents end irprovorsnts renuired to ellevi••te reid hc-ards can be
obtained only by the icsucnce 2f-evenuo bonds, to tich isruance
the !wattage of this resolution in essential. It is, therefore, de -
tiered the en emergency exi.atr and this resolution being nem -nary
for the immediate preservation of the eubli, nonce, health and rrfety
challteke effect rd be in force from and pater its narsa,^ee.
A"xIT: i t
PAr.S: Dt „;11'.W,.',, Fj .%
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It* underalined, City Clerk of the City of Fayetteville,
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Arkansas, hereby certifies that the foregoing pages, numbered 1 to
4, inclusive, are a true and perfect copy of Resolution No, 10-)a ,,
adopted at a n wolwnwi session of
the Citi Council of the City of Fayetteville, Arkansas, held: at
1►,tAPtp•artt + Cncenel .: _ in said CSty, at 12vx i'_ o'clook
_m�m, on the 11+41117 of gsrterier , 1958, and that the
said Resolution is of record in Ordinance Record Book No. - f+ .
=lit .page smjaamplumamonoW in ny poasesaion,
Olsenunderwy hand and seal on this -ttfh day of
L
LIS -ALGA _IA 1958,.
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