0465 RESOLUTION NO. 465 ( #7 -93)
A RESOLUTION OF THE CITY COUNCIL OF JACKSONVILLE, ARKANSAS,
AUTHORIZING THE EXECUTION, SALE AND DELIVERY OF WATER REVENUE
REFUNDING BONDS, SERIES 1993, AS AUTHORIZED BY ORDINANCE NO.
1008, APPROVING THE TERMS OF THE SALE THEREOF; DECLARING AN
EMERGENCY; AND, PRESCRIBING OTHER MATTERS RELATING THERETO.
WHEREAS, ORDINANCE No. 1008 OF THE CITY OF JACKSONVILLE,
ARKANSAS THE "CITY "), ADOPTED OCTOBER 7, 1993 (THE "AUTHORIZING
ORDINANCE ), AUTHORIZED THE ISSUANCE OF THE CITY'S WATER REVENUE
REFUNDING BONDS, SERIES 1993, IN TOTAL PRINCIPAL AMOUNT NOT TO
EXCEED Two MILLION Two HUNDRED THOUSAND DOLLARS ($2,200,000.00)
(THE "SERIES 1993 BONDS "), AND AS OTHERWISE DESCRIBED IN DETAIL
IN THE AUTHORIZING ORDINANCE; AND
WHEREAS, PURSUANT TO AND SUBJECT TO THE LIMITATIONS SET
FORTH IN THE AUTHORIZING ORDINANCE, THE MAYOR WAS AUTHORIZED AND
DIRECTED TO EXECUTE A BOND PURCHASE AGREEMENT ON BEHALF OF THE
CITY FOR THE SALE OF THE SERIES 1993 BONDS TO STEPHENS, INC. (THE
"PURCHASER").
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF JACKSONVILLE, ARKANSAS:
SECTION 1. THERE IS NOW AUTHORIZED AND ORDERED ISSUED AND
DELIVERED TO THE PURCHASER, THE SERIES 1993 BONDS IN THE
AGGREGATE PRINCIPAL AMOUNT OF TWO MILLION TWENTY THOUSAND
DOLLARS ($2,025,000.00), DESIGNATED "CITY OF JACKSONVILLE,
ARKANSAS, WATER REVENUE REFUNDING BONDS, SERIES 1993 ", TO BE
DATED AS OF NOVEMBER 1, 1993, AND AS MORE PARTICULARLY DESCRIBED
IN THE AUTHORIZING ORDINANCE, AT THE PRICE OF 98.0% OF THE
PRINCIPAL AMOUNT OF THE SERIES 1993 BONDS, PLUS ACCRUED INTEREST
TO AND THROUGH THE DAY PRECEDING THE CLOSING DATE, WHICH SERIES
1993 BONDS SHALL MATURE AND SHALL BEAR INTEREST AS FOLLOWS:
MATURITY DATE PRINCIPAL AMOUNT INTEREST RATE
AUGUST 1, 1994 $ 60,000 2.60%
AUGUST 1, 1995 110,000 2.85
AUGUST 1, 1996 115,000 3.20
AUGUST 1, 1997 115,000 3.50
AUGUST 1, 1998 120,000 3.70
AUGUST 1, 1999 120,000 3.90
AUGUST 1, 2000 130,000 4.10
AUGUST 1, 2001 135,000 4.20
AUGUST 1, 2002 140,000 4.30
AUGUST 1, 2003 145,000 4.40
AUGUST 1, 2004 150,000 4.50
AUGUST 1, 2005 160,000 4.60
AUGUST 1, 2006 170,000 4.75
AUGUST 1, 2007 175,000 4.90
AUGUST 1, 2008 180,000 5.00
SECTION 2. THIS RESOLUTION, TOGETHER WITH AND AS
SUPPLEMENTAL TO THE AUTHORIZING ORDINANCE, SHALL CONTINUE IN FULL
FORCE AND EFFECT AND SHALL CONSTITUTE A CONTRACT WITH THE
PURCHASER OF THE SERIES 1993 BONDS AND THE RESPECTIVE OWNERS AND
HOLDERS THEREOF, UNTIL THE SERIES 1993 BONDS AND THE INTEREST
THEREON ARE PAID IN FULL,
SECTION 3. 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 4. TTHERE IS HEREBY FOUND AND DECLARED TO BE AN
IMMEDIATE NEED TO REFUND OUTSTANDING INDEBTEDNESS OF THE CITY
SECURED BY REVENUES OF ITS WATER SYSTEM. IN ORDER TO DO SO ON
THE MOST FAVORABLE TERMS TO THE CITY, IT IS NECESSARY TO ISSUE
THE SERIES 1993 BONDS AS SOON AS POSSIBLE, IT IS, THEREFORE,
DECLARED THAT AN EMERGENCY EXISTS AND THIS RESOLUTION, BEING
NECESSARY FOR THE IMMEDIATE PRESERVATION OF THE PUBLIC HEALTH,
SAFETY AND WELFARE, SHALL BE IN FORCE AND TAKE EFFECT IMMEDIATELY
UPON AND AFTER ITS PASSAGE.
APPROVED AND ADOPTED THIS DZ DAY OF OCTOBER, 1993,
CITY OF JACKSONVILLE, ARKANSAS
BY: I e v^
TOMMY SWAIM, r A OR
ATTEST:
i i
LU i M. LEONARD, TY CL RK
RI: ' :A'BI'T 'Y A ORN
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