HomeMy WebLinkAbout13-75 RESOLUTION001
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RESOLUTION NO. /S--
A RESOLUTION APPROVING THE SALE OF WATERWORKS
AND SEWER REVENUE BONDS, SERIES A, AUTHORIZED
BY ORDINANCE NO. 2074; APPROVING THE DESIGNATION
OF A TRUSTEE AND PAYING AGENT; AND PRESCRIBING
OTHER MATTERS RELATING THERETO.
WHEREAS, by Ordinance No. 2074 of the ordinances of the City of
Fayetteville, Arkansas (the "City"), passed and approved on the 23rd day of
December, 1974 (the "Authorizing Ordinance"), there were authorized the
issuance of $4,000,000 in principal amount of Waterworks and Sewer Revenue
Bonds to be issued in series, with the bonds of all series to rank on a parity
of security; and
WHEREAS, the City has determined to sell $2,500,000 in principal
amount of Waterworks and Sewer Revenue Bonds, Series A, dated April 1, 1975,
with interest payable semiannually on April 1 and October 1 of each year,
commencing October 1, 1975, and to mature on October 1 in each of the years
1976 to 2000, inclusive (the "Series A Bonds"), and otherwise as described in
the Authorizing Ordinance; and
WHEREAS, pursuant to the authority conferred by the Authorizing
Ordinance, the Series A Bonds were duly advertised for public sale and at the
public sale held March 4, 1975, the following bids were received:
Weeden $ Co., Inc. 6.7124%
Rauscher Pierce Securities, Corp. 6.787587%
Parham, Matthews $ Co., Inc. 6.869952
T. J. Raney $ Sons, Inc. 7.047495%
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NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
City of Fayetteville, Arkansas:
Section 1. That the bid of Weeden $ Co., Inc.
(the "purchaser"), for the Series A Bonds is hereby found and declared to be
the best bid and the hid is hereby accepted and the Series A Bonds sold to the
purchaser.
Section 2. That the designation of Republic National Bank of Dallas,
Dallas, Texas, as Trustee and Paying Agent is hereby approved and confirmed.
Section 3. That there are hereby authorized and ordered issued bonds
in the aggregate principal amount of $2,500,000 designated "City of Fayetteville,
Arkansas Waterworks and Sewer Revenue Bonds, Series A," and dated
April 1, 1975. The Series A Bonds shall be in the denomination of $5,000 each
and shall be numbered consecutively from 1-A to 500-A, inclusive, and shall bear
interest as follows: Bonds Nos. 1-A to -A, inclusive, maturing in the
years 1976 to
annum; Bonds Nos.
, inclusive, shall bear interest at the rate of % per
-A to -A, inclusive, maturing in the years
to , inclusive, shall bear interest at the rate of % per annum; and
Bonds Nos. -A to -A, inclusive, maturing in the years to
inclusive, shall bear interest at the rate of % per annum. The interest
shall be payable semiannually on April 1 and October 1 of each year, commencing
October 1, 1975. Principal and interest shall be payable at the principal office
of the Paying Agent. 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 Series A
Bonds shall mature on October 1 in each of the years 1976 to 2000, inclusive,
as hereinafter set forth, but are callable for payment prior to maturity as herein-
after set forth.
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Section 4. That the Series A Bonds shall be subject to redemption prior
to maturity, at the option of the City, in whole or in part, by lot in such manner
as the Trustee shall determine, from funds from any source on any interest pay-
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ment date on and after October 1, 1989.
Section 5. That as provided in the Authorizing Ordinance, the principal
of and interest on the bonds shall be paid from funds in the Waterworks and
Sewer Revenue Refunding Bond Fund" as they mature, according to the following
schedule:
Year Bonds Nos.
1976
1977
1978
1979
1980
1981
1982
1983.
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
1-A - 7-A
8-A - 15-A
16-A - 18-A
19-A - 26-A
27-A - 35-A
36-A - 44-A
45-A - 55-A
56-A - 65-A
66-A - 76-A
77-A - 88-A
89-A - 101-A
102-A - 115-A
116-A - 130-A
131-A - 146-A
147-A - 162-A
163-A - 178-A
179-A - 198-A
199-A - 219-A
220-A - 240-A
241-A - 262-A
263-A - 286-A
287-A - 312-A
313-A - 340-A
341-A - 370-A
371-A - 500-A
Interest
Rate
Interest
Principal April 1 October 1 Total.
$ 35,000
40,000
15,000
40,000
45,000
45,000
55,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
80,000
80,000
100,000
105,000
105,000
110,000
120,000
130,000
140,000
150,000
650,000
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Section 6. 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 7. 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 8. This Resolution shall be in full force and effect from and
after its adoption.
ADOPTED:/'i/ i , 1975.
ATTEST:
(SEAL)
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APPROVED:
U_Skin.t _k. Mayor
City Clerk
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CERTIFICATE
The undersigned, City Clerk of the City of Fayetteville, Arkansas,
hereby certifies that the foregoing pages, numbered 1 to 4, inclusive, are
a true and perfect copy of Resolution No. 11_75 , adopted at a sperint
session of the Board of Directors of the City of Fayetteville, Arkansas, held
at the regular meeting place of the Board of Directors at 11:30 o'clock a.m.
on the 4th day of March, 1975, and that the Resolution is of record in Resolution
Record Book No. IV , Page 129-132, now in my possession.
GIVEN under my hand and seal on this 4th day of March
1975.
(SEAL) 7
City Clerk