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~ ~'` `~~ _ ~~~ B~ RESOLUTION NO .
A RESOLUTION APPROVING THE SALE AND CONVERSION
OF SPECIAL TAX REVENUE BONDS, SERIES A, PREVIOUSLY
AUTHORIZED BY AN ORDINANCE DULY ADOPTED, APPROVING
THE DESIGNATION OF THE TRUSTEE AND PAYING AGENT;
PRESCRIBING OTHER MATTERS RELATING THERETO; AND
DECLARING AN EMERGENCY.
WHEREAS, by Ordinance No. 1028 of the Ordinances of
the City of West Memphis, Arkansas ("City"), passed and approved
on the 18th day of September, 1980, there were authorized
Special Tax Revenue Bonds (the "Bonds") in the total principal
amount of $900,000, to bear interest at the rate of 9.54 per
annum, with the interest to be payable semiannually on April 1
and October 1 of each year, commencing April 1, 1981, and to
mature on October 1 in each of the years 1981 to 2000, inclusive;
and
WHEREAS, pursuant to the authority contained in Ordinance
No. 1028, the underwriters have elected to convert the $900,000
of 9.540 Bonds to an issue of $950,000 of Bonds bearing interest
as hereinafter described in detail, and the conversion has been
examined and found to be in accordance with the provisions of
Ordinance No. 1028, and the City will receive no less and pay no
more than it would receive and pay if the Bonds were not converted;
and
WHEREAS, as authorized by Ordinance No. 1028, the
underwriters have designated First Bank & Trust Co. of Mountain
Home, Mountain Home, Arkansas, as Trustee and Paying Agent;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of West Memphis, Arkansas:
Section 1. That the sale of $900,000 of Special Tax
Revenue Bonds, Series A, at a price of par and accrued interest
for Bonds bearing interest at the rate of 9.54 per annum and the
conversion of the Bonds to an issue of $950,000 bearing interest
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as set forth below be, and the same are hereby, approve.., ~C~
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confirmed.
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SP~ti~n 2. That First Bank & Trust Co. of Mountain
Home, Mountain Home, Arkansas, is hereby named Trustee and
Paying Agent of the Bonds.
ordered issued City of West Memphis, Arkansas, Special Tax
Revenue Bonds, Series A, in the aggregate principal amount of
$950,000. The Bonds shall be dated October 1, 1980, shall be
in the denomination of $5,000 each, and shall be numbered con-
secutively from 1 to 190, inclusive. The Bonds shall bear
interest and prindipal and interest shall be payable on the
Section 3. That there are hereby authorized and
Bonds as follows:
Year Principal Rate
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
$20,000
20,000
25,000
25,000
30,000
30,000
30,000
35,000
40,000
40,000
45,000
50,000
50,000
55,000
60,000
65 , 000
70,000
80,000
85,000
95,000
7.00%
7.25%
7.40%
7.50%
7.60%
7.75%
7.90%
8.00%
8.10%
8.25%
8.40%
8.50%
8.60%
8.75%
8.90%
9.00%
9.10%
9.25%
9.25%
9.25%
Interest Payment
April 1 October 1
$40,821.25
40,121.25
39,396.25
38,471.25
37,533.75
36,393.75
35,231.25
34,046.25
32,646.25
31,026.25
29,376.25
27,486.25
25,361.25
23,211.25
20,805.00
18,135.00
15,210.00
12,025.00
8,325.00
4,393.75
$40,821.25
40,121.25
39,396.25
38,471.25
37,533.75
36,393.75
35.231.25
34,046.25
32,646.25
31,026.25
29,376.25
27,486.25
25,361.25
23,211.25
20,805.00
18,135.00
15,210.00
12,025.00
8,325.00
4,393.75
Total
$101,642.50
100,242.50
103,792.50
101,942.50
105,067.50
102,787.50
100,462.50
103,092.50
105,292.50
102,052.50
103,752.50
104,972.50
100,722.50
101,422.50
101,610.00
101,270.00
100,420.00
104,050.00
101,650.00
103,787.50
The Bonds shall be subject to redemption prior to maturity as
set forth in the Indenture (approved by Ordinance No. 1028).
Section 4. That this Resolution is adopted pursuant
to authority conferred by Ordinance No. 1028, and Ordinance
No. 1028, together with and as supplemented by this Resolution,
is hereby confirmed.
Section 5. 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.
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Section 6. That this Resolution shall take effect from
and after its passage.
ADOPTED: ~~.~ /~ 1980.
ATTEST:
,Ci erk
APPROVED:
Mayor
(SEAL)