2232ORDINANCE NO . '~ Z 3Z
AN ORDINANCE AUTHORIZING THE ISSUANCE OF
PUBLIC UTILITY REVENUE BONDS, FOR THE PURPOSE
OF FINANCING PUBLIC UTILITY SYSTEM
IMPROVEMENTS; AUTHORIZING MATTERS RELATED
THERETO; AND DECLARING AN EMERGENCY.
WHEREAS, it is necessary that the City of West Memphis,
Arkansas (the "City") construct or cause to be constructed
improvements to its Public Utility System, including environmental
upgrades for electric generation facilities, with related
facilities (the "Project"); and
WHEREAS, it has been found and determined, by the City's
Public Utility Commission and by the City Council, that the Project
should be financed by public utility system revenue bonds and that,
accordingly, the City's Public Utility Revenue Bonds, Series 2009,
in the maximum principal amount of $10,620,000 (the "Series 2009
Bonds") should be issued;
NOW THEREFORE BE IT ORDAINED by the City Council of the
City of West Memphis, Arkansas:
Section 1. The City of West Memphis, Arkansas Public
Utility Revenue Bonds, Series 2009, in the maximum principal amount
of $10,620,000, are hereby authorized and ordered issued. The
Series 2009 Bonds shall be sold to Stephens Inc. (the
"Underwriter").
Section 2. The Mayor of the City is authorized to
approve the Series 2009 Bonds and to cause them to be issued
provided that:
1. The principal amount of the Series 2009 Bonds shall
not exceed $10,620,000.
2. No Series 2009 Bonds shall bear interest at a rate
greater than 5.50 per annum.
3. The true interest cost for the Series 2009 Bonds
shall not exceed 5.50 per annum.
4. The final maturity of the Series 2009 Bonds shall
not exceed thirty years.
The Mayor of the City is authorized to execute, on behalf
of the City, a Bond Purchase Agreement between the City and
Stephens Inc. of substantially the form and content of the document
of that name presented to the City Council, with such appropriate
changes as may be agreed to by him.
Section 3. The Series 2009 Bonds shall be secured under
a Trust Indenture dated as of November 1, 2009. The Mayor is
authorized to execute the Trust Indenture, on behalf of the City in
substantially the form and content of the document of that name
presented to the City Council, with such appropriate changes as may
be agreed to by him.
Section 4. The Mayor is authorized to execute and
deliver, on behalf of the City, a Preliminary Official Statement
and a final Official Statement, describing the City and the Series
2009 Bonds and matters relevant thereto.
Section 5. The Mayor of the City is authorized to
execute such writings and take such action as may be appropriate to
the proper issuance of the Series 2009 Bonds and the accomplishment
of the purposes of this Ordinance.
Section 6. The provisions of this Ordinance are hereby
declared to be severable and if any provision shall for any reason
be held illegal or invalid, such holding shall not affect the
validity of the remainder of the Ordinance.
Section 7. This Ordinance shall not create any right of
any kind and no right of any kind shall arise pursuant to it until
the Series 2009 Bonds shall be issued and delivered.
Section 8. All Ordinances and resolutions or parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section 9. It is hereby ascertained and declared that
the construction of the Project should begin as soon as possible,
and that the issuance of the Series 2009 Bonds and the taking of
the other action authorized by this Ordinance is necessary for the
accomplishment thereof. It is, therefore, declared that an
emergency exists and this Ordinance, being necessary for the
immediate preservation of the public peace, health and safety,
shall take effect from and after its passage.
PASSED: October ~~, 2009.
APPROVED:
WILLIAM H. JOHN ON, Mayor
ATTEST:
PHIL P CITY CLERK
SPONSORED BY:
-~''%<<~ ~.. /~ -~--~~~-~ RECEIVED
City Clerk's Office
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BYDt~}~.~ce.~~
CERTIFICATE
The undersigned, City Clerk of the City of West Memphis,
Arkansas, hereby certifies that the foregoing pages are a true and
correct copy of Ordinance No. ~a,3 1. adopted at a regular session
of the City Council of the City, held at the regular meeting place
of the City Council in the City at 1:30 p.m., on the 15th day of
October, 2009, and that the Ordinance is of record in Ordinance
Record Book No. ago Page ~z3Z, now in my possession.
GIVEN under my hand and seal this ,.~t-~ day of October,
2009.
e~,
City Cle
(SEAL