0738RESOLUTION N0. --~~e',~"`
A RESOLUTION APPROVING THE REPORT OF THE
MAYOR IN CONNECTION WITH THE ISSUANCE OF
WEST MEMPHIS, ARKANSAS, PUBLIC UTILITY
SYSTEM REVENUE BONDS, 1980 SERIES A, DATED
JANUARY 1, 1980.
" WYiEREP_S, the City of West Memphis, Arkansas (the "City")
'fir
owns and operates electric, water and sewer facilities as one
single municipal undertaking, which facilities are controlled,
operated and managed by the City's Ut~.lity Commission ( the
"Utility Commission"); and
WHEREAS, pursuant to a study made by the Utility
Commission, the City adopted Ordinance No. 988 (the
"Crdinance") at the regular session of the City Council on
December 6, 1979; such Ordinance authorized the issuance by the
City of its Public Utility System Revenue Bonds, 1980 Series A
(the "Bonds") to provide funds to refund $5,390,000 of certain
outstanding indebtedness of the City, to finance the estimated
costs of acquiring, constructing and equipping undivided
~r
ownership interest in coal-fired steam electric generating
stations known as the Wh~.te Bluff Steam Electric Station and
the Independence Steam Electric Station, to fund interest on a
portion of the Bonds, to fund certain reserves and to pay the
costs of issuance of the Bonds; and
WHEREAS, pursuant to Section 15 of the Ordinance the Mayor
was required, among other things, to report to the City Council
in the administration of. its affairs certain matters in
connection with the issuance by the Ca.ty of the Bonds;
NOW , THEREF'GRE, BE IT RESOLVED by the City Council of the
City of West Memphis, Arkansas that the admin~.strative actions
of the Mayor in connection with the City's issuance of Bonds
~,
~r are hereby approved, specifically:
Section 1. The amount of Bonds to be issued and sold
pursuant to the Ordinance shall be $26,200,000.
Section 2. The purchase price of the Bonds shall be
$25,535,835 plus accrued interest thereon from January 1, 1980 to the date
of the closing. S"f~
sold.
or97.465% of par of $26,200,000 Bonds issued and
Section 3. The Bonds shall be dated January 1, 1980 with
interest thereon payable semi-annually on January 1 and July 1
of each year commencing July 1, 1980 at the rate or rates of
interest for. each maturity of Bonds and the amount of_ principal
and interest due at each maturity shall be as set forth in
Schedule I attached hereto and incorporated herein by
reference.
Section_4 . The redemption prices and terms of the Bonds
shall be as follows: the 1980 Series A Bonds are subject to
r edemption prior to maturity at the option of the Ca.ty in whole
at any time, or in part on any interest payment date, and if in
part, in inverse order of maturity, in each case on or after
January 1, 1990. The redemption price to be paid in such event
shall be the percentage of the principal amount to be redeemed
set forth below, plus accrued interest to the redemption date:
Redemption
Period during which Redeemed Price
(Dates Inclusive)
January 1, 1990 to December 31, 1990.......... 103%
January 1, 1991 to December 31, 1991.......... 102-1/2%
January 1, 1992 to December 31, 1992.......... 102%
January 1, 1993 to December 31, 1993.......... 101-1/2%
January 1, 1994 to December 31, 1994.......... 101%
January 1, 1995 to December 31, 1995.......... 100-1/2%
January 1, 1996 to December 31, 1996.......... 100%
Section 5. Z°he Si.nking Fund redemption provisions for the
Bonds shall be as follows: the 1980 Series R Bonds maturing on
January 1, 2009 shall be subject to redemption on January 1,
2000, and on each interest payment date thereafter, by
operation of the Sinking Fund Account in the Bond Fund, to
satisfy s?.nking fund installments required by the Indenture, at
"' 100% of the principal amount of the 1980 Series A Bonds so to
,,~,, be redeemed plus accrued interest, if any, to the redemption
date, and such sinking fund installments shall be sufficient to
redeem the following principal amounts of such 1980 Series A
Bonds on the dates set forth below:
Pr a.nc ipal
January 1 Amount
2000 $1,105,000
2001 1,190,000
2002 1.,285,000
2003 1,380,000
2004 1,490,000
2005 1,610,000
2006 1,730,000
2C07 1,865,600
2608 2,005,000
There will remain $2,165,000 principal amount of 1980
Series A Bonds due January 1, 2009 to be retired at maturity.
Section 6. The Trustee for the Bonds shall be The F~.rst
National Bank of Chicago, Chicago, Illinois. Interest on the
Bonds shall be payable at the office of the Trustee and
Co-Paying Agents.
Section 7. Z'he Co-Paying Agents are The First National
Bank of Chicago, Chicago, Illinois and Memphis Bank & Trust
Company, Memphis, Tennessee.
Section 8. The Escrow Bank shall be The First National
Bank of Chicago, Chicago, Illinois.
~,,, Section_9. The amount of the Escrow Deposit shall be
$4,735,660.00.
PASSED: January 10, 1980.
APPROVED:
e Ferguson, M r
ATTEST:
Dan C f ~ y Clerk
(SEAL)
f
~,,,-
n
~ M
CERTIFICATE
The undersigned, C~.ty Clerk of the City of West Memphis,
Arkansas, hereby certifies that the foregoing pages are a true
and perfect copy of Resolution No. _7~_'~~ adopted at a
_~~_~~ session of the City Council of the City of West
~`~"' Memphis, Arkansas, held at the regular meeting place in the
i
City at _ ~ ,30 ~_ o'clock .m. , on the 10th day of January,
1980, and that the Eesolution is of record ~.n Resolution Record
Book No. at page _________, now in my possession.
GIVEN under my hand and seal on this 10th day of Januury,
1980.
Dan t Ci C erk
(SEAL)
Wright, Lindsey & Jennings
FINAL COPY - JAN 9, 19~t0 19:10:09
PRINTER PORT 6
PRIORITY 9
REQUEST TIME 19:04
OPE RA.TOR AMS
START TIME 19:05
END TTh1E 19:10
STATUS 4
DRIVER
DOCUMENT : WMEN106
SECTION 0000.50
START PAGE # 1
END PPGE # 999
SCHEDULE I
{~26x:.'QUx044 WEST ~iEi`ff~'NiS UTILITY 5Y5TEi`~ f~fVE~lUE Bp~lU5r 1980 SERIES A
X:~ELIVERY Z~A7E 01/24/80
DATE F'RI~lCIPAL RATE INTEREST TpTAL AN~lUAL
07/41/80 97bxifi7.50 976x167.50
01/01/81 97bx1b7.54 976xib7.54 1x952x335.U4
07/41/81 97f>r ib7.5U 976r ib7.`i0
01/01/82 976xib7.5U 97bx167.50 1r952x335.Q4
~ U7/01 /8'2 97b r i b7.50 976 x i 67.50
01/Q1/83 976x.67.50 976xi67.5p 1x952x335.4U
07/01/83 976xib7.5Q 9715x167.50
01/01/84 380x000 6.500 976r167.:iU ir3JEYr167.50 2x332x335.04
07/01/84 963x817.50 963x817-50
01/01/85 4459000 6.500 9b3r817.5p 1x3b8x817.54 2x332s635aQ0
07/01/8; 950x655.00 950xb55.Q0
01/01/8b 430x044 6.540 95Ux6`i5.44 ix380x655.00 2x333x314.00
'U7/41/8b 836x680.40 93bx680.0Q
.01/01/87 4bOx440 b.550 93bx680.40 1:396x680.00 2r333x360.00
07/01/87 921.xb1:i.00 921rb15.00
01/01/88 494x000 b.b44 9',~ixbl::i.40 ir411xb15.00 2x333x23Q.00
07/01/88 905x445.00 905x445.00
01/01/89 520:004 6.700 905x445.40 ir425x445.00 2x330x890.40
o7/Qx/89 888x425.44 ~ 888xo25.o0
01/01/94 SbOrU00 6.750 888x025,.00 ix448r02,°~.00 2x336x05Q.00
07/01/90 8b9r1'w:":i.44 8b9x125.04
41/01/91 595x040 6.804 869x125.'00 1x4b4x125.00 2x333r250:00 ~
87/01/91 848x895 44 848x895.44
01/01/92 635x440 6.900. 848x895.04 1x483!895.00. 2x332x790.00
07/01/92 826x981,.`14 82bx987.50
01/01/93 675x004 7.400 826x987.50 ir541x987.50 2x328s975.00
47/01/93 803x3b2.5U 803x362.50
01/01/94 7'25x040 7.140 $43x362.54 1Y528x3b2.50 2r331x725.Q4
07/01/94 777x625.44 777x625.00
01/41/95 780x000 7.240 777x625.00 1r557x625.00 2x335x25Q.44
'' 07/01/95 749!545.00 749x545.00
01/01/96 835x400 7.250 749x545.00 ix584r545.04 2r334x090.U0
07/01/96 71yx276.25 719x276.25
01/41/97 895x000 7.340 719x:_'76.25 ix614x276.25 2x333r552.50
07/01/97 68bxb08.75 68brb08.75
01/01/98 9bOx00U 7.350 b86xb48.15 irb46xb48.75 2:333x217.54.
07/01/98 b5~.r328.75 b51x328.75
01/01/99 1x030xQ40 7.440 b51x328.75 1xb81x328.75 2r332x657.54
07/41/99 613x218.75 613x218.75
Q1/01/00 ix105x440 7.754 b13x21~3.75 ix718x218.75 2x331x437.54
07/01/00 570x400.44 570x440.00
01/01/01 xx190x000 7.750 574x400.40 1r7bOx40U.44 2x330x804.04
q7/41/01 524x287.54 524x287.54
01/01/02 1r285xOQ0 7.754 524x287.50 ix809r287.50 2x333x575.04
07/01/42 474x493.75 474x493.75
01!01/03 ir384r044 7.7~i0 4!4x49:3.75 ix$54x493.75 2x328x987.54
07/ai/43 4~~.x018.75 4:.'1x418.75
01/41/44 ix490rU00 7.754 421xOx8.75 ix911r418.75 2x332x037.5U
U7/01/U4 363x._'81.2) 363r281.2J
.01/01/05 irbi4x040 7.750 3b3x28]..25 ir973r281.25 2x33bx5b2.50
07/01/45 300x893.75 304x893.75
01/Q1/06 ix730x040 7.754 304x893.75 2x030893.75 2x331r787.54
07/41/U6 :'33x85b.25 ~33r856.25.
41/41/07 1x865r444 7.7:,4 :.',33x856.25 2r498x856-25 2x332x712.54
47!41/47 161x587.50 161x,81.50
qi/41/Q8 x 445 x 404 7.7:14 161 x 587.::,0 :' x 166 x 587.54 2 x 328 r 11 5.04
07/41/48 83x893.75 83x893.75
01/01/09 :_'r16`ir040 7.750 83x893.75 ~'.r24£3x893.75 2x332r781.5U
'1't]TAL 2bx200r440 44x30~.r185.44 b6x5U1x185.QU
(-tcC:FiuET~ r- f~cl~f 41 /41/8a 113 x 886.2a 113 x 886. ?4
hIE:T C:i75T 40 r ]. £3 `I x 298.79 bb x 387 r 298.79
AVEFiACiI•~ C:CIUF't)4 7.58!;3
lG L~NT~ Yf°.F1Fti5 529 x b41 .666
f-1VI~:FiF1taE~ I._xF'E: ~-'4•=-'1.3