0798RESOLUTION NO. 798 (#09-2020)
A RESOLUTION TO RATIFY AND CONFIRM THE ISSUANCE AND
SALE OF WASTEWATER REFUNDING REVENUE BONDS FOR THE
PURPOSE OF ADVANCE REFUNDING THE CITY'S OUTSTANDING
WASTEWATER REFUNDING REVENUE BONDS, SERIES 2016B (NON -
AMT); RATIFY AND CONFIRM THE PRINCIPAL AND INTEREST
PAYMENT SCHEDULE FOR THE BONDS AND THE TERMS AND
CONDITIONS OF THE SALE OF THE BONDS; RATIFY AND CONFIRM
THE EXECUTION AND DELIVERY OF A BOND PURCHASE
AGREEMENT; AND PRESCRIBE OTHER MATTERS RELATING
THERETO.
WHEREAS, on July 16, 2020, the City Council of the City of Jacksonville (the "City")
adopted Ordinance No. 1635 (409-2020) (the "Ordinance"), authorizing the issuance of the City's
Wastewater Refunding Revenue Bonds, Series 2020 (Federally Taxable) (the `Bonds") for the
purposes of advance refunding the City's Wastewater Refunding Revenue Bonds, Series 2016B
(Non -AMT) and paying the costs of issuance; approving the terms and conditions of the issuance
of the Bonds within certain parameters; authorizing the defeasance of the City's Wastewater
Refunding Revenue Bonds, Series 2016A (Federally Taxable) with funds on deposit with the
Trustee; and authorizing the Mayor, City Clerk/Treasurer, and General Manager of the
Jacksonville Wastewater Utility (the "General Manager") to do all things necessary to effect the
preparation, execution, and delivery of the Preliminary Official Statement, the Official Statement,
the Bond Purchase Agreement, the Continuing Disclosure Agreement, and any and all other
documents, contracts, and agreements reasonably necessary to the issuance of the Bonds (the
"Bond Documents") and the performance of all obligations of the City under the Ordinance and the
Bond Documents.
WHEREAS, the Bonds in the aggregate principal amount of $14,620,000 have been
offered and sold to Stephens Inc. (the "Underwriter") pursuant to a Bond Purchase Agreement
dated July 23, 2020 (the "Purchase Agreement"); and
WHEREAS, the City Council of the City now desires to ratify and confirm the actions
taken by the officers of the City in connection with the issuance and sale of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF JACKSONVILLE, ARKANSAS AS FOLLOWS:
Section L The issuance and sale of the Bonds in the aggregate principal amount of
$14,620,000 to the Underwriter pursuant to the Purchase Agreement and under the terms as set
forth in Addendum A attached hereto and made a part hereof is hereby ratified and confirmed. The
execution and delivery of the Purchase Agreement is hereby ratified and confirmed.
Section 2. The true interest cost of the Bonds (after taking into account Underwriter's
discount) of 2.3441068% per annum is hereby ratified and confirmed.
Section 3. The weighted average maturity of the Bonds (taking into account mandatory
sinking fund redemptions, if any) of 11.507 years is hereby ratified and confirmed.
Section 4. The final date of maturity of the Bonds of December 1, 2039, is hereby ratified
and confirmed.
Section 5. The Underwriter's discount of 0.900% is hereby ratified and confirmed.
Section 6. The average coupon rate of 2.2745023% is hereby ratified and confirmed.
Section 7. The optional redemption date of December 1, 2027, is hereby ratified and
confirmed.
Section 8. All action taken by the Mayor, City Clerk/Treasurer, and General Manager to
do all things necessary to effect the preparation, execution, and delivery of the Bond Documents
and the performance of all obligations of the City under the Ordinance and the Bond Documents is
hereby ratified and approved_
Section 8. This Resolution is adopted to inform the City Council and confirm the sale of
the Bonds within the parameters approved in the Ordinance, and the Ordinance, together with this
Resolution, shall continue in full force and effect.
APPROVED AND ADOPTED THIS 20T - DAY OF AUGUST, 2020.
Bob Johnson, Mayor
Susan Day' t, City Clerk/Treasurer
Apr d As To Form:
Ste ni reidman, City Attorney
ADDENDUM "A"
Schedule of Maturities
Maturity Date
December 1
Principal Amount
Interest Rate
2021
$ 135,000
0.720%
2022
140,000
0.770%
2023
580,000
0.850%
2024
765,000
1.030%
2025
775,000
1.230%
2026
785,000
1.500%
2027
795,000
1.600%.
2028
810,000
1.750%
2029
825,000
1.900%
2030
840,000
1.950%
2031
855,000
2.060%
2032
875,000
2.170%
2033
895,000
2.270%
2034
910,000
2.370%
2035
935,000
2.470%
2036(')
960,000
2.700%
2037(')
985,000
2.700%
2038(')
1,010,000
2.700%
2039(`) (2)
745,000
2.700%
(1) Term Bond, subject to mandatory sinking fund redemption..
(2) Final Maturity of Term Bond.